Policies aimed at growth
Monday March 14 2011 | 11:45 PM

A broadbased policy that includes employment creation and job safety, economic stabilisation and growth, fiscal prudence and efficiency in Government.

Dubbed the pathway for progress, these are some of the goals which Finance and Economic Affairs Minister, Christopher Sinckler, said are at the heart of the Estimates of Revenue and Expenditure for the coming 2011/2012 financial year which went before the House of Assembly yesterday.

Sinckler, who was presenting his first set of Estimates since being appointed to that Finance Ministry’s portfolio late last year, spoke for a little over three hours during which time he set the framework for what Government wants to achieve, while also calling on the Opposition to support the administration’s initiatives on behalf of Barbadians.

Against the background of a 0.3 per cent economic expansion last year in the face of the worst global recession since the 1930s, the Minister said the Estimates had been constructed on the assumption of real GDP growth of 2.5 per cent, inflation of three per cent and import cover of goods and services of 19.8 weeks.

He said that the anticipated growth will be fuelled by positive performances in both the traded and non-traded sectors of the economy. “This growth will be facilitated by the last Budget that targeted the main productive sectors, improved collection of revenue while Government will be forging ahead with its capital expenditure programme that will further stimulate the economy and help create jobs,” the Minister declared.

“This will be complemented by a resurgence in private sector investment projects,” he said, while noting as well that the Estimates make provisions for Government programmes as well.

“If achieved, these initiatives in 2011, along with what we expect from tourism, non-sugar agriculture and international business, can get us the two per cent to 2.5 per cent economic growth we are desirous of having,” according to the Minister.

He promised that Government will continue to provide an enabling environment for the private sector, reduce the cost of living where possible, and continue the implementation of the Government Medium Term Development Strategy.

“Of course we will continue to roll out out social programmes of protecting jobs, create others and protect the vulnerable,” he promised, adding as well keeping discretionary spending in check and reviewing user fees to cover costs of service.

According to Sinckler, “That is what these Estimates will do for this country.”

He remarked the depth of the world’s greatest financial crisis had affected countries all over the world in a most debilitating fashion.

“That this Government could hold the ship of state steady and could have sailed into safe harbour under the able guidance of the late Prime Minister and of the new Prime Minister who continue to give exemplary leadership to this country, operating under that guidance, these Estimates will continue to build for Barbados a new pathway for progress for Barbados,” said the Minister.