#BTSpeakingOut – Ideas seem to be in short supply

Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.

by Michael Ray

Certain statements emanating from the mouths of government Ministers seem to suggest that the present administration is not serious about jump-starting the economy.

If the government of the day is concerned about the flagging economy, one of its first priorities would be to remove a significant amount of taxation on fuel, diversify and expand the productive sectors and create other stimuli for the economy.

The high cost of fuel impacts negatively on each and every aspect of the economy and ultimately on the very livelihoods and well-being of the population.

Any concerned and caring government would ensure that a stimulus is quickly found to be injected into the economy.

The brilliant technocrats and gurus working within the Ministry of Finance and Economic Affairs seem somewhat short on ideas of how to rekindle any flame that remains in our lukewarm economy.

Source markets that provide our tourists are under pressure and are taking various measures to fix their own circumstances.

It would be a good idea for our government to have a look at a number of initiatives put in place by European governments to manage and control their finances and economies.

• Annual Growth Survey.

• Alert Mechanism Report.

• Medium-Term Objectives.

• National Reform Programmes.

• The Macroeconomic Imbalance Procedure.

• The Treaty on Stability, Coordination and Governance.

• The Excessive Deficit Procedure.

• The Excessive Imbalance Procedure.

The administration cannot afford to sit idle and allow remote events to further destroy what is left of our economy and ultimately, the livelihoods of our people.

There is a suite of initiatives centered around taxes, interest rates, subsidies and  the money supply.

Fortunately or unfortunaely, the agreement between government and the International Monetary Fund is the critical overriding factor.

Borrowing money and the drawing down of funds from the International Monetary Fund is not the be-all and end-all.

The hard work of growing the economy and applying prudence to the tasks at hand will determine if we
sink or swim.