Persaud throws support behind Governor

CAROL MARTINDALE, carolmartindale@nationnews.com

Added 31 October 2012

persaud

Central Bank Governor Dr Delisle Worrell is getting the support of another top economist in standing up to the International Monetary Fund’s (IMF) suggestion that devaluation could be good for the Barbados economy. Professor Avinash Persaud says Worrell was right to hold his ground in the face of IMF Managing Director Christine Lagarde contending that devaluing the Barbados dollar would make tourism – the country’s biggest foreign exchange earner – more competitive and help the economy to grow. “On the issue of whether a devaluation is right for Barbados, Governor Worrell is absolutely correct. Indeed, it is interesting that the IMF should be devoting so many resources to preserving European Monetary Union that is a fixed exchange rate system and then questioning such systems elsewhere where they are arguably more appropriate. “From a Barbados perspective it doesn’t make sense. It would contract the economy and we’re right to avoid it,” he told the MIDWEEK NATION, after issuing a statement on the issue. Persaud, who has worked with the IMF and European Central Bank, was reacting to a SUNDAY SUN report that Worrell and Lagarde had a difference of opinion over the merits of devaluation, during a breakfast meeting in Tokyo, Japan earlier this month, with the governor accusing the IMF of “persistently and consistently” giving small economies bad policy advice.

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

VIDEO

FRONT COVER OF TODAY'S NEWSPAPER

POLL

Do you agree with the judges’ decision to award Classic the calypso crown based on Saturday night’s performance?

Yes
No
Don't Know

INSTAGRAM

CARTOON