Top 10 Takeaways from PM’s Budget Announcement: No New Taxes Expected for 2024-25

Barbados’ Prime Minister Mia Amor Mottley has reassured Bajans during the presentation of the Appropriation Bill for the fiscal period 2024-2025. Mottley emphasized that Barbados is moving in a positive direction and highlighted that the focus is not just on fiscal arithmetic. Despite the scheduled start time of 3:00 pm, the Budget began at 3:18 pm, with early takeaways including no new taxes, expected rate changes throughout the fiscal year, and a decrease in national debt. Mottley stated that the government is committed to reducing debt to 60 per cent by 2035 or sooner through negotiations with international partners.

The Prime Minister noted that Barbados’ debt situation is not out of control, with the debt to GDP ratio remaining stable. In fact, the national debt is lower than when the current administration took office in 2018. Barbados has seen economic growth over the past quarters, with a projected four percent growth this year. The unemployment rate has also decreased to around eight percent. Mottley expressed confidence in the country’s progress but emphasized the need for continued improvement.

Barbados’ reserves are at their highest levels, and the government has implemented natural disaster clauses in debt agreements to provide financial support in case of emergencies. The government’s participation in initiatives like the Bridgetown Initiative underscores the importance of addressing uninsured and underinsured individuals in the event of a natural disaster. The economic outlook for Barbados remains optimistic, with the government focusing on sustainable growth and financial stability.

Mottley acknowledged the challenges faced by Bajans and reiterated her commitment to supporting the country’s development. She highlighted the government’s efforts to strengthen the economy, create job opportunities, and enhance social welfare programs. The Prime Minister emphasized the importance of continuous progress and urged citizens to work together towards a brighter future for Barbados. Overall, the Budget presentation emphasized the government’s dedication to fiscal responsibility and sustainable economic growth for the benefit of all Barbadians.