BAJANS HAVE BEEN WARNED to brace for further austerity as the island tries to dig itself out of the economic pit into which it has sunk.
President of the Barbados Chamber of Commerce and Industry (BCCI), Eddy Abed, says austerity is the “bitter medicine” that must be swallowed by all if Government is to to deal with the island’s burgeoning national debt, including payment of arrears of over $1 billion owed to entities such as the National Insurance Department, the private sector for goods and services, and income tax refunds for Barbadians.
Abed said yesterday the last eight years of austerity had not “cured our macro-economic ills” and “for all their good intentions, Government’s strategies have had limited success, if any”. (GC)
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