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@enuff: “And when I say decentralised energy I am referring to the production of energy outside the control of BL&P.
Positive, or negative energy?
Electricity, or thermal? Or kinetic?
Come on enuff… It’s not that difficult to answer such simple questions….
Halsall am I in class now?
actually enuff. part of iadb financing mean that they must use energy efficient design. water treatment plant. , rain collection for irrigation. using heat exchanger at bl& p plant for ac and water heating and other energy/resource saving technique
the deficit is calculated using accrual accounting, any monies due are reflected as distinct from when payment is made.
pierhead is a bolt arrangement, debt not reflected until completion and handover.
what are some ideas for non foreigh exchange draining growth in the next six to nine months given the state of the economies in our major source markets? The government has tried the tourism push, but it is clear that in the environment arrivals has not translated into expenditure, the alternative energy will clearly take a while.
you have to bat on the wicket you have, not the one you would like. We took far bigger risks with woprld cup and legacy, when there was really no need for such.
if one only focuses on the worst case scenarios, it becomes a recipe for paralysis, or rash choices.
The fiscal deficit has come down due to a combination of revenue raising measures and expenditure cuts. The expenditure cuts are real for all those who work in the state sector. UWI has had to cut almost all its part-time lecturers because of cuts in the transfer to UWI. The fiscal consolidation program, which almost all on this blog called for, along with the global slowdown has meant that the recovery has slowed, and growth is now projected at 15 instead of 2%
The immediate threat to the economy seems to be in terms of private sector jobs. The policy makers should be focused on how to stimulate the economy without adding to the fiscal burden and draining forex reserves. The options are not many and there is not a lot of time. These two projects seem as shovel ready as any I am aware of.
I tire of the endless to and fro and seeming vortex of negativity. maybe a change of govt will do the trick.
@Trained Economist
“if one only focuses on the worst case scenarios, it becomes a recipe for paralysis, or rash choices”
——————-
What if it IS worse case…..?
It is amazing how all economists seem to have as a ‘given’, that;
1. Success is directly proportional to economic growth
2. Our global economy has some kind of self-righting mechanism
The stark reality is that our economic system consists largely of a set of massive Ponzi schemes designed to channel wealth from the masses to the select few at the top….. Clearly a doomed system.
The good news is that true “success” is largely independent of this terminal scam.
pierhead is a bolt arrangement, debt not reflected until completion and handover.
Then why is dodds debt showing up in 2006 when construction began?
Two large construction projects with a signficant chunk of foreign exchange financing that does not add to government debt.
Even if their is delayed pier head will eventually be added to government debt.
Anthonyare you sure about dodds debt showing up in 2006. the blp complained loudly about dodds being counted as government debt by the dlp in 2008.
but what are the ideas on this blog beyond cutting government expenditure and balancing the budget. difficult for me to see how that promotes growth.
@Trained Economist
How can we sustain the economy at pre-economic meltdown level when the global economy has been labouring for 4 years and shows no signs of rebounding?
We have to swallow the bitter pill and begin to live within our means. It may already be too late.
The social cost + economic = disaster in the coming months. The next election should be interesting indeed.
yes i am sure see page 10 of q3 2011 or page 9 of the Q1 or Q2 2011 report .
part of government expenditure can cut by e governance. but that call been going on for 4-5 years so i don’t think anything will be done.
I think a number of tough choices have already been made:
Bus fares have gone up, water rates have gone up, VAT has gone up, allowances have been taxed, vehicle registrations have gone up among others. There have been expenditure cuts in central government and statutory corporations. There were cuts to the drug service, much debated on this blog. I think these were tough unpopular choices.
The revenue raising side has probably been maxed out.
The major expenditures are wages and salaries, health care and education. If the state were to engage in massive layoffs at this time, given the state of the private sector yu are condemning persons to long term unemployment, with the consequent social issues. How much do you want to cut health care and education in this environment?
It seems that we have to go for what growth we can get in the near to medium term.
Everyone wants sacrifice and cut backs as long as it does not affect them. Goodluck to the government leading the reform.
@ Trained Economist
“but what are the ideas….”
No problem with investing NIS funds, but surely it is time that such resources be invested in ORDINARY Bajans. In projects that end up being owned by us.
Bajans are tired of people coming here and having free access to our hard saved funds to buy LOCAL assets or to create their own foreign concepts at our risks.
You seem to be pushing this model.
The NIS is even worse than the Credit Union. Imagine having 3 billion dollars in assets and having no impact other than handing out money to jokers like Persaud.
Curse be upon them!
Why should these two entities not own or control CRITICAL sectors of the economy at this stage in our development?
No bank
No utility
No agriculture
No manufacturing
……what the hell DO they do with the money….? Bury it under rocks…?
@ BAFBFP
Ask Caswell about the bank….. He don’t want to have to pay taxes….
Where there is no vision, fools and their money are soon parted….
Anthony, In barbados, the perfect has become the enemy of the good, hence progress on egovernment or any project is going to go at a snail pace.
The technocrats in the public service lack a sense of urgeny generally, the opposition seeks to derail everything and the media feeds on the negativity from the opposition or any interest group negatively impacted by any initiative.
the uwi students should be querying why a fancy gate is being built at the back of the campus if money is so tight. But they too seem caught up in the notion that government must pay.
Uwi students & parents should wonder why government hasn’t paid any of their fee and has a running bill of 108 million. If uwi student wanted to pick apart the campus expenditure on things that don’t matter to them the first thing they would get rid of is the cricket pitch. If money was stop being spent on it I sure they back all their library hours & more. The fancy gate is the low down on their worries list.
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