Please note: while we address some country-specific updates related to the COVID-19 outbreak, the below contains information regarding global restrictions and closures as they stand today.
Borrowing not to blame – minister
Article by May 7, 2021
Barbados’ current high debt level is not as a result of borrowing, says Minister in the Ministry of Economic Affairs and Investment Marsha Caddle.
In fact, the economist pointed out that Government’s borrowing only accounted for about five per cent of the current debt stock, which stands at around 152.5 per cent of gross domestic product (GDP).
Her comments came on the heels of growing concerns from political pundits and private sector officials over Government’s borrowing over the past year, which equated to just over $540 million.
In his recent economic review, Governor of the Central Bank Cleviston Haynes pointed out that at the end of March this year, the public debt stock outstanding was equivalent to $12.92 billion, compared to $12.38 billion or 117 per cent of GDP at the end of the previous fiscal year.
Social Share
Prime Minister Mia Mottley says the Ministry of Tourism is prepared for the latest shock to the sector after the British Government today announced new sanctions to stem the spread of the coronavirus, COVID-19.
In a statement, Mottley said both the Barbados Employment and Sustainable Transformation (BEST) plan and the 12-Month Welcome Stamp were put in place to mitigate actions like these from the island’s major source markets.
She said tourism minister Senator Lisa Cummins and her team were “well on top of this situation”. By extension, the Ministry of Health and Wellness was also prepared, through the work done at the isolation facility at Harrison Point and the Best-dos Santos lab.
Lead the way
Article by December 17, 2020
Prime Minister Mia Mottley has thrown out a challenge to actuaries in Barbados and the rest of the region to take the lead on discussions relating to several issues, including shrinking population and the impact on national insurance schemes.
This comes as Barbados and the rest of the Caribbean struggle with high unemployment numbers, resulting in the collective payout of millions of dollars in unemployment benefits.
Mottley, who was addressing a roundtable session of the Caribbean Actuarial Association (CAA) recently, insisted that the time had come for the region to show that despite its small size it could still be a leader in several areas.