CROP OVER is usually a time to fete, enjoy the creativity of our artistes and generally celebrate in carefree fashion.
But, this season of fun and frolic has been given an injection of reality by two stories in the SUNDAY SUN yesterday that laid bare the severity of the economic and financial challenges facing this country.
One report dealt with the latest assessment of the Barbados economy from the International Monetary Fund (IMF) and the other with comments from planter Michael Gill on the very grim outlook for the sugar industry. While we often treat the IMF as a financial bogeyman, Mr Gill has no reputation as being a scaremonger.
The two reports must cause not only the Freundel Stuart administration to sit up and take note, but the Opposition, aspiring politicians, business leaders and trade unionists. Hopefully they, and the entire population, all understand the predicament the country faces.
Some might be tempted to dismiss the IMF’s comments and ignore Mr Gill’s views as being too pessimistic and without basis. There is also the option to pretend that the warnings from all those who look at our financial and economic situation with any semblance of objectivity and independence are anti-Barbados.
But realistically the situation indicates quite bluntly that we can no longer borrow money in order to continue funding bloated public sector employment, and neither can there be a sense of entitlement whether in the form of subsidised health care, education, transportation, water and all other things to which we have been weaned by politicians.
The urgent to-do list is stark: the burden of debt must be aggressively addressed, widespread restructuring of statutory corporations is required, the sugar industry has to be reorganised, public sector reform needs to be accelerated, the Central Bank should curtail financing of central Government, productivity needs improving and sustainable ways have to be found to enhance foreign exchange earnings.
The prevailing situation is dim and makes the need for a meeting of the full committee of the Social Partnership ever more important. Government clearly needs the input and buy-in of its tripartite partners in overcoming the challenges ahead as the country deals with these critical issues.
This situation must also cut across partisan political boundaries, so the Barbados Labour Party must be there to give its input. Former prime minister Owen Arthur, now an Independent MP, should also be invited to offer his considerable economic and political knowledge.
This is not about losing face, especially if we want to ensure we continue to have a sugar harvest and vibrant Crop Over celebrations for many years to come. It is about putting Barbados first.
