ICAB concerned

ONE PER CENT GROWTH predicted by the International Monetary Fund (IMF) is encouraging, but local accountants want action on the “daunting challenges” facing the country.

The Institute of Chartered Accountants of Barbados (ICAB) said its major concerns were with the country’s “external risks, high fiscal deficit and debt levels, and competitiveness challenges”.

ICAB president Lisa Padmore, as she evaluated the recently released report on the IMF Article IV Consultation on Barbados noted that Government debt was 101 per cent of Gross Domestic Product (GDP) at March 2015, excluding securities held by the National Insurance Scheme which, if included, becomes 136 per cent of GDP.

This represents a sharp rise from the March 2011 level of 76 per cent of GDP. (GE/PR)

Please read the full story in today’s Saturday Sun, or in the eNATION edition.