(Barbados Today) Minister of Finance Chris Sinckler says though the Barbados economy is definitely not well at the moment, he is yet to see the logic of those clamouring for Government to immediately put it into the hands of the International Monetary Fund (IMF).
In rejecting out of hand the economic prescription issued last week by the recently dismissed Governor of the Central Bank of Barbados Dr DeLisle Worrell, Sinckler warned on Sunday that even if the Freundel Stuart administration were to decide to go to the IMF tomorrow, it was unlikely that any tangible benefits would be realized from that move within the next six months.
And while at pains to point out that the economic problems the country was facing could not be fixed overnight, he further cautioned that a short term fix was more than desirable at this stage.
“We know the deficit is high, we know the Government is relying overly on the Central Bank, and that needs to be brought under a serious level of discipline and that we are going to do, but we have to do that in a responsible fashion,” Sinckler told reporters on the sidelines of his annual picnic at Bath, St John for senior citizens in his St Michael North West constituency.
“We didn’t get there overnight and I don’t think we are going to be able to unravel it overnight by the waving of a magic wand, or going and doing an IMF programme and so on.