Bank Spearheading Efforts to Have A More Integrated Approach To Macro-Economic Policy???Making

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Prime Minister and Minister of Finance, David Thompson, is pictured (centre) in discussion with Governor of the Central Bank, Dr. Delisle Worrell. Others pictured are (left to right) Permanent Secretary in the Ministry of?? Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Carson Browne; Advisor to the Governor, Harold Codrington; Minister of State in the Ministry of Finance, Senator Darcy Boyce; Acting Permanent Secretary(Budget) Section, Ministry of Finance, Patrick McCaskie; Permanent Secretary in the Ministry of Trade, Industry and Commerce Bentley Gibbs; Acting Deputy Governor, Clevison Haynes; Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick; Permanent Secretary in the Ministry of Finance, William Layne and Accountant-General, Margaret Sivers-Carter. Also pictured (right foreground) are Deputy Governor, Dr. Daniel Boamah and Acting Director of Research Dr. Kevin Greenidge.

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 would 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 Minister of Economic Affairs, Empowerment, Innovation, Trade Industry and Commerce, Dr. David Estwick; Minister of State (Finance, Investment, Telecommunications and Energy), Senator Darcy Boyce; Central Bank Governor Dr Delisle ??Worrell, Permanent Secretaries and ??technocrats in the ministries and other senior Bank officials.

Prime Minister David Thompson took a break from the parliamentary sitting to join the meeting.

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