Worrell should have resigned, says Arthur

Former Prime Minister Owen Arthur believes the fired Central Bank Governor Dr DeLisle Worrell has only himself to blame for his recent demise.

In fact, Arthur suggested that Worrell should have resigned long before Sinckler had the opportunity to dismiss him.

“I want to be fair to him. In every year before the Budget presentation, Worrell kept specifying the amount of the adjustments that had to be made, but the adjustments were never made and he sought to accommodate the Government by enabling the Government not to make the adjustment by printing money,” said Arthur, who is simply not prepared to let the former Governor off the hook over the current problems facing the Barbados economy.

He said rather than printing money to meet Government’s monthly wage commitments, Worrell should have forced the Freundel Stuart Government to make the needed adjustments.

“Dr Worrell knows that he should not have done what he did. You don’t accommodate governments to doing mad things. He should have really put his resignation on the line to stop the Government from doing [so], but we should not be here,” the former Minister of Finance said in response to the ex-Governor’s recent admission that in order not to “cause a disaster in the economy”, the Central Bank must come up with $50 million every month to pay public workers.

Arthur also suggested that after making the necessary adjustments back in 1991 when the island was forced to enter a structural adjustment programme with the International Monetary Fund, former Prime Minister Erskine Sandiford had reason to shudder: “How have we gotten back here?”

“You don’t put a country in a position where you run out of foreign exchange and then try to correct it. Not a small country,” the independent St Peter representative in the House of Assembly stressed.

Worrell was officially sacked last Friday amid concerns that Government needed to find at least $600 million a year to satisfy wages alone and that the country’s foreign reserves, which stood at $681 million in December — which is below 14 weeks of import cover — could be depleted within the next three months.

Against this backdrop, Arthur, the former leader of the Opposition Barbados Labour Party, has said he was willing to assist the ruling Democratic Labour Party in rebuilding the economy.

12 Responses to Worrell should have resigned, says Arthur

  1. Anne Ince
    Anne Ince March 2, 2017 at 5:24 am

    And so should you. . trying to be relevant…ijs

    Reply
  2. BaJan boy March 2, 2017 at 6:38 am

    Call three need to go home. Out of touch and inept and Owen and Freundel could never and will never see eye to eye so we will wait and see if anything Owen says make a difference..

    Reply
  3. sticks and stones March 2, 2017 at 7:16 am

    Say what any one like or dislike about Owen, Sinckler or Stuart a political wicket has been rolled out that the BLP must play on .
    It would be interesting to see who Mia would choose to be the fast bowler

    Reply
  4. Bill March 2, 2017 at 8:35 am

    Will await how Dr. Mascoll fits into Mia”s cabinet if she wins the next elections. Will not be surprised if he is not given the promenenc which he seeks and which supports will expect

    Reply
  5. Sam Clarke March 2, 2017 at 9:05 am

    No Ms. Ince , some people are stuck in petty politics because of labels. The country is in dire straits. MR. ARTHUR DOES NOT NEED TO BE RELEVANT, HE IS THE MOST DISTINGUISHED POLITICAL ECONOMIC PERSON IN THE REGION, WITH A STELLAR RECORD TO BOOT.
    THIS IS NOT A TIME FOR PETTY POLITICS, THIS IS WHEN YOU BRING IN PEOPLE WHO THE THEIR ASS FROM THEIR ELBOW.

    Reply
  6. sunshinecanada March 2, 2017 at 1:02 pm

    Yes Dr Mascoll, he is all’ready there, and Dr Owen will help, get the overseas bajan to send in they votes, Amen,

    Reply
  7. James Franks March 2, 2017 at 2:19 pm

    What a ‘Stinkler’ mess the Island finds itself!!

    Reply
  8. Tony March 2, 2017 at 2:23 pm

    The Government should immediately seek a new mandate from the people. What is the purpose of Mr Sinckler and the rest of his cohorts continuing in office.

    Reply
  9. Sammy Joe March 2, 2017 at 5:36 pm

    Barbados, you must realize that Mr. Owen Arthur is not about “self” – he is about the country and he has decided to aid Barbados out which is commendable with his institutional knowledge of managing Barbados’ Government over the years. Owen Arthur should be conferred as Sir. (HINT)

    All the other Economist out there should think the same way in terms of aiding this country as well and do not allow us to go begging at the steps of the IMF. This situation allows the Newspapers to sell, but is that what we need as Barbadian? Publicity?

    THE ECONOMY IS FAILING AND IT NEEDS TO BE FIXED!!!!!!

    The University of the West Indies has produced enough educated persons who are fully trained that can assist in the development or extension of the team planned by the DLP that can help ease the strain on our economy.

    Though the other side (BLP) is trying to win an election, do not treat us like “Trump” and hold us to ransom – if there is knowledge and the “know how” out there, just join the team of experts like Owen Arthur and stop thinking “self” and think Barbados.

    Knowledgeable persons out there like: Dr. Mascol, Anthony Wood, Owen Arthur and Don Marshall – I am sure they would make a perfect team and anybody out there that was not mention can assist with bailing out the country.

    Barbados’ brand is education – it started free, it has allowed some of us to derived big houses, luxury cars and a nice meal on the table. PLEASE GIVE BACK!!!

    Former Politicians, Educators, Economist and persons of worth, PLEASE assist the team and get Barbados back on its feet. This is a calling to you, we are in dire need.

    Finally, some points to think about: allow the School Children to pay at least a dollar bus fare; confirm that there is a proper Vat collection system; alleviate poverty; get the “PAROs” off the street; use UWI educators for direction in the economy; put more funding into the Sugar Industry; boost the agriculture system in Barbados; privatized more Government owned businesses; get funding from the private sector; repair the roads and lessen the education cost for Barbadian at UWI and re-generate the building of FOUR SEASONS so as to boost employment.

    Reply
  10. Tony W March 2, 2017 at 6:30 pm

    Can B’dos sink any further? I think the Government needs to seek a new mandate immediately.

    Reply
  11. Bajan March 2, 2017 at 7:28 pm

    We need to know the estimated date for Barbados’ foreign reserves of $300 million US to hit rock bottom. We know that the foreign reserves is not able to sustain the economy much longer. The government might have no choice but to take draconian measures to stabilize the economy, then try to salvage what is left of it. After this gut-wrenching process, it will take several generations of Barbadians to rebuild Barbados. This is the legacy we are leaving our children and their children mostly because of home-grown misguided concepts of nationalism and the rampant indifference and arrogance of the ‘Political Class’.

    Reply
  12. Tony Webster March 2, 2017 at 8:29 pm

    Wuhloss…How easy it is to forget all de Bashment an’ rejoicing we had jes’ de uthuh day, when we celebrated fifty shades of grey. Lef’ han’ at Ministery of great Rejoicing, was apparently not on speaking terms with right han’ over st M.O.F., and Church Village, , …and de result of de “new math” evidently is not as reliable as the old-time ‘rithmetic….nor old time common sense.

    Result: the whole pan-cart get skin-up; the lessons learned by Sandy have been assigned to foggy historical memories; the bewildered investors have no clue what to make of the stability, and confidence in Bim Inc, going forward, and whatever miraculous solutions the New Wise Men come up with, will take at least two full terms of a new, or modified, or even a coalition administration, to fully implement. Uncertainty will always be anathema to private sector investment: either local, or F.D.I.

    Meanwhile, the current, and the next generation, will suffer. Sorry…will CONTINUE to suffer.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *