Bridgetown, Barbados (BGIS) — Barbados minister of finance, Christopher Sinckler, believes the time has come for the Caribbean to re-examine how it does business.
Sinckler expressed this view on Monday, while delivering an address at the opening of a two-day Caribbean Regional Technical Assistance Centre (CARTAC) Steering Committee meeting at the Central Bank of Barbados.
He acknowledged that Caribbean economies were operating in the most challenging of environments globally, regionally and domestically.
“It is a highly competitive environment which is demanding and it is unforgiving of failure. In this context, therefore, it has become imperative that we relook the way we do business.
“We can no longer continue to apply the same approaches based on past successes, and expect that these will suffice to build a platform strong enough to catapult us into advanced status,” he maintained.
The minister suggested that it was necessary for the region to refashion and re-strengthen its human and institutional capacity to better understand the problems, and craft solutions to achieve higher levels of efficiency, productivity and sensitivity with growing the economies.
He explained that CARTAC was established to strengthen the capacities of countries across the region to design and implement macroeconomic policies that promote growth and reduce poverty.
He proffered the view that CARTAC was one of the more successful technical systems of intervention that assisted many of the jurisdictions in meeting their demanding requirements.
Sinckler disclosed that Barbados had received technical assistance from CARTAC for completing the establishment of the Barbados Revenue Authority and strengthening the internal audit function of the Treasury Department in the ministry of finance and economic affairs.
He pointed out that the technical assistance provided to the Barbados Revenue Authority had been instrumental in the completion of its establishment. “Additionally, units within the Authority were also assisted with the preparation of business plans, and a listing of possible areas for future CARTAC assistance was presented.
“The government of Barbados has received a report from CARTAC outlining the main findings of the Mission and recommendations for the way forward. Government is moving assiduously to implement the recommendations which have been proposed,” he further disclosed.
The minister added that the technical assistance provided to the Treasury Department was for a review of its operations and the creation of a work plan to meet the international internal audit standards.
He noted that the report from CARTAC had highlighted the deficiencies within the audit system, and proposals and recommendations had been made to improve government’s internal audit practices. Sinckler assured that his ministry would work towards the implementation of the recommendations.