Senator Rawdon Adams. (FILE)
Senator Rawdon Adams knows there will be pain for some Barbadians when the Barbados Economic Recovery and Transformation (BERT) programme digs in.
But he believes that in the long run, BERT, the austerity programme recently endorsed by the International Monetary Fund (IMF), will put the country back on firm financial footing.
Adams made those assertions in the Upper House on Wednesday as members debated the Debt Holder (Approval of Debt Restructuring Bill) 2018.
In addition, the Senator said he empathised with Barbadian pensioners who will be negatively affected by the restructuring of payments for certain financial instruments, and advised Government to look at individual cases of hardship, as they can be dealt with when presented.
“The Government will make good to address these issues,” said Adams, the son of former Prime Minister Tom Adams.
The first-time Senator said based on Barbados’ economic situation something had to be done, and BERT, when all is said and done, would help drag the country out of its current situation.
“The aim of Government will be to protect the most vulnerable,” he said about looking at the cases of elderly Barbadians who had invested in Government instruments.
Adams also thanked the local media for bringing the plight of some pensioners to the attention of the country, saying it was commendable, and allowed Government to properly look at individual cases of financial hardship and deal with it in a humane manner.
The Senator also said he supported Government’s Re Re (Re-tool, Re-train and Re-enfranchise) programme, which would help cushion the blow for those who lose jobs as part of the austerity measures.
Independent senators Kevin Boyce and Lindell Nurse echoed similar sentiment, saying pensioners had helped developed Barbados in its post-independence years, and should be protected, especially if they had invested in their country.
Boyce urged those in charge to look for alternative solutions to what obtains with the current financial instruments.
“They should be able to recoup their losses,” Nurse said. (BA)