Minister of Economic Affairs and Planning Marsha Caddle has pushed back against claims that the 2026 Budget lacks a clear growth or transformation strategy.
Addressing a post-Budget forum at the Hilton Barbados Resort on Wednesday, Caddle responded to criticism that while the budget reflects macroeconomic stability, it does not propose a strategy for growth or transformation.
The Budget is an annual exercise and its proposals are not meant to contain the government’s entire transformation strategy, she said.
“Thankfully, for that, we have the Barbados Economic Recovery and Transformation (BERT) programme and other frameworks that work together with the budget to help lay out what is the intent and what is the direction of the Government of Barbados along with its partners.
“But, I mentioned BERT 2.0 because it is important, certainly to my ministry, to emphasise that, of the five pillars, perhaps the one that we expect to have the most attention, having gone from destabilisation from the first BERT, through a bit of a crisis-response phase in the second BERT, and now to 3.0 and having come out of the Extended Facility with the IMF.”
Caddle pointed out that BERT’s pillar one, which calls for enhancing productivity and competitiveness, is the mandate of her ministry and the one which business leaders urge the Government to prioritise.
BERT one looks at three inclusive workstreams: raising economy-wide productivity, building export engines and strengthening institutional capacity for reforms at speed.
The minister also said that because transport affects productivity, she recently asked the Minister of Transport to meet with her to discuss the matter.
Caddle also responded to those who questioned the number of short-term measures in the budget.
She explained that, because of uncertainty in the global economy due to the military conflict in the Middle East, the budget was deliberately focused on short-term proposals, even though some measures extend into next year.
The minister described the budget as “one for such a time as this”.
(EJ)
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