What Have We Learnt So Far Regarding DEVALUATION?

The following was posted to FB Senate Page  by Economist Charles Skeete
Central Bank of Barbados

Central Bank of Barbados

  1. The monetary authorities can fix the nominal/official rate of exchange, but not the real rate (reer).
  2. When the nominal rate is fixed, over time there is a tendency for it to become over-valued. This is so especially in small open economies. There is evidence that the official rate of exchange is over-valued (is higher than the reer).
  3. A persistent bop current account deficit suggests we have a competitiveness problem and that national consumption exceeds national production.
  4. A persistent bop current account deficit can be sustained only as long as capital inflows (e.g., FDI and foreign borrowing) are at least equal to the current account deficit.
  5. High debt eventually limits the ability to borrow foreign exchange – except from the IMF.

What can we do?

Option 1: Draw on FX reserves. Unless replenished by a current account surplus, FDI, or foreign borrowing, reserves will be exhausted in short order. Sharply declining reserves will eventually make devaluation and borrowing unavoidable.

Option 2: Reduce the fiscal deficit. Alas recent experience suggests that our heart is not in it. We try to raise taxes we cannot collect and we resist cuts in spending with all our might. Reducing the fiscal deficit is necessary to restore a balance between national consumption and national production. Without credible steps to restore this balance, we will continue to be rated a poor credit risk.

Option 3: We have never been fond of high interest rates, except as a reward for saving. The fact that high interest rates are an alternative/supplement to devaluation as a way to lower consumption is conveniently overlooked.

Option 4: Adopt policies that make the relative price of imports and exports more favorable to earners of export revenues and less favorable to consumers (e.g., devaluation, tax holidays, or other subsidies). We have been willing to use tax holidays and other subsidies to encourage investment in our leading export sector (tourism). This is necessary because we are not price competitive without such subsidies and we have rejected devaluation or a cut in the nominal wage (the standard remedies). As noted above, rejection of these remedies is viable only as long as reserves last.

Concluding Remarks: Restructuring of the agriculture and manufacturing sectors sufficient to restore current account balance are necessary, but are achievable only in the medium and long term. Fiscal and bop imbalance require remedies that will show immediate results. The ability to borrow foreign exchange would give us breathing room. On the whole, I must conclude that an IMF Program is very much in the cards.

Here endeth the final lesson.

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123 Comments on “What Have We Learnt So Far Regarding DEVALUATION?”

  1. Frustrated Businessman aka 'Nation of Laws' my ass. February 6, 2017 at 3:37 PM #

    David February 6, 2017 at 3:31 PM #
    @PUDRYR

    Cut the BLP & DLP lose and replace with who? The PDC?

    If the revamped senate with powers of prosecution calls a few hearings to review past contract awards and forms tenders sub-committees to open all tenders over BDS$100K publicly on Parliament TV, you will see how quickly the scum will crawl back into their holes.

    To get rid of the rats all you have to do is put away the cheese.

    Like

  2. David February 6, 2017 at 3:43 PM #

    @Frustrated Businessman

    Why do you think the winning President never moves to champion change to the Electoral System with its flaws?

    Who will bell the cat?

    Like

  3. Vincent Haynes February 6, 2017 at 3:43 PM #

    The only ones who can put away the cheese are the same rats…….so why would they do it?

    The above question has been asked a thousand and one times on BU in different ways with no answer…….only the said same politicos can change the rules/laws/conventions/constitution………so why would they do it to their disadvantage????

    Like

  4. Piece Uh De Rock Yeah Right - INRI February 6, 2017 at 4:09 PM #

    @ THe Honourable Blogmaster

    Here is de ole man’s suggestion

    It is time for change and a new Revolution of sorts.

    Find a mid-point with a new political party, IT DOES NOT MATTER WHO.

    and while it may seem to be a naive suggestion have that political party contractually sign off to specific things.

    I know that people might say that the contract with the said Party might not be binding on the newly elected government BUT my suggestion is that W HAVE TO DISBAND THESE BAND OF THIEVES.

    the lesson MUST BE SHOWN THAT WE WILL NOT GO DOWN THE ROAD WITH ITHER OF THEM ANYMORE!!

    FULLSTOP.

    That is the covenant of hope that any bajan knowing that both BLO & DLP are the same shyte needs to sign on to

    anything else is just spinning tot in mud.

    WE HAVE TO CHANGE THIS OR in five years time the replacement Barbados Labour Party, under Mugabe Mottley is going to be mekking us snort

    I for one am tired of the two of them

    AND SO ARE YOU David.

    Give me one name among them that is Honourable just one name, Toppin, Kerrie Symmonds, Dale marshall, Payne?? call one

    SHIP THEM ALL OUT OF TOWN and let them all realise that we ARE NOT TO BE EFFED WITH.

    THere will never be another chance in our lives

    Like

  5. Vincent Haynes February 6, 2017 at 5:23 PM #

    Robert Skidelsky: “Let’s be honest: no one knows what is happening in the world economy today.”
    Is economics education failing?
    Robert Skidelsky explores the limitations of educating economists, and the consequences.
    weforum.org
    http://wef.ch/2k3JMon

    Like

  6. Vincent Haynes February 6, 2017 at 5:24 PM #

    Their most recent Economic Review was presented Tuesday 24th which listed Foreign Reserves at only 10 weeks, and in financial circles it is said the IMF says if reserves go below 12 weeks then a country may have to look at devaluation of its currency…
    Ian D. Bourne feeling shocked with Thomas Sankara and 14 others at Tom Adams Financial Centre (Central Bank Of Barbados).
    7 hrs · Bridgetown

    How long is Dr Worrell allowed to run amok? He is past age of retirement yet it’s BIDC workers Gov’t asks to leave at age of 60?
    The Bajan Reporter | Central Bank alters its website – Dates Missing and Youtube Videos removed | The Bajan Reporter
    bajanreporter.com|By Bajan Reporter
    https://www.bajanreporter.com/2017/02/central-bank-alters-its-website-dates-missing-and-youtube-videos-removed/

    Like

  7. ac February 6, 2017 at 6:20 PM #

    what i see at play here is the blp reading from the same 2013 election play book which goes like this

    Privatization a means to an end
    IMF program a means to an end
    Devaluation a means to an end

    All of which cost the blp the last election

    carry on smartly lol

    Like

  8. Bernard Codrington. February 6, 2017 at 7:17 PM #

    @ Vincent at 5:24 PM

    Economists of my generation were trained in the rounded manner outlined in the article. We had electives and I made sure I included Accounting, Demography and Economic History as well as the compulsory economic and politics courses.
    They all were useful in my work career. Economics is about man and like all organisms
    individual and social psychology plays an important part in how he responds to external and internal stimuli. More importantly he is for ever learning therefore he learns from past experience. So economics is more than a series of simultaneous equations. That will do in Chemistry and Physics but not in the biological and social sciences. It is not even tenable in aeronautical physics. That is why Physicists made redundant from NASA went to wall Street. Hoping the Mathematics used in the Space program would work in the Financial World. And you saw the results with derivatives and Hedging.

    Liked by 1 person

  9. Bernard Codrington. February 6, 2017 at 7:27 PM #

    @ Vincent

    I omitted to thank you for the paste.
    I hope Bushie will now cease to proclaim his ignorance of what an economist is. The elements with which we deal are unstable. They are not made of the amalgam of which his Brass Bowls are made.

    Like

  10. vincent haynes February 6, 2017 at 8:37 PM #

    Bernard

    My early training was in meteorology not dissimilar to economics……..many many variables attempting predictions.

    Like

  11. Simple Simon February 6, 2017 at 8:42 PM #

    @Bernard Codrington. February 6, 2017 at 7:17 PM “economics is more than a series of simultaneous equations. That will do in Chemistry and Physics but not in the biological and social sciences. It is not even tenable in aeronautical physics. That is why Physicists made redundant from NASA went to wall Street. Hoping the Mathematics used in the Space program would work in the Financial World. And you saw the results>”

    True.

    A good part of economics is about human behaviour, and human behaviour is hugely unpredictable, can any of us predict what we ourselves will do in 3 years time?

    This is the same reason that military governments are so bad. The militarily trained boys with the guns and boots believe [foolishly] that other people will behave as they do. When people don’t, the military boys [or wanna be military boys] then have to crack some heads and shoot some people, and shed some more blood.

    Economics lesson 101: People unruly.

    Like

  12. millertheanunnaki February 6, 2017 at 8:45 PM #

    @ acFebruary 6, 2017 at 6:20 PM

    Ac, the resident blow fly of BU, mark these words:
    ‘One day coming very soon you will be made to eat those same words you just regurgitated’.

    In your nightmare of dreams the DLP will soon be returned to office and you will soon be, in true blow fly fashion, the biggest feeder on what’s left of the carcass of the Bajan economy ‘wracked’ by the same privatization, devaluation and deeply embedded in the bowels of a rigor mortis type IMF grip of fiscal heavy manners.

    We are witnessing the original “Peter Principle” in action when it comes to your dangerous lying party pretending, in true monkey fashion, to be managing the people’s business.

    As the Prodigal Son so timely recalled the ‘powful-foolish’ outburst of that two-bit porno pimp promoted to his highest level of vacuous bullshit and ‘excellent’ incompetence where his morning words don’t add up to his evening performance.

    “But dont forget……..”we aint want to hear anything from wunnah, any ideas wunnah got, keep to wunnah self, wunnah had 14 years, now is we time, we gine do things we way”……….the words of Donville Inniss in 2009!”

    Those famous hubristic words of shortsighted arrogant stupidity have come back like karma the bitch to bite the naked butt of the exposed porn king and to haunt the living daylight out of this moribund ghost of an administration not fit for the purpose of managing Barbados.

    Come on, there must be some little bone of decency and concern for the country still remaining in the burnt-out cadaver now referred to as the John Dow found dead in George Street. Cause of Electoral Death: Deceit brought on by a 10 year life of lies.

    Just ring the bell to start the exorcism of the demon that possesses the body politic called Barbados.

    Liked by 1 person

  13. Prodigal Son February 6, 2017 at 9:34 PM #

    Miller

    Have you noticed that we have not heard a word from the “moutha” or as Stetson Babb always refers to him …….the “out spoken” minister.

    The Central Bank is imploding and not a word from Mr Inniss, something is strange in Denmark!

    Like

  14. Artax February 6, 2017 at 9:46 PM #

    And “what I see at play here is the DLP reading from the same 2013 election play book which goes like this”:

    “Privatization (NOT) a means to an end.” After elections they will admit to civil servants the country is in economic turmoil before retrenching 8,000 more of them; they will secretly negotiate the sale of other public entities as they did with BNOCL; the mysterious appearance and disappearance of the garbage trucks that were parked in the port may reappear again as they prepare to privatize the SSA.

    And how would the numerous PSV permits that were recently issued by the Transport Authority affect operations of the Transport Board, especially under circumstances where there is a deliberate attempt to maintain an inadequate number of operational units per day? Privatization of the Transport Board?

    Also recall that on Monday, January 6, 2014, (which was AFTER the 2013 general elections) during a press conference to discuss this island’s economy, Sinckler said government was in the process of reviewing the functions of 19 statutory corporations with a view to consolidating their operations.

    “He added that, of those 19 institutions, “Some will go out of business, others will merge with each other and perhaps where it is feasible and makes sense for PRIVATE INVOLVEMENT (privatization) in the operations of any of those institutions that will be undertaken as well.” [BGIS: January 9, 2014]

    “IMF program (NOT) a means to an end”….. These stupid, “economic illiterate” political yard-fowls known as the ACs, are of the mistaken belief that an IMF program means “austerity measures” and “currency devaluation.” Yard-fowls, the IMF offers a number of programs, such as the:

    • Stand By Arrangement, which provides short-term assistance for countries experiencing short-term balance of payments difficulties;

    • Extended Fund Facility, which provides longer-term assistance to support members’ structural reforms to address balance of payments difficulties of a long-term character;

    • Structural Adjustment Facility (SAF) to provide balance of payments support on concessional terms to low-income developing countries and provide loans to support the medium-term macroeconomic and structural adjustment;

    • Poverty Reduction and Growth facility (PRGF), which aims at sustained poverty reducing growth;

    The most ignorant individual to be ever appointed as Barbados’ Minister of Finance, Chris Sinckler, ADMITTED that government REQUESTED technical assistance from the IMF. In other words, Barbados entered into an IMF stabilization program/arrangement, contractionary in nature, consisting of financial measures aimed at reducing the public sector employees and government spending, reforming the tax system and introducing measures to stimulate private sector investment.

    “Devaluation (NOT) a means to an end.” However, the Governor of the Central Bank, private sector organizations, special interest groups, local, regional and international economists, IMF, Standard & Poors, World Bank, Caribbean Development Bank and other financial institutions, have all ADVISED government that continuing on its current economic path will result in the DEVALUATION of the BS$.

    “All of which (WILL) cost the DLP the next election……”

    “Carry on smartly lol…..”

    DEMS now, DEMS, never, ever again!!!!

    Liked by 1 person

  15. Well Well & Consequences February 7, 2017 at 6:17 AM #

    https://www.barbadostoday.bb/2017/02/07/boycott-them/

    What kind of jackass is James Paul, how can you boycott a business if Paul refuses to name the business that needs boycotting, he is another dumb minister or whatever who wants throwing out on his ass.

    Same thing Paul did with the illegally imported chicken, both him and Dumbville knew who imported the inferior quality chicken illegally from the UK and both refused to name the crook, playing the same stinking game against the people of hiding and protecting the names of the business people destroying the economy, when those names should be made public…real life coons the 2 of them..

    Kick both of them out of parliament, they are both useless to the people.

    Like

  16. ac February 7, 2017 at 10:07 AM #

    Look my message is a simple refection of what happened in 2013 with the same messengers touting a flag of doom and gloom
    The imaginery downward spiralling effect of the economy which was to topple the govt and give the blp an imaginery win of biblical propotions did not happened
    Soon the nation would have to endured the marches once again as proof that the blp is serious about change
    Change without having solutions is an imagination gone wild.

    Like

  17. Vincent Haynes February 7, 2017 at 10:27 AM #

    ChangeChange without having solutions is an imagination gone wild.

    Chuckle……..status quo without having solutions is a……….what????

    Like

  18. Artax February 7, 2017 at 11:19 AM #

    These “strategies” you to which you refer are not specific to the BLP, but has been used by both BLP and DLP.

    Prior to the 2008 general elections, the DLP engaged in similar activities. Similar to BLP marches, during their 14 years in opposition, the “nation had to endure” the DLP walking out of parliament on numerous occasions, a strategy they are now condemning the BLP for doing. In those days the DLP did not remember they were representing people who voted for them, it was all about “an imaginary win of biblical proportions.”

    If you were to be honest, (which is an impossible task for political yard-fowls), you would concede that, during the past 9 years, the DLP has not made any significant developmental, social or economical changes to Barbados. The status quo remains the same. Corruption, wealth remains in the hands of a few white individuals whose names change according to which “party is in power,” ministers displaying a blatant lack of transparency and accountability. Actually, in some situations, things have gone from bad to worst.

    While in opposition, David Estwick was the DLP’s chief spokesman on economic matters. He wrote articles in the Sunday Sun and used VOB’s “Brass Tacks” program to be a “messenger touting a flag of doom and gloom.” Estwick said Barbados was in “debt trap” and also expressed an “imaginary downward spiraling effect of the economy.”

    And the economy DID NOT collapsed as the DLP predicted.

    Ironically, the same David Estwick publicly admitted the DLP’s economic policies are responsible for current “downward spiraling effect of the economy.”

    Under this inept DLP administration, the Barbados economy has experienced numerous consecutive credit rating downgrades; lack of investor confidence; unexplained depletion of foreign reserves; manipulation of economic data (as identified by the IMF); failed economic policies and now the talk of devaluation has once again surfaced, NOT by the BLP but by other sources.

    During the 2008 election campaign, the DLP’s mantra was “TIME FOR CHANGE.” But was the DLP” serious about change?” Under the present circumstances, it is clear to Barbadians that the DEMS were not serious.

    Taking into consideration all that has occurred in Barbados under this administration, certainly proves “Change without having solutions is an imagination gone wild.”

    There are not any fundamental differences between the BLP and DLP, as you would want Barbadians to believe.

    Liked by 1 person

  19. ndtewarie February 7, 2017 at 11:25 AM #

    CHASING RAINBOWS

    Defenseless kids with weak parents
    Can find themselves in predicaments
    Being bombarded with crap on TV
    Of lucrative sports in high society
    And instead chose the end of a rope
    A real shame when they can’t cope

    Politicians are the experts on this
    On the pulpit they’re never amiss
    More than the world they will promise you
    Seeing through their hypocrisy nothing new
    Come time to pay up they can’t fulfill
    As they try to cover up with a sour pill

    Some women swallow this wholesale
    Watching ads saying you cannot fail
    In getting trim to look sexy for today
    Even becoming anorexia on the way
    But all these dreams fall by the wayside
    As the chased rainbows always go to hide

    In every walk of life we find
    Folks who have this in mind
    Even in some schools this some do teach
    Trying for rainbows you can never reach
    Maybe it’s good to hope and aspire
    Better doing that before you expire

    I am not advocating being a pessimist
    But I prefer being an honest pragmatist
    Why not treat everyone with truth and honesty
    Than to hoodwink them with slippery casuistry
    The world would be a better place for us all
    When we treat the other person as a real a pal

    Like

  20. Gabriel February 7, 2017 at 11:36 AM #

    WW&C
    You notice how often the said James Paul is on the DLPTV.Something is in the air and some people are feeling the wrath early.

    Like

  21. ac February 7, 2017 at 12:40 PM #

    Tripping all over one self is not a solution. Those who have crticisms must also be aware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice

    Like

  22. Well Well & Consequences February 7, 2017 at 12:53 PM #

    Gabriel…it says a lot that government ministers cannot call the names of the business people destroying the economy,,,, that happens nowhere else in the world except for banana republics where government leaders are silenced by business people….tells us a lot.

    Like

  23. NorthernObserver February 7, 2017 at 1:02 PM #

    I wasn’t aware it was illegal to import coconut water? Or that it required a special permit. Do you recall the outcry when imported ice creams became the thing? Or when multiple beers invaded what was Banks domain? Neither do I.
    Could this be a ‘protectionist policy’?
    The gentleman Paul has already said too much.

    Like

  24. Simple Simon February 7, 2017 at 1:21 PM #

    I’ve seen coconut water on the shelves for years now. I didn’t know that the Barbados Agricultural Society was unaware. I did not buy it because it was about 3 times as expensive as local coconut water, and I never buy foreign if local is cheaper and fresher.

    I heard someone complaining on Brass Tacks this morning that a particular coconut vendor smelled sweaty. I wanted to ask her how she would smell if she was working outdoors in 30 degree heat, and 90 percent humidity. I put it to her that even if she had carefully bathed and deodorized herself, that after two hours in the heat and humidity she too would smell sweaty. I know that I too smell very sweaty after a couple of hours of hard outdoor labour.

    Like

  25. Simple Simon February 7, 2017 at 1:28 PM #

    Some people have also been raised in a steralized bubble. Some people are unaware that once a coconut is cut, that the white part of the shell leaves a brown fruit stain on the clothing, so that even if a vendor wears a brand new cotton t-shirt in the morning, after a day of cutting coconuts the shirt will be full of brown stains which only become evident once the shirt is laundered. Like the stains from ackees (guinep) and from green bananas these stains are impossible to remove. I’ve tried chlorine bleach and other more sophisticated modern stain removers and I’ve yet found a stain remover which works for these fruit stains.

    So a coconut vendor who smells sweary, and looks dirty may in fact be a man who left home two hours ago, freshly bathed, and with a freshly laundered but fruit stained shirt.

    My old man used to say that modern people are so foolish that they seemed to think that food grows in plastic bags in the supermarket refrigerators. They are so wrong. Virtually all food grows in the dirt.

    Like

  26. NorthernObserver February 7, 2017 at 1:43 PM #

    @Hants
    plenty brands and most taste like pup. They are all from concentrate, coming from Taiwan or a similar locale. And they tend to lace them with sugar.

    Like

  27. Vincent Haynes February 7, 2017 at 2:04 PM #

    It is not presently illegal to import coconut water or coconuts,we have imported from T&T in years past where the method for spoilage control in a bottle was perfected by a son of the soil,this bottled water is being imported from Guyana a fellow Caricom territory.

    We should have increased our coconut production,taken advantage of the pasteurisation process perfected by one of our own and established a processing plant long ago which could have been an fx earner as well employing all the youngsters to work the coconut stands.

    Like

  28. Artax February 7, 2017 at 2:35 PM #

    ac February 7, 2017 at 12:40 PM #

    “Tripping all over one self is not a solution. Those who have criticisms must also be aware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice.”

    @ ac

    Congratulations!!!!!

    Your above comments clearly indicate that you finally came to the realization that there AREN’T ANY FUNDAMENTAL DIFFERENCES between the BLP and DLP.

    The DLP, while in opposition, constantly CRITICIZED the former BLP administration. “They had criticisms, but were unaware that there is a high level of responsibility attached to give those solutions that are for betterment instead of dipping from a poisonous well of glandular deceptions to trick and entice.”

    An example of “dipping from a poisonous well of glandular deceptions to trick and entice,” is your 2008 election manifesto. After campaigning the length and breadth of this island telling Barbadians about corruption, cost over-runs, auditor general’s reports, lack of accountability and transparency, the DLP said they would make a CHANGE, after 9 years at the helm of government, there has NOT been any ATTEMPTS to CHANGE the STATUS QUO, as PROMISED.

    And if you were to analyze the modus operandi of this inept DLP administration, you would immediately know the reasons why. There are SIMILAR CASES of corruption, cost over-runs, lack of transparency and accountability under this DLP administration, thereby indicating this lot is SIMILARLY as CROOKED as the former BLP they criticized.

    How does the DLP expect to face the electorate with Michael Carrington, a crooked lawyer who shamelessly with-held (stole) money from a disabled senior citizen?

    Liked by 1 person

  29. ac February 7, 2017 at 3:40 PM #

    In reference to carrington.
    Question how is it that Mia has been repeatedly returned to Parliament as a representative of her constituency after the many illegalties brought against her with the most recent docked in the courts of barbados.

    Like

  30. enuff February 7, 2017 at 3:50 PM #

    If Mottley wins, she’ll turn out to be one of the best. Watch out!!

    Like

  31. David February 7, 2017 at 4:29 PM #

    How is it Attorney General Adriel Brathwaite promised on the floor of parliament to investigate the matter of Mia’s practicing certificate and report to Barbadians yet months later we wait?

    #JA&Yardfowl

    Like

  32. Well Well & Consequences February 7, 2017 at 4:35 PM #

    I took a taste of the coconut water at Loblaws, pure crap from Asia. Jamaica now exports coconut water to Canada.

    Simple…….it’s very difficult teaching foolish people common sense, I am reaching the stage of thinking they are best left to their own sordid fates.

    Like

  33. ac February 7, 2017 at 4:41 PM #

    Ammm all things done in their right time

    .

    Like

  34. Artax February 7, 2017 at 4:46 PM #

    You are always alluding to some case between her and George Payne. However, if the case is YET to be heard in Court, then in the ABSENCE of a TRIAL and a RULING by Magistrate or Judge, according to the law and the Universal Declaration of Human Rights, article 11, Mottley is entitled to a “presumption of innocence.” In other words she is PRESUMED to be INNOCENT until proven guilty.

    Conversely, the records clearly show that Carrington illegally with-held his former client’s, Mr. Griffiths, property and refused to acknowledge requests for payment. Griffiths subsequently sought redress through the Court. The evidence he presented was enough to move Justice Cornelius to RULE in his FAVOUR and ORDER the crooked lawyer to return such property in addition to accrued interest.

    For the benefit of BU contributors and to “BRING BALANCE” to this issue” perhaps you would care to LIST “the MANY ILLEGALITIES brought against” Mottley and how many times she was ordered by the Court to repay money she illegally with-held from clients.

    Remember, no amount of political rhetoric and irrelevant generalized statements will detract from this issue of lawyer ethics.

    Liked by 1 person

  35. Hal Austin February 7, 2017 at 5:33 PM #

    Who the hell is Philip Hunte

    Like

  36. ac February 7, 2017 at 6:13 PM #

    well Carrington”s case was brought before a judge and the final judgement found no guilt on carrington”s part of having stolen anyone monies and that is a fact ,
    Yet you insist and persist of turning the outcome of the judges judgement into alternative facts
    However my reference to scrupulous allegations against MIa in the barbados court is a fact which you are willing to overlook

    Like

  37. David February 7, 2017 at 6:26 PM #

    IMF Staff Recommend St Lucia CIP Revenues be used Primarily to Reduce Debt

    by caribbeantradelaw

    Alicia Nicholls In the  Concluding Statement of their 2017 Article IV Mission to St. Lucia released February 6, 2017, International Monetary Fund (IMF) Staff recommended that revenues from the island’s Citizenship by Investment Programme (CIP)  be used primarily to reduce the island’s high public debt and that limits  be placed on the amount of CIP […]

    Read more of this post

    Like

  38. Artax February 7, 2017 at 8:27 PM #

    Look, to engage in a discussion about Mottley’s case BEFORE it is heard in Court and a verdict rendered, would be a presumptuous determination of her guilt or innocence. However, Carrington’s case was HEARD and a VERDICT rendered.

    Whether you like it or not, the result of that case PROVED Michael Carrington is a DISHONEST LAWYER when he WILLFULLY and UNLAWFULLY WITH-HELD his former client’s funds. And this “is a FACT which you are WILLING to OVERLOOK.”

    FACT #1:
    In 2000, Michael Carrington sold John Griffiths’ late aunt’s property at Dayrells Road, Christ Church, paid Griffiths $44,950 and WITH-HELD the sum of $210,000, for which he could not gave account.

    FACT #2:
    After14 years of Carrington ignoring his pleas to pay the sums with-held, Griffiths filed a CIVIL SUIT against the dishonest lawyer. On December 9, 2014 Madame Justice Jacqueline Cornelius RULED in his (Griffiths) FAVOUR.

    FACT #3:
    Justice Jacqueline Cornelius ORDERED Carrington to give an account of monies outstanding from the sale and pay Griffiths over $208 900, the balance from the sale of a property which included a banker’s cheque with cash value of over $84 194, the remaining proceeds of an estate which was inherited by Griffiths, which he had received on Griffiths’ behalf, within 28 days, and pay all monies shown by the same account to be due, along with interest retroactive to May 13, 2014 until the entire sum is paid, and legal costs of over $7 700 incurred by Griffiths.”

    Since this was a CIVIL SUIT the Court ACTED within its JURISDICTION when Justice Cornelius, based on the evidence presented, ORDERED Carrington to PAY the sums he unlawfully with-held.

    Her verdict was tantamount to “guilty verdict” under a CRIMINAL SUIT.

    Surely if Carrington had not intentionally with-held Griffiths’ money, the Court would have RULED in HIS FAVOUR.

    You and Carrington should be THANKFUL Griffiths did not file a CRIMINAL SUIT. If he had, based on the evidence, Carrington’s dishonest ass would be in HMP Dodds all now.

    Remember, NO AMOUNT of POLITICAL RHETORIC and IRRELEVANT GENERALIZED STATEMENTS will DETRACT from this issue of LAWYER ETHICS.

    Like

  39. ac February 7, 2017 at 8:35 PM #

    Not necessary to give an analyse of the court order
    However by injecting and inserting unfounded and untruths all accountable to your own words of interpretations is dishonest and tantamount to deception

    Like

  40. ac February 7, 2017 at 8:46 PM #

    Mia is positioning herself to hold the highest office in the land and it should be of more concern to you that like Trump she has a bag laden with scrupulous allegations which is transparently clear makes her character fall below a passing grade of integrity
    After all for the past seven and half years you have waved the banner of corruption Transparency and integrity against govt ministers holding their feet to fire so in that vein the same principle should apply to Mia with all fairness and reasonableness
    Instead what you pursue is a path to discredit and challenge the audacity of anyone who dare point out while shoving and trying to out maneuver in order to give Mia a pass

    Like

  41. vincent haynes February 7, 2017 at 8:51 PM #

    Chuckle…the consortium have acknowledged defeat in the upcoming election,even they could not continue the spin as the wicket just could not take anymore.

    Like

  42. Artax February 7, 2017 at 9:38 PM #

    @ ac

    Yes, you are indeed correct!!! It is “Not necessary to give an analysis of the court order,” because Mottley’s case is YET to be heard by the Court.

    “However, by injecting and inserting unfounded and untruths, with “reference to (your) scrupulous allegations against Mia, all accountable to your own words of interpretations is dishonest and tantamount to deception.”

    Like

  43. Well Well & Consequences February 8, 2017 at 5:07 AM #

    https://www.barbadostoday.bb/2017/02/08/bridgetown-dead/

    Piece….both governments spent decades killing Bridgetown and are now lamenting that it’s dead….when did they not notice that the lighting is horrible across the island.

    So how do they plan to liven up the city….dress up all their yardfowls and have them go to Bridgetown and wukup for the tourists…steupps.

    Like

  44. Well Well & Consequences February 8, 2017 at 5:12 AM #

    https://www.barbadostoday.bb/2017/02/07/no-cheap-zr-votes/

    The ZR operators are calling out the lying politicians and ministers of the DBLP parties…that’s a start, they and the whole population have been lied to so many times over the decades by politicians, who can blame them.

    Like

  45. Well Well & Consequences February 8, 2017 at 7:06 AM #

    http://www.independent.co.uk/news/business/news/imf-issues-fresh-warning-greek-debt-threatens-explosive-tax-international-monetary-fund-a7568236.html

    Has the Barbados’ debt reached 160 of GDP yet.

    Like

  46. Well Well & Consequences February 8, 2017 at 12:37 PM #

    https://www.barbadostoday.bb/2017/02/08/blackett-questions-need-for-town-halls/

    Everyone knows I am not a fan of Bille the goat…but the people really, really, really cannot put this fool Blackett back in parliament…has it not occurred to him that Billie in her declining years is seeing the errors both governments made in the last 50 years in not consulting with the people, their employers, BEFORE making all those stupid, visionless decisions that have destroyed even the infrastructure, the judiciary, the roads, the lives of the majority etc and any sensible governance…..on the island.

    Like

  47. Vincent Haynes February 11, 2017 at 10:33 AM #

    https://goo.gl/xOWhws

    Like

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