Critics of the Budget were on the receiving end of an uncharacteristic tongue-lashing in Ryan Straughn’s first Budget as sole finance minister, accusing fellow economists of “misleading” Barbadians, including University of the West Indies economics students under their charge.
Straughn, a former central bank economist who once led the Barbados Economic Society (BES), tore into fellow economists including academics whom he accused of suddenly being vocal in their criticism of the finance ministry’s performance but were silent when the country was on the brink of economic disaster.
“[Some] economists in this country have suddenly found their voices, when they were silent, when the debt, fiscal, foreign reserve, growth, everything that was going in the wrong direction,” he told the House of Assembly as debate wrapped up without an opposition reply in the government-controlled 30-seat chamber.
“It’s particularly disappointing as an economist,” Straughn continued. “I accept that some people may want to find something to pick at, but I think as we are looking to not just ride out this crisis, but genuinely transform this country, I find it very disappointing to be a part of a profession now where you are not as constructive as you should be.”
While insisting that he does not like to “get into these things”, Straughn said he was particularly peeved by suggestions from others in the economics fraternity who gave the budget a “6 out of 10”.
“This is not an exam: we are dealing with people’s lives,” Straughn declared.
In a strident defence of the Mottley administration on its third term since coming to office in 2018, Straughn told the chamber: “The economy has almost doubled since we took office. . . . All economists, any part of the world recognise growth as it’s happening. And therefore, I am concerned about what it is they are teaching at the university as they can’t understand what is happening in their own backyard.”
Rejecting the assessment of economics academics, Straughn instead rated the performance of the Mottley administration as “A-Class” given the state of the economy it had on assuming office and the number of crises they have confronted since 2018.
“I do not in any way want any Barbadian to understand or even associate that the effort of this government for the last almost eight years could even be considered anything close to a B or a B+.
“This has been an A-class performance from day one.”
He continued: “We have been priming this economy and this society for transformation since we came in from day one. We’ve had to respond to repeated crises.
“But the reason that we have been able to respond to those crises is because we have. . [built] buffers.
“And therefore, when you ask yourself how are these things going to be financed. . . we’re going to finance them from the very buffers that we built. And therefore, all of the reforms that we have undertaken led us to this point. It is the very reason why we work so hard; why the prime minister will call you at two o’clock in the morning . . . to make sure that things got done today, because you never know what’s going to happen tomorrow.”
The Christ Church East Central MP clarified an earlier measure from the Budget speech indicating that interest-free vehicle loans to public officers would be raised from $100 000 to $150 000 for electric and hybrid vehicles, while the limit for gasoline and diesel vehicles will increase from $50 000 to $75 000.
Straughn also announced that the National Insurance and Social Security Service will be required to provide workers over age 50 with an annual statement on contributions to the NISS and the expected level of pension to which they will be entitled on retirement.
He also indicated that some clarity will be provided to local manufacturers on specific exemptions related to import duties and taxes on some food items.
(IMC)
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