Barbados Budget 2013

Minister of Finance Chris Sinckler delivers Budget 2013 - BU will update as soon as a copy is received.

Minister of Finance Chris Sinckler delivers Budget 2013 – Click image  to read Budget 2013

501 responses to “Barbados Budget 2013

  1. @Enuff

    It would have been the same had the BLP been in office. Political parties are about winning elections, you know this.

    On 13 August 2013 23:50, Barbados Underground

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  2. millertheanunnaki

    @ David | August 13, 2013 at 7:34 PM |
    “Professor Howard must feel vindicated. Like many stated on BU, the objective was to win the election, now the fun begins. ”

    So what about Miller? He is a “Nobody” now. A Professor is now the Oracle of Delphi while the miller remains -like Prometheus for bringing light and fire to this inevitable decision- tied forever to the millstone around his neck while ac , BT, CCC and the brigade gnaw away.(LOL!!)

    The chickens have come home to roost and the sacred cow has been sacrificed to the god of economic realities.

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  3. old onion bags

    Fa real …doa UWI has been the signaled out…..there is some friction still in the mortar…..definitely intentions to cut back their achievements….first degrees will once more in the future become relevant in getting a good job….WOW….sounds like a step back…what do you think ?

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  4. The terribly bloated public sector has to be trimmed
    ++++++++++++++++++++++++++++++++++
    Yes, but touch not the duly appointed.

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  5. @HH

    The BIG unknown variable will be how much forex leakage occurs by end of year. It should concern ALL Bajans that there is uncertainty around why forex is decreasing given same level of imports. We have discussed on BU when there is declining confidence many exporters will demand payment and cancel open account pay arrangement.

    On 13 August 2013 23:51, Barbados Underground

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  6. Watching (not the attorney)

    @Observer
    “but if the state pays the economic cost as the MOF said the state is still paying over 80% of gthe cost. he also announced a meants testing mechanism for those who cannot afford”.
    Who is the state we are the state it is we who pay our bills. If the government pays the $20,000.00 fees upfront when the student works over the course of his working life enhanced because he has a tertiary education how much more the government gets from him.

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  7. David re. 7.47 pm post.

    Thanks for heads up re. discussion. Will check it out.

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  8. Hamilton Hill

    @ David ..point taken….we shall wait and see.

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  9. David

    That level of forex reserves reduction cannot be explained over the 3 month period, April to June. This is not cital flight, it is the correction of misstated forex reserves figures by the CB leading up to the election.

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  10. @Twistorian

    David

    That level of forex reserves reduction cannot be explained over the 3 month period, April to June. This is not cital flight, it is the correction of misstated forex reserves figures by the CB leading up to the election.

    Please explain yourself!

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  11. Watching (not the attorney)

    @Twistorian

    You mean they cook the books?

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  12. Carson………………i hope you finally have a grip on reality as it relates to tourism in Barbados, and i have not even started reading yet, i am still at page 14..

    ______________________________________________

    “Tourism, which is known to be our most vital industry, but which itself
    was already beginning to show signs of wear prior to the crisis, has been
    hard hit. Long stay arrivals fell almost 9 per cent in 2009, the largest
    decline recorded in over two decades. And despite a strong intervention
    from government to help property owners weather the storm and pump
    more money into marketing, the resultant improvements in 2010 and
    2011 were soon dissipated as reduced airlift capacity in major source
    markets and the loss of Almond Resort and a number of other smaller
    hotels, contributed to a 5.5 per cent decline in 2012. Overall, by the end of last year, long stay arrivals remained 7.0 per cent below the levels recorded in 2007. This situation has been exacerbated by the fact that those who choose to vacation in Barbados are now spending much less than in previous years. In fact, since 2008 average visitor spending fell for 5 consecutive years, equivalent to almost $300million in losses per year. This is despite an improvement in average length of stay during the same period.

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  13. David

    How much was the total of the forex reserve reduction in the 3 month period?

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  14. .
    The disappointing tourism performance was due to a 7.0 per
    cent decline in long stay visitor arrivals from all major
    markets. In the case of the USA, this market declined by 10.6
    per cent, Canada by 8.5 per cent, the UK by 1.6 per cent, and
    CARICOM by 16.9 per cent. Only Germany and other
    European markets recorded positive results. These two
    markets expanded by 25.7 per cent and 9.6 per cent
    respectively

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  15. @Twistorian

    But the Governor stated they have reacted quickly to arrest the situation.

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  16. I don’t believe what I hear only what I see.

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  17. Glad to know that Bajan will start paying for their UWI education. They will not be hopping from faculty to faculty changing options willy nilly. The rest of the region will smile. They have been paying for their education all along.

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  18. In February he said the economy was stable too. If its how does he account for the year on year reduction in the vital industries the MoF quoted today?

    Stupse. Playing politics with foolish people.

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  19. Well……….what can i say, having scanned the document it is very clear that the government is coming to certain realizations, i would have a lot of respect for them if they continue communicating their grave concerns to the taxpayers that they so plainly laid out in the documents, people do understand when you articulately explain things. Their supporters also need to face reality and stop with the slick attempts, it will not be easy and there is no use in pretending otherwise.

    _____________________________________________

    “There was increased pressure on the foreign reserve cover
    which fell to 16 weeks of imports at the end of June 2013,
    compared to 19 weeks at the end of March 2013. Against the backdrop of these realities Mr. Speaker, and ever mindful ofthe fact that the global economy is unlikely, especially among our keytrading partners, to rebound robustly over the next 12 to 18 months, it is now absolutely necessary for government to intervene to procure some very specific objectives in the short to medium term. These can be listed as follows”

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  20. Smooth Chocolate

    Caswell, how will this reduce work week be equated in dollars for those temporary workers? since government workers are paid for 7 days per week but are allowed week ends off but still calculated in their wages? also some months have 30 days but salaries are calculated on 31 days, how will this affect their take home pay? will they come to work from monday to thursday and paid for only 4 days or will they be paid also for the saturday and sunday?

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  21. Can anyone say if the last bonds floated by Barbados were fully subscribed?

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  22. Prodigal Son

    The good of Barbados was sacrificed on the altar of DLP expediency and now we all have to pay.

    My concern is for the environment and the cut of 30 million from the SSA. Already this country has a pile up of garbage and our country is stink due in no small measure to some nasty Barbadians who litter indiscriminately. What is going to happen now with this 30 million cut? This will result in illegal dumping all over the place and with the resultant outbreak of diseases.

    If the MOF had announced that they who put us in this mess were taking a 10% cut, we could understand but no, they hurt the same poor black man they care about so much. Just imagine the MOF would actually sit down and decide to slash the reverse tax credit that the poor man depends on. Unbelievable!

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  23. Smooth Chocolate

    @Observer | August 13, 2013 at 7:37 PM |
    uwi monies have not been cut. it has been replaced by the tuition fees.

    the monies have been cut since tuition fees are paid by the govt and it is $2,259 for 2 courses per semester. the student will now have to pay the registration fees of $470 per semester plus at least $2,259 for 2 courses

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  24. Ah running from Dem

    Boy, look wuh Buhbaydus come to! Peoples, it is time fuh we to start running hard from Dem. Dem mekking we shite wid dis desastuh of a budget.

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  25. The PDC has long said that the Government of Barbados never does have the levels of foreign reserves it says that it does have.

    Well, two year ago when the government was telling the country it had BDS $ 1.2 billion in foreign, we had then estimated too that the government had less than US $ 200 million in foreign reserves.

    Now, we have not seen the last data on the amount of claimed foreign reserves that the country has to allow us to estimate the amount that the government has presently, but the government may have by now less than US $100 – 150 million in foreign reserves, given certain contractions in the export sectors.

    PDC

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  26. Ah running from Dem

    Dis is a pooch squeezer budget….

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  27. millertheanunnaki

    @ Prodigal Son | August 13, 2013 at 8:43 PM |

    I have always called it as I see it.
    Early on I realized that this PM was a fake and his claim of being a man of integrity was held up to the true light of day.
    He has been exposed for what he is regarding his ‘over-his-dead-body’ incontrovertible non-negotiable commitment to ensuring Bajans enjoy free access to education at the UWI.
    Can you imagine that massive cut in transfers to the QEH? Can you imagine what deleterious effects that would have on the quality of service delivery?
    Isn’t it time my proposal for a health lottery be accepted to help with this massive loss of funding to the QEH?
    What is the position with the St. John Polyclinic aka the David Thompson Mausoleum?

    Now can we see this man of reduced integrity trying to lead by example by reducing the size of his bloated excessive Cabinet as a symbolic gesture of feeling the pain like the rest?
    When the public sector has to be trimmed to the required affordable level will he and his colleagues follow suit for the national good?

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  28. David (not BU)

    “For 2013, the events being targeted will be: The English/West Indies cricket tour games in Barbados slated for February /March 2013; The Barbados Reggae Festival in April; The Top Gear Motor Sports Initiative in May; Crop Over Festival June through August; The Caribbean Premier League Cricket Tournament in August/September; The Barbados International Arts and Music Festival in September/October; the Food, Wine and Rum Festival in November; and a new International Yacht Race in December. ”

    This really is cause for concern. Given Adrian Elcock as head is the BTA and Rihanna’s. We know Parris’ wife is behind the the Food, Wine and Rum Festival in November, i have to ask this question are these guys still padding their pockets even when the country is in all this trouble?

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  29. David (not BU)

    also, what does the cut to Transport Board really mean? given the fact that you only 4 or 5 years ago ask the TB to carry school children for free.

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  30. Watching (not the attorney)

    @Prodigal Son
    MOF cut the monies to the SSA but not to Constituency Councils.

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  31. Ah running from Dem

    Sinckler like he fuhget to cut where he shudda cut to bring down de deficit. If he bring home Joe Goddard from the UN, he wud save money. If he bring home Evelyn Greaves from Canada, he wud save money. If he bring home Tony Arthur from England, he wud save some money. If he stop Benn from going to Toronto, he wud save money. If he bring home Price from New York, he wud save money. If he bring home Beale from Washington, he wud save money. If he tell Freundel to fire Maxine, he wud save money. If he tell Freundel to fire Irene, he wud save money.If he tell Freundel to fire Esther, he wud save money. Sinckler like he cant tink or he wud see savings in dese areas.

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  32. NO LOTTA LONG TALK
    This Government doing foolishness

    Plain and simple
    I have said all there is to say about this DLP Government

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  33. critcial thinkers solve problems

    Can we have some critical and creative thinking and analysis for alterniatives given the current situation instead of the constant political bashing?

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  34. millertheanunnaki

    @The People’s Democratic Congress | August 13, 2013 at 9:02 PM |
    “Now, we have not seen the last data on the amount of claimed foreign reserves that the country has to allow us to estimate the amount that the government has presently, but the government may have by now less than US $100 – 150 million in foreign reserves, given certain contractions in the export sectors. ”

    I am inclined to accept your assessment of the foreign reserves available to businesses and individuals to fund demand for goods and services originating overseas.

    I have often question the integrity of that reported foreign reserves figure.
    Without knowing its actual composition we should take it as just another piece of political propaganda concocted by the Governor and his creator the MoF.
    Remember when this same Governor massaged the unemployment figures reported by the BSS to suit his own and master’s political agenda.
    Dr. Worrell’s professional competence and integrity first came under suspicion when he bold-facedly told the naive Bajans that the Dodds prisons cost the country $700 million to construct.

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  35. @critcial thinkers solve problems,

    you first.

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  36. critcial thinkers solve problems

    @ just asking,

    what are the alternatives given the current situation that would great a win-win situation for all and sundry?

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  37. Good point David Simpson, the lowest fees are to be paid by social sciences at UWI. How will this impact our ability to grow the cadre of scientists?

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  38. critcial thinkers solve problems

    @ hants,
    For continuation of free UWI education
    1) UWI increasing broadband , offering at least 60% of courses online
    2) Introduce e-books via IPADS and phones

    just a beginning

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  39. We in the PDC have long been saying that this country has entered its sixth consecutive year of material financial decline, from 2007 to 2013.

    At no time has there been any comparative macro-material financial growth in between these years.

    Indeed, some officials from the Central Bank of Barbados, the Ministry of Finance in Barbados, CARTAC, etc., in 2010, got together and so-called recalibrated the so-called size of the Barbados economy in the middle of a localized political economic depression, and thus by creating a base year that was far bigger than what it should have been (assuming the gross money transactions in the country), they have been deliberately misleading some people into believing that there was really some macro- material financial growth in 2011 – 2012 (flat), when there was no such growth at all.

    What they have thus been doing too is creating the basis (Greek style) for serious inconsistencies lack of validity credibility in its presentation of data on certain variables and indicators, such as the same foreign reserves.

    Watch out carefully more serious inconsistencies and contradictions between political economic financial information and political economic policy positions to come from out of the Central Bank of Barbados and the Ministry of Finance and Economic Affairs.

    PDC

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  40. millertheanunnaki

    @ critcial thinkers solve problems | August 13, 2013 at 9:26 PM |

    Here is an alternative suggestion to start the ball rolling:
    Why not get rid of the Constituency Councils and use the money to help out the SSA and the QEH or even the NCC?

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  41. critcial thinkers solve problems

    @ mILLER

    Will this solve the overall problem of the two institutions in the long term ?

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  42. @ critcial thinkers solve problems et al

    Import substitution by increasing food production.

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  43. Watching (not the attorney)

    @ critcial thinkers solve problems | August 13, 2013 at 9:40 PM |

    @ mILLER

    Will this solve the overall problem of the two institutions in the long term ?
    It will assist.

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  44. UWI must start a degree program in Industrial Design.

    You have to conceptualise and design before you can manufacture.

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  45. critcial thinkers solve problems

    @ watching (not the attorney)

    what about engendering a culture of efficiency, accountability and frugality for along term solution.

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  46. critcial thinkers solve problems

    @ hants

    Well posited. Innovation working overtime!!

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  47. Caswell Franklyn

    Watching (not the attorney) commented on Barbados Budget 2013 .

    Who is the author ? Language not Mr Sinclair’s

    You noticed that too: he couldn’t even pronounce the words. He sounded like a disc jockey reading the news.

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  48. Prodigal Son

    @Ah running from Dem | August 13, 2013 at 9:19 PM |

    Sinckler like he fuhget to cut where he shudda cut to bring down de deficit. If he bring home Joe Goddard from the UN, he wud save money. If he bring home Evelyn Greaves from Canada, he wud save money. If he bring home Tony Arthur from England, he wud save some money

    “””””””””””””””””””””””””””””””””””””””””””””””””””””””””
    And would you believe that they are adding to this unproductive sector by sending of all people, Haynesley Benn up to Toronto shortly????

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  49. Watching (not the attorney)

    @ critcial thinkers solve problems | August 13, 2013 at 9:52 PM |

    @ watching (not the attorney)

    what about engendering a culture of efficiency, accountability and frugality for along term solution.

    I agree with you but no one can say that the SSA is anything but efficient. The NCC also does a good job with beautifying the country, however when the when the weeding and cleaning is done they are too tardy in removing it. Also there might be too many staff members.
    However w.r.t to the QEH I do not think that we should compromise our health care. Right now some departments do not have or have very little alcohol, gauze and even clean products.
    The problems at the QEH CANNOT be solved overnight or even with budget cuts, the whole culture needs to be addressed. But it is very difficult to legislate behaviour.

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  50. Watching (not the attorney)

    By the way I thought Minister Inniss had solved the problems.

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