Mottley wants discussion on economy

Opposition Leader Mia Mottley has reiterated calls for a meeting of all stakeholders on the status of the local economy.

Addressing a press conference at her office in the West Wing of Parliament Buildings, the City, this morning, Mottley suggested that rather than rushing into a budget, Minister of Finance and Economic Affairs, Chris Sinckler should call a round table meeting and allow for an honest and frank discussion on the economy.

She contended that the finances remain in the doldrums even after the Freundel Stuart administration introduced plans as far back as 2010 to improve the country’s fortunes.

Mottley told reporters that despite implementation of these plans, Governor of the Central Bank Dr DeLisle Worrell revealed that at the end of June this year, Barbados’ foreign reserves stood at $883 million.

“When this government began its second term in office in 2013, the foreign reserves stood at over $1.4 billion. However, in spite of borrowing Bds $450 million from Credit Suisse and in spite of oil prices dropping from US $140 per barrel to US $40 per barrel, the foreign reserves  have continued to drop at this pace,” Mottley said.

Opposition Leader Mia Mottley

Mottley pointed out that the printing of money by the Central Bank is now government’s primary source of financing.

She noted that when the Barbados Labour Party left office in 2008 the National Insurance Scheme held $1.4 billion in government paper, but this figure has jumped to $3.6 billion under the current administration.

The St Michael North East MP added that government has accumulated substantial arrears to the private sector, with over $200 million owed to the University of the West Indies; in excess of $250 million outstanding in rent to the NIS for the two government buildings, plus the CXC headquarters in the Pine.

She also called on the government to come clean with the opposition on the status of its arrears.

“So we are saying tell us what is the situation. Let us see where we are and call all of the stakeholders in a room so we can analyse where we are after having three to four failed plans. Then we can make a determination on where we need to go as a nation,” Mottley said.




6 Responses to Mottley wants discussion on economy

  1. Brien King
    Brien King August 6, 2016 at 7:41 pm

    It would be interesting to note the figures that the reserves were at when this government first took office in comparison to now, among other things but I figure stating that would defeat your purpose here. I see no point in Asking them to do that which you wouldn’t if you were the government, so just wait on the time of the budget to know what’s up, then, should you have grounds to blast at them, then do so.

    • Brien King
      Brien King August 7, 2016 at 4:25 am

      Oh ???
      So Let me get this straight,
      the Blp was in office for three full terms and left office with the reserves at $ 883 million dollars according to your statement. Now Mia states here that after the first full term of the Dlp, they push it up to $ 1.4 billion, but whatever they are doing now, cause it to come back down to the same amount that they came and find it at, but has put measures in place to raise it back up before the the end of their second term. So in my opinion, outside of other facts that may or may not effect my reasoning here, is Mia Mottley promoting the Dlp in some form of sarcastic way ???

  2. Lilian Lloyd
    Lilian Lloyd August 6, 2016 at 7:52 pm


  3. harry turnover August 7, 2016 at 6:37 am

    “It would be interesting to note the figures that the reserves were at when this government first took office ”
    “the Blp was in office for three full terms and left office with the reserves at $ 883 million dollars according to your statement. ”

    Brien King…..what are you trying to say here ? I don’t see ANYWHERE where Mia said that when she left Office the reserves were at 883 millions.

    Brien King either you are an idiot or a madman or both.You not only put your foot in your mouth but you are also spitting in the air….go and wash ya face,wipe ya mout and flush .

  4. Hal Austin August 7, 2016 at 1:10 pm

    The government has got nothing to say that it could not in the last eight years. What we want is an alternative policy from the official Opposition.

  5. Zeus August 8, 2016 at 1:55 pm

    A couple months ago the minister of commerce suggested to miss mottley to offer suggestions about improving the economy and he was strongly criticized by bloggers on this site to the effect that the dems are the ones in power they should have the solutions now here is mottley asking for a sit down with the same government to discuss the economy …..she should be made to apologize to those bloggers that are now eating they own words ….I guess this is why they are not many responses to this article


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