Barbados PM tries to shore up economy

By Melissa Bryant
Reporter-SKNVibes.com

Barbados PM David Thompson

According to Caribbean Net News, Thompson told a National Economic Consultation on Wednesday, October 29 that his administration was prepared to take the necessary steps to protect the local economy from possible fall out, by revealing a tentative plan to mitigate the secondary economic and financial fallout already being felt by some sectors of Barbados’ economy.

He announced the creation of a seven-part economic stimulus package aimed at “aggressively” protecting existing jobs, creating new ones, protecting the poor and vulnerable in the society, and shoring up the all-important tourism industry.

He also declared the establishment of a working group to identify strategies to deal with economic challenges facing the country, which will be chaired by former Governor of the Bank of Barbados Winston Cox.

The group, which includes representatives from the business community and the University of the West Indies, will be required to submit their findings to the government by November 28.

Sir Roy Trotman, Chairman of Barbados’ Congress of Trade Unions and Staff Association, lent his organisation’s support, stating that “[they] were willing to work with government to fashion a programme which first of all stabilises what seems to be unsteady streams at this moment and takes us forward in a manner which is acceptable to all parties”.   ~~Adz:Right~~