Tuesday, April 23, 2024

What about foreign debt? DLP asks

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The Democratic Labour Party (DLP) wants answers about Barbados’ foreign debt policy.

President Verla De Peiza made the appeal yesterday, in response to the information on this country’s economic performance in the first half of 2019, which was recently presented by Governor of the Central Bank Cleviston Haynes.

“The Democratic Labour Party is concerned when successive Central Bank of Barbados reports make glowing commentary on the level of the foreign reserves without putting it in the context of Barbados’ substantial unpaid obligations,” she told the MIDWEEK NATION yesterday.

“It is now 14 months since the external creditors remain unpaid. What proportion of the foreign reserves relates to the sums due and owing to them?” De Peiza asked.

She said the DLP was also more interested in how the present situation felt to the average Barbadian, with the country having 10.1 per cent unemployment in the midst of back-to-school preparations, and two per cent inflation, which was making the cost of living prohibitive for many, despite removal of the National Social Responsibility Levy which the country was told was responsible for inflation.

“And what are our real prospects for growth? The governor reported that sugar contracted yet again. Despite increased arrivals, tourism receipts are down, the construction industry has ground to a halt with major projects stalled, and the present administration has yet to articulate its revenue generation strategy, outside of crippling taxation.” (BA)

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