CENTRAL BANK GOVERNOR Cleviston Haynes says Government’s effort to stop its financial haemorrhaging is paying off.
The authorities slashed current expenditure by $322 million between April and December, compared to the same period in 2017. This was even though wages and salaries increased by about $30 million on account of the public sector pay increase, and costs associated with hundreds of job cuts in central Government and statutory bodies.
At the same time, Haynes said there was a $35.5 million increase in total revenue, led by a $20 million increase in tax revenue in the eight-month period ending December 31.
The economist delivered the positive news yesterday as he reviewed the economy’s performance in 2018. However, he stressed “the road remains challenging” and Barbados was “not yet out of the woods”. (SC)
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