Government’s failure to secure more than $250 million in revenue as planned over the past eight months has thrown its “very ambitious” fiscal target off track.
But despite the setback and other challenges, Minister of Finance Chris Sinckler yesterday asserted there was still cause for optimism in Barbados.
In what is likely to be his last major economic speech before next month’s dissolution of Parliament, the St Michael North West MP kicked off the Appropriation Bill 2018 debate by declaring “substantial progress in bringing [the]fiscal deficit down”. He also told the Lower House that the economy was now “locked into growth”.
This positivity was, however, watered down by his acknowledgement that the “zero” fiscal balance target he set in his May 30 Budget last year would be missed when the financial year ends on March 31.