Chartered accountants are praising measures under the Barbados Economic and Recovery Transformation (BERT) plan, especially those that attempt to make the public sector more accountable financially.
Institute of Chartered Accountants of Barbados (ICAB) President Andrew Brathwaite said his membership is buoyed by new measures to ensure better financial prudence.
“We are particularly pleased to see a number of measures included in the BERT plan aimed at increasing oversight to state-owned entities, and an action plan for public financial management reform. This will include enhanced monitoring and supervision of public entities by way of internal audit, tighter and precise reporting requirements for non-compliance,” Brathwaite told journalists.
The ICAB president also gave support for Government’s push to better Barbados’ record on the ease of doing business record, by introducing structural reforms.
“This will support growth by increasing the speed and flexibility of business processes to significantly reduce clearance times at immigration and customs and expedite the processing of permits and licenses,” he said.
He cited Government’s plans to streamline and accelerate town and country planning permits by introducing new legislation by December 2018. Government also plans to adopt a new business plan and structure for the Corporate Affairs and Intellectually Property Office (CAIPO) and the Land Registry by next March, he told reporters at a press launch to mark the launch of Accountants’ Week 2018.
On Tuesday, Senior Technical Adviser to Government, Dr Kevin Greenidge, told the media that a key feature of the BERT plan was modernized central government and state enterprises. He emphasized that it was necessary to move the public sector from a “bloated, inefficient entity” to a more streamlined efficient entity for the 21st Century.
Another part of the plan was to remove the ring fence from around the offshore business industry, an assessment of which is currently ongoing, the IMF economist said.