Thursday, April 25, 2024

Project delays worry monitoring committee

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BERT is staying ahead of the curve.

The special monitoring committee of the Barbados Economic and Recovery Transformation (BERT) programme is still concerned about the delay of a number of projects that were intended to boost the economy.

During a press conference held at Solidarity House yesterday, co-chair of the committee, Toni Moore, said the group would be paying special attention to those projects, and the effect any further delay could have on overall growth.

There have been delays in the Sandals Beaches, Sam Lord’s Castle, Blue Horizon and Hyatt Centric Hotel projects.

Moore, the general secretary of the Barbados Workers’ Union, said the group was otherwise extremely satisfied Barbados had met all targets for the period April to June, as set by the International Monetary Fund (IMF).

Yesterday’s report, the third by the monitoring committee, showed the country’s foreign reserves were a healthy $938 million, way ahead of a target of $893 million. In addition, Government’s primary balance stood at $253 million, yards ahead of a proposed target of $125 million, while this administration had only spent $88 million on transfers to public institutions, way below the $104 million allowed, and the arrears of public institutions stood at $185 million, leaving plenty of wiggle room from a target of $284 million.

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