BRIDGETOWN, Barbados (CMC) – Prime Minister Mia Mottley says she will be bringing measures to the island in preparation for the potential impact of the unrest in Ukraine and Russia.
PM Mottley warned that the unrest could affect fuel prices, food supplies and disrupt the global supply chain.
She noted, however, that Barbados’ reserves stood at over US$3 billion, which equates to about 37 weeks of import coverage, allowing the country to maintain its ability to handle any price increases.
Barbadians were assured by Mottley that the situation had been monitored for some time, as well as meetings with the private sector since last year.
She added that efforts are being made by the Ministry of Agriculture, Food and Nutritional Security to increase food production in Barbados to ensure a better food security situation for its citizens.
PM Mottley noted that during her recent visit to Guyana, discussions were held regarding the urgent need to establish the Barbados/Guyana food terminal.
A recent meeting of the Council for Trade and Economic Development (COTED) also reviewed plans that could enable Barbados to produce 25 percent of the food it currently imports by 2025.
“The urgency of the moment with the Ukraine crisis is undoubtedly there. But we have been preparing for some time for this unstable world, which has led to increases in food prices….”
Also, the Prime Minister revealed that in two weeks, she would explain how the Government intends to help contain the cost of living issues, especially those related to food.
“It is not the worst news, but we are prepared to do what has to be done at the macro level and also with respect to the cost of living for households as we go forward,” Mottley stated.