As the Mia Mottley administration tries to close investment gaps arising from the Estimates, Barbadian tax payers are being warned to brace for more hardships.
Democratic Labour Party president Dr Ronnie Yearwood says more taxes and job cuts could be looming while addressing the media at the party’s George Street, St Michael headquarters yesterday.
“I am deeply concerned about the closing of that gap because there are only two ways to close it – borrow some more or more taxes. The other option is that we have to grow our way out of it, but the Government has not shown a growth plan and has not shown the propensity to want to engage in serious growth,” Yearwood said.
The deficit is about $844 million and Yearwood said the $377 million needed from local investors is not likely to materialise after people lost confidence in Government bonds during the 2018 debt restructuring exercise.
He said that in 2017, domestic investors provided $1.3 billion of financing but since the restructuring, this had dropped to $44 million in 2020, $148 million in 2021 and $171 million in 2022. (Nation News)