The Barbados Prime Minister on Wednesday rejected a suggestion from former Prime Minister Owen Arthur that the island should seek help from the International Monetary Fund (IMF) to tackle the ailing economy.
Arthur while speaking in parliament said that the move to the Washington-based financial institution was certain noting that Barbados could handle its BDS$3.3 billion dollars debt crisis alone.
But Prime Minister Freundel Stuart in a swift rebuttal said that his government would not go the IMF, at least not now.
Stuart said when he held discussions with the Barbados Chamber of Commerce in earlier in 2017, he gave his word that there would be no rush to the IMF by his government.
However, Stuart said if the time comes for such as in the case of former Prime Ministers Adams and Sandiford, he would boldly approach the nation laying the facts of the situation, but IMF is not an agenda item for the government at this stage.”
But while saying such, Stuart admitted that the country was spending more than it was earning, which had led to enlarged foreign debt and the excess printing of money.
He said though the government had tried to keep the deficit at a manageable level, he agreed that they had over a prolonged period failed to do so.
Source CMC and Jamaica Observer