This is an open letter to Prime Minister Freundel Stuart.
The global recession is still upon us. There was also a recession in 1992 and Erskine Sandiford (now Sir Lloyd) was the then Prime Minister. As you are well aware, Sir Lloyd implemented measures that were favourable to the Barbados economy.
One of these measures was to issue treasury notes and debentures at attractive interest rates. Many people from all over the world took advantage of this generous offer by Government.
Sir, the time has come to implement similar measures. There are still thousands of Barbadians living overseas who currently possess millions of dollars languishing in foreign banks and other financial institutions, an untapped source of future income which will greatly assist our economy in terms of foreign exchange.
I believe that it is incumbent upon Government, through the Barbados Government Information Service, its embassies and consulates aboard to target these Barbadians with a view to tapping this potential source of wealth. This initiative will serve a dual purpose. Firstly, it will encourage Barbadians to give back to their country and secondly, it will help us minimise our involvement in the borrowing of money from agencies such as the IMF and the World Bank at unattractive interest rates.
Sir, in our quest to have Barbados designated the most charitable nation on earth, the Oistins Charitable Organisation of Barbados is calling upon all wealthy Barbadians such as successful politicians, doctors, lawyers, businessmen and those who inherited their wealth to establish foundations with the proceeds not only earmarked for charitable purposes but for the purchase of monetary instruments issued by Government, thereby alleviating the pressure placed upon our Government to seek funds from overseas lending institutions.
Sir, the time has come for all Barbadians to come to the aid of their country, a country that has done so much for its citizens!
— Ronald S. Marshall (Chairman, OCOB)