SATURDAYS IN BARBADOS are usually associated with relaxation and fun. But the last two here will be remembered for the sadness that came with them. October 23 brought with it the death of Prime Minister David Thompson, and last weekend was accompanied by Tropical Storm Tomas, which gave Barbados a battering.
After that tumultuous double whammy, Barbadians will be looking forward to brighter days with the celebration of our 44th Independence Day at monthend, and thereafter the Christmas season.
The traditional switching on of the lights in The City to herald the beginning of this usually celebratory period here should be a strong signal that the country has started the process of healing – a necessary step after a sad, trying time. As for Government, now under the leadership of Prime Minister Freundel Stuart, it is important to pay immediate attention to tackling the slide in the economy. This is an urgent problem which Thompson’s death overshadowed.
In fact, the day before Thompson passed, Standard & Poor’s Ratings Services (S&P) downgraded Barbados’ public debt to BBB-, one notch above junk bond status, while maintaining its outlook at stable.
In their statement, S&P said our debt burden would increase at least in the next two years, and higher debt would occur because of delays in the Government’s fiscal consolidation efforts, as well as a slower-than-expected economic recovery.
S&P also warned that the rating could drop again in six months if promised measures to rein in the economy are not implemented.
The Central Bank in quick response that night noted, among other things, that only a few days before in his third-quarter Press conference, Governor DeLisle Worrell had said that in addition to the cuts prescribed in the Medium Term Fiscal Strategy (MTFS) document released by Government earlier this year that “options being considered were further spending cuts or increased taxation” to deal with the situation.
So with plans for a Budget to be delivered in the next few weeks, will Barbadians face cuts in essential services to reduce Government expenditure, or will we have to pay higher taxes?
These questions are already being asked and Government needs to answer them and take the public into their confidence on the challenges facing the economy.
Prime Minister Stuart is on record as saying that people need to concentrate on their needs, not their wants, so his perspective seems to be that of taking a sensible, practical approach to dealing with such matters.
On the matter of leadership itself, Stuart needs to stamp his authority on his Cabinet by putting the ministers he would want in the ministries to which he thinks they are best suited.
The team he leads, except for Attorney General Adriel Brathwaite, was inherited wholesale from Thompson. Surely, he would want to redistribute responsibilities and take on more of a workload himself to ensure he has his hands on the main levers of the economy and the country.
We have been through a period of mourning which has caused much depression and reflection. Now is the time to get on with the development and good governance of the country.