PRIME MINISTER FREUNDEL STUART has given business leaders a picture of Barbados’ “economic reality”, promising that action is coming and rejecting the whisper campaign of possible devaluation of the dollar.
The Prime Minister gave a comprehensive address to the Barbados Chamber of Commerce and Industry (BCCI) yesterday, in which he promised there would be no devaluation of the Barbados dollar; no “panicky resort” to the International Monetary Fund (IMF) at this time, and hinted there would be divestment of some state enterprises.
Speaking at length on the question of Barbados’ heavy borrowing over two decades, Stuart told the business community gathered at Hilton Barbados that his administration had been forced to resort to the capital markets, “as well as to borrow when necessary to shore up reserves” over the last eight years. (GC)
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