FORMER PRIME MINISTER OWEN ARTHUR says there has to be collaboration among Government, the financial sector and the public sector if people become unemployed as a result of cuts which have to be made to turn around the economy.
He was speaking specifically to cuts at the statutory corporations as debate continued on the Estimates of Revenue and Expenditure in the House of Assembly today.
Arthur said there was excess liquidity in the banking sector and if “people have to go home” because of “rationalisation of state enterprises”, there has to be an agreement to “ease the burden” so they can find jobs outside of the public sector, either in the private sector or as entrepreneurs.
The elder statesman called for a debate on the island’s exchange rate which is currently pegged to a strengthening United States dollar, making it more expensive to do business in Barbados.
Arthur also signalled this could be his last Estimates debate as he will not be running in the upcoming General Elections. (SAT)
