Worrell: Lay off 4 500 and go to IMF

Article by Shawn Cumberbatch

Former Central Bank governor Dr DeLisle Worrell is proposing an immediate radical restructuring of the Barbados economy.

It would see 4 500 public sector job cuts over the next three years, with retrenched civil servants going home with $270 million in separation packages funded by international financial institutions.

The WEEKEND NATION learnt that Worrell’s remedy also calls for Government to enter a five-year structural adjustment programme with the International Monetary Fund (IMF). There would be “conditionalities related to measurable targets for public sector reform”.

Tapping the IMF’s help would then “unlock finance from other international financial institutions and official sources”, such as the Inter-American Development Bank and Caribbean Development Bank, he added. (SC)

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