Private Sector in Barbados to Try Finding Solutions to Economic Troubles

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Barbados Private Sector Association CEO Anne Reid

 

BRIDGETOWN, Barbados, Thursday April 20, 2017 – The Barbados Private Sector Association (BPSA) has summoned an urgent meeting for the country’s private sector operators tomorrow to come up with solutions to tackle the island’s prevailing economic woes.

According to BPSA Chief Executive Officer Anne Reid, the meeting was being called to “keep our economy on track”.

The association’s president Charles Herbert said the talks would discuss the private sector recommendations on the economy.

Last week, Prime Minister Freundel Stuart said he had received the reports of two working groups, which included members of the private sector, which were set up on March 3 to discuss the challenges to Barbados’ foreign reserves and the fiscal deficit, and make recommendations.

“The recommendations made are being studied with a view to determining which proposals can be implemented in the short term and which are more medium term,” Stuart said, giving the assurance that “the appropriate sense of urgency is being brought to bear on the consideration of the report”.

Herbert stressed that decisive action was needed to turn around the ailing economy.

“There needs to be fiscal reform to ensure a balance budget in the short term,” he said.

Herbert revealed that he had met with the two working groups on their recommendations on Tuesday, but declined to reveal the details of the discussion.

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