Social partnership tries to find fix for economy
Friday August 05 2011 | 05:08 AM

Barbados' social partnership is working on a restructuring and revitalisation plan for the Barbados economy.

That was the indication this evening from Minister of Finance and Economic Affairs Chris Sinckler on the heels of the first full meeting of the Social Partnership in more than a year.

Full teams from Government, labour, and the private sector met for several hours today behind closed doors at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael and the economy was the main item on the agenda.

An official told Barbados TODAY that representatives at the meeting, chaired by Prime Minister Freundel Stuart, received economic reports from the Central Bank of Barbados and Ministry of Finance.

This was in addition to a presentation from Government's long standing international financial advisor Geoffrey Bell.

Sinckler described today's meeting as "excellent", and that it was an important first step in the overall plan to turnaround the Barbadian economy.

"All parties expressed support for government's efforts to stabilise and grow the economic and assured that the meeting will be the first of many between the sides in forging a restructuring and revitalisation plan for the Barbados economy," he said.

Another official said following the presentations by the Central Bank, Finance ministry and Bell, there was "an intense period of questioning and discussion" by members of the private sector and the local labour movement.

He added that it ended with an agreement "to meet more often at that level regularly and the next meeting will discuss more specific issues".

"The sub-committee of the Social Partnership meets on a monthly basis, but this was the first full meeting of the Social Partnership since last year prior to the death of Prime Minister David Thompson," the official noted.

"The overall focus of the meeting was the economy and there were general discussions on that. This was important leading into the Budget this month, and the plan is for all concerned to meet again following the Budget."