Tuesday, April 16, 2024

Sinckler warns spending cuts would hurt businesses

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Private sector leaders calling for Government to cut spending had better be prepared for the impact this will have on their businesses, warns Finance Minister Chris Sinckler.
And in a less than subtle warning yesterday, a straight-talking Sinckler cautioned the private sector to be careful what it asked for.
The minister, who has been in the hot seat during five straight years of little or no economic growth and an increasingly impatient private sector, told members of the Barbados Chamber of Commerce & Industry (BCCI) yesterday at their 187th annual general meeting at Hilton Barbados to prepare for the fallout of Government cuts as the administration tried to bring order to its financial predicament.
He said Government would be taking action to consolidate agencies such as Kensington Oval Management Inc., Invest Barbados, Urban and Rural Development Commission, among others.
“There is another truth about fiscal consolidation that we are going to have to engage shortly and which will impact on you in the private sector.
“To restore structural equilibrium to our accounts, we will have a potential negative impact on your businesses and their bottom lines,” he told business executives.

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