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IMF Urges Barbados To Rein In Deficit,
by Amanda Banks, Tax-News.com, London
Wednesday, August 17, 2005
Barbadian Prime Minister Owen Arthur has pledged to reduce the government's
budget deficit following the release of an International Monetary Fund report
this week which warned that the high level of public debt threatens to hinder
Barbados' economic progress.
In the IMF's annual assessment of the Barbadian economy, the Fund's Directors
observed that the expansionary public investment program, implemented to revive
the economy after the recession of 2001-02, has contributed to to a level of
public debt far exceeding the average for Latin America and the Caribbean.
While welcoming the efforts to reduce the public sector deficit over the past
two years, they noted with concern that the primary deficit remains among the
highest in the region and that public debt will rise steadily in the absence
of fiscal consolidation. Against this background, they cautioned that the injection
of fiscal stimulus in FY 2005/06, in the midst of a robust private-sector led
recovery, could make the path to debt reduction more difficult.
According to a Caribbean Broadcasting Corporation report, the Prime Minister was quick to respond to the IMF's concerns, and was expected to
attend parliament on Tuesday to announce measures dealing with the public sector
deficit, which moderated slightly to 6% of GDP in 2004/2005 from 6.5% in the
previous year.
Under financial legislation put before parliament in March, Arthur announced
that spending will rise by 1.6% to BDS$2.4 billion, including investment to
prepare for the country's hosting of the 2007 Cricket World Cup; but revenue
is estimated to rise by 9% to produce a primary surplus, helped by an increase
in VAT receipts to more than BDS900m, and sales of government assets including
BDS66m from the sale of shares in the Insurance Corporation of Barbados and
BDS100m from the sale of the government's interest in the GEMS hotel project.
Meanwhile, corporation tax is being reduced to 30% in 2005 and 25% in 2006,
while personal income tax is also being cut, and allowances increased.
"For the first time in this country, a government is doing two things
that have tremendous fiscal implications - raising the income threshold below
which people do not pay tax from $15,000 to $25,000 and cutting the rate of
tax," said Owen at the time of the announcement.
"And while we're doing that, we are also seeking to bring the taxes paid
by companies in Barbados down to the most competitive level in CARICOM, from
40% to 25% to give Barbados a chance in the new single market and economy to
be the preferred location for doing business," he added.
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