Friday, March 1, 2024

IMF: Govt must reduce spending for Phase Two

Date:

Share post:

The International Monetary Fund (IMF) is expecting Government to introduce major spending cuts as part of a second phase of austerity measures.

On Friday, one day after its team led by Dr Bert Van Selm ended a visit to Barbados, the IMF said the June 11 Mini-Budget was “a decisive step in the right direction” but more was needed.

“Consistent with the message delivered by the Prime Minister and Minister of Finance during the Budget, a second phase of measures will be needed to achieve this target,” the IMF said in a statement reporting on its latest mission here.

“This next phase will focus on reducing expenditures – notably by improving the efficiency and effectiveness of public services, reducing Government transfers to state-owned enterprises by reviewing user fees, exploring options for mergers, and providing stronger oversight.” (SC)

Please read the full story in the Saturday Sun, or in the eNATION edition.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Man dies at Holetown beach

Police and ambulance responded twice to a man who had fallen on the beach at Holetown earlier today. The second...

Missing man: Anthony Esmond Boyce

The Barbados Police Service is seeking the assistance of the public in locating a missing man. He is Anthony...

‘Stay off Baobab third, fourth floor’

General secretary of Unity Workers’ Union, Caswell Franklyn, has advised his members working at the Ministry of Industry,...

Maloney earns first victory in Formula 2

BAHRAIN – Zane Maloney scored his first ever victory in Formula 2 as he recovered from eighth on...