BANK SPEARHEADING EFFORTS TO HAVE A MORE INTEGRATED APPROACH TO MACRO-ECONOMIC POLICY-MAKING
The Central Bank of Barbados is spearheading an initiative that will result in a more integrated approach to the design of the country’s macro-economic policy.
Today, Bank officials and stakeholders in the Ministries of Economic Affairs and Finance met to discuss issues relevant to macro-economic stability. Similar sessions will be held on the first Friday in each month.
Governor, Dr. DeLisle Worrell explained that the meetings allow officials to share the latest information on economic indicators, including, tourism trends, inflation, unemployment, interest rates, the fiscal outcome, bank liquidity and debt servicing.
Additionally, they provide an opportunity for the technocrats and the Ministers in the relevant ministries to discuss and review projections for the country’s overall economic performance as well as formulate short and medium-term policy responses.
After the meeting, participants said that the first session was very useful and productive, with very insightful contributions from everyone. They stated further that they were all excited about the prospects of this collaborative approach to macro-economic policy-making, explaining that it could only redound to the country’s benefit.
Among those attending the session at “Newlands” (the Governor’s Official residence) today were Dr. Worrell and other senior Bank officials; Dr. David Estwick, Minister of Economic Affairs, Empowerment, Innovation, Trade Industry and Commerce; Senator Darcy Boyce, Minister of State (Finance, Investment, Telecommunications and Energy); their permanent secretaries and other technocrats in the ministries.
Prime Minister David Thompson took a break from the parliamentary sitting to join the meeting.
December 4, 2009