Straughn: ‘Critical times ahead’

The next 12 to 18 months will be “key” to Barbados’ economic growth plan.

This from Minister in the Ministry of Finance Ryan Straughn who was delivering the feature address at the Reliance Cooperative Credit Union Limited’s new location and renaming ceremony Friday evening at the Harold Hoyte & Fred Gollop Media Complex, Fontabelle, St Michael.

“It would be remiss of me not to indicate that the next 12 to 18 months in this country is going to be the most important 12 to 18 months I think we will have for some time. The decisions that are made today…. I am happy that you have made this decision to enact this specific initiative today because it means that your members with access to greater credit at Reliance can now start to plan….”

Minister Ryan Straughn (right) with Reliance president Gregory Browne (left) and office administrator Ava Mounter at Friday’s renaming ceremony.

The Finance Minister said Government’s plan for economic restoration was well underway and that

they were actively addressing the debt which was incurred in recent years.

“We have embarked in the last 18 months on stabilisation to give comfort to all who operate in Barbados, that Barbados is open for business. Government has sought to provide a level of stabilisation.

“Households and businesses have built up a significant amount of debt over the last ten years. The Government of Barbados has repaid over the last ten months a significant amount of arrears back into the economy and we shall continue to do that over the next year.”

Straughn said it was critical how spending will have a direct impact on the recovery of the economy.

“How people chose to spend that money now over the next 12 months will determine how quickly the economy recovers. It is our intent to make sure that the environment remains stable notwithstanding

the increasing international uncertainty with respect to Brexit and the other geopolitical events that are completely out of our control….”

He continued: “But we must try to control that which we can so domestically. We are about providing a space where your members, your members’ families, your business connections… everyone can make valid business decisions that will endure the test of time.”

The minister endorsed the joint business venture between Reliance and the City Of Bridgetown Credit Union, which will see the former lending over $250,000 in mortgage loans.

“We in the Ministry of Finance are happy to associate ourselves with progress. This is part of the transformation that is the Barbados Economic and Recovery Transformation plan. We have to do things differently. This event demonstrates that the credit union movement can come together and

provide transformative programmes and initiatives for your members,” he said.