A Standard & Poor’s “junk status” downgrade of Barbados’ investment rating drew sharp criticism from the Governor of the Central Bank, Dr Delisle Worrell, yesterday, while the Opposition called for his head and for Prime Minister Freundel Start to call a general election.
At a hastily called Press briefing, Worrell labelled the S&P move illogical and unjustified, while adding that it would have no impact on the country’s exchange rate to the United States dollar.
“I am satisfied the downgrade represents a lack of understanding of the Barbadian reality and that is the point we are making, and we are on the attack rather than on the defence,” the Governor charged.
Minister of Finance Chris Sinckler also sought to allay fears about the impact of the downgrade and insisted the country was well managed.
Standard & Poor’s has determined that Barbados’ economic fundamentals remained weak with several structural shortcomings.
