209 thoughts on “Review of Barbados’ Economic Performance January to June 2013


  1. IMF Reduces Global Growth Outlook as U.S. Expansion Weakens

    By Jeanna Smialek

    “World economic growth will struggle to accelerate this year as a U.S. expansion weakens, China’s economy levels off and Europe’s recession deepens, the International Monetary Fund said.

    Global growth will be 3.1 percent this year, unchanged from the 2012 rate, and less than the 3.3 percent forecast in April, the Washington-based fund said today, trimming its prediction for this year a fifth consecutive time. The IMF reduced its 2013 projection for the U.S. to 1.7 percent growth from 1.9 percent in April, while next year’s outlook was trimmed to 2.7 percent from 3 percent initially reported in April.”
    http://www.businessweek.com/news/2013-07-09/imf-reduces-global-growth-projections-as-u-dot-s-dot-expansion-weakens


  2. In case any Of you blind people have not noticed, Economic forecasts WORLD WIDE are being constantly altered.


  3. @ David
    You know there are some people who never write any full articles to subject a large body of work rigorous scrutiny but expect that dirty pot shoot from the sidelines are able to deter others will well marshaled ideas.


  4. We think our fried Greenie is absolutely right. None of the economic problem can be solved or adequately addressed outside an environmental context. This is fundamental and thus must be our point of departure. Anything else is trivia.


  5. @ ac | July 10, 2013 at 8:53 AM |
    ” i dare you to state them and stop holding back the truth .the first step to good goverance is truthfulness..”

    Why don’t you stay in your own little league and stop taking pot shots at Pacha? Aren’t you scared you get trampled on inadvertently like an ant under an elephant’s foot.

    But to be truthful though, ac, we did not know you had the moral courage to make such a profound statement?
    However, you are talking to the wrong person(s). You need to aim that remark at the PM. he needs to come clean and tell the truth about the following:

    Is his administration going to layoff public sector workers as he promised will never happen?
    Is his administration going to privatize any state run functions or entities as he promised will never happen?
    Is he going to ensure as promised over his dead body and that of the DLP that tertiary education will continue to be “FREE” at point of access for all Barbadians?

    Is he going to honour his pledge and solemn commitment to the CLICO policyholders by ensuring they get back at least the principal portion of their investments and savings?

    Did he tell the little schoolboy a lie when he said he did not have in mind a date for the recent general elections?

    We will not even mention Al Barrack, the Four Seasons or even Almond far less the start of Pickerings Housing Development or even the Pierhead marina! Another $40 Million gone into Banny & Boyce pockets via an IBC in St. Lucia.


  6. In case any Of you blind people have not noticed, Economic forecasts WORLD WIDE are being constantly altered.

    Carson. Why is it that every time some one deals with an issue, you are always rushing for some sort of unnecessary extract to substantiate your lies. Even if the IMF predicts a smaller growth rate for the USA. What the hell it have to do with Barbados contraction by 0.6% and reduced foreign reserves etc, etc. It is time you and your cohorts take off your political garbs and start dealing with Barbados’ constant quarterly economic failures. Let’s get David from the east and forget MOF Sink-Less-Economic-Rhetoric


  7. BTW. What about the Dinner vouchers for visitors that the BTA stated would increase visitors arrival? Who are the food establishments benefiting from these vouchers? Are we still Wishing In Vain?


  8. @ Carson C. Cadogan | July 10, 2013 at 1:25 PM |

    But waaaaaaait! Is this the same DLP lapdog that nearly crucify the miller and cuss off the Head of the same IMF he is now so keen to refer to as a font of economic wisdom and prescription for economic survival and growth?

    Is this the same Carson Cuddear the Dogan that said the Governor of the CBB had every right to put Ms Lagarde in her ignorant place?
    Why are you quoting the IMF and its lackeys for an understanding of our economic problems?
    Why not follow Dr. Worrell’s advice and specific recommendations? Cut $400 Million and come again.
    Carson we, especially Observing(…), are still awaiting your IMF quality “advice” regarding the shaving off $64 million in public sector emoluments. The Opposition emoluments gone, now where is the rest?


  9. There’s only one thng worse than selling so much real estate to foreigners and that’s the mess that results when they decide to sell up and leave.


  10. Whoever is the MOF , east or west, the prescription is detemined by the IADB , IMF and Foreign Investors
    Watch Sir Kyffin and BNOCL, who will buy 40%


  11. Roverp,

    irrespective of their political affiliations, the BTA is not fulfilling its mandate.
    If they were sent home without a good reason, were they not members of a trade union? If so, why have the unions been so quiet then?
    Are you also saying the CEO/President contract was not renewed for political reasons?
    Who drives the new luxury Audi SUV now?


  12. @ CHAUCER | July 10, 2013 at 2:28 PM |
    “Watch Sir Kyffin and BNOCL, who will buy 40%”
    When this occurs the man would have control almost monopolistic control over the importation, storage, distribution and retailing of finished petroleum products in Barbados. With the acquisition of Exxon in the East Caribbean SOL will be able to set the price and determined the margins at each stage of the supply chain from landing to the retail pump.
    The Ministry of Energy will just be a rubber stamping body.
    What ever happen to black economic empowerment and enfranchisement under a black DLP run administration?
    Isn’t it time the SOL empire be “demutualised” from the clan and become a publicly listed and traded corporation allowing people to buy and sell shares like any other transnational corporation?


  13. Only today I heard a prominent DLP supporter saying the GOCB should instruct the commercial banks to freeze interest rates indefinately and force individuals and businesses to invest in Gov’t bonds so that banks and co-ops wouldn’t be able to hoard money. That would be CRAZY


  14. Miller we shall see how this all plays out. but i bet your ideas would not be part of the budget… totally overboard and recklessly off course


  15. Black economic empowerment and enfranchisement?????
    Black bajans mentality is all about conspicuous consumption and a comfy civil service job


  16. You actually get more out of the views here on BU than from the biased Nation BLP newspaper. It is Wednesday and we can already forsee that Thursday- Mascoll will predictably be pursuing his poltical column dressed up as economics; Friday and the Saturday Editor Sanka Price will continue his one sided editorial presentations and on Sunday, look for BLP yardfowls Pat Hoyos and Albert Brandford to join the choir.

    Why does the Nation newspaper promote political propaganda instead of presenting both sides and letting the public decide.


  17. @ ac | July 10, 2013 at 2:49 PM | .

    “but i bet your ideas would not be part of the budget…”

    My ideas?
    According to Onions: Wuhloss!

    It is the Governor’s idea involving the slashing of $400 million from the expenditure budget that will see layoffs and initial programmes of privatization or to use a more palatable word “outsourcing” or even “rebranding”.

    The increase of VAT to 20% has been on the card since to 2010-11 as part of the MTFS but was resisted. This recommendation is not coming from the miller but the IMF in concert with the credit rating agencies and the IDB.
    Watch and see!


  18. What made this quarter the defining time to provoke the GOCB to call forceably for a 400 million dollar cut? Why not first quarter? Why not last year some time. We have been in steady decline for five years, joke!

    After we cut what strategies for growth have been identified which is a departure from those tried already?


  19. @miller
    Carson doesn’t have what’s needed to answer my question. 64 million in 9 months?

    If he does, I’ll ask him which 26 million of goods and services are going to be slashed and which private sector suppliers/small businesses will immediately suffer as a result.

    If he answers that then I’ll also inquire about the three stage IADB loan and the fiscal consolidation stipulations for drawing down any more of it.

    If he answers that then I’ll ask about who’s going to finance Almond as well as the “growth strategies” which apparently are supposed to run concurrently with the stabilisation strategies.

    @nationblp
    We heard the report. Why don’t you tell us your side now?

    Even at this stage all the MoF has to come and do is say…well, we tried and it didn’t work. We need all hands on deck. Both parties are to blame and all the fault isn’t his.

    Sadly though, non-partisanship, humility and forthrightness have not been any of his characteristic traits.

    Observing


  20. NO! miller it is your intrepretation of what the gov said . all this overblown talk coming from u gas bag is an attempt to cause fear and panic as if u and the other yardflows have not done enough. point me to any dialogue where the gov called for massive lay off and wholesale privitisation


  21. @ac
    So let’s say there is “average” layoffs and “partial” privitisation after proclamations 4 months ago of none. Would this be “ok”?

    Also, the concern isn’t panic. It’s the 180 degree about turn with regards to what needs to be done and the seeming urgency from the government ..

    @david
    The frustration is understandable. Again, it’s not a lost cause but constant honest communication is key moving forward. Confidence has become an invaluable commodity. Outside of the heat, cut and thrust of elections, reality tends to lay everything bare.

    Observing


  22. COUGH….COUGH…COUGH!!!!!! @ miller YOU WANT TO MAKE ME CHOKE ON MY FOOD???!!?!?!?! De gov’t plan to increase VAT to 20%, dat is like throwing gasoline on a fire to out it!!!!. I don’t advocate overthrowing democratically elected gov’ts even if doan support them, but if that happens i would help bring Abu Bakr and the Jamaat al Muslimeen first class HERE first flight out of T&T!!!!. That would be utter madness??!!!! If they increase VAT then Stinkliar HAS TO GO!!! and then by extension Fumble!!!
    More and more i can see quiet little Bdos not know for civil disobedience reaching a breaking point under this gov’t. I can see after this years budget the temperature increasing in society and the calls for this gov’t to go increasing only 6 mths after it was voted back in.

    @NationBLPNewspaper your contributions are so BLASTED TIRED OUT it ain’t funny!!!. the Nation biased blah…blah…blah, the Nation pro BLP blah…blah..blah. If there is a gov’t there is an opposition, like they got DLP (CBC)TV (which is a monopoly that bajans got to suffer through if they can’t afford LIMETV, DIRECTV, MULTICHOICE) there is the Nation newspaper which is NOT a monopoly but by far the most popular paper in Bdos. Even if the Nation is “biased” then it should tell you where most readers minds are at.


  23. Forex reserve has dropped 200 million and if we add the EMERA and Republic inflows it gives a sense to whether the timing is right.


  24. I count myself among the many on this blog that have been seeing this calamity in the making for the past 5 years of wild spending with no accountability in shoring up our vital Tourism,our IBC’s,our Manufacturing and our Agricultural sectors.The fatted calf mentality ensured jobs for de boys and the devil take the hindmost.I am beyond surprises of this unholy bunch of ne’er do gooders and pests which call themselves the DLP.If I had any influence,I would tell the BLP to let the DLP pull themselves and all who vote for them out of the mess that is the local economy.It is going to be hellfire and damnation if the IMF choose to medicate the Bay Street patient starting with reducing THE NUMBER OF MINISTERS,THEIR SALARIES ,PERKS AND PENSIONS.The difference with the likes of Stuart is that it would not have come to this if he was a true leader with his hand on the pulse of the economy.He is not a leader full stop.Dumb A…sss.All of us are now in a pickle because of one man’s procrastination and lack of vision.


  25. Soothsayer Ac-Carson…..beware 2 fowl foot mixing with 11 lavender candles ,heart of a owlet 4 salmonella tail of Ertw..ac and Carson ….feet swelling BIG BIG tomorrow …..wanna tell the people too many lie to get back in ..dat is what


  26. The unfortunate thing about the press conference is that the Governor was unable to speak to Four Seasons, Marina project, Almond and others which are significant expenditure projects in queue.


  27. @BU. The poor governor is looking so bewildered. Everybody jumping ship and leaving him in charge. Having lived, studied and worked in Jamaica for a while, I think I will be able to survive what is to come with this budget when it is announced. Bajans are not accustom to any shortage of items, or inability to live a decent life.


  28. @Gabriele Tackle
    Endorse all what you have said. All those dumb head consultants like the Holder man that ran against Dale Marshall in the February 2013 elections being placed in the Ministry of Education getting the equivalent of a Deputy Principal in a secondary school salary. This man do not even have a degree. When those idiots are sent back to their original jobs, then I will consider taking a pay cut.


  29. @david
    What’s unfortunate is that if it’s “comfortable” to cut now, then it “was” comfortable to cut before…yet none were made.

    Observing


  30. From examining the CB report:

    1. It’s clear that government is borrowing to pay ordinary bills. The jump in T-bills by $433 million in 6 months is unprecedented
    2. 36.8 cents out of every dollar of revenue is going towards paying off interest. Debt is just already too high and is growing considerably every month.
    3. Foreign reserves import cover decreased from 19 weeks cover to roughly 16 weeks over the space of 3 months. The acceptable import cover is 12 weeks. At this rate of decline; we would breach that limit in just over 3 months if something isn’t done.
    4. Net capital inflows are anemic at 21.7 million, down from 266.6 million as at June.
    5. Can anyone explain to me why on pg11 of the report, the NIS section has been kept at a constant level from 2009 onwards? The note at the bottom is that data is unavailable .. .. what’s going on there?

    there are several more things of note in the report but to sum it up, it’s not a good picture. the government must act now as swiftly as possible to at least safeguard our dollar. If this means cutting expenditure; do it quickly.


  31. obeah woman | July 10, 2013 at 5:33 PM |

    Soothsayer Ac-Carson…..beware 2 fowl foot mixing with 11 lavender candles ,heart of a owlet 4 salmonella tail of Ertw..ac and Carson ….feet swelling BIG BIG tomorrow …..wanna tell the people too many lie to get back in ..dat is what

    and I bet u a devout Christian.


    • The government advised the media people today repeatedly that the government has engaged the social partnership on the matter of cuts even as he was speaking. We are awaiting NIS audits promised by former chairman Tony Marshall.


  32. Observing(…) | July 10, 2013 at 4:56 PM

    @ac
    let’s say there is “average” layoffs and “partial” privitisation after proclamations 4 months ago of none. Would this be “ok”?
    |

    look nothing in the world of economics is written in stone. fluctuations occur daily,markets go up and markets go down and govt s are not immune to instability , but if needed adjustments are necessary so what. !
    however such adjustments should be done as to not hurt the most vulnerable, these are people lives which the govt is responsible for and such responsibility carries a lot of hard decision making and is not as easy to make as miller and others would want to believe. most of the time the measures which miller and other BLP yardflows are gloating and waiting and wishing to happen are measures of last resort and if and when implemented are done in phases expanding over a long period of time and not like what most expect to or should happen immediately.so the answer to your question is no cause quick austerity measures not going to take us any where especially when it affects the livelihood of people.


  33. millertheanunnaki wrote “layoffs and initial programmes of privatization or to use a more palatable word “outsourcing” or even “rebranding”.”

    Sounds like the Canadians advising wunna. Canada outsource entire industries to China.


  34. @ ac | July 10, 2013 at 4:39 PM |
    “point me to any dialogue where the gov called for massive lay off and wholesale privitisation”

    Honey chile , that’s the $400 MILLION DOLLAR QUESTION!
    You should ask the bewildered totally lost Governor and his sidekick buffoon of a MoF where that massive cutback in expenditure is going to come from.
    Where is the axe going to fall if not on personal emoluments aka people being sent home since there is no money to pay them.

    It is happening in the Private Sector so who the hell are public sector workers that they can’t be sent packing just like the people who really pay their salaries at the end of the day? Are there super citizens? Don’t the private sector people have families to feed to?

    Look ac, the government has cut every thing to the expenditure bone as reflected in the recently approved Estimates. Not even the new St. John polyclinic has been budgeted for.
    You cannot cut debt servicing commitments so what else to cut but basic supplies and emoluments.
    No supplies means no materials to work with. People just turning up for a pay packet idling all day, nothing to work with but twiddling their thumbs.

    What about cutting the size of the Cabinet as a gesture of commitment to the immediately required sacrifice?
    After all, there is more than enough fat there to trim. Just look at the size of the ministers like Sealy, Inniss, Estwick, and the lying Gorilla lookalike primarily responsible for the shit you guys are in.

    You should have heeded the miller’s warnings early last year when the fiscal patient was bleeding and all vital signs were sounding alarms. Now it is seriously haemorrhging and needs immediate and serious invasive surgery.


  35. Rich should spend Bermuda out of trouble, says Sousa

    By Ceola Wilson
    “Jeff Sousa wants the more affluent members of Bermuda to spend the Island’s way out of trouble.

    The OBA MP for Warwick West, believes the country’s immediate economic woes could be given a boost if ‘people with means’ renovated their kitchens, added a room to their house, or helped a child buy a cottage.

    Pointing to a lack of construction work on the Island, Mr Sousa believes an injection of wealth in that area could revitalise the economy in the short-term, while he, and his National Training Board colleagues, work on a national plan for Bermuda’s future workforce.

    “The construction industry is at a point where it’s going to be bottoming out real soon. It’s the worst that we’ve seen in a long time,” he said.

    “Now is the time to look at rewiring your house, redoing your kitchen, adding on a room to the house, assisting your son with buying a cottage. By doing that you will put work out there to the small contractors.

    “They in turn will be able to hire our people, Bermudians, and get them back to work. I personally feel that with that spread throughout this island, all 13,440 acres, that will revitalise and stimulate the economy in the short term right now more so than what a hotel would do.””

    http://www.royalgazette.com/article/20130710/NEWS/707109981


  36. @ ac | July 10, 2013 at 7:06 PM |
    “however such adjustments should be done as to not hurt the most vulnerable, these are people lives which the govt is responsible for and such responsibility carries a lot of hard decision making and is not as easy to make as miller and others would want to believe.”

    So ac, the private sector workers don’t have “lives”; aren’t they ‘people’ too?
    What about them? Why must the really productive workers (private sector) have to carry all the weight and make all the sacrifices?

    This DLP administration acted and continues to act most irresponsibly by fooling before and during the last elections the same public sector workers that there will be no retrenchment, no privatization and all social services will remain ‘Free, Free, as in Playboy’s “Life in Jail”!

    They knew that serious economic restructuring was necessary if the economy was to stand a chance of survival and the dollar protected. Yet they went ahead promising things that are totally unsustainable like the foolish leader telling Bajans that under no circumstances will Bajans have to pay tertiary education at UWI.

    But if he will lied so boldface to an innocent little school boy why do you think it would take anything off him to lie to Brass bowls like you?


  37. millertheanunnaki | July 10, 2013 at 7:44 PM |

    Honey chile , that’s the $400 MILLION DOLLAR QUESTION!
    You should ask the bewildered totally lost Governor and his sidekick buffoon of a MoF where that massive cutback in expenditure is going to come from.
    Where is the axe going to fall if not on personal emoluments aka people being sent home since there is no money to pay them.

    NO! ac asking u cause you’re the one telling tall tales about the gov say this and the gov say that. just another bunch of hogwash! lies ! and perceptions! invented by your dotish mind, to cause panic mania among the natives, If you look at the news conference does the gov. gives off the impression of panic and fear, u doo -do- bird, he is as calm as can be .even the media was a little bit taken back by his calm persona while answering the questions so much that Ian bourne was lost for words in responding to the governor response ‘about learning ” without batting an eyelash quipped that he (Ian Bourne ) was there to learn. what a dumb a.ss response coming from a so-called reporter guess he felt intimidated then he goes on to make a bigger as..s of himself by asking questions that should be directed to govt, and decides to quibble about the gov response.


  38. Barbados needs to hire Internet marketing ,video blogging ,social networks to bring in new young tourists,to hope travel agents etc will market you is folly there is now too much product out there , competition is fierce,one need to distinguish themselves.


  39. @Truth Serum
    Playback to October 1987,another lying Dem named Evelyn Greaves came off a BWIA aircraft from Trinidad and the Nation front paged the man with the headline BREAKTHROUGH and went on to say that Greaves reported a breakthrough in talks with the Trinidad authorities ad that a fishing agreement was imminent.Play forward a bit and harken the words of one of their biggest liars none other than the Dead King of St John,that the Fishing Agreement was nothing more than what could be settled over a bowl ‘o soup.Fast forward now to 2013 and listen to the bait from Freundel Stuart.Fish bait was always smelly and the stench from the 2013 position is enough to make the man from Dian Casuals who continues to address himself as a former ambassador to Caricom(God help Barbados when a Guyana man like DaSilva can be appointed to represent Barbados’ interest in a fishing agreement)hang his head in shame.Ya mean after all these years wunna can’ get a fishing agreement?From since the 1980’s wunna did at it saying wunna got it it covered.


  40. The worst central bank governor -ever
    The worst Prime Minister-ever
    The worst Minister of Finance -ever
    The worst Attorney General -ever
    The worst Minister of Education -ever
    The worst Minister of Tourism -ever
    The worst Minister of the Environment -ever
    The worst sugar crop – ever

    The worst Government in the history of governments anywhere in the universe, the universe, not just on earth or mars but the universe

    The most ignorant unenlightened people in Barbados voted in large numbers for Dems in St. John. The result in St.John is a disgrace to the education system, adult suffrage and plain commonsense. St. John people need to be saved from their ignorant selves. The Barbados Labour must of necessity concentrate on St. John. Destroying the DLP in St. John is the key to totally weakening the DLP. If the BLP continues to ignore St.John, the DLP will continue to draw succor from the ‘foolish -ignorant people in St. John St.John people are like blood to a sucking DLP Vampire dynasty. Cut off the blood supply from St. John and the Vampire will expire


  41. @ ac | July 10, 2013 at 8:34 PM |

    Can’t you see the guv is on tranquilizers? Nero also used to fiddle, fornicate and even fumble while Rome was burning.
    BTW, are there real journalists in Bim or just invitees to eat and drink freely?
    The miller is not the one spinning yarns about the government’s need to cut expenditure by $400 Million. It is the same sedated guv and his medicated boss man called the Fumbler that are telling tall tales of cutting without trimming.


  42. The point of the economic consultation was to move the social partnership in a new direction. The message from the government was that it has to make some cuts, therefore how can government, labor and the private sector work together to implement an investment programme by the private and public sector to offset the fiscal adjustment. The possible investment programme from the government side was very clear, and it sought to engender a conversation as to how the social partners could work together to expedite the various projects..

    Can the partnership reinvent itself in this way. For example, one of the major stumbling blocks to the Mains Replacement Project at the BWA is the labor issues. labor issues have held up over a 100ml us of investment, can the partnership work to resolve these issues and unlock the investment. At the consultation goverment laid out the plan for a waste to energy plant, and was looking for private partners. Can the partnership work to sort out planning permission issues for shovel ready projects.


  43. I forget to say that the DLP tells the most lies for any political party anywhere in the world , Deception and lies have always form their mode of operating

    the DLP is the most dangerous the most ‘liared’ and the most deceptive party in the universe


  44. After the DLP nearly annihilate Barbados in 1991-94, they should have not gain power in 30 years. IGNORANT RASSHOLE BAJANS VOTED THEM IN 14 YEARS AFTER-CUNTERY THAT IS WHAT DEM IGNORANT PEOPLE WHO VOTED DLP DID–PURE CUNTERY!!


  45. @ Observer | July 10, 2013 at 8:50 PM |
    “For example, one of the major stumbling blocks to the Mains Replacement Project at the BWA is the labor issues.”

    You need to explain yourself here. What do you mean by “Labor issues”?
    Does the funding agreement call for a trimming of staff at this ‘overmanned’ utility?

    Why not privatize the damn thing? COW, SOL, Bjerkham, Mrs. Ram along with the Credit Unions could all form a consortium and run the business.


  46. Just Asking

    You forgot one;

    The BLP – Worst Opposition Ever but they still have time to outdo themselves in the next 5 years


  47. Can’t you see the guv is on tranquilizers? Nero also used to fiddle, fornicate and even fumble while Rome was burning.
    BTW, are there real journalists in Bim or just invitees to eat and drink freely?
    The miller is not the one spinning yarns about the government’s need to cut expenditure by $400 Million. It is the same sedated guv and his medicated boss man called the Fumbler that are telling tall tales of cutting without trimming.

    ”””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””miller u ought to be the last person talking about anybody taking medication and being sedated, cause u have more medication than the cat can drag home at one time But as fpr the media I really pains me to watch them in action or in this case non-action. seems like they were all unprepared except for the lady in blue who was wearing her political agenda on her sleeve, AH! what’s her name really don’t care . My point is that when the media shows up there must be a clear unbiased view one that is representative of all the
    people and not looking like chihuaha barking at pits bulls , NO contest!


  48. Just Asking

    Whatever became of all those boxes and boxes of fireworks planned to be let go at the big shindig at Sandy Lane Clubhouse on election night?


  49. Our welfare state of mind, the non-productive lot, the complainers etc helping contribute to the country’s decline


  50. @ Observer | July 10, 2013 at 9:13 PM |

    In that case water will be found on Mercury before the BWA workers complete that job. Just can’t work.
    And suppose the IMF insist that BWA is “privatized” as part of the bailout programme, what will the Union do? Threaten strike as in the case of Lime?


  51. I see no need for Government sponsored agencies, in particular the funding agencies to be in the profit making game. These agencies should be mandated to declare a profit of ZERO or that which enough to cover a loss from a previous year. The profit motive is COUNTER productive in key areas where new and untested activity is required.


  52. @ ac | July 10, 2013 at 9:05 PM |

    The only medication the miller takes are those suppositories the BU Bush doctor BT recommends I take since they tend to work wonders for him.
    T
    he miller might be sweet with a hard long joint of cane to show but he is not a bad diabetic that faints ever so often in public. Don’t you think such a person prone to diabetic comas should be regularly medicated to avoid such embarrassing moments?

    Of course you should be happy that the two bit journalists in Bim only come armed with an empty stomach and not pertinent searching questions. If they were really competent given the little tin pot dictators you call Leaders they will be out of a job the next day.


    • Is it possible for the political partisans to ease up on the carping? The exchanges have become boring.


  53. Can someone explain how come the government has a $400 million deficit,

    And yet Bajans have tons of money stuffed i personal bank accounts.

    Me feeling is that Bajans are spending the government’s money (read taxpayers) and saving their own money.

    The government need to make those cash rich Bajans Spend those savings.

    Make them pay their children’s busfares.

    Gear HNC rents to income

    Stop giving $40 million tax write offs to the Turf Club

    Bring more people into the tax net. My buddy a boat builder boasted that hss has never paid a cent in income tax yet.

    Make all UWI students pay something towards their education, make the children of high income parents pay a significant amount.

    Introduce some sort of user fees for medical care. Perhaps introduce a separate health tax as well, deducted at source, or paid directly to the National Health Insurance for those who are self employed.

    In other words make Bajans spend some of that cash which is stashed in banks are credit unions.

    The people are taking the government (both parties) for a fool.


  54. Additional taxation and Government spending cuts with the same financial year spells certain disaster for the Barbados economy. If this is the prescription Budget Day then folkes get ready cause gonna have a lost decade.


    • @Observer

      It was reported in the press recently that the BWA and Trotman(BWU) had resolve the issue of the pipe program. Are you suggesting this is not the case?


  55. The press reports are largely superficial and useless. they have no understanding of the underlying issues.


    • @Observer

      Then somebody needs to take the public in their confidence because the PEOPLE is an important stakeholder no?


  56. In 1991 we went to the IMF becuase our reserves were at two weeks. At present we have 1.2bl or 16 weeks of reserves. The advice is that based on thr trend we should act now to shore up the reserves and not let them fall below the psychological threshhold of 12 weeks. The policymakers are being proactive in this case. They are calling on the social partnership to be a mechanism where the fiscal adjustment needed to shore up the reserves can be complimented by an aggressive public/ private investment programme. They have outlined the projects from the government side and are asking labour and capital to come to the table and work in a new way.

    The world has changed in fundamental ways. growth in our forex earning sectors was bound to be challenging over the last six years. Our tourism and real estate are mature, they need to be reinvented and refreshed. this must be private sector led. International business has been challenged first by the slowdown in the western world, then by the attack on tax planning, and in barbados case the change in canadina tax laws.

    There are always different strategies. the govt seems to have opted for the following approach:

    1. Manage domestic spend to preserve forex and the fixed exchange rate. this has been annoying and frustrating for us but if forex sectors are not firing and domestic spend continues as usual that spells disaster for the exchange rate peg.

    2. Maintain employment in the public sector, use the partnership to maintain private employment, maintain the usual social services and make selected investments in the economy.

    the recession has lasted longer than normal this has meant that the second plank of the strategy led to large fiscal deficits, the loss of the investment grade and an increase in private unemployment, but public sector employment and social services have held up as well as the forex cover. can you really win all in this environment.

    The slow down in the real estate has now began to affect the reserves and the government now needs to aggressively protect the reserves and must change strategy and cut the deficit. to manage the fall out from that investment focused on the forex sectors must be fast tracked. can the social partnership serve as an effective vehicle for this.


  57. @ Observer | July 11, 2013 at 7:08 AM |
    “The recession has lasted longer than normal this has meant that the second plank of the strategy led to large fiscal deficits, the loss of the investment grade and an increase in private unemployment, but public sector employment and social services have held up as well as the forex cover. can you really win all in this environment.”

    You have provided us with a succinct description of the dilemma the country is facing and possibly leading to an economic quagmire of unparalleled depth.
    What is clear from your analysis is that the private sector (both workers and capital) has been the sacrificial beast carrying this fiscal burden in order to keep a largely untouched public sector feeding off a dying calf.

    Don’t you think the time is now ripe for that same public sector to shoulder its share of the national economic burden?
    Don’t you think it is high time the public sector cut or trim its cloth to suit the sails needed to manoeuvre safely through these choppy and dangerous economic waters?

    The private sector just can’t ‘tek it nah more’! It’s time some of the parasites be removed from the backs of taxpayers and go and look for a harder living in the private enterprise environment.


  58. @Observer

    Do you know how many private sector agencies have cut overseas travel to the bone? Do you know how many have change policies concerning per diems, partner travel and other allowances which were allowed in the good times? Daily civil servants can be seen jetting to exotic locations around the world.

    Cost management (fiscal) is a discipline. WE are watching government to lead the way. We are tired of the pretty talk.


  59. Miller

    You cut public sector jobs and you are left with fewer people to shop in private sector shops.

    David

    People in both public and private sector establishments that have no positive bearing on our foreign reserves position are traveling like crazy. But the Central Bank Governor sites such expenditure as trivial …


  60. Miller you are a lying propagandistanti public worker .I agree that the private sector is hurting but everyone else too. now for you to be asking for govt to lay off workers in an effort to save the economy is foolish .moreover those losses from money spent by those laid off would also affect the private sector negativelywhen what liitle in flows by spending ceases due to massive lay offs in public sector


  61. And BTW miller even with all the high debt the govt has been shouldering financial support in the privatev sector for the purpose of securing jobs. it is not as if the Private sector is going it alone. which brings me back to the point of Privitisation where when these govt entities if become privatised there would still be a high expectancy from the corporations for govt to bear some of their problems. so tell ac where are these great savings ..


  62. Come on lets be honest, government cuts are for more complicated to implement than private cuts. Comparing the government to a corporation is folly. The administration is currently trying to build a consensus for its program of cuts.

    By the way, the figures show that for the first six months of the year there has been a decline in government expenditure.


  63. major cuts are going to come in the august budget. That much is clear, the issue is how to fast track investment. If cuts come without the investment, the deficit could get even worse as revenue falls. circa UK last financial year.


  64. @ BAFBFP | July 11, 2013 at 8:59 AM |

    “You cut public sector jobs and you are left with fewer people to shop in private sector shops.”

    This is an axiom being played out in many countries like Greece and Spain. But where do we start to fix this uroboros type problematic challenge?

    The private sector provides the taxes to pay public sector workers and the private sector relies significantly on public sector spending.

    Now if the private sector is haemorrhaging don’t you think there ought to be some human blood letting in the public sector to ease the flow of pain through the system until a snake charmer comes along and entices the tail out of the mouth of intertwined serpent of mutual dependency of private/public sectors symbiosis?


  65. @ ac | July 11, 2013 at 9:09 AM |

    Why don’t you go back to your old job of cussing OSA & the BLP blaming them for everything wrong even those that occurred in the last 6 months?
    You sound more at home there even though your P M has made that job redundant by his giving the country and its administrators over the years a clean bill of health in sound governance basically free from graft, corruption and ineptitude.
    Go and collect your P45!

    PS: I think I should take surreptitious advice from David of BU to just ignore you until you graduate to a higher level of discussion reflecting the real serious challenges facing your little 2X3 paradise. Trust there will be soon no real trouble in Paradise to run our friends we certainly welcome on a daily basis aka “tourists”.


  66. Miller

    “the private sector is haemorrhaging” … now who tell you that? When this thing started only Bizzy decided to lead the way by not taking a salary. So many others could have done this but nope, did not happen, and it is not that they could not afford to tighten at the top, after all the private sector in Ba’bados ain’ nah sweet bread people.

    If you suggest a reduction across the board in the public service well yeah, I’m with you


  67. @ BAFBFP | July 11, 2013 at 3:48 PM |
    “If you suggest a reduction across the board in the public service well yeah, I’m with you.”

    If we agree a haircut is necessary is it going to be a flattop done by the in-house barber who is too lazy to do the job or are we going to wait and be visited by an overseas hatchet job man who would only to keen to administer a “clean-off” where sweet life in Bim is concerned?


  68. @Miller/Baffy

    Please explain to the BU family how a flat top by private sector employees helps the economic conundrum we find ourselves.


  69. @ David | July 11, 2013 at 4:12 PM |

    Will explain later. Has an urgent appointment and got to run!


  70. @ac

    You seem to be opposed to anything that the Anunnaki says.

    Pause and give his remarks some reasoned thought.

    You state, and i quote ” moreover those losses from money spent by those laid off would also affect the private sector negatively when, what liitle in flows by spending ceases, due to massive lay offs in public sector”

    I too understand sensationalism after all I practice it daily here on this blog, on Sundays when I go to the “Washed in the Blood of the Lamb” gatherings and on week days when the wife has me conscripted to every ting that is happening in the church, “feed my sheep”, feed the neighbour’s dog, feed the boy scouts rabbits and feed all the indigents in B’town.

    She does not let me go to feed the Womens’ fellowship because “I am not called away from the world enough”. Dont know what that means or if it has something to do with how Sister Headley start giving me those fullsome embraces pun a Sunday morning, with her “breaseses”.

    Where in the Anunnaki’s clear reasoning and statements that layoffs are imminent, he has used the word “massive”?

    Why are you juxtaposing imminent layoffs with the word “massive”

    I will give you this, to any of the persons being laid off it is going to be a significant financial burden, as big as the Plymouth Rock, but as cliche as that statement is, we HAVE TO do a little excising, lest the cancer spread and we all die.

    Owen Seethru Arfa, in 1996, in another of his effort to fool the people, plussing the international agencies, pretending that he was doing something for the poor, embarked on what he called the great “Safety Net” experiment.

    This Safety Net mechanism, for which he had no less that 13 national consultations, pretended to develop a program for poor Bajans.

    Needless to say this was a sleight of hand exercise, like many political magicians before, and after him, Fumble and Sinkliar, notwithstanding.

    If one is asking people to take a pay cut, (this will happen after all the festivities for Kadooment are over and the people in the stupor of the ESAF fumes), I would suggest the following.

    On launching this Opt-In Salary Reduction Programme (OISRP), enlist the more socially conscious supermarkets and wholesale depots and for those qualified by virtue of their “salary reduction”, (AND those whose income tax returns show them to be deserving of thIS FACILITY), deploy a PROACTIVE EXCISE tax reduction program for specific foodstuff for all enlisted supermarkets which supply food to the Public servants who opt in the OISRP.

    Surely you must have someone who can make some sort of secure Food Information System that will record who got the food, the amount of food purchased for a given period, (as a deterrent for the shysters, like the fellows who buy items duty free for Bajans at the Shoe Shop), the discounts permitted per individual, the cumulative amounts of persons under this adaptation of the safety net, the total amount that an eligible supermarket facilitates, you know, all the things that act as safeguards to keep the merchants from tricking wunna ingrunt technocrats.

    Anyone who opts into the salary cut WILL BE ELIGIBLE FOR the DISCOUNT FOOD PROGRAMME.

    None of these persons WILL BE LAID OFF.

    Now those that remain, if the opt-in and other incentives dont get you down to the $400M, and i guarantee that it wont, then you can employ the appropriate layoffs.

    @ Fumble

    History is going to record that these austerity measures will have kept us afloat from 2013 till the end of your term, unfortunately, history will record that you will be the sacrificial lamb and that you/the DLP will not survive these measures. It has always been like that the DLP is the nightwatchman, you come in, bat and rebuild, and the other vagabonds come in and rape us as well.

    One more thing, oh Sleeping Giant

    Leadership by example, wunna got to tek the salary cut too but, becuase of the level of income wunna does get pun a month, wunna will not be entitled to the national discounts at the supermarket.

    Maybe that food cut will mek Buffalo Sinckliar and the rest of the DLP Barbados Bison Squad slim down so them face can fit pun one page in de Nation

    PS. You may have to exclude Patrick Todd salaray from the cut cause you know that even though that buffoon does get $15K a month, he din had a cent to fund he election campaign in the last general election.


  71. The BLP yardfowls Albert Branford and Pat Hoyos will once again pollute the pages of the Sunday Sun this week with their partisan garbage disguised as “INDEPENDENT” analysis by the Nation BLP newspaper.

    Hoyos is still upset that after journalistically kissing Owen Arthur’s ass for 5 years every week in the Sunday Sun, his party did not form the government.
    The Nation newspaper must do better and give the people of Barbados the various opinions instead of slavishly following the script of their political masters in Roebuck Street.

    The Nation BLP newspaper is by far the most biased media house in Barbados. I call it the opposition echo- listen to anything Mottley says – From Dottin’s removal to the media political circus called rubbing shoulders and you will realize the Nation newspaper functions as a branch of the opposition public relations machinery. A national DISGRACE.


  72. How will this four hundred million dollars be phased? The GoCB indicated that slicing the 400 million from a 8.8 billion economy should not be a problem.


  73. millertheanunnaki | July 11, 2013 at 3:45 PM |

    @ ac | July 11, 2013 at 9:09 AM

    Why don’t you go back to your old job of cussing OSA & the BLP blaming them for everything wrong even those that occurred in the last 6 months?

    ……………………………………………………………………………………………………………. miller u fill in very well for them .this is recessionary times and all that means that u serves the same purpose as them two, .the fact is that bajan taxpayers have been footing the private sectors bills in more ways than one and everytime u open ur mouth u quick to jump on the public sector blaming them for all the economic mess and pretending as if the private sector only role is to stand guard and make demands,
    those are your words to describe them which most of the BLP yardfowls most likely would agrees ” lazy asses who needs to be fired ” u jack ass now how in the hell would any BLP with such assine bigoted vitrol look in the face of anyone of these so-called as you put it “lazy asses” and ask them for their support boy come next election them kinda words gonna bite wunna in the assrres.
    I know u would like me to disappear u little pea brain skunk so you can stink up the blog wid your unrepentant bigoted sh,,it.

    @ PODRYR.

    that is nothing new with miller he might have cut his rheortic in regards to the numbers as he says should be fired but he has touted openly that thousand of public workers would be fired going back as far as when adam was a lad.


  74. David

    The only cutting the Private Sector (and I hate using that term since too much of their activity relies on the presence of a Government entity in the form of a major buyer or a major producer of people to act as consumers) needs to be involved with is the amount of overseas spend. Now these people are in the business of spending overseas money and converting it to domestic wealth so good luck with dah pipe dream.

    Piece

    FYI any submission that is longer than three paragraphs are ignored by me … Just saying


  75. This week’s revelations on the economy have ac besides herself. ac, it is not that you if you have any conscience did not know that the economy was in dire straits, you knew, we told you so. You cussed all of us when we made suggestions on how to save Barbados.

    Take your licks now and stop attacking miller.


  76. It is amazing how the blog owner DAVID has abandoned all pretext of being impartial. For a while he tried to fool people that he was sitting on the fence.

    Well we all know that when MILLER and CASWELL FRANKLYN were first on this blog they claimed to be”neither B NOR D” so much for that.


  77. Just Asking

    History will be the final arbiter, unless you’re privilege to information that we do not have? It is a continuum; the political affairs that is. So never say never until the man up above pull the switch. I am quite sure it will get worse than what you’re witnessing now, just look at the moral decrepitudes of our modern day and time? And as the Native American adage goes: ” Until you walk a mile in a man’s shoes, you should keep your mouth close.”


  78. Just Asking

    It would be interesting to ascertain which standard of judgment you’re utilizing to determining the performance of the DLP? Given this economic happenstance and phenomenal implications which has given birth to vicissitudinous nature of the Barbadian economy.


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