Leader of the Opposition Barbados Labour Party (BLP), Mia Mottley, has responded to the latest Standard & Poor’s (S&P) downgrade of Barbados.
Mottley said the downgrades have become so routine that Barbadians are becoming immune. However, she noted that investors and businesses are not.
FULL TEXT OF MOTTLEY’S STATEMENT
“Our credit rating has been downgraded for the 20th time in 9 years by the major international credit rating agencies.
This has become so routine that Barbadians are becoming immune to the news, but unfortunately, overseas investors and businesses are not.
If we are to raise our international reserves to the point that makes our dollar safe, it is these people we need to convince of the skillful and energetic stewardship of our economy.
Equally this downgrade and the continued negative outlook will not give either Bajans or foreigners confidence to invest so that the jobs that Bajans so badly need are created.
Let us put this is context for Bajans.
Standard & Poor’s rates 130 countries. After this last downgrade to CCC, Barbados lies in 128th position. We are on par with Venezuela. There are only 2 countries who are rated worse than us – Mozambique and Belize.
There can now be no doubt that the longer the Freundel Stuart Government tries to hold on to power, the harder and longer our road to recovery will be.
How many more downgrades will it take for the Prime Minister and his Government to realize that there is no confidence left in their ability to reverse the situation?
Barbadians are paying too high a price for this Government’s incompetence and stubbornness.”