Prime Minister Freundel Stuart has run out of both patience and confidence in Minister of Finance Chris Sinckler, says economist Ryan Straughn.
And he points to Stuart’s decision to assemble a Foreign Exchange Working Group (FX Committee) and a Fiscal Deficit Committee, both from the Social Partnership as proof.
That was essentially “outsourcing two key components of Sinckler’s portfolio to the Private Sector”, said Straughn, the Barbados Labour Party (BLP) candidate for Christ Church East Central.
“I think that it is quite ridiculous that the Prime Minister has not only asked the private sector to look at foreign exchange but also the fiscal deficit. This is essentially outsourcing the Minister of Finance’s job,” Straughn said.
“How does the Minister of Finance come to the country to present a budget when his boss has said to the country, ‘well I am not really interested in hearing what you have to say because I have asked these groups to look at these two key areas of your portfolio?’ So right now we are at a point where a lot of strange things are happening,” the economist said.
Both committees have already submitted recommendations to the Prime Minister for consideration.
Among other things, the FX Committee recommended a hike in cruise visitor head taxes and airport departure fees, while the deficit reduction proposals of the Fiscal Deficit Committee included the sale the Barbados National Oil Co. Limited (BNOCL) and the National Petroleum Corporation (NPC).
Straughn pointed out that while he does not doubt the willingness of the private sector to help, he is concerned that given their leanings to the development of the business sector, recommendations may not necessarily be for the greater public good.
“It is good that the private sector wants to help and you can see that there is a genuine willingness on their part so I am not going to diminish any specific proposal. All I am saying is that you need clear and decisive leadership from the Government because I can only ask you to do a job for which you are equipped to do. I genuinely do not think that at this stage that the private sector, given their peculiar focus, is equipped necessarily to deal with public policies,” said Straughn.
The Christ Church East Central candidate also stressed that the Freundel Stuart Government was essentially wasting the time of these committees as there was little that could be done between now and the next general election, constitutionally due within the next year, to change Barbados’ economic circumstances.
“We have had nine years and there is nothing that the Government can do in the next six to 12 months that they haven’t done already. This doesn’t diminish the willingness of the private sector to help, but it has to be done in a constructive manner,” argued Straughn as he spoke with Barbados TODAY on the sidelines of the BLP’s National Heroes Day Picnic at the Ermie Bourne Highway, St Andrew.
