Barbados’ economic troubles are dangerously mounting and the country has been put on notice that sacrifices will have to come.
And just as in the 1991 crisis, Government is turning to the private sector, trade unions and non-governmental groups including the Opposition, to join it in designing a home-grown rescue plan for the country.
The call for concerted action came yesterday from Prime Minister Freundel Stuart who conceded, “We are facing serious problems of debt and deficit” while he stressed that stopping any devaluation of the Barbados dollar was “the Holy Grail”.
Laying its cards on the table during an all-day Public/Private Sector Consultation at Hilton Barbados, Government painted the picture through Governor of the Central Bank Dr DeLisle Worrell of the current economic situation to various leaders and sector heads.
“We have to manage our foreign exchange situation sensibly and therefore, we are going to require the cooperation of all Barbadians in this mighty effort.
“The Governor of the Central Bank was quite clear that we have to make a very serious adjustment if we are to eschew the prospect of economic damage being done to Barbados,” Stuart told a packed ballroom during the closing stage of the session.
