Barbados Prime Minister Mia Amor Mottley has delivered a national address to counter mounting public apprehension surrounding the proposed Economic Diversification and Growth Fund Bill. The legislation, authorizing allocation of up to $225 million from the Consolidated Fund, has generated significant debate regarding its implications for public finances and economic governance.
Facing criticism from legal experts and concerned citizens, Mottley acknowledged legitimate public anxiety while vigorously defending the bill’s necessity. “I recognize that economics involving public funds and employment can naturally breed mistrust,” stated Mottley, emphasizing her responsibility to provide clear explanations directly to citizens rather than dismissing their concerns.
The Prime Minister positioned the legislation as Barbados’ strategic adaptation to evolving global economic conditions, particularly international tax reforms that have eliminated traditional incentives like blanket tax holidays. “The old tools are gone,” Mottley declared. “They’re not coming back.”
Central to the government’s defense is the bill’s focus on measurable outcomes. Mottley specified stringent eligibility criteria requiring foreign companies to create minimum 100 jobs and meet specific foreign exchange thresholds. Contrary to claims of excluding local businesses, the Prime Minister clarified that Barbadian firms with international operations may equally qualify for support.
The proposed fund incorporates multiple accountability layers including administration by the Accountant General, audits by the Auditor General, and oversight from a broad-based advisory committee. Mottley guaranteed transparent handling of all funds: “Every cent that enters this fund and every red cent that is spent will be accounted for.”
Mottley framed the legislation as essential for Barbados’ economic resilience amid global instability, supply chain disruptions, and climate challenges. The fund aims to maintain investment attractiveness while ensuring companies contribute taxes at standard rates of 9% or 15% under global minimum tax rules.
Concluding her address, Mottley assured citizens: “Your government will not play fast and loose with Barbados’ fiscal stability nor with the well-being of Barbadians,” characterizing the bill as pursuing “real jobs for real people in the real world we’re living in.”