budget16

2016 Financial Statement and Budgetary Proposals

Chris Sinckler, Minister of Finance

Chris Sinckler, Minister of Finance

Mr. Speaker,

I crave the indulgence of this Honourable Chamber to present this year’s Financial Statement and Budgetary Proposals. I do so Sir mindful of the important responsibility which has been entrusted to your Government to develop policies and craft strategies, both economic and social, to assist with the orderly, holistic and expansive development of this beautiful island of ours.

It is not a responsibility which my colleagues and I take lightly as we are acutely aware that in very many instances the current and even future success of possibly every life in Barbados will be affected in some way by the decisions we take.

Full 2016 Financial Statement and Budgetary Proposals

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261 Comments on “2016 Financial Statement and Budgetary Proposals”

  1. David August 19, 2016 at 7:18 PM #

    BU household is starting to warm to this guy Herbert.

    Bribery suspected

    Like

  2. David August 19, 2016 at 7:27 PM #

    Former PM Owen Arthur:
    “This budget reflects a determination on the part of the Government to move away from the printing of money to having Government’s operation financed by increased taxation. It will not be a popular policy but the truth of the matter is that if the alternative is that you continue to print money to meet deficits that are unsustainable, it behoves us to come back from that cliff that leads us to destruction because that is precisely the cliff over which Jamaica and Guyana went”.

    Like

  3. pieceuhderockyeahright -INRI August 19, 2016 at 8:06 PM #

    Diversification can be medium or long term.

    Certainly for it to be meaningful it must at least be a 3 year strategy which, given that the DLP has in no form or fashion sought to implement either of the two, that alone should underscore why, after 8 years of guessing they are going to be voted out from every single seat.

    @ i(ggy) Brathwaite

    I was sneezing all day long and when I came here I see that Sand Nigger been calling de ole man name all day heheheheh

    She be a strange out patient that, if she were to have your home address, would come to your home and throw sheself pun a body, I lie?

    Lef she.

    Day gine run til night catch it…

    Like

  4. ac August 19, 2016 at 8:23 PM #

    i billion dollar to shore up reserves in five years the blp

    http://www.barbadosparliament.com/video/view/417

    Like

  5. David August 19, 2016 at 8:57 PM #

    Not sure what it means but this is the first time since boyhood that David of the BU household did not listen to the Budget debate outside of the statement by the MoF and response by the LOTTO.

    Like

  6. Gabriel August 19, 2016 at 9:08 PM #

    I listened to the LOTO and no one else.I cannot accommodate the lies and deception that is the DLP.I look back on those days of yore and wonder where have we gone wrong.Why this pisspoor parade of MP’s.

    Like

  7. Prodigal Son August 19, 2016 at 9:55 PM #

    I listened to the BLP’s members, Maria Agard and OSA as well. I just could not bring myself to listen to anymore lies from the DLP.

    I tried to listen to Donville but he was his nasty obnoxious self. He was so uncouth during Hinkson’s presentation and what I liked, Hinkson totally ignored the unmannerly Dumbville.
    And the other spiteful bitter woman in the chair allowed this behaviour. At least the crooked speaker would have rained Dumbville in.

    What’s wrong with the bitter Mara? True to her name…….bitter by name and in person. She has all the money in the world and still cannot appear to be happy and spews so much venom at MAM. Does she know that harbouring so much hatred to someone is dangerous to one’s health?

    I tried to listen to Steve Jacket to hear his response to the $151,000 spent on the Seniors visit to Utah……..how pathetic was his response…………no one says these things are not worthy of attending but the country has no money, we are broke and this government can find $151,000 to spend on retirees to go gallivanting doing what they never did in their day on taxpayers dimes……… the taxpayers are helping retirees to tick off items off of their bucket list.

    Just think how much supplies that money could buy the QEH to help so many more people!

    Like

  8. Prodigal Son August 19, 2016 at 10:19 PM #

    Where does the poor rakey Attorney General get off referring to a former highly esteemed Attorney General, Sir David Simmons as “one David Simmons”. ……………and do you hear the arrogance? …………”keep your thoughts to yourself”………….

    I want to tell Adriel Brathwaite something that I am sure he knows………..you are the worst AG this country has ever had. Lawyers come from overseas and have told me you do not know any law………. how the hell a man like that could be AG of Barbados? You have brought this office to shame many times by your personal deeds and public deeds. You are the worst………..you are not even worthy to wipe dog poo off Sir David Simmons’ shoes.

    So shut to hell up, you do not have any respect for the office you hold even to know an AG should not criticise another AG like that……………and to think Sir David was only trying to help…………you are a low life idiot!

    Like

  9. Bush Tea August 19, 2016 at 10:27 PM #

    @ David
    BU household is starting to warm to this guy Herbert.
    +++++++++++++++++++++++++++++++++++++++++++
    Check back – Sagicor Blog probably – and see if Bushie has not identified him as one of the MMEs of local business… A sure pick for BUP….
    Sagicor’s loss …Goddard’s gain.

    Like

  10. Well Well & Consequences August 19, 2016 at 10:49 PM #

    Prodigal….someone told me a couple days ago it’s not the first time David Simmons came out talking about crime and bribery and corruption. ..it’s always around election time and it’s always about the report and recommendations Simmins himself had as attorney general, then as chief justice and did nothing about, did not stop crawling into bed with the criminal Peter Harris working to destroy bajans and did nothing to stop the corruption at the supreme court, but continued to aid and abet that corruption….

    .I am sure Simmons and Adriel Nitwit called each other to decide how best they were going to handle the deceit ya now defending….to fool the idiots…lol

    Like

  11. balance August 20, 2016 at 3:45 AM #

    “On the onset of the crisis, rather than develop macroeconomic policy initiatives, this inept DLP administration pursued “political policies” and adopted a “wait and see” approach, perhaps based on the assumption/underestimation the crisis would be short-lived and not very deep. These policy responses proved to be inadequate and may have made the effect of the recession on Barbados worse.”

    And if you do not believe Artax ask Dr David Estwick your former Minister of Economic affairs who has consistently blamed his Government for our present predicament.

    Like

  12. Hal Austin August 20, 2016 at 5:44 AM #

    Central bank governor Dr Worrell must tell us where this growth is coming from, which sector of the economy? Is it construction? Services? Tourism? Consumer spending? Business investment? Where?
    He must also tell us what is the official methodology used the the central bank?
    Some people question the bank’s rational decision-making, given that the governor co-authored a serious study last year in which there was not a single reference post-2008, the global crisis that changed the course of macro-economics.
    Regarding the obsession with exchange rates, I recommend to the governor a very good book: Imperfect Knowledge Economics: Exchange Rates and Risk, by Roman Feydman and Michael D. Goldberg.
    How in the name of Jesus can any rational person writing a learned essay about an economy, any economy, not include a single post 2008 author? But this is what passes in Barbados as scholarship.
    The history of economics is full of models, varying from the Chicago School, neo-Keynesian behavioural school, many using the same or similar doctrines of rational theory.
    But, as John Maynard Keynes, Friedrich Hayek and Karl Popper all reminded us, no single person or theory can have access to the totality of knowledge spread through an economy.
    Most of the central bank’s arguments have been political, not economic, which is the real problem. Even in the few cases when statements are based on economics they are flawed.
    Given knowledge imperfections, the debate in Barbados must shift out of a narrow circle of friends and associates.
    This is made worse because the local media do not hold the technocrats and politicians feet to the fire, mainly through ignorance, but also hero-worship.
    The Central Bank Act is obsolete: is the bank targeting inflation? Unemployment? Growth?
    Barbados deserves better..

    Like

  13. ac August 20, 2016 at 6:33 AM #

    three major products between 1994- 08 were all govt sponsored by blp

    http://www.barbadosparliament.com/video/view/442

    Like

  14. Bush Tea August 20, 2016 at 6:36 AM #

    @ Hal
    Barbados deserves better..
    +++++++++++++++++++++
    Based on what exactly?
    …the way we wuk up?
    …our hard work and commitment to justice?
    …our God-fearing nature?

    ALL countries are about to get EXACTLY what they deserve….

    Like

  15. ac August 20, 2016 at 6:41 AM #

    OSA now speaks with a ” Monday morning mentality ” however the advice which he now suggest should have been well taken into consideration under his watch before he took barbados to a high level of borrowing for which taxpayers are dutifully bound to repay

    Like

  16. Frustrated Businessman aka 'Nation of Laws' my ass. August 20, 2016 at 8:08 AM #

    Stinkliar’s financial acumen never fails to astound me.

    According to him, CBC owes taxpayers $75m which is obviously noncollectable but is apparently reported on his books as a valid receivable.

    He can’t sell CBC for the value of the debt because it isn’t worth $75m.

    He can’t sell CBC for less than $75m or taxpayers would be saddled with the cost of writing off the noncollectable difference and that would actually reflect as a loss.

    So the solution is to continue to support CBC, increase the debt to taxpayers ad infinitum and continue to report the ever-increasing noncollectable debt as a valid receivable asset.

    This man is pure genius. Any businessperson who would drop CBC like a hot potato and take the current noncollectable hit rather than continue the cash haemorrhage is obviously dumb as fuk.

    There will be no economic recovery under Fumble’s Fools.

    Like

  17. millertheannunaki August 20, 2016 at 8:20 AM #

    @ Frustrated Businessman aka ‘Nation of Laws’ my ass. August 20, 2016 at 8:08 AM

    Now you can understand what the economic survival of Bim is up against.

    Like

  18. Well Well & Consequences August 20, 2016 at 8:34 AM #

    ACs…yall continue to show what forked tongue, two faced pimps yall are..lol

    Like

  19. Caswell Franklyn August 20, 2016 at 8:35 AM #

    Frustrated

    Sinckler is only mouthing what others have told him. He does not know which side of a balance sheet is up.

    Sent from my iPad

    Like

  20. millertheannunaki August 20, 2016 at 8:35 AM #

    @ ac August 20, 2016 at 6:41 AM

    Here you go again with your fixed yard-fowl position for a weathercock vane spinning from MAM to OSA to blame for your DLP administration’s pathological incompetence.

    Is this the same OSA whom you were praising to high heavens just a few weeks ago for his economic competence and nationalistic commitment to ensure the Mottley witch of Bush Hall never becomes leader of BIM? Is this the same man you recommended to be the chief economic advisor to the ruling administration?

    You are just one genuine volte-faced lying hypocrite whom politicians of all stripes should treat like a sewer rat.

    Like

  21. Bush Tea August 20, 2016 at 8:44 AM #

    @ Miller
    You are just one genuine volte-faced lying hypocrite whom politicians of all stripes should treat like a sewer rat.
    +++++++++++++++++++++++++++++++++++++++++++++++
    That is just the problem…
    AC is not just ‘one’ …. there are many JAs …and they are yet to get their stories straight…

    Like

  22. Gabriel August 20, 2016 at 9:15 AM #

    Flying fish and coucou just about sums it up for a view of the Budget content.The comment on the guru whom William Skinner admires is not a good reflection of his stewardship,which we all know to be circumspect..The professionals whose advice he appears to ignore and to add insult to injury,the numbskull MoF has also differed with his views,ought to be the final nail in the coffin that should trigger his resignation and so,bring closure to the economic woes he has been overseeing with little success if any.

    http://www.nationnews.com/nationnews/news/84636/flying-fish-cou-cou-fingers-boss

    Like

  23. Frustrated Businessman aka 'Nation of Laws' my ass. August 20, 2016 at 9:57 AM #

    So, according to Stinkliar, the real cause of our HUGE gov’t expense is statutory corporations which are badly run.

    They are also the BLP’s fault (of course).

    In the eight years this current crop of morons have been running this country, not one minister has managed to direct the statutory corporations which operate under their portfolio back to efficiency.

    However, there has now been a startling realisation that, in fact, the business of gov’t does NOT run itself but actually needs to be managed by the cabinet. And to our great comfort, Stinkliar says he should have ‘paid more attention’.

    There will be no economic recovery under Fumble’s Fools.

    Like

  24. Enuff August 20, 2016 at 10:02 AM #

    “The idiot that is the Attorney General is trying to interrupt me.” hahahaaaa

    Like

  25. Gabriel August 20, 2016 at 10:35 AM #

    Prodigal has dealt with the JA Adriel Nitwit.Just so it is understood clearly to the many Adriel Nitwits in this Democratic Labour Party cabinet.Not one of you Aholes can compare with the brilliance and scholarship of Sir David Simmons.He can put any of you to shame,any time,any where.Who dared you effing Nitwit to refer to Sir David,Knight of St Andrew,as “one David Simmons”.You have no damn manners because you were never taught Manners make Man by you know who.Effing swine!

    Like

  26. ac August 20, 2016 at 10:50 AM #

    Frustrated business man indeed you are frustrated .The truth hurts. The many truths which were hidden away from the glare of public scrunity under the blp who boasted of a well structed economy. Truth unlike milk does not spoil and in the coming months the scruillous details and mitigating factors compressed within the fourteen years blp goverance would be revealed .You can holler and scream all u like but the truth would be told over and over again until the blp faced the facts and bear some responsibility of making Barbados a debted nation.

    Like

  27. Well Well & Consequences August 20, 2016 at 12:19 PM #

    Yeah…David Simmons really make us shame…corrupt crook with a pimp title that he is, he has honed the skill of being a crook to an artform.

    Like

  28. Hal Austin August 21, 2016 at 9:40 AM #

    Bush Tea,
    There is a lot wrong with Barbados, including a 1970s invention as our primary culture event. Vulgar wukking up, alcoholism, etc. With doctors, lawyers and senior public officials taking part.
    I once asked a teacher how she would feel if her pupils saw her nearly naked wukking up, she said it did not matter. It is Crop Over.
    That’s the depth to which the society has descended.

    Like

  29. Anonymice - The Gazer August 21, 2016 at 10:10 AM #

    I think trying to invent a machine to harness the energy of the pelvic thrust or the gyration of the hips would be a more fruitful endeavor than a sermon against wukking up.

    That horse left the stable, ages ago.

    Like

  30. Caswell Franklyn August 21, 2016 at 11:45 AM #

    Well said, Hal Austin

    Sent from my iPad

    Like

  31. Donna August 21, 2016 at 2:15 PM #

    Just had that conversation last night about nearly naked teachers doing the dog in August and expecting respect from their teenaged male students in September. I was told that teachers do not behave like that. I guess that person was wrong. However, I am proactive. I never let my son watch Kadooment until this year when it looked so tame it was boring in the stadium. Can’t have him seeing his teachers so compromised.

    Like

  32. balance August 22, 2016 at 4:06 AM #

    “This man is pure genius. Any businessperson who would drop CBC like a hot potato and take the current noncollectable hit rather than continue the cash haemorrhage is obviously dumb as fuk”

    Not quite clear what you are trying to say here in relation to the content of your entire comment

    Like

  33. Bush Tea August 22, 2016 at 7:40 AM #

    @ balance
    Not quite clear what you are trying to say here
    +++++++++++++++++++++++++++++++++++++
    You CAN’T be serious

    Like

  34. William Skinner August 22, 2016 at 7:49 AM #

    @ Donna,
    I guess seeing his doctor, lawyer, neighbours, school friends, members of his church, family friends, your friends doing the dog would not affect him. I think sometimes in an effort to score petty points we look for anything. Teachers are well within their rights to wine and do the dog . Why pick on teachers and not his parliamentary representative, the Governor of the Central bank, the leader of the Opposition etc. One final question: Why female teachers?Gimme break.

    Like

  35. William Skinner August 22, 2016 at 8:09 AM #

    @ Hal Austin,

    What else are you going to blame teachers for? While I buy your point that there is some vulgarity and Crop Over needs to be more broad/community based by highlighting other positive aspects of our country, I can’t fathom why you and others have identified teachers as having no right to express themselves as adults. This level of commentary is highly emotional but sadly way below progressive discourse.

    Like

  36. Tron August 22, 2016 at 8:51 AM #

    Today there is an interesting article in the Nationnews on “Devaluation a threat”.

    When it comes to the true value of the BBD, simply ask the question: Do I get the same when I spend 2 BBD in Barbados or 1 USD in USA? The answer is no. When it comes to food, the value is 1:4 and servicing even worse. I will never understand why the peg is 1:2. That is an arbitrary value. You could also set it 1:1 or 1:3 with same sort of justification.

    A currency peg only works under same economic conditions, eg Denmark with the Euro zone. However, USA and little Bim are very different. Look what happened to the PIGS, to Latino Europeans. Weak economies, bad work ethic, corruption, crime, poverty, misery. They will never recover within the Euro zone. This currency is made for the protestant work ethic of the North. The PIGS need a currency devaluing at least 5-10 % every year to catch up low productivity and budget deficits. Even Britain had big problems in the past to preserve the value of the pound against the rest of Northern Europe.

    If the current taxation policy was right, we could face the following scenario: Let us assume the USD reserve falls to 100 millions. Following the Voodoo logic of Central Bank, VAT should be increased to 30 % to prevent Barbadians spending foreign currency. Does that sound right? Not to me.

    To sum of, the exchange rate of 1:2 is a national obsession without any rational justification. I do not argue against pegging itself but just against the current ratio which is obviously not working anymore.

    Like

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