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BARBADOS | Finance Minister says no to IMF

Featured Finance Minister Chris Sinckler says he will not approach the International Monetary Fund (IMF) in a bid to safeguard the  local currency as recommended by former BOJ Governor Dr. DeLiesle Worrell. Finance Minister Chris Sinckler says he will not approach the International Monetary Fund (IMF) in a bid to safeguard the local currency as recommended by former BOJ Governor Dr. DeLiesle Worrell.
BRIDGETOWN, Barbados, May 8, CMC  – Finance Minister Chris Sinckler has brushed aside a suggestion from former Governor of the Central Bank of Barbados Dr. DeLiesle Worrell for the Fruendel Stuart led administration to approach the International Monetary Fund (IMF) in a bid to safeguard the  local currency.

On Sunday, the Finance Minister told the Barbados Today that while the economy “is not well at the moment’ he is yet to see the logic of approaching the international lending agency.

Sinckler was said that even if the government “went to the IMF tomorrow, it was unlikely that any tangible benefits would be realized from that move within the next six months.”

“We know the deficit is high, we know the Government is relying overly on the Central Bank, and that needs to be brought under a serious level of discipline and that we are going to do, but we have to do that in a responsible fashion,” said Sinckler as he spoke to reporters in  his St Michael North West constituency.

“We didn’t get there overnight and I don’t think we are going to be able to unravel it overnight by the waving of a magic wand, or going and doing an IMF programme and so on…..it’s not as simplistic as people make it out to be. These are options, but governance is real time,” he said.

According to Worrell, who was dismissed as Governor of the Central Bank earlier this year, the Government  would be “well advised” to seek the assistance of the IMF “without delay”.

According to the report in Barbados Today, the Finance Minister , although dismissive of the suggestion made by Worrell and others, he remains hopeful as the economy continues to grow.

The Finance Minister added that he is looking forward to the economic review by the Acting Governor of the Central Bank Cleviston Haynes on the country’s first quarter economic performance.

Concerning the much anticipated national budget, Sinckler said the measures are being finanlised.

However while he has not disclosed the actual date of his presentation, the Finance mInister says the Government  is focused on reducing its costs and increasing its earnings.

Earlier this year, the Prime Minister also rejected a suggestion from former prime minister Owen Arthur who said that the island has no option but to go to the IMF for assistance

Arthur, an economist who served as prime minister from 1994 to 2006 said the move to the Washington based financial institution was inevitable and warned that the country could not tackle its BDS$3.3 billion (BDS$1 =US$0.50) debt crisis on its own.

  • Countries: Barbados