Barbados Prime Minister Mia Mottley presented the nation’s 2024 national budget to Parliament today, reassuring citizens that there would be no new taxes while hinting at forthcoming adjustments to tax rates.
In her address to legislators, Mottley emphasized a focus on reviewing tax structures and enhancing financing accessibility for both the public and private sectors.
A vision for prosperity
Mottley described the budget as a roadmap to safeguarding Barbados’ present and future. She highlighted the country’s strides despite significant challenges, citing clear improvements and a promising trajectory fueled by collective effort.
The budget, she asserted, aimed to secure a prosperous future accessible to all Barbadians, built upon their industrious spirit.
Financial outlook and expenditure
The government presented total expenditure estimates for the fiscal year 2024-2025, amounting to BDS$4,667.7 million on an accrual basis.
Current expenditure accounted for BDS$3,422.9 million, while BDS$1,244.8 million was allocated for capital expenditure and amortisation.
Mottley emphasized that this fiscal plan aimed to illuminate pathways for national prosperity, underpinned by the contributions of every Barbadian, whether residing domestically or abroad.
Navigating economic challenges
Addressing the economic landscape, Mottley acknowledged the multifaceted challenges Barbados faces, including the legacy of the 2008-2018 lost decade, the impact of the COVID-19 pandemic, and disruptions caused by geopolitical conflicts.
Despite these obstacles, Mottley expressed confidence in Barbados’s resilience, foreseeing a future marked by social stability and sustainable growth contingent upon unified efforts and strategic planning.
Future adjustments and citizen concerns
While assuring no new taxes, Mottley cautioned of impending adjustments to certain tax rates essential for maintaining desired service standards.
She acknowledged citizen concerns regarding national debt sustainability, the cost of living, healthcare, infrastructure, employment opportunities for youth, and education management.
Mottley pledged to address these pressing issues, prioritizing transparency and national welfare.
Commitment to progress
Mottley further reaffirmed her commitment to confronting challenges head-on, armed with factual insights and a determination to alleviate citizen grievances.
She underscored the gravity of national debt management and pledged to tackle prevalent issues methodically, demonstrating a steadfast dedication to Barbados’ prosperity and well-being.
