The Cable

(Barbados Today) President of the Barbados Chamber of Commerce and Industry (BCCI) Eddy Abed is calling on the Freundel Stuart administration to “immediately” implement recommendations from the Social Partnership working groups on the foreign exchange reserves and the fiscal deficit.

Warning that Barbados did not have time on its side, the business executive painted a damning picture of the economy, pointing out that with dwindling reserves, high debt, the continued printing of money by the Central Bank to support Government, and very little results from Government’s austerity programmes, the country was going in “the wrong direction”.

He also expressed concern about Government’s funding from the National Insurance Scheme as well as Government arrears to the private sector.

“We are going in the wrong direction with only over-optimistic promises to comfort us,” Abed wrote in the BCCI’s monthly newsletter.

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