Barbadians remain some of the proudest people in the Caribbean. It would not be an exaggeration to suggest that Barbadians generally believe in being independent and detest the idea of being dependent on the state for their existence.
However, much of what we believed about our citizens was upended during the COVID-19 pandemic when many small and micro businesses collapsed, while those that were perceived as financially strong, were forced to reorganise in the face of this international shock.
Many middle-class Barbadians too would admit they are still recouping from that period when loans and mortgage payments at banks and credit unions were abated to give people a chance to recover.
A November 2021 report from the Central Bank of Barbados titled, The Financial Sector’s Biggest Challenge During COVID by senior economist Mr Carlon Walkes, revealed some critical information.
He identified the rising level of non-performing loans (NPLs) as posing the greatest risk to the local financial sector. It meant that an increasing number of Barbadians who borrowed money before the pandemic struck, were struggling to meet their commitments to repay personal loans, credit card debt, car loans and mortgage payments on their homes.
“The financial hardship that COVID has created for some households led to an increase in NPLs for commercial banks (7.3 percent in 2020, as compared to 6.6 percent in 2019); credit unions (13.1 percent in 2020, as compared to 9.6 percent in 2019); and deposit-taking finance and trust companies (11.7 percent in 2020 as compared to 11.3 percent in 2019),” the Central Bank economist stated.
Walkes added: “I would say the default risk is pretty high because no one knows how long this pandemic is going to last… If things don’t turn around soon, the tourism industry won’t be able to grow in time for us to experience a pick-up in the near term. So that would be the major challenge at this point in time.”
Thankfully, we have survived that storm and appear to be on the way back to economic stability and projected growth.
However, operating in the shadows of the national return to prosperity and sustainable economic expansion are those whose lives were challenging before the COVID-19 pandemic and remain that way, even when most Barbadians are celebrating the fact that “We Outside Again!”
One such person who is emblematic of the latent poverty that exists in this country is Jackqulin Cox, a 34-year-old mother of seven, who for years has lived in deprivation and generational poverty in a St Michael district.
An educated and intelligent woman, Ms Cox has been weighed down by circumstances, the challenges of being a single parent with young children, the absence of a strong family support system, and by her own admission, the obstacle of those who would seek to take advantage of her condition to sexually exploit her.
As the young mother shared her story with Barbados TODAY’s Senior Reporter Emmanuel Joseph, one could not help but empathise with Ms Cox, but also be equally impressed with her tenacious spirit and her efforts to lift herself up.
Brought to the public’s attention by humanitarian and former business executive Errol Griffith, Ms Cox represented herself well and in an authentic way, with positive comments from the thousands who viewed her interview.
Yes. This mother needs financial assistance and is being helped by the state, through the Urban Development Commission (UDC) to rebuild her dilapidated home.
Most of all, Ms Cox desires to work, to be able to sustain herself and her family. She wants to be independent, as most Barbadians desire. She does not want to be at the mercy of a government agency or benevolent organisation. We hope for her sake that she is able to fulfil her dream of employment. She is certainly capable and willing.
