PM says debt restructuring programme has saved Barbados

Barbados Prime Minister Mia Amor Mottley has emphasised the importance of the recently negotiated debt restructuring programme, saying it has saved the country in a number of ways.

Mottley made the comments earlier this week when members of staff and students of the University of the West Indies, Cave Hill Campus, had “A Conversation with the Prime Minister”.

“A lot of lashes came to us on the debt restructuring. I almost feel that Barbadians don’t appreciate how difficult this moment in time is for this nation because the government has made it almost seamless for you. We have just entered into a debt restructuring programme that will save the government of Barbados the equivalent of 10,000 public servants’ salary a year; 500 million dollars in interest.

“Now if I did not have the luxury of negotiating that debt restructuring programme, I regret to tell you that it is not only the students up here that would not be receiving an education; it is not only the faculty up here that would have gone home but it is also two-thirds of the central government…that would have gone home in this country. Now I will speak further to this weekend because the country needs to stop and to pause and understand where on the precipice it has found itself,” she stated.

The Prime Minister encouraged those at Cave Hill to exercise leadership and speak to the country on some of those issues. She acknowledged that the debt restructuring programme has been difficult for everybody, including the pensioners.

She again stressed that the burden must be shared fairly, noting that she inherited BDS$1.9 billion in arrears. She pointed out that for the last 10 years the banks made $1.5 billion profit.

Government recently commenced its programme for restructuring the public service and reducing expenditure in this adjustment exercise and according to Mottley, it was not easy.

“I am establishing a Household Mitigation Unit because I will not sleep well until all like you who have been the victim of layoffs in this country are put back in a position to structure yourself and you are living in a way that is credible and brings integrity to you and your family. And I give you that commitment,” she assured.

The Prime Minister said some Government security guards went home last week with their cheques, but regrettably, some Ministries did not give the displaced workers their cheques.

Mottley stressed that Government was trying to correct the situation with minimum dislocation to everyone.