Wednesday 19 September, 2018

PM Mottley is not restructuring debt with magic

Madame Prime Minister Mia Mottley discussing the state of economic affairs

Madame Prime Minister Mia Mottley discussing the state of economic affairs

Barbados’ 1.7 Billion-dollar debt has been described as an economic choker but the new government is prepared to roll up its sleeves to take care of business.

Yesterday during a press briefing at government headquarters Prime Minister Mia Mottley said that the levels of arrears the country have accumulated need a board of directors to assist from both a legal and financial perspective.

“This is where we are; however we remain committed to doing the things we said that we are going to do in our manifesto. We should be able to protect the most vulnerable in our society similarly we need to be able to protect jobs at all levesl,” she added. Mottley made mention of an urgent restructure to the way how government functions as well.

“This is a process and I’m not fooling anybody this is not an abracadabra moment, this is a moment of taking charge of a country’s circumstances and making sure that our duty allows us to do what is right and what is fair by the people. We accept that we cannot make our people make the adjustment with us in order to correct our foreign exchange, debt and fiscal issues without making sure that people are read,” she said. Minister Mottley likened the debt restructuring to a marathon run or a sponsored walk.

“We have a state of affairs where our debt and our deficit are unacceptably high. Our debt is the third largest in the world after Japan and Greece."