Budget set for May

Barbadians could be in for more bitter medicine, as Government moves to correct its worrying fiscal deficit and foreign exchange problems in its much anticipated 2017 Financial Statement and Budgetary Proposals, due to be delivered before the end of May.

The disclosure came today in a statement issued by the Prime Minister’s Office, following economic consultations with select members of the island’s Social Partnership.

During those talks, described as “frank and robust”, the need for clarity, certainty and firm action was reportedly emphasized by all.

The vital importance of dialogue among all stakeholders at all stages of the process towards solutions of the fiscal deficit and foreign exchange problems was also stressed during the talks held under the chairmanship of Prime Minister Freundel Stuart.

It was agreed that key recommendations made by two recently established working groups, which were mandated by the Prime Minister on March 3 to come up with recommendations on the way forward for the ailing economy would be used to inform the upcoming budget presentation by Minister of Finance Chris Sinckler.

While officials remain tightlipped on the recommendations, the statement said it was also agreed that there would be a meeting held after the Budget to discuss the budgetary measures announced.

In recent months former Prime Minister Owen Arthur has been among those warning the medicine to cure the falling foreign reserves would be bitter.

The highly respected economist, who led Barbados from 1994 to 2008 and who has been approached to lead the National Economic Council, said Government had retreated from the measures and now time was running out.

“The economic situation facing our country is grim . . . . If we don’t stop the slide in reserves then we are in serious problems because if you run out of foreign exchange in a country like Barbados, heaven help you,” he said in an interview last month with Barbados TODAY. However, to date Government, which is on the cusp of a national election, has been reluctant to administer the bitter cure. 

20 Responses to Budget set for May

  1. Dwayne Jack
    Dwayne Jack April 21, 2017 at 12:11 am

    Set an election date ‘das wuh’ ….the longer u guys continue on the deeper of a hole u dig this country into and the harder it is for the next government to reverse your incompetence n mismanagement

    Reply
  2. Oneil Shalom Mitzvah Hall
    Oneil Shalom Mitzvah Hall April 21, 2017 at 12:14 am

    Can it get any worst? smh … Please call the election!

    Reply
  3. Ryan Bayne
    Ryan Bayne April 21, 2017 at 12:21 am

    Well, expect more belt tightening.

    Reply
  4. Kingdom Hearts
    Kingdom Hearts April 21, 2017 at 12:56 am

    These clowns need to go , too long has this country suffered at the hands of a totally incompetent government.

    Reply
  5. Sebastian Da Costa
    Sebastian Da Costa April 21, 2017 at 5:53 am

    By May we sinking now.

    Reply
  6. Jennifer April 21, 2017 at 7:12 am

    Well the only people who will be budgeting, cutting back, getting grind etc is the 95%. Mind you we could do well with some of the reduce nonsensical spending we are doing as a people. Talk about sacrificial LAMBS. Mind you the goats on the rocks, eating much greenery, and using the sheep as their foot hold to climb even higher. If we could only realize the POWER we have in our hands we would bring the high low and the low would go high.

    Reply
  7. Waiting April 21, 2017 at 9:24 am

    Perfect example of a last minute government. They will only act when their backs are to the wall and that will be the case with the election date..when it MUST be held. They pussy foot for 9 years hoping against hope instead of taking action when they were given the responsibility, but no, self aggrandizement & preservation was priority and not the welfare of the country. Sad, it is a pity that they wouldn’t be locked up.

    Reply
  8. Tony Webster April 21, 2017 at 11:29 am

    Hmmmm….rising to the top of the best-seller list: “How to make a virtue of a necessity” … written by Dithering, Withering, Postponing, and Hoping. The sequel, ” How I saved Barbados from Invading Menacing Forces”, by Hooking, Lyning, and Sinking, is now ready in draft form, but is not expected to sell as well. It could however be purchased for its keepsake/ souvenir value… historical footnote significance, and alternative use to stop doors banging about.

    Reply
  9. Peter April 21, 2017 at 2:04 pm

    Jennifer, Just for balance sake. I wish to challenge you to bring something to the table that Barbados can benefit from. You failed miserably in England. Probably like many who cannot afford to pay their heating bills, suffer from a falling Pound, depend on the Underground and the bus, cannot afford food because of rising prices. and If, just if you qualify for a pension It is worth it because of the high cost of living both in England and here. Instead of insulting blacks and referring to them as goats and crabs, and grudgingly try to belittle the well educated, qualified talented and successful, wealthy blacks, and criticizing and subtly demanding repatriation monies from whites who have NO authority over what their ancestors did with the notorious assistance of blacks who rounded up, captured and sold the black brothers into the slave trade. You are so transparent and you are using BT to vent your shallow mind mostly criticizing and condemning. What do you donate to charity? I am challenging you right here right now to meet me at a little Bistro Pub at the corner of #88-9n Hatton Garden in London at 11: 00 a.m. on August 03rd this year. It is a lovely corner spot with one of those old red telephone booth that My deceased dad asked to remain there as a showpiece for posterity. He used to be one the owners of DIAM Jewellers now owned and operated Katz, Kerrymann & Klein ( 4K Jewel Wholesalers). I promise I’ll pay the whole bill, My favourite used to be Caviar and smoked salmon with breaded jumbo shrimp all served with capers and the coldest pint of Guiness You can have wine or Champaign. They’re expecting me. Oh I’ll be with a well known Barbadian Black West Coast Hotelier who drives a RR Phantom whenever he’s in London. Let’s see if you are true to your word.

    Reply
  10. Peter April 21, 2017 at 2:07 pm

    Oh Jennifer, You don’t have to answer me here. Just turn up.

    Reply
  11. JM April 21, 2017 at 4:09 pm

    Simply excellent, Peter! (2:04 pm)

    Reply
  12. Milli Watt April 21, 2017 at 5:15 pm

    wonder what goes well with SALT……..everything goes well with salt. that means that what ever in that box well seasoned and ready for use. bring it on minister we going suck SALT together.

    Reply
  13. Saga Boy April 21, 2017 at 7:23 pm

    With all the talk I wonder what people like Jennifer and Tony are doing at the moment to improve the lot of the 95%? If you are only talking then don’t criticize persons who are doing. I am tired with all the talk.

    Reply
    • Jennifer April 21, 2017 at 7:32 pm

      @Saga boy – so who is doing and what exactly? Remember the words pittance, usury and advantage before you answer.
      May I suggest not reading once you see name of the commenter – simple strategy in which I myself uses for some no conscience trolls on here.

      Reply
      • Jennifer April 21, 2017 at 7:35 pm

        @Saga – You may be surprised how much non tangible things I am doing on here.

        Reply
  14. John Q April 21, 2017 at 8:52 pm

    Gov’t know they can’t solve the deficit……. they’re in over their heads. I totally agree with Jennifer, but it’s going to take a lot more than her opinions to save B’dos…….

    Reply
  15. jus me April 22, 2017 at 1:01 am

    Peter.
    You have the right bait for the hook that will catch this fish.

    The criers as protectors of the downtrodden, like Labour peers, spent a life saving the souls of the those who are used.
    To ensure their own place in Heaven on Earth, a government sponsored tax free existence.
    Maybe you should also offer a peerage.?

    Did your dear old dad own a bicycle>??

    Mine did .
    Now I,ve got relatives now all over London. lol

    Reply
  16. jus me April 22, 2017 at 1:07 am

    @ Tony Webster,
    Classic.
    You may pass go and collect 200.

    If I didn’t laugh I,d cry.
    This crew couldn’t make a drinking match in a brewery.

    Keep em coming

    Reply
  17. jus me April 22, 2017 at 1:13 am

    @Saga Boy.
    Then you must be Exhausted with SLEEPY and Crew.
    I never seen less action and heard so much talk in all my born days.

    Reply
  18. jus me April 22, 2017 at 1:25 am

    Jenifer
    Cast not pearls before swine.

    Reply

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