$15m Stimulus To Help Barbados Tourism Sector in Tough Times

Photo barbados.org
Photo barbados.org

Cabinet has agreed to a $15 million stimulus package called the Tourism Industry Relief Product (TIRP) to assist any failing properties and maintain employment in the tourism sector.

Speaking to Press yesterday at Government Headquarters, Prime Minister David Thompson said the money was for the current financial year and there was the possibility of a further sum in the next.

“We looked at options available and we found that a programme of that sort, in addition to the $20 million – $10 million supplementary last week and $10 million last year – that was already made available to the Barbados Tourism Authority (BTA), as well as other initiatives, we think would positively impact on the tourism sector, so that we can mitigate the worse aspects of the current economic crisis,” he said.

The Prime Minister however said that the TIRP was not just a hotel relief fund, noting the last fund of that sort was from the Barbados Labour Party (BLP) administration which only targeted hotels.

“But we think the tourism sector is much larger than hotels and that it covers a variety of other activities, some of which will be very badly affected in the downturn. So we are putting measures and facilities in place to ensure that those investments can be protected,” he added.

Thompson said the tourism sector so far for the year “has been a mixed-bag” but stated Barbados was doing reasonably well in the challenging economic times.

Source: nationnews.com



One Response to $15m Stimulus To Help Barbados Tourism Sector in Tough Times

  1. Pingback: $15m Stimulus To Help Barbados Tourism Sector in Tough Times … | Ace Card's Caribbean Vacation

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