Committed to Our Goals

Submitted by Douglas
Ministers Donville Inniss and Chris Sinckler

Ministers Donville Inniss and Chris Sinckler

It is never easy to take tough decision which would affect the livelihood of those affected. From the start of the economic recession, the Democratic Labour Party’s administration had always said it would seek to maintain the social safety net and the sending home of persons from the public service would be a last resort so that government could maintain the employment levels in the country as long as possible.

For more than six years, the Democratic Labour Party administration maintained that promise while it introduced policies to restructure the economy of Barbados and position it on a sustainable growth path. This restructuring process which was long overdue is now being undertaken in the midst of the most turbulent, global economic recession which the world has seen in over a hundred years. Naturally, the journey has not been smooth sailing.

From the start of the economic recession our financial experts reminded us of the importance of protecting our international reserves. We were able to do this with reserves consistently above 16 week of imports from 2008 to June 2013. This was a major economic victory in the face of an unsettled global economic climate. This provided the cushion for government to continue its role in maintaining employment levels and the social safety net while putting policies in place to sure up revenue earning and controlling government’s expenditure in areas of goods and services, transfers and subsidies.

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17 thoughts on “Committed to Our Goals

  1. The obsession with foreign reserves is dead wrong. I have said that on a number of occasions and will say it again.
    Foreign reserves are there principally to hedge against exogenous shocks. Since the end of the second world war, the biggest exogenous shock to hit Barbados was on September 22, 1955.
    Within two years the government had overcome that and by 1961, the country was registering strong economic growth.
    With foreign reserves of over Bds$1bn, that was a bad use of money; government/central bank should have used the derivatives market to hedge half that money, and use a further Bds$50m to launch a balance sheet retail bank. Our regulators turn their backs on the derivatives market because they do not understand it.
    This is what small and medium enterprises badly need, credit, which the foreign-owned banks are refusing to do.
    Print money (Owen Arthur is wrong on this), give Barrack a central bank facility to withdraw a maximum of Bds$250000 a week.
    The US has been pumping US$85 a month in its economy until this week, which it has now reduced by $10bn. It is the fastest growing of the developed economies.
    Government should also offload some of its non-core businesses, such as its hotel portfolio.
    For example, how about giving the Blue Horizon staff control of the hotel with a three-month rent free period then a modest a monthly rental?
    There are numerous other ideas, but there is no public debate. Our politicians, their policy advisers, senior civil servants and the regulators have lost their nerve. They have betrayed the people of Barbados.

  2. The derivatives market is the Las Vegas of the world’s financial super elite, worth anywhere between 2 to 8 quadrillion dollars compared to about 70 trillion dollars of world GDP. We look at the so-called financial innovations of Wall Street from Collaborated Debt Obligations to Mortgage Backed Securities.

  3. This post is absolute rubbish? I wonder who writes this nonsense for the DLP people regurgitate. Don’t tell me in December 2013 that the Government was holding strain for six years, when in January and February 2013 the same people were telling the country that they would maintain jobs and that the economy was sound. We didn’t have six years between January and December 2013. Cut out the public relations crap!

    They said to the country, vote for us and we will maintain job levels, and that the BLP would send home 10,000 people. In effect, they knew better and lied in order to win the elections.

  4. “We were able to do this with reserves consistently above 16 week of imports from 2008 to June 2013”
    should add constantly declining reserves

    “Faced with the reality of the uncharacteristically sharp decline of international reserves from April 2013,”
    uncharacteristic but clearly forecast-able

    “You cannot unmake yesterday, but you can make tomorrow”
    but spend 4-5 years blaming the last 14

    Excellent political propaganda for the gullible few. No wonder over 40% do not care anything about politics and by extension making any significantly meaningful contributing to national development.

    Just Observing

  5. @ David

    Economics is not an exact science. But we can make certain calculations about probable outcomes.
    When you leave home in the morning there is no certain that you will return, but you plan for it nevertheless.


    Douglas@ who paid you write this SHE-IT , you have to be a traitor or a fool for MIA and the BLP. That means you will also go for the DLP ,so you seem to be part of both , DBLP Unity Fraud Government.

    It will be better for you to google than to kiss antss, You just dont get it or you got it good like a paid voter.

    Why did DAVID? @ BU post this for you to make an ass-set of your self.
    Please . study and try to learn , They are both fraud , it take 27 years at least to show most things and time is up ,
    This is effect of Land fraud and more fraud in all other things not true , The fix is to tell the truth an not go begging for money.
    All the money we need is there in the banks accounts of the BLP and the DLP accounts like CLICO and so on
    They have the same head and 8 arms octopus , They know all before we do and hands in everything , Source of FUNDS will lead back to all the Lawyers, QC, Minister,Sirs, PMs AG, GG, and heads of government departments,.. Hoard and Hoarder are what they are as other may suffer,

    No matter who in Power We will have to pay this money back
    MiA xAG and Owen xPM is where most of this started , and now covered up by the PM and AG , see the problem , PM and AG to top crooks that does nothing for the People , If the US o A AG Eric Holder was here what would he do ,,? Charge Sir Cheltenham and Sis C O >Williams .For massive land Fraud , PONZI , money laundering , to start.
    Sir Standford and Madoff PONZI fraud of 65Billion Plus and Stanford 7.1 Billion is nothing compare to Barbados that can reach more than a TRILLION Dollars .

  7. What can be committed to a “exact science: is “you have to pay for the things you buy”. If nobody wants your dollars because they cant spend them anywhere except in Barbados, you better figure out one of two things. First start figurng out how you going to make all the things you were buying so you can pay for them in local currency, and secondly, if you cant do the first, develop excess FX by becoming one of the most competitive destination for investment and tourism in the world. We have our currency pegged to the worlds reserve currency and the worlds reserve currency, the US$ is going to be that for a long long time. Being pegged to the US$ is not necessarily a good thing for Barbados. We were going to develop a new market for tourists from Brasil. On currency value alone Barbados has become 40% more expensive than we started that program. There are fewer and fewer countries pegging to the US$. We need a new monetary policy. IMF will lay it out for us casue the way we are, we aint going to be able to figure it out for ourselves.

  8. Plantation….that is what some on BU and all the taxpayers in Bim need to realize, whomever is in ‘power’ BLP/DLP, the taxpayers are the ones responsible for paying back all the billions of dollars these two parties borrow in the taxpayer’s names……by the way did PM Stuart claim that not many people in Barbados would want to become politicians and that they have hard jobs? well if he is still asleep may i remind him that most politicians aspire to become millionaires, they don’t do shit out of the goodness of their hearts, they have no hearts and don’t sacrifice one damn thing……..most already have professions, example the 30 or so lawyers split between both DLP/BLP, most already have massive amounts of land, money and other property AND WANT MORE………he may be right though, not many people are that damn greedy.

  9. @Well Well,
    Surely you can’t be meaning some one like Paatrick Todd, can you? What about now deceased Dlp member of aparliament Leroy Barthwaite? What about Maisie barker Welch? What about Steve Blackett, and James Paul, and Dr. Lowe? What about Ronald Jones? What about Ginger Bourne? (He is a special case) What about Denis Kellman? What about Haynesley Benn? No Well Well, there are many who do it to help people, all are not successful, but I happen to knowou do not. some who though unsucccessful have had requests and demands made of them that are unconscionable and in some cases downright unreasonable. Monetary demands by poor people reach horrific amounts when it is added up, and then these same people; after promising to vote for you, even on election day, do not. I know this for a fact. I have been deeply involved in election campaigns in Caanada and barbados.
    By the way, I am getting your claims about the duty free matter checked out. However, today I obtained Tiger Malts from Skyland in Scarborough, Mount Gay from the Liquor store; no other Barbados brands were on display, Harry’s West Indian store had Tiger malt, Plus, Aunt Mays Mauby syrup and seasonings, as well as her Hot Sauce. of course these may have come through a Trinidad distributor, since lots of Trinidad products are also available…don’t talk about the Jamaican produce. It is possible for us to get our products sold here if the exporters are prepared to do the work necessary.
    We can increase our market share by at least 30-50 percent if the marketers are prepared to do the necessary travelling to promote their produce and advertise in the west Indian Newspapers, attend trade fairs, and market, market , market.
    Don’t depend on government. It is YOUR business, make it grow

  10. Also Mark Williams, Branford Taitt (he became a lawyer afeer he was elected, And clyde Mascoll, and Lawson Weekes, And Derek Alleyne wo ran unsuccessfully, and Hamilton Lashley, and Undine Whittaker, and so many more, both successful and unsuccesful.
    I said already I do not understand the reason for your cynicism.

  11. Some of those persons and groups who were saying cut expenditure, cut expenditure have all now crying crocodile tears about the massive and necessary cuts announced.
    I was amazed to hear a statement from the Chamber of Commerce about how “sad” they were to learn of the announcement and how we all need to be positive now.

    These people at the Chamber of Commerce were calling for these cuts.

    The private sector spokespersons should be honest enough to admit that.

  12. The Barbados economy will rebound. The fiscal consolidation on the expenditure side will improve government’s finances and address the biggest item in government’s expenses.
    When coupled with implementation and facilitation of capital works and private investment projects, this economy will be put on a more sustainable growth path.
    The BLP is well aware of this and will do everything to try to get power in the near term. The BLP Strategy – Look for continued political theatrics, press conferences saying absolutely nothing, political meetings, constant bombardment on the call in programmes, Facebook and constant criticism of everything.
    Unfortunately for the BLP, the lessons of 1991 have been learnt and the DLP will be around to take credit for the success of the measures unlike 1994 when the government was given away on a platter after the measures had already been implemented.

  13. @ Albin Cummins

    Brandford Taitt qualified as a lawyer in New York in the 1960s. I think you mean admitted to the local bar.
    A lot of qualified Caribbean people do not want to be admitted to the local bar.

  14. Alvin…….i was embarrassed to learn that Mount Gay Rum now belongs to Remy Martin of France, saw it on display in LCBO in Bayview Mall and was heavily boasting about Barbados’ rum, it does not belong to Barbados anymore obviously you too are unaware of this, i understand they even closed the company in Bim.

    As i said, most politicians aspire to become millionaires, certainly did not say all, there are the odd one here or there who are not greedy, some of the names you called, i were you, definitely would not swear for them.What cynicism what, listen to truths and take them for what they are, the days for covering and keeping secrets, pretending all is well and butter won’t melt in the mouths of politicians are well and truly gone, time to chart a new way forward.

    My business never depends on government, particularly Barbados’ or it will go NO WHERE, or the way of the DODO bird….lol

    Alvin….i personally know that Brandford Taitt attended Medger Evers College in Brooklyn, as for your other fantasies, good luck..

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