Final plea

Worrell makes last ditch economic appeal to govt

There is hope yet for the Barbados economy even at this late stage where it is on the brink of collapse, according to former Governor of the Central Bank of Barbados Dr DeLisle Worrell.

However, he warned that this “alternative future” can be obtained only if the authorities act decisively and do the right thing, some of which will be painful.

“As I write this in the last week of 2017, the outlook for the economy is dire,” Worrell wrote in his latest economic newsletter, 2018: The Outlook for the Barbados Economy, released this week.

“Even at this late date, an alternative future is attainable . . . Firm, decisive and urgent action is needed to turn the economy around and set the country on the road to economic prosperity,” he added.

The latest document contains much of the same recommendations which the fired governor had made last month in his paper, The Barbados Economy: The Road to Prosperity.

He made specific reference to the unpopular National Social Responsibility Levy (NSRL) and two per cent tax on foreign exchange transactions, charging that they were responsible for pushing the economy into further decline.

In fact, Worrell echoed a point made this week by Chairman of the Barbados Private Sector Association Charles Herbert that Government’s economic policies were hurting investor confidence.

“The new taxes are driving the economy into recession, and the declining reserves have undermined investor confidence. The country’s low credit rating means that it has no access to foreign market borrowing, and maturing debt has to be repaid in full,” the noted economist said as he painted the dismal picture of the economy.

With the international reserves plunging to $549.7 million or 8.6 weeks of import cover at the end of September, and with Government having to face over $100 million in foreign debt and interest payment during the last quarter of last year, Worrell again proposed a series of measures to restore foreign reserves, eliminate Government overspending, stimulate sustainable economic growth and repair the island’s credit worthiness.

He again promoted a seven-point plan he had recently put forward, including cutting the public service by 4,500 over three years, with funding from international financial institutions for the separation packages, as well as a ten per cent cut in subsidies to state enterprises.

He also repeated his proposal for “an aggressive” programme of divestment of some statutory bodies, a temporary freeze of all public investments, except those funded by foreign finance, final approval and start of work on all tourism projects that were to have started last year and negotiations with key lending institutions, including the International Monetary Fund, to support a five-year programme of structural adjustment, with strong conditions that fiscal reform will be implemented. 

marlonmadden@barbadostoday.bb

24 Responses to Final plea

  1. Antheia Springer-Williams
    Antheia Springer-Williams January 4, 2018 at 11:52 pm

    If he told the truth according to John 3:16 Bajans will not forget previous lies and cover ups because of political affiliations! He would have to go to the tomb and come back in three days…..!

    Reply
  2. Arthur Collymore
    Arthur Collymore January 5, 2018 at 12:09 am

    Shooting this messenger will in no way make null & void is recommendations. All or most of what he’s proposing is what’s required to stabilize the reserves, reduce the deficit, return confidence, grow the economy, service the debt & reduce govt expenditures. We’re fooling ourselves into believing that these gains can be achieved by any other means.

    Reply
    • Ali Baba
      Ali Baba January 5, 2018 at 6:36 am

      ARTHUR IF THE DEMS WERE PRUDENT WE WOULD NOT BE IN THIS, DAY AND NIGHT THEY RAPED THE COOKIE JAR…..THE DEMS MADE BILLIONS OF $$$$$ IN TAXES, THAT COULD HAVE PAID OUR DEBTS, WHERE IS THE FU@KING TAXPAYERS MONIES?…….

      Reply
    • Wayne R. Pilgrim-Cadogan
      Wayne R. Pilgrim-Cadogan January 5, 2018 at 6:40 am

      Well, why didn’t when he was in a position to have done so, instead of lying to people to protect a pack of other lying politicians? Although he is correct, how can he now expect the people to believe what he says after his lies to protect a political party!

      Reply
    • Arthur Collymore
      Arthur Collymore January 5, 2018 at 8:06 am

      Few were as critical of him as I when he was Governor. Yet, I’m able to distinguish that role as the creature of the MoF & that of a professional economist. My job here is not to defend the man. Let’s not pretend we’re ignorant of the nature of political appointments. There’re some jobs for which the holders are prepared to sing for their supper. That’s the reality.

      Reply
  3. John Everatt January 5, 2018 at 12:12 am

    So now he tells the truth but this government will not listen. So we are doomed for the next decade to try to recover from the blunders of this administration. Virtually all the other economists have said the same thing so I think it is obvious what we must do. Fumbles still sleeps though.

    Reply
  4. Max Carter
    Max Carter January 5, 2018 at 1:03 am

    who want to hear he now

    Reply
    • Ali Baba
      Ali Baba January 5, 2018 at 6:42 am

      ME….HEAR HE IN JAILLL

      Reply
  5. Lauraine Clarke
    Lauraine Clarke January 5, 2018 at 2:05 am

    Give him another go.

    Reply
    • Ali Baba
      Ali Baba January 5, 2018 at 6:42 am

      YEA ANOTHER GO…TO JAIL

      Reply
  6. archy perch January 5, 2018 at 2:12 am

    Big Big cuts in the civil service is what he and Herbert are saying, send home thousands of people. The government has resisted and is trying to save jobs. The private sector(Herbert and his friends) are cutting willy-nilly. Running and business and running a government are two different things. Government MUST supply social services; businesses their shareholders withe the bottom line. Worrell needs to go on a long cruise with wife in tact. We have a new Central Bank Governor Sir, who gives open press conferences. You had your turn. Stop playing politics because you got fired, and that big ego doesn’t seem able to take it.Incense is needed here to smoke you out. Private sector needs to payup the Vat monies owed the government and that would fix things, Herbert never talks about this. Listening to both Herbert AND Mia the other day, it is obvious they are in a pact together.if the cerooked Barbados Labour Party wins the general elections then the rascals in the private sector will start investing ….something which very few have done since 2008.

    Reply
  7. straight talk January 5, 2018 at 3:50 am

    Should have told the truth from the begining

    Reply
  8. Susan Maynard
    Susan Maynard January 5, 2018 at 5:07 am

    Bajans hear what the man got to say He know what he is talking about he was there

    Reply
    • Ali Baba
      Ali Baba January 5, 2018 at 6:41 am

      SORRY THIS IS ONE BAJAN WHO DON’T WANT TO HEAR…FOR THIS SIMPLE REASON….IN 2008 THE BLP LEAVE 2.8 BILLION DOLLARS IN FX AND BY 2010 U PRINTING MONEY TILL U GOT CHASE WAY, CAUSE U KNOW WHAT U WERE DOING WAS WRONG………HE WAS PART OF THE PROBLEM

      Reply
  9. Lynda Bonnett
    Lynda Bonnett January 5, 2018 at 5:28 am

    Stfu idiot

    Reply
  10. Adrian Allison
    Adrian Allison January 5, 2018 at 7:02 am

    Truth is, this man is in partially responsible for the chaos that is part of Barbados present economic situation.
    While there may be things of merit that he has to say, the question that must be ask is whether anyone can take his suggestions to heart considering that these proposed solutions weren’t forthcoming when he was being paid by the taxpayers now suddenly he has all the answers to rectifying our chaotic economic woes.
    We, the taxpayers owes him nothing and the reversal is also true so it’s in the best interests of this country to ignore his mouthings because it also raises another persistent question that still looms……..
    Where does his loyalty really lie ?
    To the DLP which is in the process of trying to be re-elected ?
    To this country in dire crisis as a patriotic citizen ?

    Reply
  11. Scott Colwell
    Scott Colwell January 5, 2018 at 8:05 am

    Looking from the point of view as a tourist, there are a lot of things that will drive me away. My wife and I have been visiting the island now for over 5 years and recently started extending our stay to 4 months. First off at customs we were told we will have to go downtown and apply to stay the 4th month. This has never happened before. We had planned on eventually buying a small home here but now realize that would be a big mistake. Food is becoming so outrageously overpriced and the state of the roads is deplorable not to mention the raw sewage bubbling up out of the sewers . We expect these problems on third world islands but not here. Plus now knowing that the island is only 8 weeks away from meltdown at any given time will see us traveling to other destinations in the future.

    Reply
  12. Falernum January 5, 2018 at 10:46 am

    Worrell for Prime Minister !!

    Reply
  13. Helicopter(8P) January 5, 2018 at 3:27 pm

    Fellow Barbadians! Finding and keeping a job in the Civil Service is not a ticket to a comfort zone any more, these are Information Technology days.The office head-count 20 years ago could have been up to ten personnel, today that ten has now become three.

    Reply
  14. milli watt January 5, 2018 at 3:44 pm

    understand what you saying CHAMPION what I waiting for is the very last minute for the full effect. It going be carnage bout here Governor. if I were you I would start digging a bunker to hide in. lolololol…………if you think the south coast is trouble

    Reply
  15. Patrick Griffith January 5, 2018 at 5:49 pm

    When he was to speak the truth he covered it up with lies, so he can hush his damn mouth and let the real governor speak or is he also scared to speak the truth.

    Reply
  16. Belfast January 5, 2018 at 6:08 pm

    He reminds me of a cowardly Life Guard who runs away from the water’s edge and not going to the assistance of a drowning man but could utter instructions from on the beach on what to do to save the victim.

    Reply
  17. Bajan patriot January 6, 2018 at 9:03 am

    What is the justification for having 25 thousands government worker’s? Can someone please tell us what is the total amount of money that the government pay out every month on wages,pensions,and other expenses? I bet its about $300 plus million a month. To stop the bleeding you have to know where the cut is. My suggestion is to pay out 12 thousands government worker’s with full compensation. Then consolidate all the government departments in one location. That mean retrofitting the old nis building. Make it a one stop shop for government services. Now let’s see how many bajan will tell me That cant wuk here! I waiting!!

    Reply

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