The Barbados Private Sector Association (BPSA) has for many months expressed its concern about the financial situation facing Barbados and therefore welcomed participation in today’s meeting of the Social Partnership on the economy of Barbados held at the Lloyd Erskine Sandiford Centre.

Following an informative presentation by the Acting Governor of the Central Bank, Cleviston Haynes and submissions by the Prime Minister and other leaders of government, labour and the private sector, the BPSA is encouraged that the parties have come to consensus on the seriousness and urgency of the financial situation and agreement to jointly chart a path forward.

The BPSA firmly believes that we must collectively move beyond talk to establish and implement clear strategies and action plans for recovery which will be critical to building confidence within the local private sector and the general public and externally among investors and the international financial community.   It is also our hope that each citizen can be inspired to play their part in a recovery for their own benefit and that of our beloved country.

In today’s Meeting of the Social Partnership there was consensus that the downward trajectory of the foreign reserves and the persistently high fiscal deficit should be prioritised for immediate action. Two working groups were set up to deal with these two matters, and the BPSA has assigned representatives.

In this regard, Roseanne Myers, President of the Barbados Hotel and Tourism Association and Donna Wellington, President of the Bankers’ Association have been appointed to the Foreign Reserves Working Group while David Small from the Banking Sector and Charles Herbert, Chairman of the BPSA will serve on the Fiscal Deficit Working Group.

The BPSA is also committed to participating in the proposed Economic Advisory Council, if asked and six  Efficiency Teams under the Barbados /Competitiveness Action Team Framework  to look at  operating efficiency within various Government  departments.

It was agreed that these working groups which met immediately following today’s morning session will  provide analysis and report back to the Chairman of the Social Partnership thereafter to produce recommendations for further action.  The recommendations will go to Cabinet within two weeks with the first recommendations and continue of Barbados for immediate consideration and response. The BPSA  stands ready to support implementation wherever possible.