(Barbados Nation) The Ministry of Finance has ordered all ministries and Government departments to make a 3.3 per cent reduction in their allocations, excluding those which are statutory in nature, such as salaries.
And today is the deadline for heads to identify the areas of reduction.
Earlier this year, Minister of Finance Chris Sinckler, during the wrap-up of the Estimates Debate, indicated that Government was seeking to implement a cut of 2.5 per cent of allocations to all ministries and departments.
But on July 27, the departments received correspondence signed by Director of Finance and Economic Affairs Grantley Smith indicating that the reduction would be 3.3 per cent.
The circular, a copy of which was obtained by the WEEKEND?NATION, stated: “As the global recession persists, it continues to have a negative impact upon the Barbadian economy. Following the most recent review of the fiscal position, the Minister of Finance has determined that a reduction in expenditure would be required in order to meet the projected fiscal deficit.
