Economic Forum Hosted by the Central Bank of Barbados

centralbank-forum

From the left, Jewel Brathwaite, journalist, Dr. Winston Moore,Head of the Department of Economics at the University of the West Indies, Cave Hill, Governor of the Central Bank DeLisle Worrell, Donna Wellington, President of the Barbados Bankers Association and Reginald Farley, Executive Director of the Institute of Chartered Accountants of Barbados

Central Bank of Barbados Governor, Dr. DeLisle Worrell and a panel of experts comprising Professor Winston Moore, Head of the Department of Economics at the University of the West Indies, Cave Hill; Donna Wellington, President of The Barbados Bankers’ Association; Reginald Farley, Executive Director of the Institute of Chartered Accountants of Barbados; and Jewel Brathwaite, a well respected business journalist discussed a wide range of topics related to the economy.

Throughout the evening, the panel took questions from the forum’s two moderators, Dean St. Hill and Patrick “Salt” Bellamy, as well as from the studio audience and from Facebook, where the event was being livestreamed. Over the 90 minutes, issues such as the fiscal deficit, the decline in the island’s foreign reserves, the printing of money and the effects of low productivity were debated with a great deal of candor. (Central Bank website)

Watch the entire forum below :

 

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123 Comments on “Economic Forum Hosted by the Central Bank of Barbados”

  1. Well Well & Consequences February 11, 2017 at 5:16 AM #

    https://www.barbadostoday.bb/2017/02/11/hyatt-approved/

    Hyatt got approval oh well….big shit sailing on the ocean, oh what promotion…lol

    Wonder if any government ministers or yardfowls went swimming in the shitbomb by the River bus terminal yet, they should,

    Ya do not want small island idiots of parliament emoluting a bigger idiot and illiterate in the white house, Barbados has enough problems with its current retarded leaders as it is would would be more than happy to destroy their own people….that is what the US is fighting against with their resident illiterate leader.

    Liked by 1 person

  2. Well Well & Consequences February 11, 2017 at 7:45 AM #

    Exactly how do these lawyers know an impact study is not needed for this project…….the Town Planning Act of requirement has nothing to do with public safety……are they engineers, was a study done before, if done years before, rising sea levels and beach erosion is now more dangerous than ever, are they thinking of that or are just fueled by greed and arrogance and no sense or care for safety.

    Kick Fruendel out of parliament next year.

    “Hyatt approved
    Final decision to be announced in two weeks, say officials

    Added by Neville Clarke on February 11, 2017.
    Saved under Local News
    0
    The final decision on the controversial Hyatt hotel on Lower Bay Street, the City will be announced in two weeks, official sources have said.

    The sources told Barbados TODAY that approval had been given by Prime Minister Freundel Stuart for construction of the multi-million dollar development to begin, and Town Planning officials were simply putting the finishing touches to the agreement before the announcement is made.

    According the officials, lawyers have advised that an environmental impact assessment (EIA) was not required under the Town & Country Planning Act, therefore there was no reason for any further delay to the US$100 million Hyatt Centric Resort.”

    Like

  3. Violet C Beckles CUP February 11, 2017 at 8:55 AM #

    vote buying year 2017, votes for jobs, vote for jobs, sell out ,,, He thinking he will keep his seat by talking jobs, He has been a crook for far too long and must be replaced, Crooks come with the same MO all the time, People need to see that, Hows many jobs must i report in the news to have suckers vote for him again? People let their ears fool them ,

    Like

  4. Well Well & Consequences February 11, 2017 at 3:01 PM #

    https://www.barbadostoday.bb/2017/02/11/go-after-the-private-sector-govt-told/

    This is a start.

    Like

  5. Artax February 13, 2017 at 7:24 AM #

    The following is a response by Mark Adamson of the PDC, to Barbados Today’s article of Monday, February 13, 2017 re: “Pressure mounting on Central Bank Governor.”

    Mark Adamson
    February 13, 2017 at 2:32 am

    The below post is a reproduction from a Facebook post that was helped done by me some weeks ago.

    “Dr Delisle Worrell must be FIRED from his position as Governor of the Central Bank of Barbados.

    For, et al, it is methodologically and logically improper and unsound for him to have been recommending to the government of Barbados any tightening of fiscal or monetary policy based on some failure of the country to establish the principle of balancing foreign receipts inflows with foreign receipts outflows in the relevant financial accounts of the government of Barbados.

    As a matter of fact, it is egregious for him and the government to make countrymen and women believe that any political economic and financial agenda of this country could be based on such a principle of balancing foreign receipts inflows and foreign receipts outflows, when it is impossible to non-nonexistent, in the first place, for any country to establish such a principle of balancing foreign receipts inflows with foreign receipts outflows, primarily because foreign receipts inflows are one set of variables totally different and totally mutually exclusive to foreign receipts outflows – another set of variables.

    Hence, it is absurd for any one to make any one else believe that there are points at which such receipts inflows and receipts outflows balance, when the truth is that there is absolutely no relationship between those two sets of variables, and when the forces driving foreign receipts flows inwards and the forces driving foreign receipts flows outwards are moving in two groups of totally different directions.

    Hence, it is impossible to non-existent for any government to bring about any measures that can be used by itself and the relevant others to control those ever very diverging forces to the point of bringing about such balance.
    What is needed to be done from now on, in this country, is for foreign receipts inflows and the circumstances and forces giving rise to them to be treated on their own, and foreign receipts outflows and the circumstances and forces giving rise to them to be treated on their own as well.

    All the aforegoing shows why so-called exchange rate parities involving the Barbados Dollar (metaphor) are totally absurd and preposterous, and shows why economics remains the most vile and discredited of all the social studies disciplines in this world.”

    +++++++++++++++++++++++++++++++++++++++++++

    Mark Adamson………. UTTER NONSENSE!!!!!……….I’ve never read such rubbish in my life and what is even worst is the fact that you were brave enough to mention “a Facebook post that was helped done by me some weeks ago.”

    Like

  6. Artax February 13, 2017 at 7:37 AM #

    Freundel Stuart should have given Chris Sinckler an ultimatum as well.

    Barbados is perhaps the only country in the world where a Minister of Finance has continually demonstrated he and his policies are abysmal failures and he has not seen it fit to resign or the PM relieving him of his portfolio.

    However, the performance of Dr. Worrell and his subsequent “attempted sacking” is an indictment on Sinckler and by extension, this inept DLP administration.

    Like

  7. David February 13, 2017 at 7:39 AM #

    There is a reason why Adamson’s (PDC) comments have been rubbished by the BU family.

    Like

  8. David February 13, 2017 at 7:50 AM #

    Another distraction at the worse time.

    Like

  9. Own Area February 13, 2017 at 8:01 AM #

    GOVERNOR OF CENTRAL BANK of Barbados Dr Delisle Worrell went to the High Court yesterday and successfully sought a temporary injunction against the Minister of Finance
    In an unprecedented move, Worrell was granted a Sunday night hearing before Justice Randall Worrell in the Supreme Court, where the Governor’s lawyers were successful in their request.
    Sources said Worrell was reportedly given a choice – resign or be fired.
    The economist, who is in his 70s was appointed Governor in 2009 and received another five year term in 2014.

    Like

  10. are-we-there-yet February 13, 2017 at 8:02 AM #

    David;

    What distraction, what?

    Dis is de real ting!

    Just think.

    Why would the GoCB, after printing money for years, at the order of the MoF, suddenly make noises to suggest that he couldn’t continue to do that?

    What does the whole debacle at this time suggest is the real state of the foreign reserves?

    What is the only order that could have been in the purported letter from the MoF to the GoCB that could have triggered the righteous anger and reported response by the GoCB?

    Looka, we en far from dere!

    Like

  11. Vincent Haynes February 13, 2017 at 8:13 AM #

    Will the teflon coating of this govt finally be pierced???

    https://www.barbadostoday.bb/2017/02/13/pressure-mounting-on-central-bank-governor/

    Like

  12. Bush Tea February 13, 2017 at 8:21 AM #

    How is it that a government with a scant majority of two in parliament, can do so much shiite, for so long, in so many areas, …and no action is taken by the opposition to oust them?
    Surely we should get the chance to see EXACTLY which politicians will actually vote to support this kinda shiite…

    One gets the distinct impression that the opposition cares more about how best to gain the spoils of war than they do about the good of Barbados…

    Liked by 1 person

  13. David February 13, 2017 at 8:30 AM #

    @AWTY

    Think about it, it is a distraction at a time the economic engine of the country should be well oiled.

    >

    Like

  14. Ping Pong February 13, 2017 at 8:40 AM #

    It seems to me that the Governor of the Central Bank is refusing to continue to print money. This refusal may be contrary to the instructions of the Minister of Finance. If money is not printed, how will public sector salaries and wages be paid? If money is printed how will the foreign reserve levels be maintained?

    The words of Dante’s Divine Comedy come to mind: The inscription above the gates to Hell read “Abandon all hope, ye who enter here”!

    Like

  15. Bush Tea February 13, 2017 at 8:48 AM #

    @ Ping Pong
    The words of Dante’s Divine Comedy come to mind: The inscription above the gates to Hell read “Abandon all hope, ye who enter here”
    +++++++++++++++++++++++++++++++++++
    …and as you know, we had the formal welcome ceremony last December 1 when we dedicated the monument to Satan on the Garrison…..

    Liked by 1 person

  16. Piece Uh De Rock Yeah Right - INRI February 13, 2017 at 9:03 AM #

    @ Bush Tea

    You is a man who does say soooo much in the likkle bit that you does say bout dese tings

    “…One gets the distinct impression that the opposition (THE EFFING Mugabe Lot of vipers – my addition not yours) cares more about how best to gain the spoils of war than they do about the good of Barbados…”

    And as a footnote to your observation Own Area (a play on Owen Arthur?) states “GOVERNOR OF CENTRAL BANK of Barbados Dr Delisle Worrell went to the High Court yesterday and successfully sought a temporary injunction against the Minister of Finance…”

    By themselves they would pass the eyes of 95% of the Bajan populace who ent give one shy*t but in concert one realises that the DLP appointee of the Central Bank and former servant to these masters did “without malice or aforethought, on the Lord’s Day and the Sabbath, find a Judge, to the wit one Justice Randall Worrell, purported avowed supporter of the BLP (for indeed did he not get said Judicial Position under the BLP) who did grant an injunction to said GoCB.

    De ole man like i say and AC says and Walter PPK says, ent too bright but ……

    Like

  17. Hants February 13, 2017 at 9:04 AM #

    I invite the BU maguffees to read my post in Diaspora Corner.

    Like

  18. Hants February 13, 2017 at 9:10 AM #

    Central Bank governor gets injunction to stay in office – See more at: http://www.nationnews.com/nationnews/news/93510/central-bank-governor-injunction-stay-office#sthash.ne1jlz65.dpuf

    Like

  19. Own Area February 13, 2017 at 9:15 AM #

    Piece of de Rock

    All of that is all well and good but Delisle Worrell is a creature of the Minister of Finance and the DLP, so you know things got to be real bad, injunction or no injunction, if the MOF trying to fire him and creating a fictitious divide between the Board and CoCB, no?
    The Board and the Minister accusing him of not holding formal press conferences, he ain’t learn that from his masters?

    Liked by 1 person

  20. Piece Uh De Rock Yeah Right - INRI February 13, 2017 at 9:35 AM #

    and continuing on in the thread of an ole man who is an ignoramus in things dealing with economics i will repeat this sentence from Northern Observer.

    Who in his submission earlier made the following observation/statement “…he ignored the revenue side and focused on costs/expenditures, suggesting his opinion is the revenue generating tools are maxxed out…”

    Now let de ole man give me ingrunt take bout dis issue in me simplistic way.

    from what i unnerstand bout dis economics ting as a government you does mek money by taxing tings or supporting and facilitating an environment where tings can be manufactured and sold or, as in the case of tourism, ensuring that certain enablements obtain for agrigulture, tourism, health security, transport, telecommunications etc so that industry can flourish and there can be trade (balanced)

    I can only unnerstand at de shop level, like Moon Town in St Lucy.

    So if i buy stock of value “x”, and employee salaries of amount “y” and other operational expenses of a cumulative of “z” for me to keep me Moon town shop open, my sales from stock “x” must at least be equal to X + Y + Z

    and for me to stay in business, if X increases yearly, and de union always striking to get Y to get increase den, unlessing i want to close my business I got to get tings and increase “x” sales, mek sure that de people dat i paying “y” to is wukking and deserving of “y” and manage “z”

    Now if de ole man try to translate dis to all dese big terms bout macro economics and ting it would seem that

    (i),the “x” that i have invested in for 50 years, is the same ole stock, like expired condoms and not only dem past dem expiry date, people want lambskin prophylatics

    (ii).management has hired and continues to hire more employees “y” than are needed to be in my shop, so much so that there are so many of them in the shop that customers cant move round in moon town and of course even a simpleton like Physical Defcit can understand what “z” parlays into.

    The “revenue generating tools are maxxed out” because the successive groups of simpletons that we elected to manage the shop DO NOT EFFING KNOW HOW TO AUGMENT, APPEND ADJUST OR CULL “X” and therein lies our problems

    Cause while we accept that costs and expenditures must be MUST BE culled, we have to accept that there are still employees who must be absorbed elsewhere and one would be hopeful that a skilld HR pool might be retrained to be absorbed in a planned pertinent expansion of the X portfolio.

    But such is for men of vision and cannot be found among men whose national development plan is hinged on Untested Assification Plants and Del Masturbation outdated Solar Farms

    Bless them all, they cant do any better, cuh dear…..

    Like

  21. Vincent Haynes February 13, 2017 at 10:59 AM #

    Looks as if he is refusing to print more money thereby placing govt in a bind as far as their wage bill this month is concerned and placing their 10% increase in jeopardy.

    The only way out is to fire him,appoint someone else,print more money,ensure the feel good factor for the next 15 months,win the elections and then face the collapse of the country……QED

    Like

  22. are-we-there-yet February 13, 2017 at 11:09 AM #

    Vincent Haynes;

    Seems to me you’ve got it. That is the most reasonable interpretation and likely outcomes of the going’s on from the few facts available. But is it fairly likely that the collapse could come much sooner than you envisaged above?

    Like

  23. Hal Austin February 13, 2017 at 11:13 AM #

    Call a general election now.

    Like

  24. are-we-there-yet February 13, 2017 at 11:13 AM #

    …… and what does the current situation suggest about the foreign reserves?

    Like

  25. millertheanunnaki February 13, 2017 at 11:14 AM #

    @ Vincent HaynesFebruary 13, 2017 at 10:59 AM

    Vincie, it is not out of sound professional judgment the cowardly quack is jumping from the ship but because of the non-negotiable instructions from the IMF who has threatened to reveal the true state of the foreign reserves and the fudged statistics compiled over the years.
    Ask the recently retired Codrington if you think I ‘lie’!

    Confidence in Barbados and its managers are totally blown out of the water.

    Like

  26. Vincent Haynes February 13, 2017 at 11:33 AM #

    Miller and AWTY

    This is going to be an interesting week…..lets see if the teflon holds,only slightly dented not torn yet……

    Like

  27. Hal Austin February 13, 2017 at 11:39 AM #

    Forget the foreign reserves, that is voodoo. The real problem is a lack of fiscal and monetary policy.

    Like

  28. millertheanunnaki February 13, 2017 at 12:13 PM #

    Where are Alvin Cummins and the ac consortium of yard-fowls?

    The day of reckoning is at hand.

    Stop hiding in the pit toilet and show your dirty face crying with abject shame from what is happening between the Guv and his DLP bosses.

    Don’t turn into a ‘MIA’, come out and cuss the Guv for this show of fearful disobedience to the demands of his political masters.

    A spanner has been thrown into the workings of the printing press thanks to the devil that Bushie claims has risen from hell since the burying of the broken trident at the Garrison.

    First the shite spilling all over the place and now the pending collapse of the economy.

    “Beware the Ides of March!”

    Don’t be surprised if some public sector workers are not paid at the end of March.

    “Confidence thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live.” ~ Franklin D. Roosevelt, First Inaugural Address (4 March 1933).

    “Trust not him that hath once broken faith.” ~ William Shakespeare, Henry VI, Part III.

    Liked by 1 person

  29. David February 13, 2017 at 12:35 PM #

    @Hal

    And confidence!

    Like

  30. Vincent Haynes February 13, 2017 at 1:08 PM #

    Another scenario is being tied up in court for 15 months which will either allow us to see an innovative govt in action or an ealry election either of which will satisfy the populace.

    Like

  31. Own Area February 13, 2017 at 1:12 PM #

    Board of Directors

    Dr. R. DeLisle Worrell. Ph. D, Chairman
    Mr. Martin Cox
    Mr. Cecil McCarthy LL. B, (UWI) L.E.C.
    Ms. Onika Stewart LL. B (UWI) LL. M (Lond) L.E.C.
    Dr. Justin Robinson B.Sc., M.Sc., Ph. D
    Mr. Bjorn Bjerkhamn M.B.A.P.E., B.Sc.
    Mr. Elson A. Gaskin, LL. B. (UWI)., L.E.C.,
    M.B.A., M.I.C.B.S., Secretary to the Board

    WHEN ARE THEY GOING TO RESIGN?

    Like

  32. Own Area February 13, 2017 at 1:15 PM #

    1/3 of the board is made up of so-called lawyers, exactly what skill set do they possess to entitle them to members of the board?

    Like

  33. Piece Uh De Rock Yeah Right - INRI February 13, 2017 at 1:28 PM #

    And this Own Area is the crux of our problem

    Job vacancies filled by names and people with so called social standing who do not have one freaking idea about what they are appointed to do.

    This is the scourge that Barbados is plagued by.

    A bane of Superlative Incompetents who, because dem is Sir So and So, emphasis pun so and so, get de job and proceed to ef it up royally, round pegs in square holes.

    For 5 years too

    Like

  34. Gabriel February 13, 2017 at 1:45 PM #

    It couldn’t have happened to a more ardent disciple of the Fatted Calf Brigade.He pit his credibility on the line by….1)Fudging unemployment numbers to make the FCB look efficient……2)He drove a little Mini Cooper rather than utilize the Bank’s big ride,so as to identify with the impressionist mantra of cutting expenditure… 3)He refused to entertain questions from the Fourth Estate on the State of the Economy by substituting ‘fireside chats’on TV for open press conferences style reviews….4) He allowed the commercial banks to set their own interest rates and refused to control their lending rates so as to encourage junk bond sales to an unsuspecting public at a higher interest than savings rate….5)He took tainted the tainted money of one Clico man on instructions from a non leper politician…..6)He allowed use of milllions of the Housing Credit Fund to pay for construction of the Grotto project….7)He disregarded advice from the IMF to separate the day to day management of the Bank from the Ministry’s involvement in its management and control,that is to separate the monetary from the fiscal…..8)He affected the balance of the foreign account by continually tainting the money supply.
    Well the gloves are off.The Governor might have got an ex parte injunction from the High Court but his ass is grass and once again like they did to Dottin,the tax payer will pick up the tab.Christine Lagarde would have had the last laugh.Proof that it’s not what you know in life but how you play the game.

    Like

  35. Prodigal Son February 13, 2017 at 1:55 PM #

    @ millertheanunnaki February 13, 2017 at 12:13 PM #

    “The day of reckoning is at hand.”

    …………………………………………………………..

    We told them so, did we not?

    What would be interesting to know is if this “resign or be fired” ultimatum was communicated to the governor after the cabnet met on Thursday.

    But look how they could find a judge on a Sunday to issue a stay order when people have been complaining bitterly that the court system is in such a mess.

    Well, I fully exect that all hell will break loose today as this government does not respect the law and by tomorrow who knows if they would get their selected COP to block the governor from entering the building.

    Who knows? I told my spouse last Sunday after reading the story that this is shaping up like the BTA-Sandi fiasco…………………

    Like

  36. Prodigal Son February 13, 2017 at 2:05 PM #

    Excellent, Gabriel.

    Also remember that under his leadership the CBB consistently made losses with maybe two years exception.

    Under his leadership, he decided to make up his own statistics as we know that there is no way that the unemployment rate could be 9% and he has been consistently blowing the entertainment budget with exclusively catered meals………..let the “fun” begin!

    We warned them but they did not want to hear anything from us…their posture was…….. they won and were going to do things their way.

    Now we can see the light at the end of the tunnel but it is a big able freight train!

    Liked by 1 person

  37. Anonymouse - The Gazer February 13, 2017 at 2:20 PM #

    It seems as if the ac “think tank” are busy preparing a response.
    Interesting to see how they will spin this ball.

    Liked by 1 person

  38. Hal Austin February 13, 2017 at 2:44 PM #

    Owen Area,

    That is the problem, not just with the central bank, but with Barbados: the lawyers have carried out a non-violent coup.
    You are right, what skills set do the lawyers bring to central banking. We must purge ourselves of these people and we can start by rejecting them at the polls.

    Liked by 1 person

  39. Well Well & Consequences February 13, 2017 at 4:09 PM #

    “But look how they could find a judge on a Sunday to issue a stay order when people have been complaining bitterly that the court system is in such a mess.”

    This is on everyone’s tongue, Worrell gpt his namesake Worrell to open the supreme court on Sunday to issue an injunction.

    BUers been suggesting night court to cut into the backlog…..ah guess the taxpayer’s dont matter.

    Like

  40. Well Well & Consequences February 13, 2017 at 5:58 PM #

    “find out who the economist is that threaten to sue CBC if the facts of the financial raping of four seasons is ever revealed”

    I just came across this online comment…the government ministers and the opposition leader Mia along with the Persaud dude know well enough about the 4 seasons rape and rip off of NIS pension funds…..

    …….this is how the ministers and politicians misuse and abuse the island’s libel laws to rip off the taxpayers…none of them ever thought it would one day be exposed to the world…, DBLP members are disgusting bacteria posing has humans.

    Now that they are ready to disgard Worrell like garbage…if he had an ounce of decency, he would tell all publicly.

    Like

  41. nineofnine February 13, 2017 at 7:00 PM #

    Dominoes are continuing to fall, world wide.. as “spokesman” for the private investor, grasping to straws to keep the ship afloat is futile… better to dump the cargo and go with the tide…better days ahead.

    Like

  42. Paula February 14, 2017 at 10:18 AM #

    A little birdie told me to ask

    Was any board member a lawyer in the dead king”s law firm and by appointed by him to the board?
    Were any two board members slated to be interim judges before this plan was spoked and considered to be of favoured status by those holding the reins of power?
    Was any board member a major campaign contributor who has no real credentials to be on the board?
    Is the real problem that the governor gave a public warning about the printing of money and caused people to question if this country has any proper fiscal plan and the timing of the restored 10% salary?

    When you get the right answers the little birdie said you have to ask is the move to remove the governor more in the public’s interest or someone else’s.

    Liked by 1 person

  43. Piece Uh De Rock Yeah Right - INRI February 14, 2017 at 11:38 AM #

    I wonder If wunna remember this?

    Like

  44. Piece Uh De Rock Yeah Right - INRI February 14, 2017 at 11:42 AM #

    Look how soon the duet has changed and, like a game of partners in dominoes, the duet of fellers who used to play for All Stars in the north now brek up causing a feller now gone down to St Michael N.E and playing on another team

    De grandson going have to do another “stoopid cartoon poster” for dat soon

    Like

  45. Piece Uh De Rock Yeah Right - INRI February 14, 2017 at 6:26 PM #

    De grandson sen dis fuh wunna

    007 Chris Bond Issues ultimatum while rhyming

    “Delisle (Worrell) read my script,
    or you going be … in deep sh*t”

    Delisle Responds

    “we Worrels rule,
    so EF. You”

    Dat dont rhyme do it?

    I going hafta speak to de grandson bout he rhyme and meter

    Oh oh i getting send to the back of the class…

    Like

  46. nicholasjlennox June 7, 2017 at 9:37 AM #

    E and playing on another team

    De grandson going have to do another “stoopid cartoon poster” for dat soon

    <! .

    Like

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