IMF Reports Barbados Economy “Continues Recovery”

The following report was posted by the IMF to its website (29.6.2017). In summary recovery of the economy continues on the back of tourism BUT the fiscal deficit remains a problem AND declining foreign reserves. Not sure if ”recovery” is the correct word for the IMF to use in the report. The other point to note from the report is that the IMF has offered to support Barbados. The question is how will government respond with a general election on the horizon.

It will be of great interest to observe how the economy of Barbados responds to the last wave of taxes imposed in the last budget costed at about BBD540 million.

June 29, 2017

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

  • The Barbadian economy continues its recovery on the back of stronger tourism performance but improving public finances remains a critical challenge.

  • Economic growth in 2016 is estimated to have been 1.6 percent and to have accelerated in the first quarter of 2017 to 2 percent.

  • The IMF stands ready to assist the government of Barbados through continued policy dialogue and technical assistance.

At the invitation of the authorities, an International Monetary Fund (IMF) team led by Judith Gold visited Barbados from June 20–29 to review recent economic developments and discuss the 2017 budget. At the end of the visit, Ms. Gold issued the following statement:

“The Barbadian economy continues its recovery on the back of stronger tourism performance, but improving public finances remains a critical challenge. Economic growth in 2016 is estimated to have been 1.6 percent and to have accelerated in the first quarter of 2017 to 2 percent. The stronger economic performance has supported a reduction in the unemployment rate to 9.7 percent in 2016 from 11.3 percent in 2015. Inflation started to pick up in the second half of 2016 after deflation in 2015, and on a point-to-point basis reached 3.2 percent by end-December 2016 mainly due to higher food prices.

“The current account has further narrowed by 2 percentage points to 4.5 percent of GDP on the back of improved tourism receipts, a robust increase in exports, and low oil prices. Notwithstanding this improvement, international reserves fell to B$682 million by end-2016, about 2 months of imports. Delayed official loan disbursements and privatization, as well as lower private-sector inflows, were key drivers of this decline. Net International reserves remain relatively low.

“There was some progress in reducing the fiscal deficit in FY2016/17, which is estimated to have declined to 5.5 percent of GDP from 6.8 percent in FY2015/16. The majority of the adjustment was generated by lower government spending, while fiscal revenues held steady. Despite this progress, the large government financing requirements were a challenge, as banks reduced their sovereign exposure. As a result, the government had to increasingly resort to funding from the Central Bank of Barbados (CBB).

“Growth in 2017 is projected to slow to less than 1 percent, reflecting the fiscal consolidation efforts introduced in the FY2017/18 Budget. Inflation is expected to continue to accelerate to 6.7 percent by year end because of the increase in the National Social Responsibility Levy (NSRL) and other taxes and fees, but revert to more historical norm in 2018 and subsequent years. There are important downside risks related to the increase in domestic and global uncertainty, including the impact of the Brexit on the British pound.

“Continued fiscal discipline, with economic growth, are essential to securing Barbados’ future. They will be critical to bolster international reserves and support the currency peg. Only a substantial and a sustained reduction in the fiscal deficit, which will put the debt-to-GDP ratio on a solid downward path, will restore the country’s credit rating and attractiveness to investors.

“The May 30th budget accelerates the pace of adjustment. It seeks to address the fundamental imbalance between revenues and expenditures that has characterized Barbados’ public finances in the past decade, and to significantly reduce new funding requirements. The budget is primarily focused on raising revenues while shoring up international reserves, including through an increase in the NSRL—which mostly impacts imported goods—from 2 percent to 10 percent. The government also plans cuts in current expenditure, to complete ongoing privatization efforts, and to undertake new divestments. In addition, the government seeks to initiate a voluntary exchange of debt instruments with the National Insurance Scheme and the CBB to reduce the interest bill. If implemented as envisaged, the 2017 budget would lead to substantial gains toward improving public finances.

“Over the medium-term, further fiscal adjustment would be needed on the expenditure side to decisively reduce debt and debt service costs. Transfers to public enterprises of close to 8 percent on an annual basis represent the second largest expenditure item, after the wage bill, and about the same magnitude as the interest bill on the public debt. Both expenditure categories weigh heavily on public finances and critical reforms are needed over the to restore sustainability and confidence. Reduction in transfers to public enterprises must be supported by structural reforms to reduce SOEs’ operating costs, rationalize their programs, and raise their revenues. Consideration should also be given to divesting commercial SOEs that can be run more efficiently and profitably by the private sector. Other structural reform, especially those focused on improving the investment climate and fostering growth are also critical.

“The IMF stands ready to assist the Government of Barbados, including through continued policy dialogue and technical assistance. The team would like to thank the authorities, technical staff, representatives of civil society, and the private sector, for their open discussions and constructive dialogue.”

The mission met with Minister of Finance and Economic Affairs Christopher Sinckler, Minister of Industry, International Business, Commerce, and Small Business Development Donville Inniss. Acting Central Bank Governor Cleviston Haynes, the leader of the opposition Mia Mottley, senior government officials, and representatives of the private sector.

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Raphael Anspach

Phone: +1 202 623-7100Email: MEDIA@IMF.org

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148 Comments on “IMF Reports Barbados Economy “Continues Recovery””

  1. millertheanunnaki June 30, 2017 at 5:51 PM #

    @ Vincent Haynes June 30, 2017 at 5:34 PM

    Like the BUT, the other labour/trade unions will continue to bark hard and do nothing; similar to what to expect from Pitbull Estwick the DLP lapdog.

    There is too much incestuously thick blood between the ruling administration and their friendly cousins.

    The officials of the unions have been sworn to secrecy about the real threat facing Bim should there be a backing down from the budgetary proposals with a possible cut in pay and loss of jobs on the horizon.

    Clearly, as Stinkliar would put it:
    “You guys (our family) don’t want to see our sacrosanct almighty dollar fall from its sacred cow 2:1 pedestal, do we now?”

    Like

  2. Vincent Haynes June 30, 2017 at 6:02 PM #

    Miller

    Chuckle….even the blind facing backwards on a trotting horse know that the Bim dollar is but a mere shadow of its former self…….in plain Bim speak ….uhm dun devalue evahsince……thanks to MoF and his 9 year wonder plan that is yet unborn.

    Like

  3. Bajan Free Party/CUP/.Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI June 30, 2017 at 6:11 PM #

    Barbados government can never go to the IMF base on Massive land fraud and PONZI, With no “CLEAR TITLE TO LAND. No home loans no growth, Banking needs 70 years or more Plantation deeds land and 95 Plantations names are missing, We have many on hand for 90 years or more, Ask your Prime Minister for Bay Plantation, Brittons Hill Plantation of St. Michael South, Vote BFP/CUP and start building, Where is Hyatt Deed? We have it, lets get to work.Sir COW don’t own Jack, Ask him to sign your deeds, We can.

    Like

  4. Vincent Haynes June 30, 2017 at 6:14 PM #

    Our new Cabinet……..lovely pic.

    Do you think this would work?
    Solutions Barbados proposing minimal taxes
    Solutions Barbados, a political party launched in 2015, has announced its economic policies based on an elimination of consumption taxes.
    loopnewsbarbados.com
    http://ow.ly/bc1t30dcKMq

    Like

  5. Carson C. Cadogan June 30, 2017 at 6:52 PM #

    Vincent Haynes June 30, 2017 at 5:39 PM

    That is Barbados Today spin on the report to try to bring it in line with Barbados Labour Party agenda of DOOM AND GLOOM.

    Like

  6. Carson C. Cadogan June 30, 2017 at 7:12 PM #

    In another few hours it will be 1st. July 2018.

    Wonderful!!!!

    Like

  7. Commentator June 30, 2017 at 8:37 PM #

    The IMF reports the country is making progress towards economic recovery. Dear IMF your challenge is to push aside obstructions to greater progress David Conmmisiong and Jeremy Stephens in addition to the various lackeys, yardfowls and traitors who populate BU. Design measures in Washington to ensure these pests STFU.

    &*@%$!#%# hehehehe

    Like

  8. Bernard Codrington. June 30, 2017 at 8:42 PM #

    Carson at 7:12 PM

    Is that a Freudian slip? Is the first meeting of Parliament after the next general elections18th July 2018? Why so late?

    Like

  9. Carson C. Cadogan June 30, 2017 at 9:13 PM #

    The Hon. Ronald Jones Min. of Education:

    Like

  10. Carson C. Cadogan June 30, 2017 at 9:15 PM #

    Bernard Codrington

    Should be 2017.

    Like

  11. millertheanunnaki June 30, 2017 at 9:59 PM #

    @ Commentator June 30, 2017 at 8:37 PM
    “The IMF reports the country is making progress towards economic recovery.”

    Commentator aka “waiting in vain for economic recovery under Fumble and his incompetent band of fools” can’t you stop taking a 6 for a 9 and perceive that the IMF has a rubber stamp in place for the analysis of the Barbadian economy?

    What recovery what? With foreign exchange reserves on the slide and forex earning capacity in the ICU?

    Why would any shoots of economic recovery be cancelled out by such a bombshell of demand suppressant contained in the 2017 budget?

    The fudged ‘Unemployment’ figures are “officially” down because people are tired looking for non-existent jobs and the young have decided to either go on the block or participate in the underground (so-called black) economy hence the increase in the statistical dustbin of the ‘voluntary idle’ and drugs-related crimes.

    Now which corner has the Bajan economy turned? The one signposted Devaluation?
    Does the following extract from the same IMF 2016 consultation ring a bell of déjà vu?

    “The economy appears to have turned the corner with activity picking up. Real GDP grew by 0.8 percent in 2015, underpinned by an increase in private investment and surge in tourism arrivals, which increased by 14 percent, among the highest in the Caribbean. This boosted employment by 2 percent, while the unemployment rate fell to 11.3 percent. Inflation eased owing to lower import prices, with end-period prices falling by 2.5 percent, compared with an increase of 2.3 percent in 2014. The external current account position improved significantly, reflecting improved terms of trade, as the deficit narrowed from 9.9 percent of GDP in 2014 to 6.7 percent in 2015, primarily reflecting lower oil and other prices. Exports of goods and services rose mainly due to higher tourism receipts. Net inflows in the capital and financial account fell, driven by large official amortization payments and lower FDI. As a result, net international reserves dropped to US$469 million at end-April 2016 (2.8 months of imports).

    The fiscal situation remains challenging despite ongoing government adjustment efforts.

    The FY 2015/16 budget deficit was broadly unchanged at about 7 percent of GDP. Revenue measures, though raising revenue by 1 percent of GDP, fell short of target due to implementation delays. On the expenditure side progress on reducing transfers to State Owned Enterprises was also slower than anticipated, partially attributable to the unbudgeted debt service of one enterprise and transfers to support infrastructure investment financed by external sources. At end-FY2015/16, central government debt excluding (including) securities held by the National Insurance Scheme (NIS) reached the equivalent of 105.5 (141.6) percent of GDP, from 98.0 (132.3) percent in FY2014/15. The large funding requirements, totaling about 45 percent of GDP, have been mostly met by the Central Bank of Barbados (CBB), the NIS, and growing arrears.

    The financial sector remains stable while commercial bank liquidity continues to rise. Private sector credit growth turned modestly positive in 2015, following two years of decline while NPLs declined further. Withdrawal of Correspondent Banking Relationships has directly affected a small number of entities in the International Business and Financial Services (IBFS) sector, whose growth has stagnated since the global financial crisis. Monetary policy has been driven by fiscal considerations, as the CBB continued to fund the government through money creation and with commercial banks’ excess reserves. Interest rates have begun to rise, with reduced direct intervention by the central bank in the Treasury Bill auctions.

    Executive Board Assessment 2

    The Executive Directors welcomed the pickup in economic growth led by the tourism sector and the improvement in the external position. At the same time, notwithstanding the authorities’ consolidation efforts, they noted that the large fiscal deficit and a further increase in public debt remain a challenge. They stressed that continued fiscal adjustment and public sector reforms are necessary to bring public debt on a downward path, preserve external sustainability, and improve investor sentiment. They also underscored the need to eliminate impediments to stronger long term growth and bolster competitiveness.

    Directors commended the authorities’ commitment to fiscal adjustment and reforms. They noted that further efforts are needed to put the high and growing public debt on a sustainable path, while minimizing the negative impact on growth and preserving social cohesion. They welcomed the new measures in the August 2016 budget, including reductions in current expenditure and new revenue measures, although they cautioned that a further increase in tax exemptions could erode revenues. Directors underscored the importance of completing the reform of the revenue authority to improve tax administration and increase compliance. They stressed that stronger efforts are also needed to reform state owned enterprises through better governance, consideration of user fees, and potential divestment and consolidation of public entities. They also called for swift action to eliminate government arrears.

    Directors emphasized that the continued financing of the fiscal deficit by the Central Bank of Barbados (CBB) is inconsistent with maintenance of the exchange rate anchor. They encouraged the CBB to allow domestic interest rates to rise in line with increases in U.S. interest rates and ensure adequate international reserve buffers.

    Directors welcomed the recent improvement in the non performing loan ratio and banks’ liquid and well capitalized balance sheets. They encouraged continued close supervision of the financial sector, particularly of non bank institutions, including credit unions and insurance companies. Directors noted that domestic banks have not experienced a decline in correspondent banking relationships and welcomed the authorities’ efforts with regional partners to understand the issue. They recommended taking quick action on any shortcomings that might be identified by the upcoming AML/CFT evaluation.

    Directors agreed that a comprehensive growth strategy is needed to lift the country’s long term competitiveness in the key tourism sectors. Priorities for raising growth include timely implementation of tourism investment and infrastructure projects, improving public service efficiency and streamlining business regulation, increasing labor market flexibility, and unlocking agriculture’s growth potential.

    Directors encouraged continued efforts, with Fund technical assistance, to resolve outstanding data issues and improve the dissemination of statistics.”

    Like

  12. Bajan Free Party/CUP/.Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI June 30, 2017 at 10:11 PM #

    https://barbadosunderground.wordpress.com/2014/03/11/draft-estimates-2014-2015/
    more fraud

    Like

  13. Gabriel June 30, 2017 at 10:35 PM #

    If you have to borrow money from your relatives every month to pay your household expenses you are not managing your resources and one day your relatives will tell you go to hell.That is the micro situation with these managers so-called of the Barbados economy,Messrs Stuart,Boyce,Ince and Sinckler.They have been borrowing since 08 to shore up the current account.One day coming soon it will stop.Time for elections to be called.This poor rakey lot is past its sell by date.

    Like

  14. Pachamama June 30, 2017 at 10:54 PM #

    We’ve never found anything particularly ‘honourable’ about Ronald Jones

    Like

  15. Prodigal Son June 30, 2017 at 11:17 PM #

    I have now figured out why the dlp would not go to the IMF while killing Barbadians with punitive tax measures.

    They cannot allow the IMF to come in to shine the light on the operation Stinkliar is running…………hell no.

    The dlp mainly Stinkliar will never allow IMF oversight on what he is hiding!

    Like

  16. Well Well & Consequences Observing Blogger July 1, 2017 at 4:44 AM #

    They have jeopardized the people’s existence….vite them all out.

    https://www.barbadostoday.bb/2017/06/30/its-too-ugly/

    Hyatt is indeed an ugly vision distorting the coastline, let Maloney take his uglu vision elsewhere.

    Has Maloney said yet whose money he will steal to build that ugly thing.

    “It’s too ugly!
    Comissiong takes another dig at Hyatt project

    Added by Barbados Today on June 30, 2017.
    Saved under Business, Local News
    0
    More details are emerging following a series of strong objections tabled by heritage officials to the construction of the 15-storey Hyatt Centric Hotel on Bay Street, St Michael.

    The 182-room development with 19 private residences is to be built approximately 172 feet, three inches high or 52,500 square metres, making it the tallest and also, according to outspoken attorney-at-law and social activist David Comissiong, the most “disproportionately large, domineering, ugly, out of character structure” in the heart of what was previously designated a UNESCO Heritage Site.”

    Like

  17. Well Well & Consequences Observing Blogger July 1, 2017 at 4:48 AM #

    Carson…I thought the owner of barbadostoday was your master….are you conflicted or something, you were cussing me for him just two days ago…I hope the knife he uses to cut your throat is very sharp indeed.

    Like

  18. Carson C. Cadogan July 1, 2017 at 6:06 AM #

    Well Well & Consequences Observing Blogger July 1, 2017 at 4:48 AM

    You have the uncanny ability to always seem to miss the point.

    Like

  19. Carson C. Cadogan July 1, 2017 at 6:22 AM #

    Today is a good Day.

    Today is a very good day.

    Like

  20. Carson C. Cadogan July 1, 2017 at 6:28 AM #

    Pachamama June 30, 2017 at 10:54 PM

    I bet you if The Hon. Ronald Jones was WHITE or INDIAN then he would be considered by you as being honourable.

    Like

  21. Carson C. Cadogan July 1, 2017 at 7:01 AM #

    The rain fell last night, as the old Bajans would say, buckets of drops.

    Showers of blessings for 1st. July 2017.

    Like

  22. Well Well & Consequences Observing Blogger July 1, 2017 at 7:26 AM #

    Carson….I repeat, I hope the knife Kutappa-Harris uses to slit your throat, is very sharp indeed, no point to miss there.

    Like

  23. GreenMonkey July 1, 2017 at 7:38 AM #

    The rain fell last night, as the old Bajans would say, buckets of drops.
    Showers of blessings for 1st. July 2017.

    Showers of blessing, except for some residents, guest houses, and businesses on the south coast who recently found themselves dealing with showers of sh!t again, after the BWA assured one and all that the sewage overflow problems were resolved with the installation of new pumps and clearing of the neglected off-shore discharge outlets.

    Sewage stink returns to south coast

    South coast residents and businesses are fearing a return of the worrying sewage problems that plagued the area last year.

    The people of Rendezvous and Worthing, Christ Church in particularly, said nothing but a permanent solution to the problem would do, after last week’s tropical depression caused yet another sewage spill.

    Barbados TODAY understands that teams from the Barbados Water Authority (BWA) had to be dispatched to clean up effluence in the vicinity of Gentle Breeze Apartments, which was among the worst affected properties during last year’s major spill.

    More: https://www.barbadostoday.bb/2017/06/30/sewage-stink-returns-to-south-coast/

    Like

  24. Vincent Haynes July 1, 2017 at 7:53 AM #

    Like

  25. Vincent Haynes July 1, 2017 at 7:56 AM #

    It has started….1 dollar increase per gallon

    http://ow.ly/oKQR30dduae

    Gas prices go up at midnight
    Effective midnight tonight, Friday, June 30, the retail price of gasoline, diesel, kerosene and liquefied petroleum gas (LPG) will rise. Both…
    loopnewsbarbados.com

    Like

  26. Vincent Haynes July 1, 2017 at 7:58 AM #

    …..the end result as expected…….except for operatives.

    Like

  27. Vincent Haynes July 1, 2017 at 8:20 AM #

    Who will guard the guards?

    PwC is back in the spotlight, and once again it is not for anything good
    PwC’s woes highlight the need for auditing change
    Accountants hope artificial intelligence will be able to help them spot fraud
    ft.com
    http://on.ft.com/2scCdQ8

    Like

  28. Well Well & Consequences Observing Blogger July 1, 2017 at 8:23 AM #

    Another shitbomb about explode.

    Like

  29. Carson C. Cadogan July 1, 2017 at 9:10 AM #

    Vincent Haynes July 1, 2017 at 7:53 AM

    Three buffoons on a path to destroy Barbados.

    Like

  30. Carson C. Cadogan July 1, 2017 at 9:13 AM #

    Vincent Haynes July 1, 2017 at 7:56 AM

    Nothing new.

    Every month fuel prices are adjusted. Upwards or downwards. Every Caribbean country with the exception of Trinidad does it.

    Is that all you have to offer?

    Like

  31. Carson C. Cadogan July 1, 2017 at 9:16 AM #

    Vincent Haynes July 1, 2017 at 7:58 AM

    Every poll in the USA had Hilary Clinton winning the US presidency.

    What was the actual result again?

    Let me quote our Prime Minister The Right Hon. Fruendel Stuart:

    “The only poll that matters is polling day”

    Like

  32. Pachamama July 1, 2017 at 9:16 AM #

    Carson C Cadogun

    You doing a lot of talking these days. Yuh panties showing. And they have a big hole in dem.

    Like

  33. Carson C. Cadogan July 1, 2017 at 9:17 AM #

    Pachamama July 1, 2017 at 9:16 AM

    The TRUTH must be told, cant let you all get away with your lies.

    Like

  34. angela Skeete July 1, 2017 at 9:58 AM #

    Lol the blp operatives busy at working looking for bad news. Cuh dear.

    Like

  35. Carson C. Cadogan July 1, 2017 at 10:22 AM #

    They don’t like we

    The wicked don’t like we

    That is why they criticize we

    They fight we from all angles,

    They back bite we

    But we are not afraid of evil doers

    They no power

    God bless we with Health and Strength

    Like

  36. Vincent Haynes July 1, 2017 at 10:46 AM #

    Like

  37. Tell me Why July 1, 2017 at 10:53 AM #

    The IMF team visited Barbados last week and was able to give a comprehensive analysis on Barbados. Am I to believe that this script was penned and delivered to them. The team said that ” we will continue policy dialogue and technical assistance”

    Like

  38. Carson C. Cadogan July 1, 2017 at 11:01 AM #

    The Hon. Christopher Sinckler , Min. of Finance:

    Like

  39. Carson C. Cadogan July 1, 2017 at 11:02 AM #

    Tell me Why July 1, 2017 at 10:53 AM

    You are dumb enough to believe anything.

    Like

  40. Tell me Why July 1, 2017 at 11:05 AM #

    Carson and Angela. Would you bite the hand that feed you? Who provide the unemployment figures? Many individuals were dismissed from the private sector. Are those individuals factored within the figures?

    Like

  41. Tell me Why July 1, 2017 at 11:09 AM #

    Dumbert Carson.
    Read the second last paragraph and you will also believe.

    Like

  42. Hants July 1, 2017 at 11:26 AM #

    “A FLOOD WARNING has been issued for Barbados and will initially remain in effect until 6 p.m.”

    Like

  43. angela Skeete July 1, 2017 at 11:30 AM #

    The blp operatives choose to believe the fake poll that was administered by Cadres but refuse to belive that the IMF findings says barbados is on the right path for recovery.
    To a beat the operatives keep harping about the debt. Yes there is debt but most of it was accumulated in the development of the country .
    Yes and some of it was wasted be that as it may without debt barbados would still be living back in the days of high poverty and donkey carts.
    The development of barbados meant tradeoffs had to be given but in the long term barbadians have done better througout the years than the older generations who toiled and laboured in the sugar cane fields for little or nothing

    Like

  44. Gabriel July 1, 2017 at 11:52 AM #

    Cut the long talk.Mobilize the youth,the disaffected taxpayers,the disaffected citizens and the 40 percenters..Time to twitter and march.Bring down these impostors.See how it’s done by the voters in London today…
    https://www.theguardian.com/politics/2017/jul/01/jeremy-corbin-to-speak-at-london-anti-austerity-march

    Like

  45. David July 1, 2017 at 12:04 PM #

    @Hants

    Tis the season. You and the BajanCanadians enjoy your hoiday!!!

    Like

  46. Vincent Haynes July 1, 2017 at 12:07 PM #

    Hahaha…..the impossible

    “Continued fiscal discipline, with economic growth, are essential to securing Barbados’ future.

    Both expenditure categories weigh heavily on public finances and critical reforms are needed over the to restore sustainability and confidence. Reduction in transfers to public enterprises must be supported by structural reforms to reduce SOEs’ operating costs, rationalize their programs, and raise their revenues. Consideration should also be given to divesting commercial SOEs that can be run more efficiently and profitably by the private sector. Other structural reform, especially those focused on improving the investment climate and fostering growth are also critical.

    Like

  47. millertheanunnaki July 1, 2017 at 1:00 PM #

    @ angela Skeete July 1, 2017 at 11:30 AM
    “The blp operatives choose to believe the fake poll that was administered by Cadres but refuse to belive that the IMF findings says barbados is on the right path for recovery.
    To a beat the operatives keep harping about the debt. Yes there is debt but most of it was accumulated in the development of the country .
    Yes and some of it was wasted be that as it may without debt barbados would still be living back in the days of high poverty and donkey carts.”

    Angela S(s), the rebranded ac aka the accredited cretin, if there is one thing that makes a liar the consummate bull-shitter is the ability to be consistent in repeating the same lie.
    But you have failed that test of ‘lying’ integrity.

    So here is one last opportunity for you the self-acclaimed innocent liar to redeem yourself in the ‘closeted’ eyes of the BU household.

    Now which debt are you referring to?

    The one accumulated before and under OSA’s administration?

    Or is it the debt that doubled under the current DLP?

    Before you refuse to respond let it be known that you are on record for blaming the debt left by the previous Arthur administration for all the economic ills that beset Barbados today with nothing to show for those 14 years of squandermania other than a few toffee wrappers in the Greenland landfill.

    It seems Barbadians were living in squalour and riding donkeys carts during the years of debt accumulation under OSA but are now so much enjoying the fruits from their ‘interest’ paid that they have remortgaged their country from a debt of around $7 billion to a doubly laden millstone of around $13 billion and sinking.

    Imagine having t o double your repayments with nothing of a capital asset of significance to show for it!

    Not even a reduction in the principal amount still outstanding!

    Only in Looney Stinkliar world of public “fine ants” could such voodoo economics take place.

    Like

  48. Gabriel July 1, 2017 at 1:27 PM #

    Now I have arrived at an airtight conclusion that it is the Quisling Darcy Boyce that is the architect of the financial mess we are in.This Quisling was a trusted lieutenant of the OSA inner circle and was even made a deputy governor of the Central Bank until he had to be removed and sent to head the Tourism Investment Unit.Here is my theory.In matters of mathematics,budgeting,economics,forecasting etc neither Stuart nor Sinckler nor the Jester(never mind what he claims to be,he’s just that, a jester, a physical deficit idiot)can rise to the occasion.The Quisling can.The man is well qualified in Economics,Finance and Accounting.Its an Esau/Jacob situation.An unelected man grinding Bajans to dust and foolish men with giant sized egos but no common sense are party to the sham that passes for budgetary proposals designed for failure.The Quisling doing the planning and writing,the buffoon doing the delivery of what is written in Parliament and the Doolittle man pounding the table along with his poor rakey brethren and sisthren in the Lower and Upper House

    Like

  49. Carson C. Cadogan July 1, 2017 at 2:06 PM #

    Hants

    You on holiday in Barbados/

    Like

  50. Carson C. Cadogan July 1, 2017 at 2:08 PM #

    Gabriel

    Nothing that you say make any sense.
    When common sense was being shared out you were absent.

    Like

  51. Hants July 1, 2017 at 2:28 PM #

    Thanks David.

    It is good to be a Bajan-Canadian.

    Celebrations all across Canada today.

    Temperature 24C in Toronto. Almost as hot as Barbados. Sweeeeet!

    Like

  52. Vincent Haynes July 1, 2017 at 2:33 PM #

    Well,well,well…………how many more to eat crow?…..starting with these pests on here…

    Jepter apologizes
    Government Senator Jepter Ince has apologized “unreservedly” for describing the local business community as parasites who were only bellyaching about the recently announced budgetary measures because they were unwilling to carry…
    barbadostoday.bb
    https://www.barbadostoday.bb/2017/07/01/jepter-apologizes/

    Like

  53. Prodigal Son July 1, 2017 at 2:34 PM #

    Gabriel

    Your post is a good analysis but I do not know if Stinkliar really listens to Boyce anymore ………..maybe to the physical deficit man who seems to be a key player. No wonder we cannot get out of the black hole.

    Remember that Boyce was the guru for the dead king, the man who stabbed OSA in his back……a shock from from OSA probably has never recovered. Remember Boyce was supposed to be the acting minister of finance during Thompson’s illness and no one seem to know until the now PM was forced to come out and say.

    Boyce was said to be the architect of the first budget which threw the Barbados economy in a downward spiral from which it has not recovered with the voodoo economics that Stinkliar is practicing.

    I was at a friend’s house recently and also there was a senior public officer who worked in the finance ministry………the person said they had to get out, they could not take the crap anymore.

    Anyway, have no fear, have faith, Solutions will solve Barbados’ problems in two months!

    Like

  54. Carson C. Cadogan July 1, 2017 at 2:41 PM #

    Prodigal Son, Lorenza, Lorenzo,

    You are rambling more and more as you are going along.
    You will be completely incoherent very soon.

    Like

  55. Prodigal Son July 1, 2017 at 2:42 PM #

    Why is the apology sent from his home address?

    He uttered the offensive remarks at the DLP den of corruption so it should be on the party’s letter head since he seemingly does not want it to be an official public apology recorded on the finance letterhead.

    No wonder he is so confused with physical and fiscal deficits…… such a moron.

    Like

  56. Prodigal Son July 1, 2017 at 2:46 PM #

    Does anyone remember for what purpose was the money from Credit Suisse used for by this government?

    Like

  57. Gabriel July 1, 2017 at 4:38 PM #

    Prodigal
    I couldn’t believe my eyes when out of curiosity I opened the Chris Sinckler video posted at 11.01am today.As the MC introduced his eminence the Minister of Grief He Saw,who sold his birthright to the Quisling, Judas Boyce lo and behold who is rising like a man renewed in strength and vigor none other than the just married 84 year old former Dean of the St Michael’s Cathedral,the Mene Mene Tekel Upharsin prophet who foretold the downfall of the Dems in a sermon from the Mount Cathedra,who told Barrh,’you been weighed in the balance and found wanting’,this very same man is now a regular at George Street on Fridays eating a food and singing from the same hymn sheet as Stuart and the Dems choir,this man whom the faithful refer to with reverence as decanus emeritus,Harold Edmund the first Dean to have a Pauline moment and has turned a blind eye to the suffering of the poor,the sick,the hungry and the oppressed now cheers on Saul himself,the devil himself who binds the citizens and weigh on them heavily with terrible taxes Matthew would find great difficulty in collecting.

    Like

  58. Prodigal Son July 1, 2017 at 5:12 PM #

    Gabriel

    Methinks he is suffering from amnesia, dementia…….

    If he thought that Barrow times deserved his condemnation……..(though I was not happy that he used pulpit of the Cathedral to do it) these times more than ever should bear the brunt of his condemnation. Instead he has decided to fold and meekly follow the wicked dems……..in other words, he sold his soul for a senator pick. Does he contribute to the debates on a regular basis?

    People are suffering more than ever despite what the yardfowls say.

    I think he has fallen from grace with most right thinking Anglicans.

    Like

  59. angela Skeete July 1, 2017 at 5:58 PM #

    Degrading people’s character and cold hearted outrageous assassination attacks effective enough to draw blood are the blp operatives cure for barbados economy
    Say whatever dislike there are for Sinckler he has sufficiently managed the barbados economy to prevent social bedlam. The blp operatives seem to conveniently forget that in addition to the country scarcity of Fx the govt had to find finances to safely secure our nations health against the worldwide virus called Ebola
    Yes folks at a time when the world economies were been devastated and barbados tourism one nest basket could not help because of lack of people actvity out of fear.
    These are the out of control destruction that would have financially contributed to a fragile barbados economy if the govt of the day was unable to put a handle in the prevention of a catastrophic outbreak of the Ebola virus on the island
    Also one can not discount or disregatd the few but passing hurricanes which all played a part in helping to drain a weak and fragile financial basket
    The blp operatives tend to have convienent memories about those aspects and their negative impact on the economy that can revert with an adverse effect on the nations finances as a whole

    Like

  60. angela Skeete July 1, 2017 at 7:07 PM #

    Some of the same high roollers and yes some who make negative comments about tax measures are some who have accumulated massive credit card debt having lavish lifestyles as if their were hollywood celebrities living and believing a lie purely built out of vodoo economics during the OSA reign.
    Now that the tide has rolled in and these predators of opulence and self inflicted grandeur has to pay the piper they cry belly ache and blames govt for all their self inflicted wounds.
    Glad so glad Sinckler told most of them to get the hell out of the country way and it is not about their wants and needs but better yet first and foremost it is all about country interest
    Wuhlosss what a bunch of cold hearted vertebrae.These snakes deserve every tax measure called for maybe next time they would stick a toe in the water to test the temperature before sticking both feet in
    What is even worst nothing these crooked and bent out of shape do or say helps neither themselves or the country
    What a bunch of losers

    Like

  61. Carson C. Cadogan July 1, 2017 at 9:50 PM #

    Green Monkey

    You might just learn something. But I doubt that this information will penetrate your bone head.

    “Wastewater system weathers heavy rains”

    http://www.nationnews.com/nationnews/news/98245/wastewater-weathers-heavy-rains

    Like

  62. Ping Pong July 2, 2017 at 8:06 AM #

    I must admit that I am not knowledgeable about the fuel distribution business or about the details of the sale of the BNTCL to SOL. That said, I am under the impression that the Government was looking forward to the sale of the BNTCL as a inflow of foreign exchange and assistance to the financial position of the Government. Now that the FTC has rejected the bid for the sale of BNTCL, does this mean that I can expect even more taxes and restrictions on access to foreign exchange?

    Also I note that in anticipation of the sale of BNTCL to SOL, Rubis had applied to the Town Planning department for permission to refurbish its petroleum product storage facilities located on Spring Garden. This seems to me to be evidence that but for regulatory restrictions BNTCL does not possess any unique capability on the importation and storage of petroleum products. Rubis seems to already have the means to import, store and distribute petroleum products. Does this imply that the value of the BNTCL is significantly reduced given the FTC’s rejection of a moratorium on the construction of new terminal facilities or new import depots?

    I await the BU experts’ comments on the wider implications of the FTC rejection of SOL’s bid for the purchase of the BNTCL.

    Like

  63. enuff July 2, 2017 at 9:15 AM #

    “In the last nine years, Barbadians have paid more taxes than in any similar period. Since 2008, $22.3 billion have been given to a greedy Treasury, which has not only spent it all, but another six billion dollars to boot, creating a massive deficit. By contrast, in the previous nine years, between the financial years 1999/2000 to 2007/2008, when the tax take peaked, Government took in $17.4 billion, and spent $18.8 billion.” I thought the “time of plenty” was under Arthur? All the misleading talking points getting exposed.

    Like

  64. Vincent Haynes July 2, 2017 at 5:14 PM #

    “In the last nine years, Barbadians have paid more taxes than in any similar period. Since 2008, $22.3 billion have been given to a greedy Treasury, which has not only spent it all, but another six billion dollars to boot, creating a massive deficit.
    ……………………………………………………………………………………………..

    ……..and the pot holes are back with a vengeance

    …….Where did all that money,especially since the wage bill was reduced by $109M?

    David

    We need a restart of the pot hole page.

    Like

  65. David July 3, 2017 at 4:15 AM #

    Missed Walter’s debut show yesterday, this report offered by the Advocate gives a summary.

    https://www.barbadosadvocate.com/news/uwi-dean-speaks-imf-option

    Like

  66. Vincent Haynes July 3, 2017 at 8:45 AM #

    David

    Interesting…….Robinson,is advocating the IMF programme and praising MoF for telling us that we are in duck guts………a reasonable position.

    Like

  67. Artax July 3, 2017 at 9:07 AM #

    @ Vincent

    You could not have interpreted Robinson’s remarks better and should have prefaced your comments with your trade mark “chuckle.”

    I laughed when I read the article to “see” Robinson trying to “shadow box” between the issues. Robinson is in a dilemma, where he has to appease the government to protect his membership on several government statutory corporations’ Boards of Directors, without trying to compromise his “academic integrity” among his colleagues who have been suggesting government should seek assistance from the IMF.

    Like

  68. Alvin Cummins July 3, 2017 at 9:15 AM #

    Prodigal, You know, and Iknow you know, that an IMF team visits the country every year for Article IV CONSULTATIONS. WHEN THEY POINTED OUT A FEW YEARS AGO THAT THERE WAS LITTLE GROWTH IN THE ECONOMY, (ALONG WITH THOSE OF OTHER CARIBBEAN COUNTRIES) IT WAS ACCEPTED, WITH GLEE BY THE NAYSAYERS. NOEW THAT THE ECONOMY “IS ON THE ROAD TO RECOVERY, WHY CAN’T IT BE ACCEPTED WITH EQUAL ACCEPTANCE?

    Like

  69. Alvin Cummins July 3, 2017 at 9:22 AM #

    Gabriel,
    If the Dean had a Pauline moment, then the scales would have been removed from his eyes, so that he is seeing things now, as they are. Maybe he was really blind when he expressed the famous phrase.

    Like

  70. David July 3, 2017 at 10:21 AM #

    Interesting that Justin Robinson was the first person invited to the Walters TV show. Where is Walter these days anyway. Hope that he did not have to agree to avoid comment in social media to be host of the show.

    Like

  71. Pachamama July 3, 2017 at 10:31 AM #

    David

    You must know full well how the game is played.

    BU has been played in many ways, and the stupid game theory goes on.

    Should circumstances change or revert to the position ante, we are sure we’ll see a recycling of personnel, views, arguments …………. here or there

    When the music stops it’s still all BS, and nothing more.

    Shadows and dust!

    Like

  72. Alvin Cummins July 4, 2017 at 7:44 PM #

    Miller,
    Knock it off. The IMF have spoken, and based on what they wrote in the report; I get a copy of whatever they write on Barbados sent to me direct from their office, there is no hint of any sort of devaluation. My advice to you is to pull the old money from under the bed and spend it soon, otherwise you will lose money. The island will soon get an UPGRADE from Moody’s et al.

    Like

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