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The Slide of the Barbados Economy Part II: Astonishing Revelation in Central Bank Report

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Submitted by Inkwell

In my recent submission The Slide of the Barbados Economy: Pictures Are Worth a Thousand Numbers  highlighting the excessive spending of the government over the last five years, one of the questions I asked was “Where was the money spent and was it spent wisely? Further research produced the following chart which can be found at page 12 of the Central Bank June 2012 Press Release.

CLICK IMAGE

 

In the section headed Current Expenditure, we see four headings appearing for the first time in 2008/09 in a summary of Government operations, namely Grants to individuals, Grants to Public Institutions, Subscriptions & Contributions and Non-Profit Agencies. I am astonished that in the throes of a recession, Government can find money to give away and I would like the Government to let me know

  1. Who are the individuals who were “granted” $257.8 million in 2008/09, $278.4 million in 2009/10, $304.0 million in 2010/11 and $294.0 million in 2011/12, a total of $1,134.2 billion over the four year period?
  2. What are the Public Institutions which were “granted” $824.7 million in 2008/09, $757.1 million in 2009/10, $808.4 million in 2010/11 and $658.4 million in 2011/12, a total of $3,048.6 billion over the four year period?
  3. Under what circumstance were these “grants” made?
  4. If “Grants” of this nature are being detailed for the first time in 2008/09, under what headings were the previously reported?
  5. Assuming that the “grant” policy remained unchanged, how much was “granted’ during fiscal 2012/13

Somebody please tell me that these figures are erroneous and that the Central Bank is playing a joke on the people of Barbados. The alternative is mind boggling.

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95 responses to “The Slide of the Barbados Economy Part II: Astonishing Revelation in Central Bank Report”

  1. David Avatar
    David

    It is unfortunate questions like these have to be asked after the info has been in the public space for months years.

  2. Bush Tea Avatar
    Bush Tea

    What is unfortunate is that the damn OPPOSITION does not seem to see it as THEIR ROLE to ask these questions and to provide the answers that the government will OBVIOUSLY be reluctant to provide…
    Instead, they are campaigning for elections that are 5 years away, and apparently happy NOT to set a precedent where opposition parties investigate and expose such discrepancies….pending a role change then…

    Thank you Inkwell!

  3. millertheanunnaki Avatar
    millertheanunnaki

    @ Bush Tea | September 16, 2013 at 8:20 AM |

    When are you going to come to the stark realization that the only Functioning Opposition in Barbados is BU? Many of the issues taken up by the official Opposition whether in or out of Parliament were first raised and discussed right here on BU.
    Great ideas and proposals were also treated by both the governing administration and the Opposition as their own and even included in both parties’ manifestoes of 2013.

    Watch out for the financing model to help students with their funding of their UWI education.
    A similar “novel” proposal is also required for the QEH otherwise the quality of our public health care will take a nosedive similar to that of Kingston General in the 80’s/90’s

  4. Jennifer Avatar
    Jennifer

    When the opposition speaks people say that they are trying to cause mayhem. When they keep quiet it is being said that they can’t see it as their roll to ask questions. What exactly do you want them to do? Even when they speak the truth Bajans do not believe. The public needs to get more involved in what is happening in this country. The people wanted change now they are getting change……for the worst.

  5. David Avatar
    David

    @Jennifer

    In the same way PM Stuart is often criticized for not being an effective communicator so too MAM and cohorts must raise the issues of the day in ways which resonate.

  6. pieceuhderockyeahright!!! Avatar
    pieceuhderockyeahright!!!

    @ The Anunnaki

    Without a doubt, those of us Bajans who love our country and wish it well, (not those two neophytes AC and Cocky Locky) do come here and submit “A Working Manifesto” according to BU.

    For every area of endeavour of our economy Tourism, the Economy, Law & Order, FOI, Integrity Legislation and the list goes on, we are able to submit some serious proposals for consideration.

    Answer me this, is it that this “we” are in a minority and “they” are in a majority?

    It must be so, for how else does it arise that every 5 years, after the agony of general Elections and posters all over the church wall dat i does got to go and remove, dat our HoA is replete with idjits and female rabbits in such plentitude?

  7. Observer Avatar
    Observer

    part of the reason expenditure is higher and deficit higher is increased transparency. In the 2008 fiscal year around 500ml of expenditure was brought on the books that have previously been kept off budget.

    There was a major salary increase in 2009.

    Increases in debt service

    goods and services initially increased as cost of living jumped.

  8. millertheanunnaki Avatar
    millertheanunnaki

    “Who are the individuals who were “granted” $257.8 million in 2008/09, $278.4 million in 2009/10, $304.0 million in 2010/11 and $294.0 million in 2011/12, a total of $1,134.2 billion over the four year period?”

    This category of expenditure needs further analysis and explanations. The absence of FOI legislation would continue to keep the public in the dark about these ‘discretionary’ expenditures. No wonder the deficit is so huge.

    More importantly it is a sad reflection on the chief accounting officers especially the Accountant General if these expenditures do not meet the requirements of the Financial Administration & Audit Act and were not included as part of the approved Estimates for the relevant years.

  9. millertheanunnaki Avatar
    millertheanunnaki

    @ Observer | September 16, 2013 at 9:24 AM |
    “In the 2008 fiscal year around 500ml of expenditure was brought on the books that have previously been kept off budget.”

    That jump or spike in expenditure resulting from previous off-balancing sheet financing projects would be reflected in the 2008/2009 deficit positions not in subsequent years.

    Now let us see you shed some light on the category of expenditure highlighted by inkwell as follows:-
    “Who are the individuals who were “granted” $257.8 million in 2008/09, $278.4 million in 2009/10, $304.0 million in 2010/11 and $294.0 million in 2011/12, a total of $1,134.2 billion over the four year period?”
    Would your explanation of greater transparency and proper accounting apply to that “$1,134.2 billion over the four year period”.

  10. Observer Avatar
    Observer

    Come on man. those are recurrent items like KOMI, Highway, prison, BOLT for the juidicial centre, bold fro coast guard base to name some.

    I believe you know that Grants to individuals are largely non contributory pensions. The increase was driven by the pensions for soldiers

  11. Observer Avatar
    Observer

    we had increased transfers to qeh, uwi and ssa. ssa has an extra 30ml or so a year to deal with treating garbage that was previously dumped.

    miller you know these things or you should know.

  12. Observer Avatar
    Observer

    miller you want to be so partisan that you have jumped on the grants to individuals line as if that was increased in 2008. the table clearly gives a breakdown of the transfers by category starting in 2008. It would be interesting to know what the figure was in 2007, you act as if the line item started in 2008.

  13. Irene Sandiford-Garner Avatar
    Irene Sandiford-Garner

    David, can I make a quick suggestion? You have a direct link to answers. Pick up the phone with your list and ask the questions. Nobody takes this collection of goat writers seriously. I engage when I have down time because I am what my grandmother Benjamin used to call a Sir Warrior (since I have grown up I recognise the true meaning.) I like little confusion. Call me twisted but I get a good laugh sometimes out of the goat writers who ****parade in hiding. Hiding from a government that refuses to legitimise them. with nary a blink. But seriously, I can ask the questions on your behalf, but when I get back on is another question. This weekend was a relatively slow one: consultation Saturday morning on the Port Redevelopment at LES, QC lime Saturday night at a friend; branch meeting Sunday evening all in between housework neglected for ten days holiday. Right now I am on break and had to go outside because we have these sites as well as games, FB etc blocked. But you are the host, you can make a call with the data in front you and get answers and you know it. Just do it. Plus I want to go back upstairs and hear what PS has to tell me bout my luxury car they are purchasing for me out your money… I shall shout Gabriel Not first with the car news though.

  14. David Avatar
    David

    Thanks Observer.

    Ping Pong you have been asking.

  15. Georgie Porgie Avatar
    Georgie Porgie

    who is this irene sandiford moron?
    dont they have anything more to offer in barbados anymore?

  16. millertheanunnaki Avatar
    millertheanunnaki

    @ Observer | September 16, 2013 at 9:43 AM |
    “Come on man. those are recurrent items like KOMI, Highway, prison, BOLT for the juidicial centre, bold fro coast guard base to name some.”

    So under which line item were these expenditures included prior to 2008/09 including the non-contributory pensions (and you can exclude the amount paid to the soldiers)?

    Or are you implying these expenditures only came into existence in 2008 and previously treated as off-balance sheet financing items.
    An informed answer would not only allow for fair comparative analysis for previous years to 2008 but dispel concerns raised not only by the partisan miller but by others including the author of the thread inkwell.
    Does this same category include the interest payments on the BOLT arrangements (for example the same prison and judicial centre) or can we assume all interest charges are included in the separate line titled “Interest”?

    What you have said still does not explain the category of “Transfers to Individuals” unless you are saying the data on non-contributory pensions are not available for earlier periods going back to 2004/05.

    Observer, please use your power of Observation and look at the table again and tell us when reported figures for the following categories can be seen:

    Transfers to Individuals
    Transfers to Public Institutions
    Transfers to Non Profit Agencies
    Don’t you think it would have been more informative and make more sense for the layman if the figures for these categories were extrapolated for the previous years from 2004/2005 for proper comparative analysis?

    You are not dealing with partisan political yardfowls who don’t their elbows from their arses where the reporting of financial information is concerned but people with a modicum of commonsense and knowledge about what they see and read, despite their political leanings.
    But maybe proper financial and management reporting is too much to ask of these so-called trained “accountants” in Barbados. But what can we expect from a family of incompetents who allow public sector entities to go as much as ten years without proper financial reports on which effective decision-making is a necessity? The NIS and the many statutory corporations are cases of this incompetence and management failures and indeed law breaking.

    The last three columns of the table make absolutely no sense. Why not reproduce the full year budgeted figures instead of numerical nonsense.
    Whoever prepared the table would do with a bit more training in preparing and presenting spreadsheet and indeed knowledge of what there are dealing with.

  17. Observer Avatar
    Observer

    hey I did not prepare the table.

    yes a number of these bolts were simply left off budget, what you call below the line.

    transfers to individuals are largely pensions. these include those statutory corporations that continued to get two pensions and other non contributory pensions.

  18. BAFBFP Avatar
    BAFBFP

    Pensions being paid from the Consolidated Fund … hmmm. WTF

  19. Observer Avatar
    Observer

    yes miller a number of expenditures related to BOLTS in particular were handled “below the line.” many were brought to book in 2008.

    Grants to individuals is primarily non contributory pensions including those statutory corporations that continued to get two pensions.

    The off budget spending was a major beef between OSA and the IMF. But I take the OSA view that it does not matter now how we got here, the issue is the way forward. There is a lot of blame to go around, if you look at the increases in expenditure from the 2004 to 2007 period they are in line with or greater than the increases in expenditure in the subsequent period.

  20. millertheanunnaki Avatar
    millertheanunnaki

    @ Observer | September 16, 2013 at 11:08 AM |
    “if you look at the increases in expenditure from the 2004 to 2007 period they are in line with or greater than the increases in expenditure in the subsequent period.”

    You are being somewhat intellectually dishonest whether purposely or inadvertently. What about increases in revenues or incomes in “subsequent periods”?
    We are looking at overall deficit position despite increasing revenues.
    Please disregard the last two column as a basis of any argument for they make absolutely no sense.

  21. Well Well. Avatar
    Well Well.

    Carson the MOUTH………………you are quiet today, what is this about airlines revisiting direct flights out of JFK to Barbados…….i warned you to stop looking at the other island’s tourism business and mind your own troubled tourism business in Barbados, the other islands most of which are in the direct path of the US, and are a lot closer, that leaves Barbados nearly last in line of the chain of islands should there be a recovery, what say you now?? do you care to take me on in a debate now??

  22. Well Well. Avatar
    Well Well.

    Irene Sandiford-Garner | September 16, 2013 at 9:51 AM

    But you are the host, you can make a call with the data in front you and get answers and you know it. Just do it. Plus I want to go back upstairs and hear what PS has to tell me bout my luxury car they are purchasing for me out your money… I shall shout Gabriel Not first with the car news though.
    ______________________________

    Presuming this is the real Sandiford-Garner, i were you, i would not be so boastful and arrogant about how the taxpayer’s money is being spent on you, seeing as those same poor taxpayers are now catching hell financially due to the incompetence and inefficient arrogance of the DLP. If everyone else on BU are scared to deal with you, i sure am not.

  23. Observer Avatar
    Observer

    now lets see miller from the table

    current expenditure increases by 162.7 ml in the 05/06 fiscal year, 110.8 for the 06/07 year, 379.8 in the 07/08 year (maybe blp election spending, world cup and so on), 294.5 ml in the 08/09 year (dlp first year, off budget brought online, initial exuberance, keeping promises), 109.9 in the 09/2010 year, and a decline of 111 in the 2010/2011 9chris sinckler plan). do you see my point miller. I doubt though you are very very partisan.

    I agree that the dlp took too long to start cutting expenditure, they should have started in the 09/2010 year.

  24. Prodigal Son Avatar
    Prodigal Son

    Well Well
    Don’t bother with the senator. Nobody takes her seriously, I have a Dem relative who says…..” she play she real igrunt”. She is a product of the dead king. Say no more. Look at the make up of the DLP and judge for yourself the type of persons who hung around the dead king! I asked her some questions and she refused to answer telling people to call here there and everywhere. All to do with the ministry she is supposed to be in.

    Whom she referring to as goats………it is she and the DLP whom we can only say have in goat parts the way they are running this country!

  25. BAFBFP Avatar
    BAFBFP

    Irene is one good looking Black woman … Wah ever she say is good by me …! (Give a shit …) I remember when one of these knock out women politicians get pun a public platform and liff she skirt saying that she is as much man as anyone ah DEM … Lemma tellya she could do no wrong by me since then … HA HA HA!

  26. Well Well. Avatar
    Well Well.

    Prodigal Son | September 16, 2013 at 12:05 PM |

    Well Well
    Don’t bother with the senator. Nobody takes her seriously, I have a Dem relative who says…..” she play she real igrunt”. She is a product of the dead king.
    __________________________________________

    Prodigal………..i am aware that Sandiford-Garner is not the brightest bulb or the sharpest knife in the drawer, during the years she got the little pick thanks to dumbass and corrupt David Thompson, i always wondered if her lovely locks were not wrapped a little too tightly on her head because of the dumb things she says most of the time, but in saying that, i can’t believe she would be so downright stupid to come out on BU boasting about receiving a luxury car or anything else at taxpayers expense while those same taxpayer cannot now buy and will be unable for some time to comfortably buy food………..that would be beyond stupid, the same taxpayers would have paid for this idiot’s education through the years.

    Bush Tea…….please don’t tell me that you go for women who are soft in the head, Byer-Suckoo now Sandiford-Garner, i hope you don’t need to see a therapist.

  27. BAFBFP Avatar
    BAFBFP

    LIME email is transferring to Google today and it is pandamonia ’bout hey. Can’ get through to LIME fah shite. When this is all over, not a single f#cking head is going to role. Reminds me of National Insurance when the were transferring the processing of Pension Cheque payments to an new machine and tek months to straighten out with NO rolling of heads …! Barbados can be a shite country at times …

  28. Well Well. Avatar
    Well Well.

    Baf…………….are you going to need therapy as well??

  29. millertheanunnaki Avatar
    millertheanunnaki

    @ Observer | September 16, 2013 at 11:43 AM |
    What point are you Mr. “non-partisan” Observer trying to make here?
    If expenditure has not increased to such an extent to cause undue alarm despite increases in levied taxes and concomitant increases in the deficit reaching a high of $775.6 M in 2010/2011- a year when there were no off-balance sheet financing shenanigans- what are you and this DLP administration so concerned about?
    If the fiscal management of the country is so sound why is it carrying around a junk bond status and having to cut expenditure by over $400 million this fiscal year? Why went wrong other than the international recession? Poor fiscal and financial management? This is the crux of the problem and stop blaming OSA for things going on today and the last 5 years.
    Why don’t you demand the reporting of the actual figures up to March 2013 to see the real picture?

    As a man who seems to know what he is on about where finance and accounting is concerned you should also know that two of the vital characteristics of valuable Information for effective decision-making are that it should be timely and reasonably complete or accurate as humanely possible.

    You should also stop with the off-balance sheet foolishness. As a man presumably trained in this area of business you ought to know that expenditure incurred must appear as either an asset and concomitant liability (balance sheet) or expense (P&L or income and expenditure statement as in the case of government).
    At the end of the day the effect on the cash flow or deficit position is the same.

    It’s just a matter of timing and application of sound accounting principles for all so-called off-balance sheet expenditure items are properly brought to book. So stop blaming OSA for expenditures incurred since 2008.

  30. Georgie Porgie Avatar
    Georgie Porgie

    BAFBFP | September 16, 2013 at 12:13 PM |
    Irene is one good looking Black woman … Wah ever she say is good by me …! (Give a shit …) I remember when one of these knock out women politicians get pun a public platform and liff she skirt saying that she is as much man as anyone ah DEM … Lemma tellya she could do no wrong by me since then … HA HA HA!
    ====================
    BAFFY YOU LIKE YOU PROTECTING THIS WOMAN VAGINA YUH
    WUH LOSS

  31. David Avatar
    David

    Obviously the Senator is being tongue in cheek commenting about the BMW Mercedes issue.

  32. David Avatar
    David

    @Miller

    The issue at this point is to evaluate if the current policy is the most effective to steer us away from the rocks.

  33. Due Diligence Avatar
    Due Diligence

    Astonishing Indeed – where are the questions form the Opposition?

    FOI or no FOI, the names of the recipients of the close to $4.5 billion of Transfers and Subsidies should be a matter of public record. How much grants are going to BTA, to “not” promote Barbados.

    How is it possible for Corporate Taxes to decline from $521 million in 2007/08 to $297 million in 2011/12? Where is the leakage?

    DD could not resist the temptation to do some calculations using some of the numbers from Table 4.

    In the fiscal periods 2005/06 and 2006/07 personal taxes as a percent of total revenue averaged about 14%, corporate taxes averaged about 18%, and VAT averaged about 31%.

    In the fiscal periods 2010/11 and 2011/12 personal taxes as a percent of total revenue averaged about 17%, corporate taxes averaged about 12%, and VAT averaged about 35%.

    This represents a huge swing in the tax base from Corporate Barbados to the ordinary Bajan who has his income tax deducted at source (a large part of the self employed are believed not to file so do not pay any income tax).

    This under an administration which claims to represent the “ordinary Barbadian”, that believes that the people of Barbados and their well-being must be at the forefront of any policies which are developed.

    Capital Expenditures, which are the Government’s investments in the future, averaged about 11.5% of revenue in 2005/06 and 2006/07; and 4% in 2010/11 and 2011/12.

    Interest expense increased from an average of about 14% of revenue in the periods 2005/06 & 2006/07, to 21.5% in 2010/11 & 2011/2012; as a result of borrowing to pay for accumulated fiscal deficits – to pay for the excess of spending on Current Expenditures over revenue.

    And, this from an administration that claims to be focused on sustainable development; but which, based on Table 4 is starving the country of the capital expenditures needed to stimulate development.

    In business, failure to invest in fixed assets to sustain and grow the business, and borrowing to cover losses will eventually lead the business into the hands of a receiver or bankruptcy trustee.

    A government that does the same things will eventually find itself in the hands of the IMF. Is 2013 the year for Barbados?

  34. Tell me Why Avatar
    Tell me Why

    Irene Sandiford-Garner | September 16, 2013 at 9:51 AM |

    David, can I make a quick suggestion?

    You used up 31 lines and up to now I ain’t see nuh quick suggestion. Only an exercise of being arrogant and conceited Who care if you live in an upstairs and downstairs house and you might be getting one of those new rides. Remember, everything is temporary.

  35. LOOK Avatar
    LOOK

    @ Senator Irene

    My name is not LOOK and I don’t inhabit the island, but woman to woman you have just begun to drive that new Rolls Royce vehicle into a rather precarious area, not exercising prudence with your mouth. Bajans need now remind you and the DLP party that they on 02/22/2013 gave you a second consecutive term but not to shit on them and rub it in their face. Losing a third consecutive term may teach you and the DLP party to RESPECT people giving you their money, without choice. Do the right thing now. Put your mouth in safety mode.

  36. Gabriel Avatar
    Gabriel

    @Tell Me Why
    The Hon Senator is a self confessed virago type individual.One of her school friends informed a colleague that she came to school one day crying and saying that she got to get out of St Andrew because ‘we out house went down de hill last night when the rain come dung hard’

  37. Prodigal Son Avatar
    Prodigal Son

    @Due Diligence
    How is it possible for Corporate Taxes to decline from $521 million in 2007/08 to $297 million in 2011/12? Where is the leakage?………………….

    Barbados lost a lot of offshore companies during this period and this could account for the huge lost of revenue.

  38. Due Diligence Avatar
    Due Diligence

    Off Topic, BUT:

    A short piece in the Advocate today – “Barbados, Russia to Explore Closer Ties” says Senator McClean renewed Barbados’ interest in pursuing a Double Taxation Treaty with Russia.

    WTF, if Putin finds out Russians are moving assets to Barbados to save on taxes he goona crack dey heads and shoot some people.

  39. , Avatar
    ,

    All yuh so ignorant
    All yuh just going to run the Senator from the blog
    Sometimes it is good to keep from round ignorant people. Ignore them Irene

  40. Well Well. Avatar
    Well Well.

    Due Diligence | September 16, 2013 at 1:52 PM |

    Off Topic, BUT:

    A short piece in the Advocate today – “Barbados, Russia to Explore Closer Ties” says Senator McClean renewed Barbados’ interest in pursuing a Double Taxation Treaty with Russia.
    ____________________________________

    Believe it or not the experience for these government ministers and senators who are arrogant and boastful will be priceless.

  41. Well Well. Avatar
    Well Well.

    ‘………………….have it occurred to you that the senator has not offered any solutions to the island’s problems other than pretending she is actually of value when it’s so plain to see that she is totally irrelevant in the development of the island or in the present cabintet, only people impressed are the ones who are easily impressed with useless titles.

  42. Well Well. Avatar
    Well Well.

    that should read…………..cabinet.

  43. LOOK Avatar
    LOOK

    Nicholas Sarkozy in 2007 became president of France, and as president. One of his first actions was to give himself a pay raise although he was entitled to a mayoral pension as a former mayor. His annual presidential salary expanded significantly. It went from €101,000 to €240,000. There are also compelling claims that naughty Sarkozy received millions of pounds in illegal funding from Gaddafi, the late ex-president of Libya. Sarkozy has regularly denied any wrong-doing, but made no effort to prove his innocence over any of the allegations. Sarkozy in 2012 raced for a 2nd term. The majority votes however were awarded to his opposition, Hollande. The French on 04/22/2012 (election day) said to Sarkozy No! Hell No.

    Senator Irene, next time around, Bajans might say to you and your DLP party No! Hell No.

  44. Peltdownman Avatar
    Peltdownman

    Baffy @ LIME. Spent 45 minutes with the clerk in the Sheraton office changing my password. When I get back, same shite, still can’t get mail, and those bloody dialogue boxes coming up every 5 seconds. Computer nearly bounced out into the car park!

  45. Due Diligence Avatar
    Due Diligence

    We have been hearing for some time now that Barbados economic problems are not a result of any failure by the Government of Barbados; but rather due to “the worst global recession since the 1930s” I just learned from http://www.dlpbarbados.org/site/ that “Barbadians of all walks of life are struggling to maintain the standard of living to which we have grown accustomed while battling with a crippling, worldwide depression”

    Depression? What happened to recession?

    Could it be that “the standard of living to which we have grown accustomed” was based on spending, spending, spending money we don’t have at both the public and private level.

  46. BAFBFP Avatar
    BAFBFP

    Peltdown

    I want my F#CKING emails man … This is bare shite now ..! Look if you bouncing that lap top … Pelt it at me

  47. BAFBFP Avatar
    BAFBFP

    Due Diligence | September 16, 2013 at 1:05 PM |

    Tip my hat to you … Prodigal should also inform as to whether the high courts had anything to do with the exodus that took place.

    GP

    I was NOT close enough to the stage to do my part … HA!

  48. BAFBFP Avatar
    BAFBFP

    BTW GP
    I had the shoes on yesterday with the mirrors on the tips … but the good lady was not present so I am unable to speak with authority to any protection mechanisms that form part of the personal regime …!

  49. Wily Coyote Avatar
    Wily Coyote

    All Barbados Financials reported have to be taken with a “GRAIN OF SALT” as they say “Liars Figure” and “Figures don’t lye”, well not in the case of Barbados, both LYE.

    The 2008/2009 and subsequent years – Grants to individuals, Grants to Public Institutions, Subscriptions & Contributions and Non-Profit Agencies amounts to $1.137B, not an insignificant amount. Where was this amount reported in previous years or was it reported, I can see no significant amounts( $1B) in previous years showing up under any other listed headings which would account for $1B. This would lead one to assume that the government in 2008/9 started reporting these expenditures, I suspect this was the result of pressures from the IMF, go back and read IMF reports on Barbados. IMF has always stated that Barbados reporting procedures for financials are outdated and not inline with present accounting procedures.

  50. millertheanunnaki Avatar
    millertheanunnaki

    @ Wily Coyote | September 16, 2013 at 4:49 PM |

    One can understand the confusion the table is creating with its very poor presentation.
    It seems the line titled “Transfers and Subsidies is a summary or total of the individual break down of the amounts directly under it. Starting from 2008/09 with $1137.0 million which is a total of $257.8 + $824.7 + $19.9 + $ 34.6.

    Very poor presentation we must say coming from an institution in charge of the country’s monetary affairs. A sub-total line called ‘Total transfers and Subsidies” would have made a bit of difference with a short explanation for the change in format from 2008/09.

    But then again there is class like meritocracy and then there is other ‘class’ like mediocrity. What can we expect from an institution which is headed by a liar and intellectual fraud who is prepared to subsumed his professionalism to partisan political expediency and under whose watch $300 million in foreign reserves disappeared in less than $3 months?

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