News

Barbados: CBC MUST COME INTO THE 21ST CENTURY

THERE will be further reforms to be taken at the Caribbean
Broadcasting Corporation (CBC).

So says Minister in the Ministry of Finance Ryan Straughn, who says
the CBC has to come fully into the 21st century in order to “right
size” itself in terms of being able to be self-sufficient.

His comments came as he gave an overview of the financial position
facing the island’s lone State-owned television station, as the
government sought approval for the borrowing of
$2 493 271 from Scotiabank Barbados Ltd to repay an existing overdraft
facility held by the CBC.

According to Straughn, “There were headlines prior to us coming to
office saying that the CBC was in debt of over $100 million, which
nobody could understand how that could even be possible for an
institution of that nature to have been able to be allowed over time
to increase a stock of debt that clearly became unsustainable.”

He noted that part of the debt relates to a Pension Fund which he said
was not appropriately funded.

“The Corporation was running huge deficits for a significant amount of
time, to the point where the Corporation was running in the vicinity
of $15-16 million per year deficit, which is inconceivable of good
order and good management of any institution, and therefore when we
came to office as part of the BERT plan we undertook a series of
reform at the Corporation.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s