St. James North Member of Parliament, Edmund Hinkson says the Barbadian public has lost faith in the Cabinet of Barbados due to its mismanagement of the economy.
His comments came on Tuesday as he made his contribution during the Estimates debate in the House of Assembly.
“The Hon. Minister of Finance (Christopher Sinckler) said (on Monday) that Cabinet has not lost faith in the people of Barbados. However, I can assure him that Barbadians have lost faith in the Cabinet,” Hinkson declared.
“These Estimates confirm that this Cabinet has continued incompetence, ineptness and an inability to properly manage the affairs of this Government,” he added.
“Our country is now the third most indebted country globally, with a debt-to-GDP ratio in the region of 150%. This government has more than doubled Barbados’ public sector debt. It has almost doubled its external debt. Additionally, this Government presently owes individual Barbadians, businesses and companies approximately one billion dollars in VAT and Income Tax returns, in some cases for four years, that it is unable to pay, for which it refuses or it neglects to pay. In addition, Government owes contract fees to many companies, businesses and private individuals and would not pay. This has been the height of economic mismanagement by any Government in this country,” Hinkson remarked.
He noted that before the Democratic Labour Party took office nine years ago, Barbados was the leading developing country in the world, realistically aiming to reach “First World” status by the year 2025.
He however pointed out that, “In the wake of the 18th and 19th downgrades, in terms of our credit ratings within the last two weeks, our nation is now being categorised by international financial credit rating experts (with) such countries is as Venezuela and Greece and Iraq and the war -torn Congo and Mozambique. That is where we now find ourselves. That is where the Barbados brand has now descended to, under this government”.
Hinkson also openly criticised Prime Minister Freundel Stuart for his dismissive attitude about the downgrades, suggesting that his lack of understanding about the economic realities facing the nation, is “frankly quite frightening”. While Stuart suggests that government does not intend to borrow externally, Hinkson said, “The truth is that each of these downgrades results in millions of additional Barbados taxpayers’ dollars having to be found to pay interest on our external loans”. (RSM)