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The Barbados Estimates Debate for 2016 – 2017 is currently being debated in Parliament. Although many Barbadians are sucked into the theatrics of the annual budget presentation, the more meaningful debate about ordering the country’s finances is meant to be discussed in our system of government in the Estimates debate. It is now evident that the government through its agent the minister of finance has not been honest with the people regarding the finances of the country. Also disappointing in the last year has been to observe the the reputation of the Central Bank taking a huge hit. Further we have had our leading bankers who should know better supporting the charade of Pinokio politics.

Follow the debate on CBC 100.7 and Parliament TV.


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267 responses to “Barbados Estimates 2016 – 2017”

  1. millertheanunnaki Avatar
    millertheanunnaki

    @ David March 15, 2016 at 9:00 AM
    “Who would have thought Barbados would be in such a position having for many years been regarded as a model small island economy. The time for small-minded politicking and yardfowlism must surely come to an end and all of us realise it is time to position Barbados first.”

    Barbados can only be put first when confidence is returned in the country and its leadership.
    This will not happen under the present crop of patented liars. Even at this dismal stage bordering on economic collapse Sinckler and Sealy still find it ‘amusing’ to bluster and bullshit.

    Let the politicians start with telling the Truth to the people.
    Why not start with the need to privatize and the ill-health of the NIS finances?


  2. Hants

    Right on

  3. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    As I have said, and as others have said of de ole man, I not not too bright having left school at 12.

    Therefore, since i am not academically gifted, I have employed a combination of “enforced grafting” euphemism for “being around when de chilrun are is reading well” and remembering what dem saying to dem mudder (- Lilith number 1)

    the second is “ole people econometrics”

    Sincing “Ole People Econometrics” is going to be foreign to many of wunna, excepting Alvin and maybe hants, I gine explain tuh wunna whu um is.

    There is a distinct difference between a table at you mudder house and de table at you grandmudder house “back in de day”

    You mudda table only was did had one staple but your grandmudder had choices, yam, potato, edoes, okras, pumpkin which, now dat de ole man study it, defied all economics insofar as “why was it dat your mudder did not have so much variety BUT you grandmudder who should have been less financially capable, was able to offer som many tings at she Sunday meal?

    Wid time I gets to unnerstan de basis of that variety.

    It is in de one word dat Bush Tea say above “vision”

    Them ole peeple did was had de vision to make “investments” in more dan one ting, two sheeps, a cow fuh milk, wuk de land and plant up vegetables, and corn and udder ground provisions, so while successive generations became scornful of the menial labour, granny “diversified” her “portfolio” and with a sound vision, and commitment to her grans (family) aided by longevity and patience (unlike the get rich quick politicians we got) this paid off over time and manifest itself in we saying “I gine by granny Sunday causing she got more food”

    What is de parallel uh de ole man story?

    Diversification.

    Successive governments should long ago have employed what Miller de Anunnaki and others have long advocated, “Selective Privatization” and strategically diversified the portfolio of government, taking the most problematic of the services that it is responsible for, and formed partnerships with private sector entities.

    The objective being to make specific enterprises operate efficiently and profitably. Such efficiency brings savings e.g. the haemorrhaging Transport Board and Lord Forbid, if such a strategy were to bring profitability

    In such a “hybrid national portfolio”, over the course of time, such was/is bound to bring that “bounty of food” to the figurative Sunday table call Barbados.

    De same way de people at the canteen at Queens College does bid every year fuh de contract tuh provide lunch en ting, successive governments should have had a similar mechanism to facilitate the selective implementation of privatization with the contractual caveat, that such agreements MUST bring efficiencies, reduce operational costs and generate profits.

    ALL TO REDUCE THE “PHYSICAL DEFICIT” (it could have been worse, Jepter, he whose pants are up under his armpits. could have said “the Physical Defecate”

    But den agin dat would mean dat de DLP/BLP fatted calf policies of creating jobs for dead wrights at NCC, MTW, de Transport Board and of course the Civil Service would come to an end.

  4. Vincent Haynes Avatar

    David March 15, 2016 at 5:59 AM #

    You could be correct or it could also be that they have such confidence in our present 30 politicians who they have elected to do the peoples bussines that they see no reason to turn up and check on them repeating the same insults as when on the campaign trail.

    My take,which agrees with yours,is that the people are too busy cutting and contriving to survive to take notice of the estimates and what that spells out is that a dual society will evolve with its own rules.

    The killings going on is part of the enforcement of those rules,less taxes will be collected due to inability/refusal,the present system will become irrelevant.

    Once a people realise they are being ignored for the enrichment of a few,they will take matters into their own hands.


  5. @ PUDRYR

    Your March 15, 2016 at 9:13 AM contribution was excellent.


  6. ARTAX

    As are most of de ole man’s contributions


  7. http://www.barbadostoday.bb/2016/03/15/budget-that-2/

    “It is expected that $1.273 billion or 81.1 per cent of the $1.570 billion of overall deficit will be refinanced from domestic sources. The balance of $297.6 million will be influenced from external sources,” he reported.

    …..influenced from external sources?

    What is this? The $50.00 savings bonds being gobbled up by Bajan Yankees, Bajan Brits, and Bajan Canucks?

    “The reality is that our deficit is still a bit too high and our GDP growth is not high enough in order for us to begin to see a downward movement in the debt we have,” he conceded.

    Should be – “The reality is that our deficit is still a bit too high and our GDP growth is not high enough in order for us to stop the upward movement in the debt, and the Debt to GDP we have,” he conceded.


  8. Interesting contribution made by the ‘Trinidadian Woman’ on CBC this morning.


  9. I know that it is not possible to make a direct comparison of Argentina’s debt woes and those of Barbados; but there is some food for thought in the story at the link below

    Argentina finally nearing debt agreement — will it be the beginning of the end for the country’s crisis?

    http://business.financialpost.com/news/economy/argentina-finally-nearing-debt-agreement-will-it-be-the-beginning-of-the-end-for-the-countrys-crisis


  10. IMF Concludes 2015 Article IV Visit to Barbados
    Press Release No. 15/202
    May 08, 2015

    End-of-mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    A team from the International Monetary Fund (IMF), led by Nicole Laframboise, visited Barbados during April 27-May 8 to conduct discussions for the 2015 Article IV consultation. At the conclusion of the mission, Ms. Laframboise issued the following statement:

    “The government has made strides in its adjustment program and a tourism-led recovery is underway. Real GDP is estimated to have grown by 0.2 percent in 2014 and is projected to rise by 1.0 percent in 2015, driven by stronger tourism inflows but offset by drag from fiscal consolidation. Subdued commodity prices and weak domestic demand have kept inflation low, while the unemployment rate averaged 12 percent in 2014. Private sector credit contracted again in 2014 and is expected to remain sluggish over the near term amid uncertainty about the outlook. Foreign reserves have stabilized in recent months, supported by lower oil prices, the rebound in tourism, and stronger private capital inflows, and stood at US$565million at end-March (about 3.5 months worth of imports).

    “The authorities are monitoring fiscal developments closely and have brought down the central government deficit from 11.2 percent of GDP in 2013/14 to 6.6 percent in 2014, a
    1.0 percent primary surplus (balance excluding interest payments), although arrears continued to accumulate. Payments arrears and public sector inefficiency are cited by the private sector as the main impediments to growth. Central government debt excluding (including) securities held by the National Insurance Scheme was 101 (134) percent of GDP in March 2015. Fiscal financing needs remain challenging.

    “Staff supports plans to develop a fiscal responsibility law over time, but the near term priority should focus on fiscal adjustment. Annual budgets should be guided by a medium-term debt anchor, and include a provision for the gradual clearance of arrears. The government agrees with these objectives and will outline plans for further fiscal adjustment in the upcoming budget statement this month. Staff analysis finds that an average primary surplus near 4 percent of GDP would be needed to bring the debt-to-GDP ratio to 91 percent by 2020. Staff note that a significant increase in public investment would help raise growth, but foreign financing of public investment would add to government debt and hinder the goal of lowering debt and macro vulnerabilities, unless fiscal space is made elsewhere.

    “The burden of adjustment should fall more on current spending, which expanded by about 10 percentage points of GDP since the mid 2000s. The team encourages the government to continue lowering the overall wage bill, which is one of the highest in the region, and reform the civil service to manage this transition. Review of social spending would be important, in particular by reducing the provision of free services and goods to high-income groups.

    “The team welcomes measures to strengthen the monitoring and control of public enterprises, but progress is slow and deeper restructuring should be launched as soon as possible. Public enterprises pose a major fiscal risk in Barbados, and many are providing services without any link to overall costs or objectives.

    “The Central Bank of Barbados (CBB) increased its holdings of government securities in 2014/15 and kept short-term interest rates low. The impact on liquidity of CBB financing of the government has been offset by increased deposits by banks at the CBB and capital controls. This approach may have run its course and we would suggest reconsidering it in view of its importance for supporting the peg.

    “Barbados has rich natural endowments and strong social institutions with which to overcome challenges and secure sustained growth. The IMF remains committed to supporting the government of Barbados in its pursuit of macro stability and stronger growth. The team would like to thank the Barbados’ authorities and representatives of the private sector for the close and constructive dialogue.”

    The mission met with Minister of Finance Christopher Sinckler, Central Bank Governor DeLisle Worrell, Minister of Industry Donville Inniss, senior government officials, members of the Legislature, and representatives of the private sector, labor organizations and academia.

    IMF COMMUNICATIONS DEPARTMENT
    Media Relations
    E-mail: media@imf.org
    Phone: 202-623-7100


  11. Any update on how business facilitation has improved?


  12. Tell the IMF to go to hell.The days of a bunch of white,racist miscreants telling Black countries & some Non-European nations how to run their countries are over.


  13. Yuh mek me laff, Negroman. We gun soon be at de IMF door.


  14. Negroman
    The IMF has nothing better to do than pick on a poor but the freest black country in the world? Lol. Idiots have the country broke and virtually insolvent and the masses swallow the PR shit and thinking its sugar cubes.


  15. What part about BARBADOS IS F_CKED don’t people understand?


  16. I smile and laugh when I hear all the talk about the imminent collapse of the Barbados economy.The nation state Barbados after January15,2008 was to go into an economic, social & political decline with the resultant problems.Barbados as we know it was to be no more.
    This is the year 2016 and the same stupid talk is still be aired by a bunch of naysayers and doomsayers.
    Barbados does not need any IMF program.
    IMF go to hell and try to sort out the problems affecting many European states.IMF put economic policies in place to alleviate the suffering that Poland,Romania and many of the far Eastern European countries are encountering.
    There are many European countries whose standard of living is much lower than many of the countries in the Caribbean.That is why the IMF is trying to undermine some Caribbean countries especially Barbados. They envy our relative high standard of living when compare to the sub-standard living standard many Europeans countries have today.
    IMF go to hell


  17. @Negroman

    Do you deny the fact that Barbados has a Debt to GDP ratio of 130? Do you deny that MoF Sinckler agrees that the debt burden is too high? DO you deny Barbados pays 70 cents out of every dollar to loans which leave little fiscal space to implement development projects?

    On 15 March 2016 at 16:30, Barbados Underground wrote:

    >


  18. If the IMF has all the right answers how come Jamaica still sucking salt after so many years in the program The IMF has only one interest at heart and that is to be the long arm collecting for the international lending agencies and the world bank.
    In other words the IMF is a glorified collection agency.
    Question Then whose interest would the Imf best served.
    Barbados has been through the worst and have been able to stablize a dysfunctional economy there is nothing much more if any thing the IMF has to offer but deeper pain
    Staying the course is much better than taking the so called high road defined by the IMF which will all but discloate the social network of an economy with deeper cuts and irreversible job losses.


  19. Yes David I agree we have a debt to GDP problem.But does that mean the Barbados economy is about to collapse.
    In our personal life having to pay .70cents out of every single dollar we receive either on a weekly or monthly basis to our weekly or monthly expenses is to damn high.But you know what many Barbadians debt service ratio is just as high or even higher.They survive with adjustments to their spending.
    The Barbados government is doing a similar thing.It is not business as usual and tough decisions had and have to be made.
    It is utterly amazing that Barbadians are complaining about our high debt,but yet when the government introduced measures to curtail the debt these same Barbadians are still complaining. If you do you damn and if you don’t do you still damn.That is Bajans for you.
    Barbadians cussing the government because of a delay in paying their returns on personal income tax.But if the government had given in to their demand and pay when no money was available and the economy went into a tailspin with devastating consequences it would have been a different story today.There be talk about being incompetent and not being prudent.
    I think the government has done and is doing a fantastic job in negotiating Barbados out of the trouble economic waters we in today.Barbadians are very appreciative.The government will be rewarded for their efforts in the upcoming general election with a resounding victory
    Four love


  20. @Negroman

    The short answer to your question is yes especially when positioned with threat to foreign reserves.

  21. Well Well & Consequences Avatar
    Well Well & Consequences

    AC…financial independence is independence, whether individual or national, you need to read up on Surimane one of these days, then you will understand what national independence means….it’s not continuous borrowing, but creating avenues that generate wealth for the country. ..if a person can do so, government ministers should be able to apply those methods in a larger capacity when charged with managing a country. ..not every country borrow s the citizen’s lives away.

    The problem is AC..the government has no creative imagination to do anything except what they are currently doing, which is not and will never work in the current environment.

  22. Well Well & Consequences Avatar
    Well Well & Consequences

    Suriname…formerly Dutch Guiana.

  23. Well Well & Consequences Avatar
    Well Well & Consequences

    Piece…the word diversification is not in the vocabulary of the modern day politician on the island, it does not sound like the name of a new Beemer or Benz…it sounds too much like work and actually having to use your brains.

    That’s why I told the limited mental capacity AC to read up on Suriname, now that is the meaning to diversification, they have double the population of Barbados, a larger land mass, they d8 have resources, but they do not just sit back and wait for loans.

    They are a consciouspeople, not flashy and arrogant, but they know their rights and know not when to put up with crap from dishonest self-serving leaders.

  24. Well Well & Consequences Avatar
    Well Well & Consequences

    What I get from the IMF report is that the publicly owned entities are at risk, if nothing else, one would think the government would do something to save them and if they can’t. ..sell them for a real profit, for the people and not for their own pockets…not the bullshit deal and fire sale they made using NIS pension funds re Almond Resort and Butch Stewart, they are a real disgraceful lot.

    Do these DBLP governments have no negotiating skills.

  25. Well Well & Consequences Avatar
    Well Well & Consequences

    Have to make a correction, so I dont put false information about Surinamese people out there or my Surinamese son-in-law will have my head..lol

    “They are a conscious people, not flashy and arrogant, but they know their rights and know when not to put up with crap from dishonest self-serving leaders.”

    Surinames do not put up with crap from politicians. ..this is 2016 and should not be happening.


  26. Negroman March 15, 2016 at 1:19 PM #

    “I think the government has done and is doing a fantastic job in negotiating Barbados out of the trouble economic waters we in today. Barbadians are very appreciative. The government will be rewarded for their efforts in the upcoming general election with a resounding victory. Four love.”

    @ Negroman

    Delivered like a true, true yard-fowl………….. evidence that the “silly season” is upon us.


  27. WW&C

    As I understood the MOT, he said that when N&M could not sell Heywoods Almond property to the private sector, they stepped up and bought it with $55 million dollar loan from NIS. They then sold it to Butch (for $???) in a a deal no doubt sweetened by the concessions cocktail, and used the proceeds to invest in Sam Lords.

    I am just an old retired guy, but I thought that the proper thing to do would have been to use the Heywoods sale proceeds (if Butch paid in cash which is a real stretch) to repay the NIS loan.

    Then if they needed money for Sam Lords, they would have arranged a new loan, from NIS or whoever, secured by a mortgage on Sam Lords.

    What say you?

  28. millertheanunnaki Avatar
    millertheanunnaki

    @ Negroman March 15, 2016 at 1:19 PM
    “The Barbados government is doing a similar thing.It is not business as usual and tough decisions had and have to be made.”

    So Negroman, what do you think about your DLP administration’s pending privatization programme (PPP)?

    Will you be cussing them as it is your racist habit to cuss the white people when the coming fire sale takes place? Guess which local white man will be at the front of the queue?

  29. Well Well & Consequences Avatar
    Well Well & Consequences

    Art…better yet, Negroman should know that is what the taxpayer’s are paying the ministers to do and they take additional perks for doing their JOBS….they are not doing any favors for free to anyone on the island, not one citizen has to show any appreciation to whom they pay money for services….when ya getting paid and taking all types of liberties that are not yours to take..stop taking the damn bribes from whosoever will pay them and then ya will be taken seriously.

    All yardfowls are programmed to think about is winning an election and helping retaliate against the truth…..a blighted lot.

  30. Well Well & Consequences Avatar
    Well Well & Consequences

    Due Diligence….Since DBLP politicians have a track record of not being the brightest or most astute negotiators…..check out the Cahill Agreements or various BOLT agreements where the taxpayers are ALWAYS the losers….government had no right getting involved in the Massy/Almond sale…Massy has been in business for decades and would have been well capable of finding Stewart or he them and negotiating the sale, they all knew about it., but they all also know of the NIS pension fund..all of them had their eyes on NIS pension money to raid it, it was raided for 4 Seasons scam and the dude who managed the 4 seasons scam, Mia friend was also introducing foreign investors to the fund to continue the raid, with Mia as attorney for 4 Seasons….will pensioners ever see that money that was used as collateral, again….I doubt it…..

    That’s why DBLP governments should not get involved in these sales, they put generations of Bajans not born yet, to repay loans that should not be the taxpayer’s responsibility. They are not intelleftually equipped are business savvy enough to attain fairness for the taxpayers.

    Government said the Chinese are funding the Sam Lords project….the chinese are very finacially fluid, so let’s hope government ministers dont once again use that project as an excuse to raid NIS pension funds at another loss to the taxpayers.


  31. Well Well & Consequences March 15, 2016 at 2:19 PM #

    “All yardfowls are programmed to think about is winning an election and helping retaliate against the truth…..a blighted lot.”

    @ WW&C

    When they are campaigning, it’s about the people and what they intend to do for Barbados.

    When they win it’s about sharing the “fatted calf” among them, their supporters and financiers, while justifying such actions by using phrases such as “you must be rewarded for having stuck with us during the difficult times when we were in opposition.”


  32. We listen to minister of health John Boyce and it seems so dejavuish as far as the QEH is concerned. We had this same discussion in 2006/7.

  33. Well Well & Consequences Avatar
    Well Well & Consequences

    Art…that is what makes it so easy for them to raid national insurance pension fund under the guise of investment, there is a disconnect between them re all citizens should benefit despite political party affiliation and their practice of only yardfowls and party faithfuls should be benefitting from taxpayer funded entities or only their bribers should benefit from contracts….as usual, it’s backward…hence they are in a stew.

  34. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    The only person who has spoken and has and is making sense is Owen Seymour Arthur


  35. @PUDRYR

    Agree with you, he has taken the debate up a notch. Note all his concerns have been ventilated on BU.


  36. Owen still goin. lol. Maybe he will make a “comeback”. He is still young.


  37. Well Well & Consequences March 15, 2016 at 2:34 PM #

    ………Massy has been in business for decades and would have been well capable of finding Stewart or he them and negotiating the sale…………….

    I am sure that Massy and Butch negotiated, but Butch needed the Concession Cocktail Sweetener to make the deal work.

    And don’t get me started with the Chinese – by the time the inevitable restructuring is over the debtor will be Chinados.

    I think I just heard OSA say that debt service now takes 60% of GOB revenue. How is that possible?


  38. @DD

    That is gross debt to GDP.


  39. pieceuhderockyeahright March 15, 2016 at 4:20 PM #

    The only person who has spoken and has and is making sense is Owen Seymour Arthur

    Yes – sort of.

    But he kept talking about keeping the ratio of deficit to GDP to !% – 2% – 3%.

    is Budget SURPLUS or Physical SURPLUS not in the Bajan dialect

  40. Vincent Haynes Avatar

    David March 15, 2016 at 4:29 PM #

    What did OSA say that we did not know already….of interest was his continous reference to the advisory committee that he was not appointed too…..lets see what the MoF has to say as he basically called him a little boy who did not know who to listen too.


  41. “ATL Autobahn will serve as a central hub to include the distribution of cars, parts and service support in Jamaica. From April, it will assume the role of master dealer for the Caribbean region with an additional eight other countries — Trinidad and Tobago, The Bahamas, Cayman Islands, Curacao, BARBADOS, Aruba, St Lucia and Suriname.”

  42. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    Leh me say dis to you DD.

    I ent no economist but I listen to the presentation that he made and even ingrunt me understand dat we got to attract investments and/or we gots to drive exports and secure or generate Forex.

    He say de same year dat I ingrunt self been saying, rather, repeat whu de Anunnaki say and I parrot wid de res uh wunna people who know dis ting tall.

    It is time to privatize, send home peeples now before de whole cuntry fall.

    De reason dat dem rescind de offer to Owen is very simple.

    Dem realise that “going with Owen” rather his proposals, would have been effective but it would have made Owen look good.

    So them wuffless cvnts, prefer, at the expense of all we Bajan asses, tuh bring de cuntry to it knees.

    There is much wisdom in “tekking a pawn” and for whom dat comment mek sense it will mek sense.

    Find $20 Million dollars and pay out Kellman and another hand to mouf fellah and de whole effing cuntry gone clear wid an early general election.

    Mottley, tek some uh de Edutech money dat people say dat you get from dat $236M and pay dem effers out cause if you lef dis like it is all de purported money dat you and Illuminat mek ent gine be wuf de paper that it was/is printed pun

    And, and you gine have to buy a bullet proof car to keep de AK 47 with the armour piercing bullets out when de fellahs coming fuh you tuh get dat money, doan mind all de reiffer dat you supposing tuh smoke wid dem fellahs want money!!

  43. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    Who dis body dat speaking? Is a woman, de ole man ent know she

  44. Well Well & Consequences Avatar
    Well Well & Consequences

    Due Diligence…unfortunately, you will get pissed off…if the government is no match for Caribbean people like themselves who are businessmen, do you really think they will have a chance negotiating with chinese who are savvy in every aspect of business.

    Dont be surprised if the ink has already dried on the agreement thev guv made to sign over the island and people to China…..the Cahill agreement frighteningly comes to mind…bear in mind Clare Cowan is just a small time opportunistic crook….China is the real deal.


  45. @ pieceuhderockyeahright “we gots to drive exports and secure or generate Forex.”

    I concur.

    We also have to actively engage in import substitution especially “food”.


  46. A fellow on the block told me that when we go Republic we should rename Barbados after Mr Arthur……. The People’s Republic of Owing.

  47. Well Well & Consequences Avatar
    Well Well & Consequences

    Good one Colonel….lol


  48. @PUDRYR

    Santia Bradshaw


  49. pieceuhderockyeahright March 15, 2016 at 4:57 PM #

    “There is much wisdom in “tekking a pawn” and for whom dat comment mek sense it will mek sense.”

    DD is just a checkers guy, so “tekking a pawn” is way over my head.

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