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Don’t fret

Stuart insists Govt managing foreign exchange reserves

Prime Minister Freundel Stuart has given assurances that Government is managing the island’s foreign exchange reserves.

The matter featured prominently during this week’s debate on the 2016 Financial Statement and Budgetary Proposals presented by Minister of Finance Chris Sinckler.

Addressing Parliament last night, Stuart acknowledged that this was an issue that any small open economy would be concerned about, but he said his administration was taking steps to safeguard the country from risk.

“Every minister of finance has to have regard to the exchange rate policy tool that he has at his disposal where, if our outflows of foreign exchange are chronically outdistancing our inflows of foreign exchange … leading to a chronic disequilibrium in the balance of payments, the minister of finance has to step in, and Government has to step in and deal with that situation. And that is what this Government is doing.

“We don’t want to get to the stage where we have to change any exchange rate for the purpose of making imports more expensive and exports cheaper to deal with our foreign reserve problems.  That is not an agenda item for the present Government, but we are managing our foreign exchange situation and our foreign reserves with maturity and with vigilance so that Barbados is insulated from those risks,” Stuart said.

He also addressed concerns raised by the private sector over the implementation of measures announced by the Minister of Finance.

“I do not underestimate the importance of the points being made about making sure that these measures are implemented and implemented in good time, and I as Prime Minister will make sure that these measures are implemented, that all the necessary mechanisms are put in place,” Stuart stated.

The Prime Minister described the current economic situation as “perhaps the most difficult period in Barbados’ post-independence economic history”, and told the Lower House that unlike other budgets, there was “no substantial objection” from the opposition, “and therefore there is really nothing to defend as such”.

However, he accused Opposition leader Mia Mottley of practicing “scratch grain politics” after she criticized some of the measures and dismissed the budget as a “piecemeal patchwork… set of initiatives” designed to serve the interest of the Democratic Labour Party.

3 Responses to Don’t fret

  1. Lilian Lloyd
    Lilian Lloyd August 20, 2016 at 3:18 am


  2. Tony Webster August 20, 2016 at 6:51 am

    Lord, it is sooooo tiresome to continually hear someone from a high seat (actually both high seats , that in Church Village, and that in Bay St)….each time repeating the mantra that “we have turned the corner”. Not for me to call-out anyone as a stranger to the truth, the whole truth, and nothing but the truth, but the latest reverberating discombubulations raise several logical, but yet worrying possibilities:-
    1. We are going in circles.
    2. Bay St. is proceeding clock-wise, and Church Village counter-clock-wise.
    3: Church Village is traversing North-South, but Bay’ Street’s Generalissimo, is headed away from the “West”…and his G.P.S. is pointing East. Yes, East… like where the sun- and nuff, nuff money- both rise! Hence the birth of a new, guiding economic mantra:”Poor Man… head East!!

    4. Fortunately, it is imposssible to get lost in this small, beautiful, country….so long as you have gas in de tank. Unfortunately, we needs F/X in order to buy ship-loads of petrol/ gas/ hydro-carbon fuels, Remi hair-pieces and other such necessities, but as God is a Bajan, you can be sure that both drivers will “Butt-up” on each other at some time…even if the sign-post before them both reads “Wecome to Rocky Gully”.

    Meanwhile, I promise not to “fret”. Not because I am so encouraged from Mount Olympus, but simply by own personal mantra: that it is far better than being spoon-fed, to “observe; to analyse”, and to come to one’s own conclusion”- without any help from either Church Village, or from Bay Street. I will NOT say that I am “UNconcerned, or UN-worried, mainly because I do NOT have several Big Ones in a local bank, or Credit Union, or even at one of those very special current-accounts at Central Bank of Barbados….to worry about.

    By the way, effin you find a green currency-note in de road, one marked “In God we Trust”, trust in God and hold it tight so you can soon do some duty-free shopping.

  3. harry turnover August 20, 2016 at 1:34 pm

    ….and how do you know that Mr.Stuart ? you only saying so because you hear people saying so ?
    Turning a corner en mean nutten…ya only change directions…ya still got to get back up.
    Sometime ago the MOF saw light at the end of the tunnel ..maybe he was looking through a Water Authority blue tunnel.
    This is how DEM operate………TAXES ( Budget )……things are expected to work…….things didn’t work as expected……TAXES ( Budget )……things are expected to work….in circles since 2009.
    Right now we are in the ” things are expected to work and with these measures growth of this and that is expected ” phase !….next phase expect to hear…this and that didn’t work out as expected……phase 3 more taxes


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