BLP promises to plug money-printing loophole

If the Opposition Barbados Labour Party (BLP) wins the next general election, the final decision on the printing of money will no longer be left solely at the discretion of either the Governor of the Central Bank or the Minister of Finance, but will have to be approved by Parliament.

“We have determined as a political party, that the Barbados Labour Party, when elected, will end the arbitrary and discretionary power of either a minister of finance or a governor of the Central Bank to print money without first seeking the approval of Parliament,” BLP spokesman Kerrie Symmonds has revealed.

His comments came on the heels of the recent firing of Central Bank Governor Dr DeLisle Worrell at the height of a public fallout with Minister of Finance Chris Sinckler over the printing of money and the need for major expenditure cuts. This led to a two-week legal battle, which ended in the Governor’s sacking and Government reaffirmation of its rights in the matter.

However, addressing a BLP constituency meeting at his Hoyte’s Village office last night, Symmonds suggested that both Sinckler and Worrell were to blame for the current threats posed to the island’s monetary stability, as he accused them of “acting hand in glove with one another”.

“That authority [the printing of money] must now be subjected to a rein in to make sure that Parliament now has oversight, that this can’t be a runaway way of financing Government expenditure,” the St James Central representative said.

“It must come to an end. It must never happen again in Barbados,” he stressed in reference to the now widely criticized practice of printing money to pay salaries and other bills.

In light of last Friday’s latest downgrade by the international credit ratings agency Standard and Poor’s, Symmonds further charged that the Freundel Stuart Government has been “reckless” in terms of its management of the country’s affairs.

He also warned that this would affect future generations, who stand to inherit a Barbados that is “deeply and profoundly crippled by debt”.

Earlier during the meeting, Symmonds’ colleague Edmund Hinkson warned that S&P lowering of Barbados’ sovereign bonds from ‘B-’ to ‘CCC+’, was the 18th successive downgrade to occur under the present Democratic Labour Party administration, adding that it “has brought us to the same credit rating level as the Republic of Venezuela”.

“Right now Barbados in the eyes of the international financial community is in terms of credit rating is at the same level of the Republic of Venezuela,” the St James North MP lamented, while pointing out that the Spanish-speaking country has been affected by food riots in recent times.

5 Responses to BLP promises to plug money-printing loophole

  1. Arthur Collymore
    Arthur Collymore March 7, 2017 at 12:39 am

    Way to go along with the power of recall.

    Reply
  2. Sharon Taylor
    Sharon Taylor March 7, 2017 at 2:22 am

    A promise is a comfort to a fool…

    Reply
  3. Sunshine Sunny Shine March 7, 2017 at 4:30 am

    Keep ya darn promises BLP. Cutting a piece of cloth from the same nasty cloth and trying to wash it does not make it a different cloth. Promise the Barbadians people that you will do the following upon assuming office in 2018 in the first 90 days

    1. Introduce Accountability, Integrity, Transparency laws
    2. Anticorruption legislation to be place on the book in the first 30 days.
    3. Remove act that keeps the breast at bay.
    4. Provide legislation that allows the press to thoroughly investigate political discrepancies
    4. Allow whistle blower legislation to be part of the accountable process
    5. Increase the powers of the Auditor General towards prosecuting government accounting irregularities
    6. Place all government projects under a Competent Authority
    7. Create a department of Investigations that works in conjunction with the new found powers of the Auditor General
    8. Create an appraisal process for all government MPs after two years in office with the intent that if any are found lacking, instant dismissal.
    9. Referendum process for all large government projects
    10. Complete reformation of the recruitment process that government MPs enjoy.

    All this shyte you talking about the DLP should be blamed for the roads, and the accustom sweet promises that you fools think are gong to entice the majority is not going to work.

    WE WANT TO HEAR WHAT CHECKS AND BALANCES YOU ARE GOING TO PUT IN PLACE TO KEEP MPs HONEST; TRANSPARENT; ACCOUNTABLE AND SERVANTS OF THE PEOPLE AND NOT THEIR PERSONAL MONEY INTERESTS.

    Reply
  4. Nathaniel Samuels March 7, 2017 at 9:47 am

    Sunshine Sunny Shine, you need to get the DLP to get all those ideas passed within the next month so that there are no underhand dealings before the election and these ideas will go onto the next administration, whichever it is. The ball HAS to be in the court of the incumbent, not those in the future.

    Reply
  5. just observing March 7, 2017 at 11:14 am

    Sunshine Sunny Shine you understand that the electorate are willing to try anything except DEM. Island in a sorry state. I droppedin a pothole and my car starts shimmying immediately. No sense trying to get compensation cause DEM ain’t got no money. My road tax paid. My son applied for damages due to a pothole four years and counting and not a word, not a cent. Stop apologising for poor management and embrace the inevitable change that is coming. Many more out there who are angry like I am.

    Reply

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