BRIDGETOWN, Barbados, Feb 15 2017 – Former Barbados Prime Minister Owen Arthur says he is concerned that the island’s Central Bank could soon be running out of foreign reserves and that the island is headed for a serious financial crisis.
Arthur, an economist, who served as prime minister here from 1994 to 2008, said the reserves at the bank have fallen significantly and that the Freundel Stuart government has three months to get its act together to avert a total collapse of the economy.
“Barbados’ foreign reserves have plunged from about BDS$1.5 billion to just BDS$600 million. They fell by BDS$200 million in December and they are likely to continue to fall, so that by June there is a possibility that unless something is done…Barbados could virtually run out of reserves,” Arthur told the Barbados Nation newspaper.
“The next three months will perhaps become the most decisive in the modern Barbados experience and could determine what happens to us as a country for the next generation,” he added.
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