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Barbados: GOV’T TO CUT COSTS

As government seeks to cut expenditure, state-owned enterprises (SOEs) may face restructuring, mergers, and job cuts over the next two years.

During a press conference at Government Headquarters yesterday evening, Barbados’ Economic team outlined the structural adjustment programme would be looking to reduce the heavy burden statutory corporations were placing on the government’s purse to the tune of tens of millions of dollars.

Barbadian Economist Dr. Kevin Greenidge, who was seconded from the International Monetary Fund, outlined that in the first phase over an 18-month period SOEs would go under a transformation via retooling, retraining and enfranchisement, which may lead to at least 1 000 workers being sent home.

Pointing out aspects of the Barbados Economic Recovery and Transformation Programme, Greenidge noted that several mergers and consolidations were recommended including that of the Caribbean Broadcasting Corporation, the Government Information Services and Government Printery Services; the Garfield Sobers Gymnasium and the National Sports Council and the Cultural Industries Development Authority and the National Cultural Foundation.

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