Arthur calls for privatization


The privatization of state assets and removing the stumbling blocks to doing business in Barbados are part of the opposition leader's prescription for the ailing Barbados economy.

Owen Arthur shared his remedies during the monthly luncheon of the Barbados Chamber of Commerce and Industry at the Hilton Hotel Wednesday afternoon.

Addressing business leaders from across Barbados Mr. Arthur outlined a number of measures intended to reduce government's debt and spur economic growth.

He spoke of privatizing state assets as part of a strategy to lower the national debt.

The opposition leader also said Barbados could not continue to increase spending on critical areas like health and education.

Mindful of the impact a cut-back in these areas would have, he suggested incentives such as tax credits for health insurance and registered education saving plans, among other things.

Mr. Arthur also singled out issues with business facilitation as one of the biggest hindrances to the island's prosperity.

He stressed that these and other measures need to be implemented urgently to return the country to a path of economic stability and growth.

He also suggested a resolution to the CLICO debacle could result in increased spending in the Barbados economy.

He says increased domestic spending as part of a growth strategy is one of the reasons why, from a macro-economic perspective, the CLICO issue has to be settled.