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- Who is Harry Narayan?
- Why is the Barbados Cane Industry Corporation (BCIC) and Minister of Finance wanting to pay Narayan US$10 million dollars?
Chris Sinckler -Why Do You Want to Pay Hari Narayan USD10 Million?
Who is Harry Narayan? Why is the Barbados Cane Industry Corporation (BCIC) and Minister of Finance wanting to pay Narayan US$10 million dollars?
177 responses to “Chris Sinckler -Why Do You Want to Pay Hari Narayan USD10 Million?”
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Told yall they could not tief that Canadian money so government ministers wanted no part of that project…..Lol
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Oh shooot!
Prime Minister Stuart is the productivity champion
By Barbados Today on Jan 18, 2017 04:05 pm
SOURCE: BGIS Prime Minister Freundel Stuart is the National Productivity Champion for the Year of Productivity, and he has underscored the importance of productivity, describing it as “the pivot on which the entire society spins”, and the biggest challenge the country is currently facing. “We have to diagnose this ailment of insufficient productivity so that […] -
@ David
Should you not have posted that in the Jokes Corner…?
This man has not been known to produce one shiite in the last eight years……but then again, neither has the National Productivity Council. This joke was created by Owen when his Public Sector Reform project turned into an exercise in largesse….
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New buzzword is productivity….without actually producing any productivity…lol
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Fruendel got jokes..lol
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I think it’s time Abed,Herbert support Massy and McAl and with hold all staturptory deductions until this MoF properly account for which drain all the taxes collected are going down.Its in a word….. Waste.
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Mia was a drama King or queen or whatever yesterday , In her effort to derail and replace with her agenda she accomplished the opening of a hornets nest that exposed the trails of debt that the blp has hung around the taxpayers head.
Debt that was brought to books which was hidden under the BLP administration -
ac January 18, 2017 at 8:13 PM #
“Debt that was brought to books which was hidden under the BLP administration…”
@ ac
Would you care to explain to BU how debt can be hidden under any administration?
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Ask Owen or Mia.
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We can only hope that the millions the dems have borrowed from 2008 have been included. While you are at it, include all the people you owe…….
………….taxpayers income tax and vat refunds
…………suppliers to the QH
………….food suppliers to the School Meals
…………overseas suppliers for the various agencies of governmentAfter eight years of economic destruction by incomptent know it alls and you are still blaming OSA.
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While you are at it ac, dont forget the millions owed to the UWI…………
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Just as I thought, you cannot answer…. you are regurgitating the shiite your political masters pay you to do on BU.
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@ Artax
Would you care to explain to BU how debt can be hidden under any administration?
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AC don’t know shit!!How about by using a BOLT?
…where national liabilities are hidden under the guise of private sector financed project …when we all know that the full capital cost, overheads, profits and ‘steal’ is a REAL capital liability to the state, and MUST be repaid as a current expense …when it should rightfully have been capitalised. -
re Productivity
if anybody bothered to read the GoCB Jan 2017 letter one had to know this was coming?
http://www.centralbank.org.bb/Portals/0/Files/Governor's%20Economic%20Letter%20-%20January.pdf -
The blp propagandist acts like the accumulation of debt started in 2008 the fact being that the Imf articles going as far back as 2005 emphasis that barbados debt was heading on an unsustainable path because of high borrowing
National Debt At December 2005, the national debt stood at $4,792.5 million, an increase of $6 15.5 million or 14.7 per cent over the 2004/2005 figure. This was a result of increase borrowing in both the domestic as well as the foreign financial … -
And why did the DLP continue to add even more aggressively to the debt? You should really stop commenting about subjects you are ignorant.
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ACs…there are new political parties in town, if the electorate cares about themselves and their future generations, they will move on from both stagnant DBLP parties, rid themselves if bith parties….so we dont hear any of those names calling on the blog anymore, that would effectively muzzle yall from calling these outdated names or any names for at least 5 years…until a new, new in the truest sense of the word….government settles into psrliament….BUers would be happy.
……it’s time for bajans to move on from the DBLP created Yardfowl State…….bajans should have matured enough to shed these expired politicians from their lives, all of them……sounds like a good heading for a book, so bajans never make that mistake again.
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The whys have been given over and over again but the blp propagandist close their eyes to the facts of the truth which have placed them in the bulls eye ,
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Instead of worrying about which of the parties accumulated the most debt, we should be thinking of inventive ways of getting the country back in good standing. If Trump’s idea of choosing people disassociate from the political establishment works after eight years, then we could start talking about a new party of change.
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ac January 19, 2017 at 5:44 AM #
“National Debt At December 2005, the national debt stood at $4,792.5 million, an increase of $6 15.5 million or 14.7 per cent over the 2004/2005 figure.”
@ ac
And, likewise “The DLP propagandist acts like the accumulation of debt started in (1994).”
George Pilgrim should have a conversation with the AC yard-fowls “financial & economic illiterates” to tell them to refrain from commenting on issues of which they do not have any knowledge and embarrassing the DLP in this forum in the process.
Firstly, presenting the above information DOES NOT explain how “debt was hidden under a BLP administration” nor does it indicate “Barbados debt was heading on an UNSUSTAINABLE path because of high borrowing.”
Secondly, your comment would have made much more sense if you had done a comparative analysis of the debt the BLP administration inherited in 1994 and the debt they incurred during their tenure.
Thirdly, don’t beat your chest as though you presented mind boggling information to BU. Before presenting the information, you should have examined the level of debt this inept DLP incurred during the past nine years.
Surely you must accept the “facts of the truth,” which CLEARLY INDICATES the DLP raked up more debt in 9 nine years than the BLP did in 14 years.
“The whys have been given over and over again but the DLP propagandist close their eyes to the facts of the truth which have placed them in the bulls eye…”
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Without question, Fumble will go down in history as the most useless and stupid human being to ever be elected to the Barbados Parliament.
If I was one of his constituents I would move.
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@ Frustrated B
Don’t undersell the man…. he has already achieved that mark…
Fumble is now working on being the most useless and stupid human being since emancipation….This means that there can be two whole areas in which he may be able to claim success.
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The people of Barbados got the government that Maloney/Simpson/Bjerkhamn and Tempro wanted in 2013.
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Whether or not Freuendel goes down in history as smart or stupid it does not take away a fact that the country debt burden is a colossal mistake left behind by the blp that this govt or any new incoming govt must undertake and so far the Blp leadership vocal crticism has not giving ear or though as how it should be managed
A secret well kept but overtime has been exposed by way of a call for Privatization by leadership/s -
@ AC
…but Freundel is nowhere as stupid as you are…. as dumb as he is…You inherit a serious debt problem from BLP mis-managers …who were kicked out because they were found to be doing shiite. So now you have ACCELERATED the very same shiite during your nine years of replacing them….and now seek to justify this by saying that you inherited shit….?
EVER HEARD OF USING TOILET PAPER and DISINFECTANT to clean up house…”
EVER HEARD OF REBUILDING, redirecting, getting back on track…?Can you think of ANY more asinine of an argument that yours?
…Bushie can’t…. -
ac
What about the sale of the BNTCL to Simpson, what do you call that if not privatisation, give-awayasation?
That PRIVATISATION was untaken without even a public tender or call for expression of interest, you know why? Cause the deal was done in backroom somewhere and when it was agreed a public bidding would only open it up to average black Bajans and that would only serve to make the process transparent and the buyout price more expensive.
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Bushie’s brassbowls.
“Potholes nothing new, says Jones”
http://www.nationnews.com/nationnews/news/92617/potholes-jones
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Was any thought given to allocating shares to Barbadians? Probably not because the government is starved of forex.
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@ David,
I know nothing about “economics” so help me out.
How does selling the BNTCL to Barbadian owned SOL generate forex?
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@Hants
The 70 million said to the deal price will likely be paid in USD.
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Looks like the bell has been rung……..they will not have time for matters like 10M,bigger fish to fry.
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I don’t see Sinckler or Inniss being elevated to caretaker either before or after elections. Estwick is known to have said that if Sinckler or Inniss is chosen by the parliamentary party on the resignation of Stuart, he will walk and join either Arthur or Mottley.
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Jame Mapes what should be of grave concern to u and the blp is the fourth party that was formed members who were part of the Blp and whose sole interest might be that to guarantee a defeat for the blp in the next election
A good read of George Belle comments suggest that much -
Wunna always talking skunt. Why wunna feel people get involved in politricks and become elected. It’s all about the money, free food, free drinks, puxxy, and getting the idiots who voted for me worshipping me. Fools will never learn.
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“Sinckler to quit if dollar devalued” screamed the headlines in a recent issue of a local newspaper. May I suggest to the (dis)honorable minister that a more positive approach would be to have the headline announce “Sinckler quits so as to avoid dollar being devalued”.
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ac
Despite the strong difference of opinions between the BLP and rogue band of misfits and perennial losers which make up the foundation of BIM, the fact is that if and when they have to pick a ‘poision’ they will I am certain, along with Arthur, back the BLP rather than throw weight behind the share incompetence of the DLP.
A man like Arthur will never be able to stomach the shite this pack of hyenas have been doing since 2008 but more particularly since 2010 when a novice like Stinkliar was installed as Minister of Finance.
Where else in the world would a failure like Stinkliar be allowed to keep his job, other than Barbados under Stuart?
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Arthur and Estwick hold all the cards in the next election and this is well known by Stuart.
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By the time ‘Sleepy’ around to calling an election the country will be in the IMF. If this turns out to be true then neither Estwick or Arthur will back Stuart and Stinkliar.
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ac January 19, 2017 at 8:53 AM #
Whether or not Freuendel goes down in history as smart or stupid it does not take away a fact that the country debt burden is a colossal mistake left behind by the blpOn reflection, Fumble’s stupidity might be matched by the retards like AC who surround him.
Hundreds, if not thousands, of times in the past, the prospects of Bajan plantations, businesses, partnerships, clubs, organisations etc. have been turned around by people who inherited, bought or were elected to manage them.
The problem with your flock of clowns is that they applied for the job without a single clue of how to do it and were ‘interviewed’ on podiums across this land by a bunch of voters who were voting for more ‘sweetness’ guaranteed by your lies.
But I have a suggestion: keep blaming other people for your ineptitude, insolence and arrogance. That should convince even the most stupid among our population to vote your asses back into the gutters you came from where you lot can continue to be useless on your own time and money.
There will be no economic recovery under Fumble’s Fools.
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@frustrated your sing song is a chorus and reminder of the chants and doom and gloom was predicted as a shoe in for the blp to win the past two elections
The words go like this blah blah blah -
ACs…yall just got told off…lol
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………………”Prime Minister Freundel Stuart is the National Productivity Champion for the Year of Productivity, and he has underscored the importance of productivity, describing it as “the pivot on which the entire society spins”, and the biggest challenge the country is currently facing”
………………………………This is rich for a man who has admitted to being asleep at the wheel.
…………..A man who was put in charge of the country when the then PM was sick. This man did absolutely nothing just let things slip by and when challenged after the the PM died he said without an once of shame that he was only told to keep house and if a friend left you to keep house would you go moving around the friend’s house.
I am convinced that the period of David Thompson’s sickness when no one was in charge of the economy……….. that period laid the foundation for the mess we are in today……..and having an idiot pompasetting as a MOF is the reason we are where we today!
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James Mapes
How would Arthur hold any cards in the next election when he has given up his seat and told the nation he is finished.Is there a secret pact of which you are aware? -
BY: FRANCIS BEN KAIFALA ESQ.
(A Renaissance Leader)Adam Smith in his work ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ wrote:
“When it becomes necessary for a state to declare itself bankrupt, in the same manner as when it becomes necessary for an individual to do so, a fair, open and avowed bankruptcy is always the measure which is both least dishonourable to the debtor and least hurtful to the debtor.”
The above statement laid the foundation that stirred the thinking among economists that countries can become bankrupt, even though opinions remain divergent on the issue to date. What is undisputable however is that countries like natural or juristic persons need money to finance their governmental projects and commitments.
To do so, countries use several means to raise money including borrowing from banks, other countries, International Financial Institutions, and from private individuals and investors. Countries also raise funds from various sources of revenue-generation within the economy, mostly through taxes.
Where a particular government relies on borrowing, it may take various forms including syndicated loans, inter-governmental loans, government-issued bonds, or such other facilities that may be made available by multinational/International Financial Institutions like the IMF, the World Bank, AfDB, etc.
It is these monies raised, together with various other sources of revenues like taxation, fines and duties that are used to run the governments, service existing debts (including those owed to employees of the state like teachers, soldiers, the police, the civil and public service, various contractors, etc.) finance various projects (like the construction of roads, education, water supply, electricity supply, healthcare provision and various other infrastructural undertakings) and run the day-to-day activities and commitments of government.
However, just as a State can borrow, so too is the reality that it can go insolvent (Insolvency being the condition where the state is unable to pay all of its debts when they fall due). Whilst it is difficult to apply a typical “balance sheet” test to States to determine whether their debts exceed their liabilities at any given time (owing to the fact that it owns all the lands including the natural resources and can always expropriate businesses or even sell part of its territory – Banana Island could fetch a handsome sum even though there are reports that it is sinking), it is easy to apply a liquidity test instead to know whether there is enough money available to the government to settle the debts of the State.
Sierra Leone’s corporate law adopts the liquidity test for companies incorporated in Sierra Leone. Based on that test, Sierra Leone now appears to be running on a low liquidity and cash flow – which is usually a good indicator of insolvency. This can be mended by borrowing more (panic borrowing) which will be at high cost (interest rates) with immense disadvantages.
Recently, there are worrying signs of an economic meltdown in Sierra Leone: Salaries are reported to have gone unpaid; several government agencies have either not been paid what it takes to run them or they have been delayed, the foreign reserve is mostly believed to be drying up, the Leones is on a free fall when compared to the US Dollar and other strong currencies of the World, the country is squeezed of liquidity, inflation is galloping out of control, the country’s external debt is believed to be growing exponentially, there is an increased number of failing enterprises and businesses, and generally, there is a terribly gloomy economic atmosphere looming.
The sad reality remains the lack of opened sourced data and transparency.
In a panic mode, the government has introduced subtle austerity measures (a good move if applied properly) like the unilateral cut on workers’ benefits to their disadvantage (a clearly illegal move considering that there was no legal basis for it), increased taxes on income (as high as 35%), and various other planned actions to salvage the embarrassing state of the economy.
Even more embarrassing is the content of recent text message received by citizens – purportedly a quotation by the President, put forward for publication by the Governor of the Bank of Sierra Leone, in the following terms: “I call on fellow Sierra Leoneans to buy, sell, lease, rent, hire, transact all businesses in LEONE. Together we can save our Currency. H.E Dr. Ernest Bai Koroma”.
That message does not only contain a subtle admission by no less a person than the President of Sierra Leone that the currency needs saving and is spiraling out of control, it perhaps also worryingly shows that our policy makers are not as in charge of planning Sierra Leone’s economy and its fiscal policies as we would expect them to be doing. In fact, it exudes a shocking weakness in the administration.
It is certainly perplexing that the government whose business should be to formulate and enforce policies and make prudential regulations for the good of all is “pleading” with its citizens to use the country’s legal tender in order to save it. It confirms the belief that those we have elected to look after our affairs are not as in charge of doing so as we would expect them to be, or perhaps they do not fully understand what it would take to save the economy. We are on a similar path as failed economies in recent past like Greece and Cyprus – who had to be bailed out by their peers with huge consequences to their citizens.
Those familiar with monetary economics or macroeconomic policy can see the seeming ignorance that underlies that text message – the strength of the local currency against foreign currencies does not really rest with what the locals do among themselves (“to buy, sell, lease, rent, hire, transact all businesses in Leones”).
On the contrary, it has everything to do with what the locals and their government do with other countries within the context of trade. We need to export more to other countries as we import goods from them so as to reverse the trade deficit that is weakening our currency.
In other words, what we need is more export by Sierra Leoneans to receive US Dollars in return, which will cushion the supply of FOREX and not have its price continue to rise to catch up with the demand for it. Clearly, that is not going to happen soon. The other alternative we have is to reduce export and consume more of what we produce.
That too is almost impossible as we currently lack policies that encourage or likely lead to self-sufficiency. What the government should be doing is trying to address these two policy considerations and move the country towards a favourable balance of trade or self-sufficiency.
On a recent visit to Jamaica, a country similar to Sierra Leone in everything especially topography, I met a group of Jamaicans lamenting the sad state of their economy. They were particularly concerned that their currency is worthless as 1 US Dollar is equivalent to about 600 Jamaican Dollars.
I took out a 5000 Leones note from my pocket and showed them, they were thrilled to see an African currency. However, they could not believe, when I told them that Le5000 note was not even equivalent to a dollar and it would take about 6300 Leones-and-counting to get 1 US Dollar in exchange! There they were thinking they were worse off. One of the Jamaicans exclaimed at me “Man Youth! What kinda bloodklaat contri yuh ah from?”. I looked at him with a subtle smile and tears in my eyes and said gently “yah man. . .mi ah come from Sierra Leone, West Africa!”.
I will never forget the look of disappointment on the faces of those Jamaicans who adore everything about Africa but realized from my revelation that emancipation has not led to real freedom.
Sierra Leone may be on an economic path to doomsday because those in charge of planning the economy and determining policies have failed to properly or efficiently manage the resources they have been put in charge of in order to keep the country solvent or financially liquid. Poor or rather misguided economic decisions and policies may have made the limited resources available to this small country insufficient to service its debts whilst still carrying on other commitments, liabilities or interests:
The government contains a huge duplicated workforce in every department and sector (the Finance Ministry alone has four Ministers), the hemorrhaging of money to idle workers and projects, the proliferation of unnecessary white elephant projects just to score political points (see the street lights), perverted corruption and maladministration abound, and reckless government spending is going unchecked by our Parliament.
Worse still, there is no debt cap or limit on government borrowing. Faced with this situation, those of us who expect much from the government as the businessmen running the affairs of the state are hands-tied as, it is the state – it cannot be liquidated and we cannot sell our shares!
The economic morass that surrounds us is not new. We just have not learnt how to deal with it well to send a message and make our leaders more responsible counterparty social contractors. Historically, the relationship between debtors who defaulted on repayments as agreed with their creditors was governed by the application of prescribed criminal punishments. In medieval European states, a merchant who was not able to settle his indebtedness as they fell due was treated very severely – His creditors were allowed by law to visit him at the market place where he carried on business and break the bench he uses to trade on his head.
This is how the Latin phrase “banca rota”- which in English means “broken bench” – was borne, and it later developed as the linguistic source of the word “bankruptcy”. The result of the ‘broken bench’ was that it prevented the debtor from continuing his trade and eliminated from society the burden of bad businessmen. What we have are similarly bad businessmen running our economic affairs. We have to learn to deal with their failures so they know they are our agents and there are consequences for non-performance.
Municipal bankruptcy laws are well established and developed, but the International financial system has not provided a similarly organized bankruptcy regime for sovereigns (States). As a result, there is no established legal and regulatory system to deal with governments’ failure to pay their debts or run a sound economy.
Dealing with the insolvency of Sovereigns can become complicated as, the usual debt recovery mechanisms that are available to normal debtors against corporate entities or individuals do not apply to States. There is no effective Insolvency regime to enforce Creditors’ rights (including those employees whose salaries may go unpaid) and it is almost impossible to liquidate the Sovereign’s assets to repay its debts.
The effect is that citizens around the world have therefore used ad hoc measures to deal with the situation including literally “breaking benches” on their governments’ heads. In recent times, there were protests in Spain, Portugal, Cyprus, and Greece that resulted in death tolls, civil unrests and sometimes the toppling or change of governments. We do not want that in Sierra Leone, but we cannot rule it out considering the continued breach of social contract by successive governments and the resultant growing frustration and distrust among the citizenry.
The absence of an Insolvency regime for countries does not however mean that our government should not take steps to resolve the embarrassing economic situation or take conscientious action to create a sound economy. We have more to lose beyond governments being voted out or even violently overthrown: In International Finance, poor economic policies lead to damage to a country’s reputation; which may lead to the increase in its borrowing costs or its exclusion from the financial market, or limit its access to the financial markets. Sierra Leone may suffer a reduction in its international trade, or have this situation create a bad trade credit.
All these could be averted if we put in place customized and stylized economic and financial policies that will enhance our country’s reputation and reduce our many post-independence woes. Above all, a government that wishes to avoid the application of the “broken bench” to it should get its act together and take conscientious steps to better the people’s lives in terms of economic planning and regulation other than literally beg for help from its citizens who expect it to have the answers.
If they do not do so, and fast, like the US in the 1930’s, we are heading for economic Depression – and the bench upon which the bad businessmen sit may not be hard to locate by a depressed citizenry.
Francis Ben Kaifala Esq. is the Managing Partner in the Law Firm Kaifala, Kanneh & Co., Top Floor, 81 Pademba Road, Freetown; He holds the joint LLM (Master of Laws) in Law & Economics from the School of Law and the School of Economics and Finance at Queen Mary University of London. Email: fkaifala@kaifalacontehandcosl.com
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Disturbing news from Brazil. Further proof that fighting corruption often claims lives. Keep up the good work at BU David.
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George Belle and Peter Wickham are [aid propogandist
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George Belle and Peter Wickham are paid propogandist
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http://www.nationnews.com/nationnews/news/92652/usd8m-asphalt-plant
More greed and monopolizing from the minority partners in crime on the island.
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https://nakeddeparture.com/2017/01/20/cgi-towers-in-warrens-sold-policyholders-beware/
For some time now people I know said they have seen documents related to the sale of CGI Towersowned by Peter Harris, Bruce and Edmund Bayley to Scotia Bank.
The most important issue is, will the proceeds from the sale of CGI Towers be used to pay injured claimants with personal injury cases and policyholders now on permanent hold in the Supreme Court, to close these cases and free up the court system…..from the current clog.
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Interesting statements by the MoF in todays Barbados Today…..his office did a review and the country will be suprised at how good our economy is performing and come next tuesday you will hear from the GoCB all about it when he issues some statement…
Jeremy Stephens comment on it was interesting especially his take on the offer to resign
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