The government delivered the much anticipated Financial and Budgetary Proposal for 2011. The unprecedented financial support to the cultural industry in the amount of 50 millions dollars financed over fiver years, and the commitment to integrating an alternative energy solution are the notable deliverables.
We are told it is a tax free budget.
Subscribe to get the latest posts sent to your email.
@ Observing closely
“The Francis boy is a so called Caricom neighbour living off Bajan taxpayers money at the mansion on cave Hill…”
————————————————————————
As far as I know he is St.Lucian just like the MP for St. John who based on your comment is also living of we as taxpayers. The MP also has more family living in St. Lucia than here in Barbados. Is she as well as her family “vermin” too simply because they are St.Lucian and therefore hate Barbados as you wrote about Mr. Francis?
What about Prof Robinson who lectures at UWI, sits on the Board of the Central Bank and comments on local economic affairs? is he “vermin” hates Barbados because he is Vincentian?
There really was no need to highlight whether Mr. Francis is Barbadian or not, you should focus on what he said and offer a valid rebuttal.
Anyone remember the “Sherbourne Cultural Centre” proposed in the late 80″s by Sir Lloyd Sandiford the then Minister of Education and Culture? In its brief was a state of the art theatre seating 2000 persons that was 45% complete! with baths and dressrooms , elevated stage , tier seating and balconies and passage ways all laid out and waiting to recieve continential seating? well that was all demolished for a speculative office building and carpark.
Now thew idea raises its head as a new one in the 2011 budget (proposed
by the same administration), and not a fellow remembers this ? see what short memories we have? and a loud cheer is herald in the cultural forum.
even Ms. Mia Mottley, Edwin yearwood and Boo Rudder forgot!
Second, why was the Solar educational institute proposed by the Ministry of energy shelved by this current administration upon taking up the Government?
enen
Now we see education in Solar technology as improtant and innovative? so the students who would have been involved would have had some three years experience by now. Come on- Barbadians!
Next, if you change the position of the goal post? can u score a goal by positioning the ball in the old location?. Well tell that to the land tax ease. My $140,000 house now revalued at $215,000 is expected to be included in the $190,000 band. Many people like myself would realise we now are on the tax roll?
Finally, how many citizens are at ease now or in receipt of relief from their current electricity, food, water,sewage,gas(also natural gas) bills? as aresult of the new budgetary proposals. At least the c hotel sector get a grace period in paying their newly priced land tax bills.
By the way, anyone remembers when the then “Tom” Adams asked Mr Errol Barrow to bring ideads to help in the economic administration of Barbados? what was Mr Barrow’s reply? ” If i help you run Barbados , you will always be in power and i will remain in the opposition for ever”. ( ref : house of assembly debates bet 1976-1983),so much for bipartisan support and since “politics of inclusion” Mr owen Arthur is crucified!
Prime Minister Mr Freundel Stewart stated that tthere was a shortage of supply of housing in barbados and a high demand for the same. Could someone take him down Country roadof stewart lodge and let him have a look at the 56+ apartments sitting idle two (2) years now. If he was employed by “Bajans services” he would be on the breadline two years now. So long to decide a rental fee? my conpany would fold up! can’t we decide who are the ” poor and most vulnerable citizens in the island in need of housing. oh sorry! elections coming soon- my bad!!!
The BLP also lost on the facts:
1. Mascoll and Arthur made much of the fact that there was a difference between nominal and real gdp growth in 2010 and that the central bank was hiding the true picture. Sinckler pointed out that it had happened in 2003 as well and there was no contradiction from Owen.
2. Mascoll kept claiming that a major cause of the fiscal deficit was not the global recession but the DLP padding the public sector payroll. He claimed the DLP had added about 4or 5 thousand to the payroll since 2008, we now find out that is far from correct. Instead of the 34,000 public servants claimed by Mascoll we find out we have less than 28,000.
3. Owen made much of the fact that even though there was a global recession and we would be affeedted, that due to poor DLP management Bim was falling behind its peers and was ranked 197 out of 217. We found out that the same ranking of countries in 2002 had Bim at 181 out of 191, during a far milder recession than the current one.
For me the ability of owen and Clyde to potray themselves as Trained Economists espousing purely economic views based on their training has been shattered.
I had also begun to think that the DLP was not well placed to manage the economy during a crisis time. However, the facts seem to suggest to me that the economic outcomes are not that different from the last recession in 2001/2002 when the BLp were in charge.
If we in Barbados accept today that a Minister of Government, Member of Parliament, or anyone from the political class can without evidence and without consideration for alternative views, threaten the jobs and livelihoods of those who continue to contribute to the education we love to boast about as being superior, then Barbados has indeed become an unethical society. If that behaviour sets in as norm as seemingly becoming the intent by this DLP for anyone that does not seem to share their views, then it becomes crystal clear why there is an emphasis on ‘society’ as opposed to either putting the economy right or working on both simultaneously. It is glaringly obvious that the DLP is on a crusade to destroy the independence that is the hallmark of academia; they are saying to Barbadians, no critical or alternative views, toe the line with what we feed you or else. This is very sad.
Since January 2008 it has been attacks on the Dean of the Social Sciences faculty, Dr. George Belle; more recently, Dr. Tennyson Joseph; even Professor Beckles has attracted some attention; and now Dr. Francis and his work, national origins, and capacity to speak with the intellectual freedom for which the world over uses as a think-tank to progress societies has come under the virulent missiles of Donville, Sinckler, and that crowd. Certainly these are two men that may have something much better to offer Barbadians if only they would concentrate on their respective tasks rather than threaten to terminate services and rid the UWI of persons who do not sing the DLP’s pompous anthem. Sad days ahead and I am urging right-thinking Barbadians to pull it back before it is too late. Do not let the political class whoever these may be destroy what the Adams’ and barrow has done for this country and region. Start thinking and stop supporting for the sake of supporting.
I watched all of the debate how was Francis’ job threatened?
Francis has a right to his views, and I ams ure he knows that if you make those kind of comments yu are going to draw political fire.
Someone mention prof robinson, he has come under fire for being pro DLP and I have not heard any complaints. Dr. Belle and Prof Beckles have clearly demonstrated strond pro Arthur and BLP sentiments. If academics line up in political corners then they must expect to draw poitical fire. Yu should not be able to take a political side and then hide behind academia.
If I see academcis being victimised I would then cuss the government for any such actions. I will not cuss them for a robust defense of their position in response to comments from academics. As far as i knwo Anthony Wood, Brian Francis, Tennyson Joseph and Clyde Mascoll continue to enjoy employment at UWI Cave Hill.
Academics who enter the public fray should take their blows like anybody else.
Some persons watched the debate, others listened quite intently.
In my case watching also involves listening intently.
Dr. Francis did himself no favours by at least intimating that he had not really done any intent study of the budget, but then proceeded to rubbish it. As I said, I have no problem with his comments, but if you comment in that tone he did you will draw political fire and you should be prepared to take it. If you gine pelt a lash yu must expect to take a lash. Methinks you and others protest too much when yu take strong and critical positions and encounter a robust response.
Some seem to think that whenever academics comment the public and leaders should mildly say thank you for sharing your wisdom with us.
It does strike us in the public that for at least a decade Cave Hill was silent on most if not all issues.
No one in the economics dept commented on the differential between real and nominal gdp in 2003.
I am shocked to find out that we had four downgrades of our credit rating in the arthur years. The media, uwi and other people who now pontificate whenever there is a downgrade now had nothing to say then.
No one commented on the escalating cost of land and housing for bajans.
Despite the robust debate of the last three years as far as I am aware:
Owen Arthur sits at UWI with an expansive office while serving as a sitting member of parliament. he even calls a political press conference at his uwi office. I wonder if such could happen with Arthur as PM.
Clyde Mascoll attacks the administration at every turn, but continues to enjoy employment at UWI unharassed by the govt.
Prof. Howard continues as professor of economics unharassed by the govt.
Dr. belle is dean of social sciences unharassed by the govt.
tennyson joseph is still employed at uwi, unharrased by the govt.
Brian francis is still employed at uwi, unharassed by the govt.
If yu gine share blows be prepared to take blows. i will join you in a crusade if i see anyone being victimized, but i will not join yu in a thin skinned reaction to robust debate in the heat of what was always going to be a pointed debate.
Barbados
Oct. 22, 2010 BBB-/Stable/A-3 BBB-/Stable/A-3 BBB
Nov. 13, 2009 BBB+/Negative/A-2 BBB/Negative/A-3 BBB+
June 10, 2009 BBB+/Stable/A-2 BBB/Stable/A-3 BBB+
April 8, 2009 A-/Negative/A-2 BBB+/Negative/A-2 A-
July26, 2006 A-/Stable/A-2 BBB+/Stable/A-2 A-
April6, 2006 A-/Negative/A-2 BBB+/Negative/A-2 A-
July 29, 2005 A-/Negative/A-2 BBB+/Negative/A-2 BBB+
Nov. 1, 2005 A-/Stable/A-2 BBB+/Stable/A-2 BBB+
Aug. 5, 2004 A-/Stable/A-2 BBB+/Stable/A-2
Aug. 19, 2003 A+/Negative/A-1 A-/Negative/A-2
Dec. 17, 1999 AA-/Stable/A-1+ A-/Stable/A-2
local was rated AA- in 1999 at end of term is was A-. foreign borrow was rated at A- in 1999 at end of term BBB+ in 2006 , T&C was rate BBB+ in 2005 at end of term A-.
At being of 2008 local was A- foreign BBB+ and T & C A-. Currently as of today it local as BBB- foreign at BBB- and T&C at BBB.
BLP rating got downgraded 3 time and upgrade one in their 9 year spread. dlp got downgraded 3 times in their 3 years. We can all give proper analysis to ratings that have been claimed.
But scout, touch one touch all is nonsense.
How has Francis been touched? Is disagreeing with him and trying to rubbish his views touching him. That is par for the course.
@ Old school
You wrote: “Methinks you and others protest too much when yu take strong and critical positions and encounter a robust response.”
You obviously do not know this man. Please speak of others, I have long learnt to give and to receive criticisms. I have no qualms about being involved in intellectual scrimmage. However, I sit and wonder how many of you out there believe that the persons on the morning after the budgetary presentation was delivered would have “done any intent study of the budget.” It is fallacious to see the next morning discussions as anything more than preliminary takes or readings of the budget. Of course, one may, as I did, seek to find central themes and general directions and give assertive opinions based on those things that also cover previous budgets and pronouncements. All in all, there is no doubt that much thought went into the budget hence the ‘safe’ political emphasis rather than a budget that deals with the specific realities of the day. As time passes and measures begin to be implemented, the significance of the budget would be revealed; it did not address the economic woes current or that are likely to challenge the government in the near future but it did give the DLP some breathing room to re-position for the next general election in Barbados. Plain and simple!
By the way, please check the ratio of 3 in 9 and compare with 3 in 3. On the present trend, Barbados may yet face further downgrades before the life of this Parliament has ended.
@George
I have no qualms about being involved in intellectual scrimmage
By the way, please check the ratio of 3 in 9 and compare with 3 in 3. On the present trend, Barbados may yet face further downgrades before the life of this Parliament has ended.
The two extracts taken from your last comment smacks a little of intellectual dishonesty.
@ David
Please indicate to me in what way and I may seek to clarify.
For starters, I give and I do take; I attempt not to get personal but deal with issues. I am never so blind as to say that we speak on social and political things without having some bias which may be entirely part of our socialisation.
On the second point; I made direct reference to details provided in the previous post citing those figures as a justification. What I did invite the writer to do was to understand that if the basis of those figures are used to make one point, clearly there is an alternative presentation of the same facts that lead to a different conclusion.
Please David; show me where either statement appear to be dishonest or even deceptive. I shall call a spade a spade, and I will discuss matters on the evidence.
In fact, it is the Central Bank’s own view, it is the concerns selectively alluded to by the Minister of Finance and the Leader of the Opposition, that would suggest Barbados is not out of the woods with all of the uncertainties in the UK, USA, and Europe even to the extent of challenging growth in China that may still have devastating impact on the country to make a definitive turn around. Hence, there is a trend that is noted by both Moody’s and Standard & Poors that inability to curb the fiscal problems may lead to further reasons for downgrading.
As far as I am concerned, while I wish no such thing for Barbados, there are trends and possibilities for which we must keep at the forefront. My delivery was simple; it was honest; and it got your attention. Let us see what others say whilst I await your evidence of intellectual dishonesty. Cheers my friend, and I do not mind the challenge, all part of keeping a robust and worthy debate going.
@George
The reference had to do with the DLP having to manage an economy in an unprecedented global economic environment.
@David,
Okay, but I do concede that that there are difficulties for managing the economy and that there may be no right way given the forces beyond our control. However, there are things that this government needs to focus upon, and must expound upon in order to ensure that we do cope and take advantage of those forces that are within our control.
Tell me, how many references in the budget did you hear reflecting upon the Central Bank’s concern with the extravagant discounting going on in tourism; or with initiatives to spur domestic spending whilst seeking to dampen the propinquity for imports? What references would you say would have directly addressed the reduction of the deficit while at the same time bringing about enhanced productivity in all the key sectors of the economy?
I may be a political enthusiast more than an economic forecaster, but my reading of the situation tells me that there were severe postponements for anything definitive to deal with the real challenges faced by the Barbadian economy. In fact, if you delve deeper into Mr. Sincker’s presentation, you are likely to come to a conclusion that this is another budget that sets Barbados in a holding pattern beyond cosmetic changes which seemed more determine not to raise new taxes or excite new projects that may call for capital expenditure rather than looking to stimulate real growth and productive capacity in tourism, international business, off-shore financial sector, or indeed the international telecommunications and technological services. In short, and as I have said, it is a promissory budget that seeks to maintain hope rather than inspire and invigorate growth and capital.
@George
Let us cut to the meat of the matter, we don’t have any thing to sell to earn our way and consequently an over reliance on tourism and the related international business.
The last government fueled construction to drive the economy which has a correlation with forex outflow you have to admit.
The government has preferred to take a conservative approach in uncertain times to protect the foreign reserves, you may disagree but that is its strategy.
One of the problem with just using the S&P rating is they came in in 1999 at top of economic recovery from the recession in the 1990s so not much upgrades but after the 2000 the debt increased so ratings where lowered . as comparison with moody who did the foreign longer but local much shorter which shows the increases done for foreign,
foreign local
Barbados 12/05/1994 Ba2 Barbados 12/09/2002 A3
04/18/1997 Ba1 10/13/2009 Baa2
02/08/2000 Baa2 06/13/2011 Baa3
10/13/2009 Baa3
with moody they where 2 upgrade in foreign during the 14 year term while in 2 year there been 2 downgrade in the 3 year term. Anything below a Baa3 is below investment grade for moody. so until 2000 for foreign we had junk bond status.
How credible is either S&P or Moody’s? Are these not the same two Institutions that are under investigation by the Justice Dept in the USA?
many institutions have been under investigations. while their mortgage mess may have start the melt down their sovereign ratings are still pretty reliable.. If they need to followed is another discussion,
The value of a Budget can only be measured when the policies are implemented. We know of the tax increases, constituency councils, camps, free bus fares and NHC units. What about other Budget announcements?
Here is a sample of the 2008 Budget:
1. On the matters of openness and transparency, I am pleased to announce that the Governance Advisory Board….is working assiduously on developing a new regime of governance in Barbados. It will, with the assistance of Legal Advisor, Professor Dr. Albert Fiadjoe, former Dean of the Faculty of Law and internationally respected administrative law expert, prepare draft legislation in the following areas: Integrity (to include declaration of Assets by public officials, and a Code of Conduct for Ministers; Defamation; Freedom of Information; New Constitutional provisions to rationalize the powers of the Prime Minister. In addition, it will advise on a comprehensive public education programme on matters of good governance. The Board will also address matters of the Role of the Ombudsman and a Contractor General. It is proposed that draft legislation will be completed by the end of this calendar year.
2. It is proposed to amend the Student Revolving Loan Fund legislation to permit: Annual loans up to BDS$100,000 over four years; Repayment of the loan over 30 years and provision for prepayment of the loan without a prepayment penalty; Interest at 1.5% over the savings rate, being in current terms 6% per annum; Removal of the need for sureties in the event that a charge on property is taken; A grace period on principal and interest for the full time of the student’s studies and for two years thereafter.
3. Government has already identified over 500 lots in existing tenantries, which it will be acquiring for sale to first time home owners at $5.00 per square foot. The services are already there and the only additional issues are acquisition, surveying and the legal arrangements for conveying the land.
4. In the meantime, Cabinet has agreed to the expansion of the QEH on its present site estimated to cost over $400 million and we have also begun to identify funding for this upgrade and expansion. The Barbados Government owns a substantial number of shares…… The proceeds of these sales will be used to fund part of the upgrading and expansion of the QEH.
5. We will also over the next two years prepare the Barbados Water Authority to submit itself to the rigours of accountability under the Fair Trading Commission, so that water and sewerage charges may be determined at levels that are fair to consumers and the Barbados Water Authority alike, and remove the huge burden that Government now carries in subsidizing water and sewerage rates for all persons in the society.
6. The Tourism Development Act will also be amended to provide a gradation of concessions to be granted to tourism-related investments on the basis of the local value added that accrues to Barbados from those tourism-related investments.
7. Alongside these developments will be the establishment of a number of marinas to attract yachts, as well as construction of a number of jetties in fishing villages on the east and south coasts with the necessary facilities to encourage the development of the boating industry.
8. Specifically, government will pursue: the construction of a terminal for private jets in north of island; the building a new cruise ship pier and facility in the north of our island to reduce congestion at Bridgetown Port;
9. We wish to get visitors to Barbados to spend more in our retail establishments by expanding our duty free shopping scheme.
10. More urgency will be placed on the negotiation of additional double taxation treaties and bilateral investment treaties between Barbados and other countries. Particular emphasis will be placed on negotiations with the countries of Latin America and Asia so that we have a network of treaties that straddles all major countries and positions us to compete with jurisdictions that have an extensive network of double taxation treaties.
11. The BAMC’s modern food producing assets will be leased and some of BADMC’s food storage, handling and distribution will be franchised to progressive small farmers and business persons.
12. For this fiscal year, Government will guarantee loans to a total amount of $15 million to BAMC and BADC to provide an additional 10 acres of greenhouse, shadehouse, tunnels, irrigation systems for modern agriculture and for packing houses and systems, cooling rooms and vehicles for transporting produce.
13. An Agricultural Protection Bill is being drafted which will protect large areas of agricultural land and require the approval of parliament for the change of use of land areas of over 100 acres.
14. Additionally, government will, in response to the request of the Wayside Vendors Association, identify a plantation to make available to the Association to undertake a pilot project for the production of vegetables for sale by members.
15. In order to encourage persons to make the necessary investment for modern agriculture and to protect this investment, we believe that farmers should get their incentives up front when they purchase items rather than have to wait on a duty rebate scheme.
16. The Government will be establishing a Pilot Project involving about thirty (30) farmers selected from among those in the BADMC’s irrigation districts across Barbados at a cost of $300,000.00. This Project will assist in demonstrating the efficient use of tensionmetres, which can assist farmers in determining the optimum moisture level for the soil, thus reducing water wastage.
17. Government will guarantee a loan for the financing of a $16 million project for Drainage and Irrigation Water Storage conducted at the River Plantation by the BADMC.
18. The annual subvention currently provided to the 4-H organisation will be increased from $100,000.00 to $200, 000.00 per year. This increase is expected to ensure that there is at least one 4-H club in every constituency.
19. Work on the waste-to-energy complex at Vaucluse should commence within a year and will provide between 6 and 8 megawatts of power to the grid, when commissioned.
How many have been implemented?
This is what Barbados one legged economy is competing against in one of our key source markets.
UK agencies offering almost free holidays
Font Size: Larger|Smaller
Wednesday, August 17, 2011
ISTANBUL- Hürriyet Daily NewsSome leading United Kingdom tour agencies are offering 2 pound per night accommodation at hotels on Turkey’s Aegean coasts during the country’s low season. Hürriyet photo
As nearly 2 million British delayed their vacation due to the economic crisis, leading British tourism agencies, including Thomas Cook, created new holiday packages that cost less than 2 pounds per night on Turkish shores, the agencies announced on their official websites on Monday.
“This is a serious market strategy,” Osman Ayık, board member of the Turkish Hotels Federation, or TÜROFED, said to Hürriyet Daily News on Wednesday, noting that many British tour operators recently started dealing with Turkish hotels for such promotional packages. Joe, an Irish tourism agency also offered tour packages for 2 pounds per night in hotels in Dalaman, one of Turkey’s popular touristic destinations in the Mediterranean region, daily Sabah said on Tuesday.
Hotels may lose money
http://www.hurriyetdailynews.com/n.php?n=uk-agencies-offering-almost-free-holidays-2011-08-17
well let see 1 not done ,2 not done, 3 unfinished, 4 not done, 5 not done, 6 not done, 7 not done, 8 not done, 9 not done, 10 ,11,12 not sure about these, 13 not done, 14 not done, 15,16,17,18 not sure if it been implemented, 19 not done
Old School
It was not me that said “touch one, touch all”, this was reported as said by one of his colleagues, Pro. Michael Howard, since then another UWI economist came out in support of Dr Francis.
old school MR SINCKLER IS QUITE A GOOD ARTICULATE SPEAKER BUT THE RESULTS OF TTHE POLLS PUBLISHED IN TODAY’S SUNDAY SUN GIVES MR ARTHUR THE EDGE IN PRESENTATIONS BY BOTH PERSONS.ALL IN ALL, ALTHOUGH THE DLP HAS BEEN LYING DOWN AND PLAYING DEAD AND CRYING WOLF,WOLF, BLAMING THE CRISIS AND HOPING FOR THE BEST I THINK THE DLP DESERVES ANOTHER CHANCE TO SEE IF THEY CAN IMPROVE THEIR PERFORMANCE ON A FLAT WICKET WITH NO EXCUSES TO HIDE BEHIND.
David | August 21, 2011 at 8:52 AM |
“This is what Barbados one legged economy is competing against in one of our key source markets.”
Barbados will still continue to get a share of the market. Competition should put the heat on David Rice and the BTA posse to come up with the kind of AD campaigns to keep the Tourists coming.
when will there be a poll from the Nation or some other entity?
i think barbadians are unsure as to who they should vote for
In today’s Advocate Business Section the Brian Francis chap is quoted saying St. Lucia, Trinidad and Cuba are outperforming rest of Caribbean and doing very well. He said Barbados is doing poorly. It made me research a few key indicators on those countries leading to the conclusion Francis is a liar a fool or both. St. Lucia’s unemployment rate is 17% and climbing. Trinidad with its Billion Dollars Heritage Fund now declared a state of emergency against reality of the calypso island about to claim the dubious honour of murder capital of the world. Cuba is a communist state with a command economy no one is certain what is happening there except we hear the Castro brothers pronouncing the economy is so bad they are allowing capitalists businesses to start.
Barbados unemployment rate is 10% and falling. Barbados economy buffetted by recession is still growing by 2 and a half percent.
Will guru Michael Howard and the Cave Hill school of Economics explain what Francis is saying.
Someone called me this morning and asked to to listen in on the 100.7 F.M call-in programme, I could not believe hearing government “analyst” advocating and supporting government’s purchasing of school materials from overseas. The reasons given by Peter Wickham is the same reason the former government gave and was condemned by this present government. How can manufacturing in this country improve if governments are paying lip service to the industry
First we were treated to the xenophobic outbursts of Owen Arthur during the January by election. Now another of Mr. Arthur’s loyal and progressive henchmen lets us into the racist ideology underpinning their new agenda. The BLP is definitely on the right track!
Watch it in living colour:
[youtube http://www.youtube.com/watch?v=fTHfAEHt53s&w=420&h=345%5D
The blogmaster invites you to join the discussion.