President of the Caribbean Development Dr. Warren Smith has expressed sadness at the impasse between the Ministry of Finance and Central Bank Governor Dr. Delisle Worrell.
In an interview with the Barbadian media yesterday morning at the bank’s Wildey headquarters, he outlined, “I do not want to get personal, but Dr. Worrell is a gentleman professional, who all of us who have studied the field of economics admire and respect very greatly. I think that we are sad to see what has taken place in what seems to be an emerging rift between the Central Bank and the Ministry of Finance.”
“It is not good for any country to have that contretemps develop between two key institutions, especially at a time when Barbados is struggling to address some very, very difficult economic problems that it faces at this time,” he stated.
He made the comments as Worrell’s legal team was before the Supreme Court fighting to keep his job as the island’s chief economic adviser, after reportedly being given the ultimatum by Finance Minister Chris Sinckler to either resign or be fired by February 13.
However, Worrell averted that action, taking the matter to the law courts. Through his attorney Gregory Nicholls, he was able to secure a temporary injunction from High Court Justice Randall, which was extended until yesterday.
The development came about as tensions rose between the Governor and the board of the Central Bank, resulting in the latter demanding his removal.
At the beginning of the month, Worrell warned government that the practice of printing money must come to an end, insisting that it must live within its means.
Pointing out that Barbados has been held up as a model for how it was possible to develop Caribbean economies in a ‘equitable manner’, Smith stated “there will be no rejoicing to see the situation where Barbados is today”.
(JMB)