Owen: Plan needed for economy
Former Prime Minister and Minister of Finance Owen Arthur says the Barbados economy is performing worse than it had been expected to, and he is challenging Government to lay out a set of measures to convert the worst case scenario into something that is sustainable.
Arthur was contributing to debate of the 2013-2014 Estimates Of Revenue And Expenditure in the House of Assembly yesterday.
“The Estimates before this Parliament reflect a lack of fiscal prudence,” he said. “At the start of the year the Government anticipated revenues of $2.6 billion. During the course of the year, revenues were $220 million less than was projected. You would anticipate if there was going to be such a large shortfall in projected revenue that the Government would make a sensible adjustment.”
Instead, he said, Government decided to increase its expenditure by $500 million. (JS)