It’s Budget Day

BRIDGETOWN, Barbados, Advocate - Perhaps every Budget Day is considered to be ‘the most anticipated in recent history’, but we can say with some measure of confidence that this is indeed the case with today’s expected presentation of the 2013 Financial Statements and Budgetary Proposals. Ever since the most recent National Consultation at the end of June, an air of anxiety has permeated the country. It was then that the Prime Minister stated that urgent action needed to be taken to correct the country’s fiscal situation – citing $400 million as the figure which needs to be saved in some way. Since that announcement, many have speculated on just how this will be achieved. Even amidst the festival fever that engulfed the country in the interim, government officials have been meeting with stakeholders across the various sectors of the economy to help inform today’s budgetary proposals. Meanwhile, private sector officials have been calling for drastic changes to the way business is done in both the public and private sector in an effort to improve efficiency and reduce wastage. Other public statements from leaders of key sectors suggest that today’s proposals could be definitive in terms of the role the extent of the services that the state will continue to subsidise. For example, Sir Hilary Beckles, Pro-Vice Chancellor and Principal of the Cave Hill Campus of the University of the West Indies, recently made remarks that could be interpreted as a plea to maintain the State’s commitment to education. He suggested that any reduction in support for the expanding university would be tantamount to ‘clipping the wings’ of ‘the goose that laid the golden egg’ for this country to achieve the levels of development that it has thus far. His comments come some weeks after public remarks from the Education Minister that the days of subsidised education may be coming to an end. No doubt, therefore, many ears will be pricked to hear what, if any, adjustments will be made to the budget allocated to that major sector.