Tag Archives: DeLisle Worrell

Sack Worrell and Sinckler

Barbados Minister of Finance Christopher Sinckler and Governor of the Central Bank DeLisle Worrell take an in-depth interview at the Global Borrowers and Investors Forum.

Minister of Finance Christopher Sinckler and Governor of the Central Bank DeLisle Worrell

In May this year Governor Delisle Worrell issued a directive to ban the Nation newspaper from participating in press conferences hosted by the Central Bank of Barbados. His action provoked wide condemnation from every corner within in civil society. The Governor and Central Bank obviously yielded to the pressure and public expectation reverted to the Governor having his routine press  and Q&A  sessions or so we thought!

It was a surprise therefore when the media was informed that the regular press conference to cover the six month economic performance review was to be cancelled. To date Barbados Underground has not discern the same level of outcry in response to the decision by the Central Bank compared to when the Nation newspaper was banned. Which is to be condemned more, the short-lived ban imposed on the Nation newspaper OR the cancellation of the press conference that denied the Fourth Estate from interrogating the banker of government at a time when we have more questions than answers.

The feeble excuse offered by the Central Bank and  supported by leading media practitioner David Ellis that all press briefings are posted to a website  is unacceptable. At a time when a greater level of public engagement is the desirable option, the Governor has chosen to retreat and is happy to limit his public appearances captured in the press to attendance at crop over events.

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Central Bank of Barbados Surprisingly Cancels Press Conference

2nd Quarter Central Bank press conference cancelled

2nd Quarter Central Bank press conference cancelled

Central Bank’s second quarter review is scheduled for 15 July 2014.  A visit to the Central Bank website states, “UPCOMING EVENTS, July 15: Release of Analysis of Barbados’ Economic Performance for the first six months of 2014 Time: 2:00 p.m.” BU has been advised that the Central Bank has cancelled the news conference which has become a standard feature of the Governor Worrell’s quarterly review of Barbados’ economic performance.

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Barbados Governance and Next Steps

Behind every dark cloud is a silver lining.

Behind every dark cloud is a silver lining.

The respected Bloomberg posted the headline [13/12/2013]  Barbados Debt Higher Than Cyprus Prompts Firing of 3,000. The preamble to the article reads “Barbados will fire 3,000 public sector workers by March and freeze wages as the eastern Caribbean island’s debt burden soars and the International Monetary Fund says “urgent adjustments” are needed.”  BU recalls in 2010 the suggestion to government to consider freezing public sector wages was mooted. In fact Minister David Estwick was publicly rapped on the knuckles for making the suggestion. The late Prime Minister David Thompson addressed the matter of wage freeze in his first press conference in 2010 – see Prime Minister David Thompson’s First Press Conference in 2010.

Where we find ourselves, AGAIN will provoke the usual political cackle from participants in the diluted Westminster system of government  we practice. In fact, leading political scientists and pundits will rationalize the political cackle as NORMAL,  emanating from an adversarial system borrowed from a colonial past.  Despite years of investing i education we have given little thought to changing the system of governance which continues to be a polarising force in a 2×3 country given how irrelevant it has become.

The national discussion will now mirror the tenor of the 90s when another DLP administration took the decision to slash public sector wages by 8% and jettison 8,000 public sector employees. Lessons learned you think? ‘Go to the ant thou sluggard…’.

The BU household always focuses on the part of the issue which Barbadians feel uncomfortable. Perhaps it explains why traditional media and prominent people in society read and contribute to BU but with a hushed involvement. This is the hypocrisy which supports a mendicant culture which is no longer relevant in a today’s world. No more preferential treatment from the More Developed Countries (MDCs) and no more lack of competition from the Lesser Developed Countries (LDCs).

The sending home of 3,000 public sector workers is not the solution to the problems which confront Barbados, it is a manifestation of one of many symptoms which ail the nation.  If there is one issue where there is consensus, it is that our economy has some deep flaws which must be addressed. Even the head of government’s economic advisory council has publicly admitted this to be the case. It seems to BU this was a good place to have started the discussion regarding a strategic economic approach in 2008. Looking forward, where do we go from here full in recognition that there is no silver bullet?

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Governor Dr. Delisle Worrell Issues Plea to ALL Barbadians, LET US PLAY OUR PART!

Review of Barbados’ Economic Performance January to June 2013

Text – Review of Barbados’ Economic Performance for the first six months of 2013

Central Bank of Barbados: Political Tool or Facilitator of Economic Development?

Submitted by the Mahogany Coconut Think Tank and Watchdog Group

We are not a bit surprised that former Governor of the Central Bank, Sir Courtney Blackman is blaming both the Barbados Labour Party and the Democratic Labour Party for the current financial woes. We are also not surprised, that the current Governor, Dr. DeLisle Worrell, is saying that the existing financial sector stymies or does not support innovation and creative enterprises. In layman’s terms it really means, that those citizens with startup enterprises, cannot get them financed.

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Notes From a Native Son: Has the Central Bank Failed to Give the Nation Any Direction on Economic Recovery

Hal Austin

Hal Austin

Introduction:
The governor of the Central Bank appears quite clearly to have lost all sense of balance as far as the local economy is concerned. Not only has he been in office for the last five years or so, he is yet to come up with a publicly available reasoned and detailed plan for rescuing the nation’s economy from the situation it is in. His recent obvious confusion about the constitutional role of the Central Bank adds further to the confusion. Even local journalists are confused.

Dr Worrell’s reported U-turn on a policy announcement – a veiled criticism of the government, then claiming the government was on track – was but the latest in a series of embarrassing episodes. But first, we must get the legislation right. The Central Bank Act is irrelevant to the new financial architecture post-2007 and the new global regulatory paradigm. I said before, and say again, that the Act needs serious reform, giving the Bank a legally defined role, on par with the Federal Reserve, Bank of England and all the other major Central Banks. Be that role inflation targeting, financial stability, or even more explicitly, managing unemployment rates, there must be a benchmark against which we could measure the Bank. Now we have a situation in which the governor is publicly expressing views about fiscal policy, and one local website even describing the governor/central bank as the government’s primary monetary and fiscal adviser. Not at all. The central bank should be independent of the government of the day and should be reporting direct to parliament.

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Notes From a Native Son: Before Voting, think with your heads and not your hearts

Hal Austin

Hal Austin

Introduction:
When the voters of Barbados enter the polling booths on Thursday, it will be an enormous challenge for them to abandon old political tribal loyalties and objectively put the nation, future generations and their own futures before irrationally supporting a party or candidate they have always supported, while suspending reason. The harsh truth is that this is the most testing general election, not only since November 30, 1966, but since the early 1950s and the introduction of internal self-government.

In the new globalised world, there is no turning back for small nation states such as Barbados. New global organisations, such as the World Trade Organisation and the newly re-energised International Monetary Fund, now have power over small states, mostly wrapped up in international treaties, that they have never had before. At the same time, rich and powerful nations are subsidising their farmers and industrialists, such as car manufacturing and farming in the US, farming in the EU, and a long list of state-owned or controlled industries in China, which put further pressure on small states. But we are not just economic people, as a nation we are rounded with equal value given to our social relations, our civic and moral responsibilities and our cultural and creative environment.

Increasing Government Productivity:
One of the biggest drags on growth in Barbados is public sector efficiency, from improvements in technology, competent management to output per person. One only has to read the annual report of the auditor-general to see the extent of public sector incompetence. Take a simple, but important example, uncollected VAT. Value added tax is a sales tax paid by consumers and collected by trades and service people. For convenience, that money is paid to the government at pre-set dates – monthly, quarterly etc. However, in Barbados, there is a huge backlog of payments, of business people failing to handover to government monies collected on its behalf.

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Review of Barbados' Economic Performance for the First Nine Months of 2012

Review of Barbados’ Economic Performance for the First Nine Months of 2012 (Text)

Governor DeLisle Worrell Publishes How to Stabilize and Grow Small Open Economies

Dr. DeLisle Worrell, Governor of the Central Bank

A Joint Caribbean Group met recently with senior members of the International Monetary Fund (IMF) and World Bank. The Managing Director of the IMF Christine Lagarde of the IMF will remember the meeting for the sharp exchanges which are reported to have occurred with the Governor of the Central Bank of Barbados DeLisle Worrell.

Forgotten in the hullabaloo is the fact that Governor Worrell presented to the two international financial bodies a paper which is worthy of national, regioanl and international discussion titled, Policies for Stabilization and Growth in Small Very Open Economies.