Government has shown that it is incapable of fixing Barbados’ fiscal problems and should now turn to the International Monetary Fund (IMF) for help.
That’s the recommendation of Ryan Straughn, the immediate past president of the Barbados Economic Society. He said yesterday that there was an urgent need “to take action in order to build some credibility and help to restore some confidence in the economy”.
And while fellow economist Dr Clyde Mascoll stopped short of directly recommending that Barbados enter a formal IMF programme, he said Barbados was in a state of “malaise” and “contraction” and urged concerned private sector representatives to tell Government to “change its direction because on its current course, nothing is getting better”.
Both economists voiced their concerns yesterday at Hilton Barbados resort during a Barbados Chamber of Commerce and Industry breakfast discussion on the topic: The Merits And Demerits Of A Formal IMF Programme.