Cre­at­ing a more ef­fi­cient pub­lic sec­tor

UK Barbados Nation - - NEWS -

From Page 4.

in early De­cem­ber. This has helped to re­build con­fi­dence in the coun­try’s macroe­co­nomic frame­work,” the mis­sion leader said.

“The do­mes­tic debt ex­change op­er­a­tion was fi­nalised on No­vem­ber 19. The rapid com­ple­tion of the do­mes­tic part of the debt restruc­tur­ing has been very help­ful in re­duc­ing eco­nomic un­cer­tainty, and the terms agreed with cred­i­tors will help put pub­lic debt on a clear down­ward tra­jec­tory.”

Van Selm added: “A much-re­duced Gov­ern­ment in­ter­est bill will help cre­ate much-needed fis­cal space for in­creased so­cial spend­ing and in­vest­ment in in­fra­struc­ture.”

The IMF of­fi­cial also noted that Gov­ern­ment launched a pro­gramme to im­prove ef­fi­ciency and re­duce the pub­lic wage bill by lay­ing off and re­train­ing work­ers in the cen­tral gov­ern­ment and pub­lic en­ti­ties.

He said this “should help cre­ate a leaner, more ef­fi­cient pub­lic sec­tor, geared to­wards fa­cil­i­tat­ing pri­vate sec­tor-led growth. It should also help re­duce cen­tral Gov­ern­ment trans­fers to state-owned en­ter­prises, from a level that had be­come un­sus­tain­ably high”.

“In No­vem­ber, the au­thor­i­ties an­nounced plans to mod­ify the cor­po­rate in­come tax frame­work, seek­ing to unify rates that ap­ply to the in­ter­na­tional busi­ness sec­tor and lo­cal en­ter­prises. There are some risks to this re­form, in­clud­ing mak­ing cor­po­rate in­come tax rev­enues more de­pen­dent on main­tain­ing in­ter­na­tional com­pet­i­tive­ness,” van Selm added.

Com­ment­ing on the struc­tural bench­marks Bar­ba­dos is to meet by the end of this month, he said: “In Oc­to­ber, a reg­u­la­tory sand­box for fin­tech start-ups was cre­ated to al­low them to try out new tech­nolo­gies in a well de­fined and con­trolled space. Leg­is­la­tion to fa­cil­i­tate a more ef­fi­cient process for pro­vid­ing con­struc­tion per­mits is un­der way, as is leg­is­la­tion to sup­port a more ef­fi­cient bud­get process, and stronger over­sight of SOES.” ( SC)

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