Submitted by Douglas
It is never easy to take tough decision which would affect the livelihood of those affected. From the start of the economic recession, the Democratic Labour Party’s administration had always said it would seek to maintain the social safety net and the sending home of persons from the public service would be a last resort so that government could maintain the employment levels in the country as long as possible.
For more than six years, the Democratic Labour Party administration maintained that promise while it introduced policies to restructure the economy of Barbados and position it on a sustainable growth path. This restructuring process which was long overdue is now being undertaken in the midst of the most turbulent, global economic recession which the world has seen in over a hundred years. Naturally, the journey has not been smooth sailing.
From the start of the economic recession our financial experts reminded us of the importance of protecting our international reserves. We were able to do this with reserves consistently above 16 week of imports from 2008 to June 2013. This was a major economic victory in the face of an unsettled global economic climate. This provided the cushion for government to continue its role in maintaining employment levels and the social safety net while putting policies in place to sure up revenue earning and controlling government’s expenditure in areas of goods and services, transfers and subsidies.