Prime Minister Mia Amor Mottley.
Prime Minister Mia Amor Mottley is telling government employees in
Central Government and state-owned enterprises that the Barbados
Optional Savings Scheme (BOSS) is potentially a win-win for all
involved.
She was speaking yesterday morning during the first of three meetings
held yesterday at the Garfield Sobers Gymnasium to discuss details of
the BOSS initiative.
“A win-win for the Government in terms of the capital works programme
that we need to undertake so more Barbadians can get work –
significantly more Barbadians can get work over the course of the next
12 to 18 months than would otherwise be able to. A win-win for you
because there is no alteration to your compensation in anyway – you
can opt in, opt out; opt in fully, opt in partially; opt out fully,
opt out partially,” PM Mottley told those gathered in the gym and
joining online.
She added, “A win-win for those who are going to ensure that you can
opt in and opt out, namely the credit union movement, or individuals
who may have more liquidity than others in or out of the system,
working or not working as pensioners. And a win-win for the goal we
have set ourselves as a nation, which we have not yet reached
regrettably and that is the goal of economic enfranchisement.”
PM Mottley said while the country has achieved political, educational,
worker and social enfranchisement, economic enfranchisement is not at
the level it should be. Her comments came as she said that persons
need not worry out the safety of the bonds, as she explained that they
will be insulated should there be any catastrophic global event.
“What we are trying to do now is create what is known potentially as a
secondary market and it allows people to trade and to buy and sell.
Some people buy and sell cars, some people buy and sell fruit and
vegetables; all you are doing is buying and selling bonds, and why?
Because different people have needs for financing.
Moreover, she noted that the liquidity option for the bond will always
be there. But, she explained if the bond is liquidated after the day
which public officers are supposed to make decisions on the bonds, the
pay-out may not be 100 cents on the dollar, explaining that it would
be slightly lower or higher depending on the demand for the bonds.
Her comments came as she made it clear that the issue facing Barbados
at this time is not one of financing, but of fiscal space, and the
savings scheme go a long way in helping to get the capital expenditure
that is needed.
But, she said it is not the only way Government is seeking to achieve
that. She indicated that Government is also in the process of
reviewing the Estimates and various programmes that are on the cards.
“There are some programmes we would have to put on hold, there are
some programmes we would have to pause, there are some programmes we
would have to get rid of, or find somebody else to do them, because we
are in that moment and because covid-19 is in a once-in-a- lifetime
event, what we don’t want is to create permanent solutions that go way
beyond what covid-19 is carrying us to, and overshoot.” (JRT)