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Barbados Urgently Needs a Return to Economic Growth

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George C. Brathwaite, founder and interim president of BAJE
George C. Brathwaite, founder and interim president of BAJE

Chris Sinckler began his ‘2013 Budget’ [BU] presentation by relying upon what he called a ‘biblical injunction’ which was rummaged from the book of Ecclesiastes at chapter 3. To be quite honest, the entirety of Sinckler’s snatching away verses from the good book was unnecessary although coming from him, the brazen act was sufficiently provocative. I refuse to be prosecutor, judge and jury all at the same time. In this submission, the attempt is to lay bare the facts, substantiate claims made, and leave the verdict to those who have been whelmed by blows delivered by Sinckler, Sealy, Stuart, Boyce, Jones, and company.

Realistically, the pronouncements and policy measures that were articulated in and followed the 2013 budget gave the general public the ensuing sense and feelings of grave uncertainty. There has been a continuous and unrelenting slew of widespread confusion thrown to many different publics. Constantly is the cry that the Cabinet is inconsistent in its policy positions; and that it may largely be due to several Ministers being more in tune with spin and disguise that with forthrightness and Barrow’s traditions.

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152 responses to “Barbados Urgently Needs a Return to Economic Growth”

  1. ac Avatar
    ac

    U george brathwaite is a a notoriuos poltical gangsta well known and knowelegable in political propaganda and well schooled and bred in the field of political poopycock………….have a nice day…

  2. Hal Austin Avatar
    Hal Austin

    Why do we have the governor of the central bank, the minister of finance, his permanent secretary, personal assistants, etc touring Britain begging for money.
    The entourage arrived yesterday. Who is paying for th3e trip. I understand they go on to the states from London.

  3. David Avatar
    David

    Government of Barbados Announces Private Offering of Amortising Notes due 2025 and Tender Offer for up to U.S.$250 million of its 7.25% Notes due 2021 and 7.00% Notes due 2022

    BRIDGETOWN, Barbados, Sept. 23, 2013 /PRNewswire/ — The Government of Barbados (the “Government”) is offering to sell amortising notes due 2025 (the “New Notes”) through a private placement (the “Notes Offering”). The proceeds from the offering will be used to finance the tender offer described below (the “Tender Offer”), provide budgetary support to finance fiscal operations, build foreign exchange reserves and improve the Government’s external debt maturity.

    The New Notes being offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the New Notes are being offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. A confidential offering circular (the “Offering Circular”) for the New Notes, dated today, will be made available to such eligible persons. The offering is being conducted in accordance with the terms and subject to the conditions set forth in the offering circular.

    http://www.prnewswire.com/news-releases/government-of-barbados-announces-private-offering-of-amortising-notes-due-2025-and-tender-offer-for-up-to-us250-million-of-its-725-notes-due-2021-and-700-notes-due-2022-224849572.html

  4. David Avatar
    David

    @Hal

    Given the dire straits of the countries finances what do you expect them to do but search out more borrowings or hope of rescheduling.

  5. Hal Austin Avatar
    Hal Austin

    @ David

    Read this notice; it is written under US law, not Barbadian law. What abut the integrity of Barbadian legislation? Read the second parageraph again.
    By the way, when Mascoll was in government he claimed that he had struck a deal with Credit Suisse. Whatever happened to that deal?
    This offer is for institutional investors; gilts offering yields of over 7 per cent are high risk.
    There is every reason to believe the government may default on this tranche. If they do with US investors the Americans will come down on them like a ton of bricks, that is why they are trying to write the Yanks out of this offer.
    They are not fools.

  6. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    Here are 22 objectives – out of many others – that a certain future coalitional government of Barbados, and of which the PDC will be a part of, will help bring about in this country:

    1) The Abolition of TAXATION;

    2) The Abolition of Interest Rates;

    3) The Abolition of ALL ‘Exchange’ Rates Parities with the Barbados Dollar;

    4) The Abolition of Motor Vehicle Insurance;

    5) The establishment of a National Currency Board to efficiently manage currency (local and foreign) flows within, and into and out of he country;

    6) The establishment of a National Institutional Non-Repayable Productive Loans Scheme and a National Institutional Non-Repayable Non-Productive Loans Scheme for Barbados;

    7) The making sure that the real actual cost of use of money (local/foreign) in Barbados is substantially reduced within the medium to long terms of its achieving governmental office;

    8) The making sure that the Money Turnover Rate is substantially increased in the country in the long term;

    9) The making sure that there is greater freedom of interaction between the incomes, payments and transfers of individuals, businesses and other entities as users of seaport, airport and other approved points of entry, and the payments that are required by the entities that would be charged with running the business and corporate affairs of the seaport and airport and at all other points of entry in this country where there is the transaction commercial goods and services entering Barbados;

    10) The ensuring that NO importers of goods and services into Barbados will be asked to stand responsibility for the foreign currency incomes, payments and transfers of exporters of goods and services to Barbados (only the National Currency Board will do so), as that, all foreign money use costs to the incomes, payments and transfers of local entities, will stop at all points of entry, in the further conduct of such import business in Barbados, and will not be sent through the country;

    11) The ensuring that exporters of goods and services from Barbados are remunerated in the equivalent amounts of local money/ remunerations that are in the like cases used up/got by local consumers in order to own use similarly locally retailed wholesaled goods and services;

    12) The introduction of a regime of the assembling of aircraft, motor vehicles, missiles, satellites, the building of ships, etc, and for export purposes, to tremendously boost the industrial manufacturing sectors of Barbados;

    13) The introduction of Partnership Enterprises in every instance of where in Barbados there would have hitherto been any business enterprises in operation in this country – and whether there would have been two, three people, or two or three hundred people working in them – and whether there would have been two, three people, or two or three hundred people owning them – and whereby at the time of the proclamation of the legislation, all of the incoming partners – which – as a universal category – will replace the categories of owners/managers/supervisors/workers – will duly be part-owners of these enterprises – hence too the substantial elimination of the work system/culture in Barbados;

    14) The establishment of a Hire Purchase Relief Fund for those persons who would have any genuine difficulties in giving over monies, and other methods of certifying payments, to the relevant hire purchase businesses;

    15) The ensuring that NO foreigners are able to own land space rights in this country – and ONLY that they will be permitted to lease such rights for a fixed term of years;

    16) The institution of a serious regime of rent control over all residential, commercial and social accommodation in this country;

    17) The building of a modern efficient railway system for Barbados, to run back and forth on what is now the ABC/Ronald Mapp Highways;

    18) The introduction of specialized secondary school education for the country – the Abolition of the Common Entrance Examination, and in its place an appropriate National Continuous Assessment Program – and the introduction of full zoning for the country, with some reasonable exceptions thereto;

    19) The building and operation by the government of a modern acute care 200 bed hospital for the north of the country;

    20) The implementation of a proportional representational system – which itself will be the basis for the election of all members of the national executive coalitional government, and where ever else it will be required, to replace the first past the post electoral system;

    21) The absolute removal of the Queen as Head of State of Barbados, and in her/his place an executive coalitional presidential republican system of managing the entire social political material financial affairs of Barbados;

    22) The establishment of Constituency Assemblies for Barbados – one per constituency – and whereby the elected assembly people will have all the opportunities to each initiate, debate and pass the laws of this country;

    23) The national election by registered voters of Court of Appeal and High Court Judges to their respective positions within the judicial system in Barbados.

    PDC

  7. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    Inadvertence

    In objective 21, it should have read the British Monarch as Head of State of Barbados.

    PDC

  8. Hal Austin Avatar
    Hal Austin

    How much does having the Queen as head of state cost Barbadian taxpayers?

  9. Well Well. Avatar
    Well Well.

    Hal………….take a read, it’s useless trying to educate politicians in Bim

    http://www.nationnews.com/articles/view/the-way-forward1/

  10. Hal Austin Avatar
    Hal Austin

    I am sure supporters of the govt will accuse the IMF of bias. It is better to bury your head in the sand than face reality.
    What is the official Opposition saying about all this? Are our academics debating these issues?
    If nothing else, this is a clear case for cutting back on spending taxpayers’ money on a silent army. Taxpayers spend money so that the new leaders will take them in to a new more prosperous land. They are being short changed.

  11. millertheanunnaki Avatar
    millertheanunnaki

    @ David | September 24, 2013 at 6:11 AM |
    “As a result, they may not be offered or sold in the United States or to any U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.”

    This condition on the bond offering is rather baffling. Why then is the contingent from Barbados headed by the MoF journeying from London onto the USA? What kind of financial investments is the MoF expecting from the USA?
    Most of the large projects announced by the MoF as being in the investment pipeline including the (Almond deal) are allegedly being financed by either the Chinese or the Japanese?

    If American investors are not allowed to buy Bajan junk bonds would the shareholders behind the corporate or institutional investors allow their monies in the form of FDI to go to a place where the most secure financial instruments bonds are deemed as taboo?
    In any event what is there in Barbados to attract American investors other than the hotel sector like Four Seasons and Sam Lord Castle?

  12. David Avatar
    David

    @Hal

    A more relevant question is to question the system of government we currently have which has seen the two party system become entrenched at the expense of others. In the UK we have seen their system morphing to a EU styled coalition system. Do you have a view on the relevance of our system of government and the environment in which we have to compete?

  13. Well Well. Avatar
    Well Well.

    I hope the leaders in Bim are taking note that the IMF’s stance encompasses all the islands of the Caribbean, they did not single out any specific island, it applies across the board.

  14. Hal Austin Avatar
    Hal Austin

    @ David
    That is a relevant question, the nature of our democracy. It is often confused by those who talk nonsense about the Westminster/Whitehall model, without fully understanding the theoretical reasoning behind it. But that is a debate for another time.
    It takes me back to the BLP organised Henry Forde commission on the head of state,
    Other issues like the first past the post system; reducing democracy to voting every five years; Thompson’s installing a another tier of government the Constituency Councils, that are just not fit for purpose, even though some people get in this forum and sing their praises..

  15. Well Well. Avatar
    Well Well.

    Should read:

    All the islands in the Caribbean with higher than usual or very unhealthy deficits.

  16. Hal Austin Avatar
    Hal Austin

    It is an act of desperation. The ruling elite – BLP and DLP – has run out of ideas. They a re shooting in the dark.

  17. David Avatar
    David

    @Hal and Miller

    It maybe a good experience for key players in the local arena to get out in the international space to glean how Barbados is perceived and any appetite (or lack of) dwells in the market for our investment instruments.

  18. Hal Austin Avatar
    Hal Austin

    What is this secret basket of ivnestment goodies that Worrell and Sinckler are taking to the UK and US? They are offering rubbish, they have nothering of quality to sell? They have exhausted their cupboards.
    They have to go back to basics: cut back on trivial govt spending ie spending civil servants and politicians on jaunts at taxpayers’ expense; cut back on their chauffeur-driven BMW7’s, etc.

  19. David Avatar
    David

    The MoF and Governor maybe operating on the basis that it is better to be bold and confident in a hostile market than to lay low like a mouse when the cat is about.

  20. George C. Brathwaite Avatar
    George C. Brathwaite

    @ Hal and others

    I am reading with interests the various comments. To some extent, there is agreement on my part that reform MUST come in Barbados. This ought to be in terms of overall governance and managing the structurally sick economy. However, I believe it is premature to suggest that the BLP has run out of ideas; perhaps the DLP has not run out of ideas but lacks the political will and courage to do what is necessary. Hence, it becomes evident the contradictions playing out between the utterances of the PM in contradistinction to several of his Ministers on serious policy issues.
    Like you Hal, I must query the contingent that is now in London, the real motive, and the expectations; I think this may yet be another futile exercise as such was undertaken by David Thompson in 2009 and repeated in 2011 by Stuart and his contingent. Have the motives changed? Has it become necessary to defend Barbados’ next downgrade before it actually arrives? Is the Barbados dollar under immediate danger of devaluation?

  21. Hal Austin Avatar
    Hal Austin

    @ David

    They still need a package of workable suggestions. They do not have any, if not it would not have taken nearly six years to put in to practice. They are operating on a wing and a pray.
    We deserve better.

  22. Hal Austin Avatar
    Hal Austin

    @ George

    The same mob came to London earlier this year. Did they forget something? The Opposition has an open goal to shoot at but is holding its fire.
    They have nothing to fear; the DLP cannot steal their ideas because that would relegate them to history.
    Now is the time for the BLP to be putting forward alternative policies – loud and clear.
    Ignore nonsense about DLP stealing their thunder.

  23. David Avatar
    David

    MAM maybe a little busy at the moment organizing the LIME Pelican football tournament.

    BTW has the MoF clarified the municipal tax matter yet?

  24. millertheanunnaki Avatar
    millertheanunnaki

    @ George C. Brathwaite | September 24, 2013 at 8:40 AM
    “Has it become necessary to defend Barbados’ next downgrade before it actually arrives? Is the Barbados dollar under immediate danger of devaluation?|”

    By George, you are more perspicacious than you were previously thought of.
    Well spotted. Now keep focus here and you might just be on to something ‘big’.
    What is the difference between the earlier jaunt made just a few months ago and this one travelling the same threadbare path? Because of some preliminary warnings coming from the IMF circles as part of the upcoming standby arrangement and grabbing at straws to make them look as if they are fighting tooth and nail to stave off the pending devaluation?
    What is the position with the foreign reserves that only the MoF and his creature the Guv know about? Is this the catapult behind this journey of futility?

    How can well intentioned intelligent and loyal citizens place their trust in two idiots who can’t even give a proper account of the movement of the country’s foreign reserves that are the lifeblood of the economy? How can foreign investors feel confident in these two buffoons that can’t even explain the disappearance of $300 million in less than 3 months? Do you think the investors would be prepared to lend or invest billions in a country where these two jokers are managing the economy?
    Would you go to a medical doctor who can’t interpret blood pressure readings or urine tests?

  25. Yagga Rowe Avatar
    Yagga Rowe

    Seems dont matter
    how we talk
    what we say
    certain things happening anyway
    why worry
    let go
    give it up !
    ——————————————
    Yaaaaaaaaagga =

  26. Bush Tea Avatar
    Bush Tea

    According to Hal……
    They are operating on a wing and a pray.
    We deserve better.
    ***************
    Says Who?
    …that we deserve better?
    WHY?

  27. Yagga Rowe Avatar
    Yagga Rowe

    Commendable and workable objectives
    PDC

    please add cell -phone production/asssembly/maintenance
    other technical operations/assembly/service/etc
    to Objective #12

  28. The Watcher Avatar
    The Watcher

    If we want to start with a windfall of cash, the immediate solution to the collection of at least $900Million can be achieved by putting some white folks who are the majority business owners in Barbados, in prison immediately until their VAT is paid up.
    Get vexx all you want, but a SPADE will be called a SPADE!
    VAT proceeds do not belong to the companies collecting them. That is KNOWN. The monies belong to government and are collected on behalf of the government by the companies who meet a specific criteria. So tel me why you greedy white bastards have the money holding on to it? Why do you feel that you are entitled to whatever you wish to have or presume that you are allowed to take? Why have you not paid your VAT into the government coffers? Why do you want all the tax breaks in the world while everyone else should support your greed? Why are you so disgusting? Y? Y? Y?
    I worked in VAT and saw them come in and blatantly showed disregard to the process. Always asking for breaks and waivers. And when they don’t get what they want, they want to speak to someone in charge!
    Put these villains in prison until their respective VAT takings are paid in. Publish a list of VAT defaulters and then disallow them from collecting VAT on behalf of the government. If they don’t pay, ban them from travel or money transfers and ban their families simmilarly too! Get BALLS Mr. PM and start making this country for the people by the people and not for the whites by the rest of us!

  29. Riots in de land!!! Avatar
    Riots in de land!!!

    From that IMF report
    “removing rigidities to wage-setting could have important positive effects on employment and growth”

    We all know who’s wages they are talking about, the working poor and middle class. They are essentially saying rich get richer and poor get poorer. Now if they had used phrases like “top to bottom” “trickle down” or “balanced labor market” or even “lowering cost of living” then they would be seen not as the anti-humans they are, but as a wise institution.

  30. Adrian Loveridge Avatar
    Adrian Loveridge

    Am I right in thinking that the MOF and his PS will still be overseas when the Tourism reduced rate of rate (7.5 per pent) comes into effect next Tuesday (1st October)?

  31. Adrian Loveridge Avatar
    Adrian Loveridge

    Should read ‘reduced rate of VAT (7.5 per cent)’

  32. millertheanunnaki Avatar
    millertheanunnaki

    @ The Watcher | September 24, 2013 at 10:04 AM |
    “So tel me why you greedy white bastards have the money holding on to it? Why do you feel that you are entitled to whatever you wish to have or presume that you are allowed to take? Why have you not paid your VAT into the government coffers?

    Put these villains in prison until their respective VAT takings are paid in. Publish a list of VAT defaulters and then disallow them from collecting VAT on behalf of the government. “

    Now “Watcher” supposed these greedy white bastards include those white bastards that finance the DLP election campaigns?
    Let us also suppose that ‘black’ list of ‘white’ crooks and VAT defaulters include names like jada, preconco, and SOL or even Rev. Bonke what would you recommend be done with them? Send them to jail along with Leroy Parris?

  33. millertheanunnaki Avatar
    millertheanunnaki

    @ Adrian Loveridge | September 24, 2013 at 10:18 AM |

    Adrian, do you know if the new rate is also applicable to goods and services sold to residents in the same establishments entitled to the lower rate?

  34. Hal Austin Avatar
    Hal Austin

    @ Miller

    Are you suggesting that people are using their corporate cover to get domestic goods in the country without paying the tariff? Never. Barbadians do not steal.
    What about those gigantic containers that come in every day, customs officials are given a few dollars to go away without searching the containers.
    I am sure guns and other contraband are not smuggled in. Our New Barbadians would never do that. Just ask customs, the police or politicians.

  35. Adrian Loveridge Avatar
    Adrian Loveridge

    Miller, sadly I cannot confirm. My understanding is that implementation is unlikely to happen next Tuesday, as there are so many things yet to decide.
    I cannot understand how ANY Government can get itself in this sort of mess!

  36. Well Well. Avatar
    Well Well.

    Hal said:

    “They have to go back to basics: cut back on trivial govt spending ie spending civil servants and politicians on jaunts at taxpayers’ expense; cut back on their chauffeur-driven BMW7′s, etc.”
    ________________________________________

    I don’t know how long before the leaders come to recognize that the financial world is once again in startup mode……..the more debt you incur at this stage the greater the likelihood that you will never be able to repay, (eg, the US 17 trillion dollar deficit).

    PM Stuart now needs to pretend he is Errol Barrow (channel Errol Barrow), it is 1966 and he is starting from scratch, that is the simplest way i know to articulate what needs to be done.

  37. George C. Brathwaite Avatar
    George C. Brathwaite

    @ Adrian

    One must be also conscious of the Minister’s preamble when he said that “Receipts of VAT totalled $878.2 million, a decrease of $61.6 million over the corresponding period in 2012-2013. VAT refunds for the period under review were $53.2 million compared to $27.7 million in the corresponding period last financial year.” Moreover, he also alerted Barbadians to the fact that “Taxes on goods and services decreased by $44.3 million or 14.8% to $255.6 million. This is also $72.0 million less than originally targeted. Receipts of VAT totalled $200.9 million, a decrease of $29.4 million over the corresponding period in 2012-2013. VAT refunds for the period under review were $16.7 million compared to $9.8 million in the corresponding period last financial year.”
    Like you, I believe the MoF should be here this initiative that “effective October 1, 2013, the new VAT rate on accommodation in the hotel sector will be 7.5 percent. Additionally from that same date Direct Tourism Services will be brought in line with their accommodation counterparts at 7.5 percent down from the current rate of 17.5 percent. This should cost the Treasury approximately 9 million dollars a year.” The implementation of a policy that has untold implications which can be positive or negative depends on where one sits and if the benefits to be realised do not further make a bad situation worse, especially in the absence of a lowering of the VAT rate all around and the spurring of economic growth.

  38. ac Avatar
    ac

    All this hollering and useless advice don.t mean a thing. a govt with vision and commonsense should have forseen the inevitable years ago especilly with high oil prices which would have affected alll The BLP govt failed the country now all the BLP yardfowls do all day is hid behind closed windows and cackle the sky is falling ” wunna held the baton for fourteen years and this is the results of wunna failure that has been passed on. GB and yardfowls this is the mess wunna left behind.

  39. Well Well. Avatar
    Well Well.

    Watcher & Miller:

    They have to start fresh anyway, why not start fresh by jailing, naming and shaming the culprits who believe they are entitled to receive special treatment and all that is good, all the wealth and everything else on the island….come next elections these same ‘self-involved special people’ would have either run with their wealth, lost all their wealth or be the new poor on the island, in saying that, the two political parties would not have to worry about offending ‘local or foreign whites, indian, chinese’ etc, cause they will not be getting a dime in bribes, campaign funds or whatever else they take to sell out their own people and keep the minority in the lifestyle to which they have become accustomed.

  40. Well Well. Avatar
    Well Well.

    ac………you do realize that the above comment from you also applies to the DLP right?/

  41. Adrian Loveridge Avatar
    Adrian Loveridge

    George, please just help me understand WHERE the MOF arrives at the figure of $9 million, when it directly relates to the lowering of VAT to 7.5 per cent on both accommodation and DTS services?
    It doesn’t seem to make any sense to me!

  42. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    Thanks,

    We thank you very much.

    Put in your inimitable style.

    Yes, and cell phone production and such like.

    Indeed, it is clear that we – you, some other commenters on here, and the PDC, represent a different era of progressive rational thinking and praxis, in Barbados, from those of most of the other BU commenters.

    It is clear that there are many other commenters who are – on BU – really wasting time on the blogsite, with many ad infinitum inane vitrolic facebook type contributions, rather than using the blogsite NOT ONLY to help design, promote, market, etc serious and implementable and partial solutions to many of Barbados’ extant social political material financial problems, BUT ALSO to seriously mobilize much citizen support for these partial solutions and to seriously promulgate broad agreeable instrumentations and modalities for the putting in place of such partial solutions.

    It is clear too – by way of many of their types of syntax, tonal expressions used on here – that many of these same commenters are of the older generations in this country, and that they do carry certain grudges against many younger persons in this country, and against the way how they think, which is, in net terms, far more progressively holistically than they do.

    Sorry to say, but we have been recognizing that some of these same older commenters, especially the ones that use pseudonyms, never would have sought to – though they would have many opportunities to do so – to do many things, if anything at all, in the wider national public interests.

    So they come on this blogsite trying to live their past in very puerile childish demeaning obstructing ways, attempting to magnify what little ineffectual uninspiring infertile writings polemics they are themselves involved in.

    So, what mainly big constant crass vulgar misuse abuse by them of an otherwise essentialist progressive blogsite!!

    PDC

  43. Well Well. Avatar
    Well Well.

    By the way, neither ac nor carson said anything about a pending?? devaluation due to be told to the people next year, say it ain’t so, and that it is just rumor.

  44. ac Avatar
    ac

    Hey u adrian .yes u ac notice u got a lot to say about govt trying to create revenue to pay down some of your fat cats debt in the hotel industry .which was done under the BLP administration and now which is weighing down the taxpayers backside. how about being a true patriot and asking your fat as..s friends to pay the govt what they owe.

  45. George C. Brathwaite Avatar
    George C. Brathwaite

    @ Adrian

    Exactly my point, nut all the quotations that I included are those of the MoF; hence my saying that there are implications (positive or negative) depending on where one sits. The Minister has much explaining to do, and I would hate to think it will be done from London or Boston.

  46. Hal Austin Avatar
    Hal Austin

    BRIDGETOWN, Barbados, Tuesday September 24, 2013, CMC – Finance Minister Christopher Sinckler is leading a delegation to Britain and the United States hoping to attract new investments to Barbados.

    The delegation, which includes Governor of the Central Bank of Barbados, Dr. Delisle Worrell, will meet with bankers and potential investors with a view to updating them on this island’s recent economic performance.

    “In addition, they will have one-on-one meetings with large institutional investors who usually purchase emerging markets sovereign debt or who may have previously purchased Barbados’ international bonds,” a government statement said.

    Sinckler said that he anticipates that the four-day trip “will assist in preserving Barbados’ credit worthiness, while maintaining the confidence of prospective investors that this country is an economically stable and secure place to invest”.

    Earlier this year, the Central Bank said the local economy had contracted during the first six months of the year with the main foreign exchange sectors –tourism and international business and financial services -also suffering a decline.

    It said that the local economy grew by just 0.6 per cent and among the priorities for the future will be to reduce spending “in the economy so as to balance the inflows and outflows of foreign exchange “and also “to revive economic growth led by tourism, international business, agro processing and alternative energy”.

  47. ac Avatar
    ac

    GB and so too does the BLPadministration have alot of explaining to do for building a house on “quick sand” only to have it it sinking in high debt left for the beneficiaries to pay off that beimg the taxpayer.

  48. lawson Avatar
    lawson

    If the Barbados dollar is to be devalued, why would anyone invest money from outside rather than wait and buy stuff when it is a fire sale

  49. David Avatar
    David

    Devaluation becomes an issue if we can’t defend the peg. What is the status of our forex reserves@

  50. millertheanunnaki Avatar
    millertheanunnaki

    @David | September 24, 2013 at 1:02 PM |

    Hence the ‘hurried’ overseas begging trips to get foreign money to shore up the foreign reserves. Things are not looking good in this area with a projected very low leaky tank by year-end and a very uncertain winter tourism season.

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