After COVID-19 and the economic nightmare the pandemic has unleashed, BOSS (Barbados Optional Savings Scheme) is the “least painful option” in Mia Mottley’s fiscal toolbox.
That’s how Winston Cox, a former Governor of the Central Bank, described the BOSS, a plan designed by the Administration to cut its monthly wages bill, reduce the widening fiscal deficit and help finance its capital spending plans.
“Broadly speaking, I think BOSS is a good idea and it is the least painful option available to the Government at this time,” said Cox.
“But the challenge for the administration if it is going to market its initiative successfully is to secure the support of public servants who only recently had to accept a haircut,” meaning a reduction in the amount of money the Government owed them as investors but was unable to repay them as investors after it inherited a country that was in dire financial straits with a mountain of debt to service.” (TB)
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