(Barbados Today) In a confession of sorts, Minister of Finance Chris Sinckler Monday admitted that the Central Bank’s printing of money was “not good” for the ailing Barbados economy and it must be “brought to a halt as soon as is practical”.
“It is not a sustainable policy, it doesn’t work well, it doesn’t look good, it doesn’t smell good, it is not good,” he told the post-lunch session of debate on the 2017/2018 Estimates of Revenue and Expenditure.
According to the him, the Central Bank provided financial support to the tune of $714.5 million at the end of December 2016 to help finance the underlying deficit and to cover a shortfall arising from the refinancing of maturing debt.
Insisting that the Freundel Stuart administration had little choice but to resort to the Government’s primary banker to avert chaos in the Barbados economy, Sinckler said the ruling Democratic Labour Party (DLP) was prepared to stand guilty as charged.
“If the price of saving lives and livelihoods is a downgrade from Moody’s or a bad report from S&P . . . if that is the price that we have had to pay to protect ordinary citizens from the worst ravages of this recession it is a price we willingly accept as a Government.