Bridgetown.
The Government of Barbados will not devaluled the dollar, this asurance was given by Minister of Finance and Economic Affairs Chris Sinckler in a address to the Barbados Chamber of Commerceand and Industy (BCCI) at the Barbados Hilton yesterday.
Sinckler also dismissed as “malicious and unfounded”, reports that he has held talks with the International Monetary Fund (IMF).
“There will be no IMF programme – not now, not June, not this year, and if we act as we are supposed to act, not in the foreseeable future and absolutely no devaluation of the Barbados dollar,’ Sinckler told members of the (BCCI).
The Minister said there were people in the country bent on spreading panic and have in the past made statements indicating that the Freundel Stuart government would be retrenching as many as 6,000 public servants because of the financial situation.
“There has been no such meeting that took place and no such discussions have been taking place in my ministry,” he said, adding that because of the global economic challenges we made choices we believe to be correct", Sinckler said.
“Yes, domestic demand has fallen because there is less disposable income, but we know that given what we faced in 2010 and now 2013, that if we do not anchor our macroeconomic policy response around the foreign exchange function in this economy, we will run out of options when those reserves are dissipated", he added.
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