NewsIn 2008 he hit the accelerator hard trying to give the impression that he was large and in charge. That he did so without reference to the state of the economy or the fact that his policies would lead to further recession.
In 2009 he engaged the handbrake with his ‘wait and see’ policy, precisely at the time he should have been fuelling the productive sectors.
Now in 2010, with his wholesale adoption of the IMF programme through his Medium Term Fiscal Strategy, he will once more put the country in reverse.
Mr. Thompson introduced this plan to the Chamber of Commerce as his 9 point plan for growth. In fact it will achieve the opposite – contraction at worst and stagnation at best.
This plan has been designed to stabalise the fiscal situation and achieve a primary fiscal surplus to “have a mutually satisfactory relationship” with the IMF and other international financial institutions. It is not designed to return growth to the economy or to ease Barbadian households or Barbadian companies.
This plan is premised also on securing World Bank funding (which it does not now have but is included in this same plan) by committing to targets, like a primary fiscal surplus of 5.9% in 4 years, that will secure the interests of our creditors and not secure the development of Barbados.
These numbers do not communicate to Barbadians that this means raising additional revenue and cutting expenditure by over $500 million in the next 3 to 4 years. That is why there is talk of a wage freeze and not just for one year.
It is clear that the Prime Minister and the DLP Government have surrendered the leadership of this economy to Washington D.C. and the IMF. We are not surprised that the IMF has praised this plan as it is theirs. Tomorrow afternoon at St. Albans School I will be showing the public that his Medium Term Fiscal Strategy is the IMF’s Plan, as reflected last year in the IMF’s Article IV Consultation.
The Prime Minister actions and inaction are a danger to this country’s stability. When the Prime Minister should be inspiring confidence in the management of the Barbados economy in these difficult times, he shuffles the chairs on the decks of the Titanic.
The above statement was released to the Media late this afternoon by the leader of the Opposition of Barbados.
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Calendar of EventsThe DLP does not care that it is causing us economic hardship. It also seems disinterested that as Barbadians care about our jobs, income and financial security. We also care about our safety and whether we will be able to pay our mortgage, keep our jobs or be safe in our homes and communities. It is frightening that the level of crime has gone up since February this year.
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