Minister of Public and Private Investment Indar Weir has commended the 2026-2027 Budget for providing disposable income to Barbadians and addressing the “burdens” of pensioners.
In his contribution to the Budget debate yesterday, Weir associated the clean-sweep by the Barbados Labour Party in the February 11 General Election to addressing the prospect of poverty for citizens.
The 30-0 victory reflected the fact that, “we are the best for the job”, he suggested.
“Fundamentally, Sir, I support those measures that give people greater disposable income,” he said.
“Disposable income must be at the core of everything we do.”
He said the Budget reflected a, “government under leadership that actually cares about the country”.
“It is not just about the poor. This has to be summed up as an affordability crisis,” the Minister said.
He raised the likelihood of the middle class being pushed towards poverty.
For years, the Reverse Tax Credit was at $1 300 for persons earning under $25 000 annually.
The former Minister of Agriculture lauded the increase to $1 700 as well the provision for persons earning between $25 001 and $35 000 and receiving a Reverse Tax Credit of $750.
He also commended the increase to pensioners of $100 monthly, the decision to hedge imported oil at US$92 a barrel to reduce the cost to the consumer of electricity and “taking action” on renewable energy. The hedge will initially last for three months.
“Taking action now to ensure that renewable energy becomes a hard reality in Barbados and that it must take the lead in everything that we do in this country,” he said.
“This country must be the model for this region and to some extent, Sir, for South-South cooperation.”
Weir added that he fully supported the capping of gasoline at 47 cents, which means that Government will forego 53 cents (of revenue) and the capping of diesel at 37 cents which means Government foregoes 63 cents. (HH)