2023 Budget Talk

The Honourable Prime Minister Mia Mottley

Prime Minister Mia Mottley delivered a budget yesterday anchored to a transformation theme. The blogmaster agrees with Professor Justin Robinson’s summary of the budget with one addition. There was no serious mention of the plan to address the recapitalization of NIS.

See summary of Robinson’s budget review.

Robinson: Domestic market the target 

GOVERNMENT IS SEEKING to woo the confidence of domestic investors once again, five years after the country underwent its debt restructuring exercise.

This was the takeaway of economics professor Dr Justin Robinson in his analysis of the 2023 Financial Statement And Budgetary Proposals delivered by Prime Minister Mia Amor Mottley in the House of Assembly yesterday.

Robinson, who was a panellist on the NATION’s State Of Our Nation’s post-Budget analysis, said Government’s announced $74.8 million partial repayment to 5 407 holders of Series B bonds, was in an effort to restore confidence in the domestic investment market.

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Central Bank of Barbados

It was announced earlier this week that public workers represented by the National Union of Public Workers (NUPW), Barbados Worker’s Union (BWU), Barbados Secondary Teacher’s Union (BSTU) and the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB) finalized five months of wage negotiations. The deal reached as reported is 3% increase for the next two years and a lump sum payment of $1,500.00 in the first year. There was also agreement to some non financial terms.

Since the announcement social and traditional media and other voices have been strident in condemning the paltry sums employees at the low end of the scale will be receiving. The blogmaster will always be sympathetic to the plight of workers, however, in this case the question must be asked – was processed followed by the unions involved before agreement with government was finalized?

As far as the blogmaster is aware actors sitting at the negotiating table with government had to take direction from the respective membership bodies before agreeing to close negotiations. The blogmaster would be interested to know if the traditional process of negotiating the wage increase was followed. 

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