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Governor Marion Williams Says Foreign Reserves “Sufficiently Adequate”, No Need To Approach The IMF At This Time

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Governor of the Central Bank of Barbados, Marion Williams
Governor of the Central Bank of Barbados, Marion Williams

Yesterday Governor of the Central Bank of Barbados Marion Williams delivered the quarterly review of the economy for the second quarter. In light of the prevailing economic conditions her presentation was eagerly awaited and continues to be analyzed given of the unprecedented global economic conditions.

Governor Williams was unequivocal in her assessment of the adequacy of the foreign reserves. There has been much comment on BU concerning the rate as which the foreign reserves are being depleted. The Governor quoted in the daily press suggests the foreign reserves are “sufficiently adequate.” Barbados’ foreign reserves currently register at 1.3 billion dollars. Barbados will join International Monetary Fund (IMF) member countries allowed to withdraw USD80-85 million dollars from the special drawing rights facility which will serve to provide support to the reserves.

The willingness of G20 countries to approve the SDR drawdown is interesting and ironic. Wasn’t it the G20 countries who precipitated the the destruction of the global financial markets? The result of it all has been to decimate the economies of developing and emerging economies around the globe.

How does the Governor’s assurance to Barbadians fit with the pronouncements by the Gurus of Economics Messrs Dr. Frank Alleyne and Dr. Avinash Persaud? Both Alleyne and Persaud have been quoted in the media since the global financial meltdown that Barbados should approach the IMF sooner rather than later to solicit financial support before the economy worsens. Our impression is they were not referring to SDR drawdown but the standby arrangements which the IMF avails to members with the obligatory conditionalties attached. Governor Marion Williams was lucid in her assessment yesterday when she indicated NOW is not the time to enter a standby arrangement with the IMF.

Governor Williams reference to the 1991 –1992 period when the foreign reserves bottomed at 6 million dollars may yet be irrelevant. The current crisis from all reports is unprecedented and the need to utilize untested responses may yet prove to be the greatest challenge for Barbados.

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169 responses to “Governor Marion Williams Says Foreign Reserves “Sufficiently Adequate”, No Need To Approach The IMF At This Time”

  1. Sargeant Avatar
    Sargeant

    Gairy

    Please don’t talk about brains everyone will admit that the Bajan educator was a constant throughout the Caribbean. I will grant you CLR I can see his book “Beyond a Boundary “ from where I perch but Williams of the famous maths -One from ten leaves zero? I am not sure . There is also a Bajan whose name escapes me now I think his name is Springer who got a double first at Oxford. For a country of 166 sq miles we hitting way above our weight.

    But I don’t want this to disintegrate into a Trini bashing or I would ask why does Sir Vidiadhar dislike Trinidad so? Or I might just bring up Michael Jackson’s doctor:-).

    But this is all in good fun “Tek yuh meat out me roice”.

  2. Sargeant Avatar
    Sargeant

    Disintegrate s/b degenerate in above post

  3. ericgairy Avatar
    ericgairy

    But, Sargeant, foolishness is food for fools. Eric Williams maths was not standard but memorable. My own blog will be a place to continue this.

  4. livinginbarbados Avatar
    livinginbarbados

    As I look at this thread I see in Bimbro’s last comment that smug ignorance that could hold back this region. Celebrate nothing that we have created, but hail all that is alien. Skill in music and rhythm is skill-piano, violin, recorder, bells, or steel pans or djembe drums. Of all days to demonstrate such crass attitudes as Bimbro’s Emancipation is so ironic. Let’s spend as much time as we can dragging down each other’s achievements and placing higher our own and the achievements of others. Bredda Nancy wha wi go do? How about accepting that each country and people are seeking a way to move ahead, and it happens at different paces and in different ways? As I sit waiting for a taxi I live the unpleasant experience of Dominican taxi drivers cursing each other over passengers. As if the potential passengers care. But the waiting people are not oblivious of the stream of f- words. Let’s keeping biting the hands that feed. No one else had the wit to make music out of oil drums. Now the piece can be included in orchestral music. No one else finds the

  5. livinginbarbados Avatar
    livinginbarbados

    … finds ways to cook or sing as we do but we struggle to value such uniqueness. Foreigners do and reap the profits. That’s one reason why our economies grow slowly and why we may get past the recession more slowly. But let me enjoy the bumpy mountain drive.

  6. Sargeant Avatar
    Sargeant

    LIB

    Relax and enjoy the fauna and flora of Dominica. From what I’ve heard the island could be in the forefront of eco tourism in the Caribbean.

    Looks like you have an issue with Taxi drivers, they are the same the world over whether at Logan Airport, DC or Bridgetown, make sure he doesn’t take you on the scenic route:-).

    It’s only a weekend till you get back to Paradise.

  7. livinginbarbados Avatar
    livinginbarbados

    @Sargeant, I shall enjoy it all and the rabbit festival, which a wag callled a cultural met-a-fur. I had no issues with the cabbies; they were fighting each other over passengers. Reminds me of the lush hills of Jamaica (sorry Bimbro). Sweet air, too. I’ll try to be patient pending my resurfacing from Hades.

  8. Bimbro Avatar
    Bimbro

    LIB, u revel in being able to play STEEL DRUMS! U West Indians, are the only ones likely to do so! I might revel in playing marbles too, but it’s not going to get me anywhere on the international-stage except being ridiculed but then, that probably does n’t matter to u!! Leh me go an get my oboe do, and play a few tunes!!

  9. livinginbarbados Avatar
    livinginbarbados

    @Bimbro, I think you have well defined YOUR problem. I would gladly be ridiculed for holding up to the world a creation of this region, especially if it’s unique. You lack that courage.

  10. Sargeant Avatar
    Sargeant

    Speaking of lush hills and valleys I know the Fern Gully is not what it used to be.Trying to get my head around a “Rabbit Festival”. Is Peter Rabbit the “guest of honour” or the main entrée? Does PETA know?

    My neighbour just returned from Malta and he told me that in addition to fish the Maltese consume a lot of rabbit.

  11. Bonny Peppa Avatar
    Bonny Peppa

    Eric Gairy,
    stupseeeeeeeeeeeeeee, it’s getting late, come for your evenin ‘dose’.

  12. livinginbarbados Avatar
    livinginbarbados

    @Sargeant, do your research. I will get observations. One interesting insight: local radio analysis, not call in. Presentation of key info and comments, then leave the public to ponder. The case? PM involved with Chinese co. and deal gone bad, now in BVI courts. Similar to Ronnie Thwaites in Jamaica. Hard hitting and factual, not just unbased opinions. Lessons for Bim?

  13. David Avatar
    David

    Here is a video giving some details on the Rabbit Festival supplied by Livinginbarbados

  14. Sargeant Avatar
    Sargeant

    David

    After LIB made his comment I googled and found the video. The rabbits are the “Guests of Honour and the main Entrée” . I take instructions well.

  15. livinginbarbados Avatar
    livinginbarbados

    @David/Sargeant, I have not been able to watch the video but have visited the site for the events. It includes rabbit racing! I hear the PM and ‘president’ will be present. Intriguing side of Caribbean island living. I have yet to explore the role of treaties with China, Japan, Venezuela, and ALBA.

  16. David Avatar
    David

    What the video shows and provides learning for Barbados is the symbiosis of developing industries in parallel with community tourism.

  17. Bimbro Avatar
    Bimbro

    LIB, so would I be proud to. I simply don’t c the merit in playing old oil-drums! U might but I don’t! and, neither, I suspect, would 99% of the international community!! However, I would n’t expect u to understand that!!

  18. Bimbro Avatar
    Bimbro

    Old oil-drums = legacy of slavery = something to be proud of?!! Only u would think so!! The rest of the world would laugh at u behind ur back – however, as with so many things, ur too, stupid to understand!!

  19. livinginbarbados Avatar
    livinginbarbados

    @Bimbro: “Old oil-drums = legacy of slavery = something to be proud of?!!” [I dont know how you equate oil drums with slavery, but in any event, WE ARE OURSELVES LEGACIES OF SLAVERY. That is how history has left us. Sorry if you not realised that. So, however, you slice it, you cannot escape it.]

  20. livinginbarbados Avatar
    livinginbarbados

    @David: Thanks for posting the video. I understand that Venezuela has strengthened its economic ties with Dominica through this festival, including by sending chefs to show different recipes (Venezuelans eat a lot of rabbit dishes. This year the festival will do more to raise local income generation by having locals prepare and sell dishes rather than having others do that. The village has a population of 251, but the number of visitors reaches into the thousands, including contingents from overseas. Remember that Dominica is classified as a poor country and that may have something to do with its willingness to go in certain directions. Venezuela is in the process of providing a coffee processing plant: the equipment is due to be assembled soon. Of course, there will be questions about the political price of the economic ties, but that’s nothing new. The day starts fittingly with an ecumenical service at mid morning.

  21. livinginbarbados Avatar
    livinginbarbados

    For those who can follow the implications of higher umeployment in the US, read http://www.nytimes.com/2009/08/02/us/02unemploy.html?hp

  22. ericgairy Avatar
    ericgairy

    BIMBRO, world class means able to compete at the highest level, elite, if you wish. Trinidad has many world class athletes; some have even become champions. You could also take heed of the Sports Minister’s recent confirmation that her ministry’s business is to develop world class athletes from cradle to grave.

  23. Bimbro Avatar
    Bimbro

    LIB, ur such a nutter! It’s nuh wonda I feel sorry fuh wunna!! U think everything’s about how we see ourselves, don’t u?!!

    Laaaaaaaddddddddddd!!

    Wais uh my time talkin tuh wunnah!!

    Chavez softening dum up (Dominica) before d invasion!!

    Laaaaaadddddddddd!!

    Shortsightedness gun kill wunna!!

    Eric, as a layman, I only know of 2 world class Trini athletes and, as far as I know they’ve both now retired! = Nil world class athletes for Trini!! whereas, Jamaica, roughly the same size and presumably, same population, has a million world class athletes!! Please explain the differential!! And, just before ‘some idiot’ says so, it’s nothing whatever to do with ackee and saltfish!!

    So, Eric, to conclude; world-class athletes who no one has heard of and degrees in playing old, oil drums!! The caribbean’s really doing well for itself!!

    Laaaaaaadddddddddddddddd!!

    Boom! Boom! as the Brits (my people) might say!!

  24. Bimbro Avatar
    Bimbro

    LIB, I’m a world-class athlete in playing hop-scotch!! but I doan boas bout it!!

    Laaaaaddddddddddddddd!!

    Jamaicans!!

  25. Avatar
    Anonymous

    @Bimbro (still LIB): Olympic 100 m final-1st Bolt, JamJ 2nd Thompson, Trinidad…West indies play Test cricket, ie world class: count Trinis who play and played. Football: Manchester United, one of world’s best club teams: count Trinis who made 1st team. Just for brief good measure. Sorry, squire, I don’t fink you got a clue what’s going on in the real world.

  26. livinginbarbados Avatar
    livinginbarbados

    @Bimbro: I should have added that if it’s recognized that the level at which you excel I’d the highest then there’s np need to be coy about your skill. Cricket is not such a popular game worldwide but those who play it at top level are so recognized. Few countries play American football but the Americans hail their winning Super Bowl teams world champs. I could add croquet to the mix or curling. Open yer eyes, mate.

  27. livinginbarbados Avatar
    livinginbarbados

    @Bimbro: For your information, and remembering that you only see recent history. Venezuela was the first country to recognize Dominica when it became independent in 1978. Hugo Chavez was only twenty then, and he only became president in 1998. But I guess that’s not so important if you wish to remain oblivious to what is really happening aroud you.

  28. Bimbro Avatar
    Bimbro

    Look foolish LIB, footballers an cricketers are n’t classed as athletes. They’re normally classed as footballers and cricketers!! Excep maybe in Jamaica and, u know dem!! Only u could talk such foolishness bout curling and croquet!! It proves my point – deluded!!

    I’d still like somebody tuh tell me why it is dat JA got 6,649,541 accredited athletes when d rest uh d worle only got 2!!

    Someting very strang happen dere!!

  29. Bimbro Avatar
    Bimbro

    What’s his DOB got to do with anything. He’s shut down the radio stns today, invade Dominica tommorrow! Open ur eyes my people and stop being deceived!!

  30. livinginbarbados Avatar
    livinginbarbados

    @Bimbro, the dates are relevant to point out that Venezuela has been a constant 3 decade friend of Dominica, not a Jose come lately or fair weather friend. Chavez’s merely continues a relationship. Seemed obvious. But some countries like to feel free to blow with the wind.

  31. livinginbarbados Avatar
    livinginbarbados

    As you say, Bimbro, footballers aren’t athletes. I guess that’s why they run anout 10km during a match. Clueless. What do I know? I’m only a stupid FIFA qualified football coach.

  32. Bimbro Avatar
    Bimbro

    LIB, I did n’t say they are n’t but are n’t regarded as such certainly not by me and most other people on the face of the earth. Maybe that’s why ur a football coach!! My only advice to Bim is to get ready for a flood of boat refugees when the invasion starts!! Got a spare room?!!

    Lord!!

  33. livinginbarbados Avatar
    livinginbarbados

    Many recent commentaries point to the very weak immediate economic prospects for the UK. Here is another, http://www.newsweek.com/id/209953. Those who think that flying on the UK’s coattails will take them higher may wish to think again.

  34. livinginbarbados Avatar
    livinginbarbados

    I honestly think there are lots of lessons to learn about community involvement in economic development from the Cockrane rabbit festival. I have included a few pictures that I uploaded to Twitter: http://www.twitpic.com/cm60b, http://www.twitpic.com/cm5wa, http://www.twitpic.com/cm5v1, http://www.twitpic.com/cm5xn Barbados/Barbadians can think about their [1] willingness to get value and foreign exchange from simple local agricultural activities [Is Holetown festival viewed that way; more over is the annual agricultural fair at Queen’s Park really used to its fullest in that way?]; [2] willingness to accept ‘alien’ foods as a source of revenue and addition to diet [the whole approach to the Africa snails problem comes to mind]; [3] involvement in local not national direction of tourism projects; and [4] acceptance of their history and ways to exploit that, see http://www.lennoxhonychurch.com. LLennox went to Lodge School and has recently spent time renovating a fort in Dominica, which was where slave-soldiers had an uprising and gained their freedom BEFORE Emancipation. It is now an historical monument and cultural/social events site. Lennox gave a lecture series at UWI about 18 months ago.

  35. Bimbro Avatar
    Bimbro

    LIB, will u let me rest in peace!! ‘Newsweek’!! Is n’t dat American?!! An, did n’t they start dis whole disaster? An, u want fe listen fe dem?!!

    U just go along an follow dem, LIB!! I’ll stick to my proved and tested PM Brown, acknowledged, saviour of the western world by his shrewd economic policies, thank u very much!!

  36. livinginbarbados Avatar
    livinginbarbados

    @Bimbro: Of all the sinking ships to hold onto, HMS Gordon Brown is one from which many of the rats have already fled.

  37. livinginbarbados Avatar
    livinginbarbados

    Images from Cockrane annual rabbit festival**** http://www.twitpic.com/cm60b,http://www.twitpic.com/cm5wa, Apologies if these comments or a form of them appear twice.******Images from Cockrane annual rabbit festival**** http://www.twitpic.com/cm60b,http://www.twitpic.com/cm5wa, http://www.twitpic.com/cm5xn, http://www.twitpic.com/cm5v1*******Lessons: 1. Getting income/value and perhaps foreign exchange from non traditional local agricultural activities. 2. Benefits from embracing ‘alien’ foods and making them economic as well as adding to diet [at least occasionally]. Think about what Barbados is doing with African snails, which is to destroy and devalue. My Nigerian friends have mentioned that proposals to do business with the snails have been met with “we looking at it”… 3. Local/community direction of economic projects [albeit with government assistance at the outset; the festival is less than 1 years old]. 4. Think how local Bajan events such as Holetown festival and annual agricultural fair at Queen’s Park build economic activities.

  38. livinginbarbados Avatar
    livinginbarbados

    I see that a combination of WordPress and Twitter garbled the links. For those interested, I hope it’s obvious that each link should start http://. Or read my blog to see the same pictures.

    Here is the link to Living In Barbados Blog rabbit story.

    David

  39. Bimbro Avatar
    Bimbro

    Is that right, LIB, but I bet ud give anything to have him as PM of Jamaica though! to help rescue that sinking-ship!!

  40. livinginbarbados Avatar
    livinginbarbados

    @Bimbro, when you look at the debt and fiscal deficit burden Chancellor Brown bequeathed to the UK, which PM Brown and Chancellor Darling now have to deal with, I would say that you must be joking. Perhaps you missed the news a few weeks ago of S&P downgrading its assessment of the UK to ‘negative’ from ‘stable’ [first such move in over 3 years–remember the UK going to the IMF?] and likely debt downgrade for the UK. See http://news.bbc.co.uk/2/hi/business/8061019.stm

  41. livinginbarbados Avatar
    livinginbarbados

    I had sent an earlier comment on linking history, current cultural interests, and tourism, and pointed to the work of Lennox Honychurch, a Dominican, who also studied at The Lodge School, see http://www.lennoxhonychurch.com/aboutme.cfm. He has redeveloped as a historical and cultural site a fort where slave-soldiers rebelled and gained emancipation before the laws were changed in Britain. He was a guest speaker at UWI Cave Hill about 18 months ago, if my memory is good.***Barbadians often talk about having done a lot with little [which can sound like sitting on your laurels if read a certain way]. I would argue that notwithstanding there is a lot more that can be done.

  42. Bimbro Avatar
    Bimbro

    Further rosy, economic news for Britain today. Pound on the climb! Not long before hits $2:£1!! – an I’ll b rich again but ull be poor!!

    Laaaaaaadddddddd!!

    LIB, keep on dreaming!! IMF? Wha is dah?!!

    Lord!!

  43. Bimbro Avatar
    Bimbro

    LIB, when’s the next flight to Kingston!! Day need u dere!!

    Laaaaadddddddddddddd!!

  44. Sargeant Avatar
    Sargeant

    But LIB why don’t you give “jack e jacket” and call the man Dr. Honeychurch?. I thought that was your preference based on the recent discussion.

    About Bajans acceptance of “alien” foods. Bajans have always eaten rabbit so it can’t be classified as alien, but there is no way on God’s green earth that Bajans will prepare or have Afican snails on their menu, it is just not part of our culture. So if the Nigerians are a bit put off by the Bajans lack of commitment for “snail farming” perhaps someone was being polite and didn’t want to tell the Nigerians to go fly a kite.

    However you are a cosmopolitan man so you can keep your escargot

  45. livinginbarbados Avatar
    livinginbarbados

    @Sargeant, when I was introduced to him it was not as “Dr” and he shunned the use, referring to himself as “Mr”. On snails, the point is more that Bim is shunning the harvesting of them, that’s what Nigerians cannot undersand given the market that exists and good prices. Throwing away FX? Point taken on rabbit.

  46. livinginbarbados Avatar
    livinginbarbados

    @Bimbro, streling’s rapid rise is not good news for the economy: ut was bouyed before by relatively high interest rates and attracted a lot of ‘hot money’, and its steep fall reflected that as rates fell. Brown and Darling and King agree that weaker sterling has sped a possible turn around but that its rapid ris again is likely to stymie that. Yes, you may be rich but that wealth is not what will boost the economy not least by maiking imports more attractive. I’m neutral, as I like with a fixed rate and did not lose nor look to gain against the US$.

  47. livinginbarbados Avatar
    livinginbarbados

    @Bimbro, of course your ‘richness’ is an illusion: you lost when the pound fell from $2 in Aug 2007 down to around 1.35/1.40; now you’ve recouped a part of that loss as it moves to 1.65/1.70. I imagine if you had a house its value is still in the pits. If you had shares they too are still much lower in value. You got crunched when oil was @ $147? Now it’s only $70, but how much you paying for gas and the other increased taxes?

  48. Bimbro Avatar
    Bimbro

    Sargeant, as for Bajans eating and enjoying snails – as with most things, it’s probably only a matter of time before the habit catches on! My hope is that we’ll kill all the snails before it does and the hooligan who first brought them to Bim would be caught and punished!! Idiot person, whoever he/she was!! Reminiscent of the idot who released African bees in America – now they’ve taken-ove the whole country!!

  49. Bimbro Avatar
    Bimbro

    LIB, I doan know why I waising my precious, god-given time engaging wid u in conversation!! Yuh caan onstan Bajan, anyway!! But, fuh some reason dis mornin, the thought of my very firse girlfren (a Jamaican) returned to me! I grew up in England and so normally speak like a Brit! Anyhow, one day, my sweet little Jamaikian darling says to me, Fred, can u speak with a Bajan accent?!! So, I replied, “yes, of course I can my darling” and started to regale er wid some real, Bajee talk!! My baby thought it was so funny she was rolling all over the place with laughter and would tell her JA friends that I can talk like a Bajan!! She finally emigrated and I have n’t seen her since but, can u onstan d Bajan accent, yet?!!

    Laaaaaaaaadddddddddddddddd!!

  50. Bimbro Avatar
    Bimbro

    LIB, ‘thank u very much’ for the economics lesson or should I say reminder, which I first had, by the way, when I first left school and so am well aware of the principle! As I’ll be taking my money and returning to settle in my darling Bim, it does n’t matter what happens to British imports or exports, to me as long as I’ll b a millionaire, in Bim, that’s all that matters to me!! Tanks fuh d lesson but it was n’t needed in my case!!

    Laaaaaaadddddddddddddd!!

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