Haynes: $2b buffer against COVID fallout

Central Bank Governor Cleviston Haynes is confident that Barbados’ near $2 billion in foreign reserves leaves Barbados comfortably placed to ride out the COVID-19 pandemic.

The economist also said, however, that even though Government had slashed its primary surplus target by about $500 million this financial year, achieving the lower figure “will really depend on how strongly we are able to maintain economic activity going forward”.

He was speaking Thursday night as he and governor colleagues from Guyana, Jamaica and the Eastern Caribbean Central Bank participated in an online discussion on the topic COVID-19 And Economic Policy: Protecting Our Jobs, Businesses And The Economy.

Haynes told the regional event, which was moderated by veteran journalist Julian Rogers, that “we were significantly impacted by this COVID crisis”, but he also noted that “the one thing that really has stood out for us is that our reserves held steady”.

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