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David Estwick UAE 4 Billion Dollar Proposal to Restructure Debt Rejected by Cabinet YET he Voted YES to Appropriations Bill

Chris Sinckler, Minister of Finance (l) David Estwick, Minister of Agriculture (r)

In January 2014 Minister of Agriculture David Estwick in a surprising move submitted a proposal to Prime Minister Freundel Stuart urging the Cabinet to refinance and restructure the public debt by sourcing 4 billion USD from the UAE. In what is described as the UAE proposal Estwick advised there was interest by the UAE to lend Barbados the huge sum at an interest rate of between 2 and 4% with a term of 30 years.

Fast forward to 2017: the fiscal position of Barbados has deteriorated and has fueled national discussion about going to the IMF for balance of payment and other support, devaluation, low investor confidence and so on. What is surprising is that Estwick having had his UAE proposal rebuffed by the Cabinet voted YES at the second reading of the Appropriations Bill last night (15/03/2016).

As a public service BU shares the letter Minister David Estwick sent to Prime Minister Freundel Stuart in 2014.

 

131 responses to “David Estwick UAE 4 Billion Dollar Proposal to Restructure Debt Rejected by Cabinet YET he Voted YES to Appropriations Bill”

  1. Prodigal Son Avatar
    Prodigal Son

    By now we all know that for these dems their party, the DLP is paramount. Nothing will ever come before that party.

    This bunch said that they learnt their lesson from the dems who broke ranks and help to bring down Sandi’s government. At least we can all say that Evelyn Greaves, Leroy Trotman, Wes Hall and Keith Simmons had some integrity. They cared about Barbados.

    So if anyone was expecting David Estwick to abstain or not to be present to say aye, they would have been sadly disappointed.

    These morons will not quit until the wolves have taken over………..they just do not care about Barbados.

  2. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    This from the minister who cant properly manage the water authority or agriculture, he seesaws too much…..he blows hot and cold, he says one thing and does or mean another….he is too emotionally unstable to even be in the cabinet..

  3. Prodigal Son Avatar
    Prodigal Son

    As recently as the February 21 edition of Barbados Today David Estwick was lambasting the government saying they have failed and he goes and votes for estimates that will further sink the country.

    Unbelievable! He has no credibility left.

  4. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Now everyone knows they been printing money from their very first term in government…the government ministers were always bankrupt of ideas to manage the economy, they were just all posing for 9 years waiting for a miracle to save them before they got exposed, lied to be reelected, trying to drive the same lies to be reelected again……and got the nerve to attack the rating agencies too…so now the electirate knows exactly what to do with them next year.

    …..before yall attack,…read it yaself in Estwick’s letter to Fruendel.

  5. Caswell Franklyn Avatar
    Caswell Franklyn

    The members of this House of Assembly have absolutely no respect for the people of this country and are prepared to ignore the rules and conventions that sustain a Westminster type democracy. There is absolutely no reason why Estwick should continue to be a member of the Cabinet. He opposes the Government publicly but continues to vote with them. He has lost all credibility.

    Enough about that clown. My concern is that both sides of parliament conspire to deceive the country. They did not discuss the heads which is the purpose of the Estimates.

  6. Gabriel Avatar
    Gabriel

    The Estimates include his salary and perks.For a medical professional he is no better than King Dyal Blackett.Not a word of comfort from Mara.The Yearwoods of Clifton Hill don’t exist for her.I hope the people of St John wake up and realize Mara can’t be bothered with them.In the old days the parish priest,the vestry and the parochial officer would have seen to it that the Yearwoods home was repaired.

  7. Pachamama Avatar
    Pachamama

    David

    Those leaders of the UAE are a bunch of criminals, supporters of terrorists, war criminals and would want to use Barbados as toilet paper.

    They are not targeted by their criminal friends in the West because they are Western slaves.

    Barbados should not follow this pit bull and take money from these UAE criminals. Regardless to the costs.

    It is better for us to face death that surrender into the hands of the leaders of the satrapy known as the United Arab Emirates and its leaders.

    We trust that the ugly man from England understands the complexity of this position viz a viz Muslims in general.

    We are afraid it is more complex than that simpleton’s brain………space.

  8. David Avatar
    David

    There is room to criticize Estwick but the question on the table is if his very detailed proposal- if he was able to swing it -has merit. BU recalls president of the BES Jeremy Stephen supported the proposal.

  9. Pachamama Avatar
    Pachamama

    For a man who likes to presume that his positions are moral.

    We would like to know how can he implicate Barbados with a terrorist state

    A state currently conducting an unjust war on Yemen as part of a Saudi led coalition

    Yemen as one of the poorest countries in the world

    Where the Saudi coalition is killing civilians but enjoys immunity from international organizations, the UN Security Council

    If anybody in Barbados takes money from these people, Pacha shall bring greater damnation to your door.

  10. Tron Avatar
    Tron

    As I told here before, the UAE deal includs OFFSHORE EXPLORATION of oil and gas fields. There is no free lunch in politics. This will cause a conflict with USA, since they want the Arabs out of their backyard.

    Why do we need to BORROW money, if we could SELL these exploration rights? Smells like Cahill.

  11. Tron Avatar
    Tron

    What we need is a fair opinion on our potential gas and oil fields in the Atlantic Ocean, not some quak´s letter. The UAE deal is no good deal at all.

    A good deal would erase all debts, not turning Barbadians into Arabian slaves.

  12. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Pacha…the UAE middle eastern leaders have been slave traders for thousands of years, trading mainly in slaves of African origin, why would any leader in the Caribbean, particularly Barbados the former clearing house for African slaves…,, want to fall into the trap of owing 5 billion dollars with interest and being owned by the muslim criminal element from the middle east.

  13. David Avatar
    David

    Drilling in our very deep waters with the low price point of a barrel of oil makes drilling a challenge at this time we have been told.

  14. Pachamama Avatar
    Pachamama

    Well Well

    These are the people, the Arabs, who are the originators of the enslavement of the Slavic peoples. From that word came ‘slave’.

  15. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Yeah Pacha. ..I was reading some info on it recently, they enslaved a great portion of Europe for quite some time, the Europeans learned the slave trade from them, these same arabs actually sold the first African slaves to the Europeans and started the African Triangle Slave trade to the Caribbean.

    Now this mediocre, mentally unstable jackass for a minister wants to go borrow money, 5 billion dollars from them…..hope he is the first one to end up in shackles and a heavy metal yoke.

  16. Artax Avatar
    Artax

    In the interview on February 21, 2017, approximately 3 weeks before the March 13 scheduled Estimates Debate, Estwick essentially opined government’s economic policies have failed to achieve the desired objectives.

    https://www.barbadostoday.bb/2017/02/21/weve-failed/

    Additionally, according to the March 10, 2017 edition of Barbados Today, (three days before the Debate), Estwick is reported as having said not to “write off my sinking fund proposal with the United Arab Emirates (UAE) just yet!”

    https://www.barbadostoday.bb/2017/03/10/try-it-my-way/

    Based on the content of the Estimates, it is obvious government has not changed its strategy relative to the economic policies pursued during the past 9 years.

    Yet Estwick goes to Parliament and VOTE in SUPPORT of similar policies which he vehemently argued against, over the past 3 years.

    What also adds confusion to this situation is that, against the background of CONSTANTLY asking its critics to “bring solutions,” this inept DLP administration, which was “initially RELUCTANT” in giving Estwick the opportunity to present his policies, has TOTALLY REJECTED THEM. Especially taking into consideration the 2017-2018 Appropriations Bill is the final one before the next general elections.

    During the 2018 election campaign, it would be interesting to hear Estwick’s speech ENDORSING Sinckler (whose policies he opposed), as the DLP’s candidate for St. Michael North West, and showing of SOLIDARITY while trying to convince constituents to vote for him based on his tenure as Minister of Finance.

  17. William Skinner Avatar
    William Skinner

    @ Caswell
    Now that you have concluded that the duolopy
    has conspired to “deceive” the people , you
    should now cease promoting either party as fit
    for office and support the third parties.

  18. Exclaimer Avatar
    Exclaimer

    Nine wasted years. We have a government that burns through money more quickly than a man addicted to crack cocaine. This government is incapable of acting in a responsible manner especially with regards to the public purse.

    Just imagine if that loan from the UAE had been accepted, no doubt it would have quickly evaporated off-shore into the bank accounts of some government advisers, local businessmen or some other third party.

    The thing that i find most frightening is that no amount of money would ever satisfy the demands of this government. This is known as avarice.

    For the country’s sake we need to force this Prime Minister to step down with immediate effect. We also need to sack his entire cabinet. The clock is ticking.

  19. William Skinner Avatar
    William Skinner

    @ David
    You cannot afford to ignore the full implications
    of geo-politics and the historical intricacies when
    promoting a policy especially when it comes to
    borrowing . I would suggest that you read
    Pachamama’s excellent comment on the proposed
    UAE loan.

  20. David Avatar
    David

    A corollary point is the fact the government established two committees of the social partnership to submit recommendations. If the govIs serious then it means the current debate- at this time -maybe a wasted effort.

  21. David Avatar
    David

    The UAE,England,USA and others have one thing in common,they are all imperialist states. So what is the point?

  22. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    The arab loan would appropriately be a real 4 billion dollar sinking fund…it would sink them for sure.

    They all knew they were incapable of managing the economy, Fruendel and every minister knew they were incompetent and did not have the brain power to manage not even a tiny economy, dont let’s even mention that useless Mara, but their egos were fed by stupid yardfowls….and here they are…laughingstocks dragging the island down with them….while freeloading off the taxpayers for 9 years….and got the nerve to try being reelected……to freeload for another 5 years.

  23. nineofnine Avatar
    nineofnine

    Curb large Forex capital flight by initiating a monitoring/intelligence system in the banking system worldwide via agreement.
    Initiate an Act for companies and individuals to OPTIONALLY INVEST their foreign dollars saved (in the interest of “helping the country out”) making provisions for these clientele to remit X% of their accounts to a registered designated personal/company Central Bank account offering some substantial INTEREST/BONUS/BENEFIT(S) in exchange for local currency until such time as would render stability of the economy AND the replenishment of reserves, to implement whenever necessary. This exercise is optional to the client and have the right to withdraw after a designated period at no costs.
    Make CORRESPONDENT BANKING MANDATORY BY LAW FOR REGISTERED COMMERCIAL BANKS ON THE ISLAND.

  24. Caswell Franklyn Avatar
    Caswell Franklyn

    William

    What grade crack are you smoking? When was the last time you saw me supporting any political party? Mind you, I will not support a third party for the sake of supporting a political party. So far, none of the new parties has demonstrated to me that they know what the hell they are talking about. Their reason for existing is that both BLP and DLP have discredited themselves and they subscribe to the view, before none any, so they could be elected.

    Sent from my iPad

  25. nineofnine Avatar
    nineofnine

    All Foreign Investments and settlements capital, sales or purchases of property bought with Forex outside/inside of the country for local investment or settlements by reward must be placed in an account of the Central Bank in exchange for local currency earning an added immediate sizable interest on deposit.
    The system to accommodate this facility must be expeditious and efficient and profitable.
    Foreign Exchange flight can further be thwarted by moving to recreate our manufacturing industry geared to produce those consumables pertinent to our comfort and existence while creating jobs.
    Much Forex takes flight via repayment of foreign debt. CURTAIL BORROWING FORTHWITH alternate and improvise with what is available.

  26. Artax Avatar
    Artax

    Establishing “two committees of the social partnership to submit recommendations” AFTER the Estimates were PREPARED is a clear INDICATION the government is not SERIOUS.

  27. nineofnine Avatar
    nineofnine

    Again, tapping the foreign student holiday time out from school/universities is a niche market for earning and building foreign exchange and a huge one when properly coordinated.

    Tapping cruise ship visitors to a central location while exposing our culture and goods for a USD$ price, creates forex.

  28. Tron Avatar
    Tron

    @David

    We should not sell our most valuable assets for a few cents. The price of oil will go up in the future, take this for granted.

    In my opinion, Eastwitch´s proposal is unconstitutional. A simple majority of Parliament is not enough for such a fundamental decision.

  29. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    They definitely have to put immediate restrictions on car imports, any new government, the country already has too many cars, more cars than people, restrict all that foreign exchange leakage, if Bermuda can do it for the last 10 years, so can Barbados.

  30. nineofnine Avatar
    nineofnine

    DEBT LIBERATION

    https://www.youtube.com/watch?v=aCN5FZVgUW4 … M1, the interview
    https://www.youtube.com/watch?v=4N4DYVr3LdA … M1 World Address
    http://swissindo.news/un-swissindo-debt-burden-liberation-at-a-glance/ …
    http://swissindo.news/official-swissindo-world-trust-international-orbit-documents/ … payment 1-11

  31. Tron Avatar
    Tron

    How can a medical doctor, who even cannot provide enough water for this Royal Island, get into a deal with the Arabs and their many lawyers??? He has no expertise re oil industry and international contracts.

    Their many lawyers will bamboozle the Barbadians – as Credit Suisse did before and Ms Cahill tried before.

  32. Artax Avatar
    Artax

    “Foreign Exchange flight can further be thwarted by moving to recreate our manufacturing industry geared to produce those consumables pertinent to our comfort and existence while creating jobs.”

    The above comment, although generalized, looks good on paper, but is highly unlikely in reality. It is about time many of our older folk come to the realization that Barbados has gone past manufacturing as it was during the 1970s.

    Perhaps you may be willing to present to BU a few examples of what Barbadian manufacturers will manufacture.

  33. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Tron….more importantly, Estwick cannot speak arabic, so he would never know how these arab dudes think, or what they are planning, they would tell him one thing, many if them were schooled in UK and US and have a completely different plan because he is ignorant of their culture.

  34. nineofnine Avatar
    nineofnine

    @ Artax March 16, 2017 at 8:26 PM #

    HOW ABOUT MANUFCTURING fridges, stoves, ovens, washing machines, glass…

  35. Own Area Avatar
    Own Area

    Got to give it to Estwick for at least recognizing the problem and spending time looking for a solution. Look where we are now.

  36. Tron Avatar
    Tron

    The analysis of the current financial carnage in Eastwitch´s paper sounds like the BLP. Schizophrenia: A person being opposition and cabinet minister in one person. Maybe Eastwitch should start to cure himself before he tries to cure the country.

  37. Violet Beckles CUP Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI Avatar
    Violet Beckles CUP Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI

    nineofnine March 16, 2017 at 8:10 PM # @

    Banking is Barbados is fraud alone , an Audit of FIRST CARIBBEAN / CIBC ALONE WILL SHOW UP A LOT, fraud and Ponzi, no long talk needed,
    Dont outsmart yourself,

  38. nineofnine Avatar
    nineofnine

    A Bank CAN BE purposeful of true intent even ITS STRUCTURE , its the conspirators and accomplices that exhibit the fraud.

  39. Gabriel Avatar
    Gabriel

    Is not the dead kings first daughter live in Dubai and is a flight attendant on Emirates Airlines?Maybe that’s where Estwick got his contacts from.

  40. Tron Avatar
    Tron

    Gabriel,

    Some Barbadians live in Dubai und serve the muslim Arabs, indeed.

    On which side is Eastwitch? Are the pastors on this island still backing him on Sunday service despite his unclear allegiance?

  41. Tron Avatar
    Tron

    The IMF is managing this deal, Eastwitch is only the puppet for the masses. The same IMF which is in Big Sink´s closet since 2013 CS loan.

  42. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    At this stage nothing the ministers get involved in can be trusted, their motives are questionable, they have spent too many years lying to the people…and are not to be trusted period.

  43. Artax Avatar
    Artax

    nineofnine March 16, 2017 at 8:34 PM #

    “HOW ABOUT MANUFCTURING fridges, stoves, ovens, washing machines, glass…”

    @ nineofnine

    Okay, excellent idea.

    Surely you realize that the raw materials used to manufacture those items have to be imported, which will obviously require foreign exchange.

    You must also take into consideration that direct materials, direct labour and manufacturing overhead, as well as non-manufacturing overhead must be applied to each product manufactured. Labour cost and commercial rent in Barbados are very high. Then you must factor in VAT.

    Therefore, the cost of the items produced will be high as a result of high costs associated with manufacturing. Unless you would want government to reduce duties, taxes and PROVIDE a SUBSIDY.

    Under these circumstances, you should now realize why it is cheaper to buy a stove, dinette set or bed from Courts, which was imported from Trinidad, than to purchase one that was manufactured locally.

  44. nineofnine Avatar
    nineofnine

    Artax

    Trinidad can do it , why cant we?.. we Bajans produce cement for the Trinis to export, and doing so without our own factory.

    We build the plants and FIND WAYS to cut the costs….must start somewhere. then when our products become cheaper then the Trinis te al will take a hike.

  45. millertheanunnaki Avatar
    millertheanunnaki

    @ TronMarch 16, 2017 at 8:45 PM
    “The analysis of the current financial carnage in Eastwitch´s paper sounds like the BLP. Schizophrenia: A person being opposition and cabinet minister in one person. Maybe Eastwitch should start to cure himself before he tries to cure the country.”

    This Eastwitch character of the Dr. Jekyll and Mr. Hyde kind really comes across as a full-blown schizo and through his hot ranting and cold raving represents a genuine depiction of a fictitious gun-toting Don Quixote with no Sancho Panza to keep him grounded in any sense of reality.

    In his imaginary quest to conquer the giant national debt and wrestle to the ground the strangling heavyweight of tilting fiscal windmills this doctor of a gun-slinging Don has gone totally bonkers.

    Unless there is some massive oversight is there any discussion about the collateral Barbados would have to pledge in order to seal this US $4 billion deal given that its sovereign bond status is now lying comatose in the financial junkyard?

    As consideration to be given up in a quid pro quo exchange for this loan-shark bailout would Barbados have to become an Islamic Caribbean sultanate with its Christian citizens forcibly converted to kafirs and black serfs reminiscent of its English colonial past?

    “Finally, from so little sleeping and so much reading, his brain dried up and he went completely out of his mind.”

    “The truth may be stretched thin, but it never breaks, and it always surfaces above lies, as oil floats on water.”

    “When life itself seems lunatic, who knows where madness lies? Perhaps to be too practical is madness. To surrender dreams — this may be madness. Too much sanity may be madness — and maddest of all: to see life as it is, and not as it should be!”

    ~Miguel de Cervantes Saavedra,Don Quixote.

  46. Fly On Den Wall Avatar
    Fly On Den Wall

    Cheupse Estwick is just a braying donkey for a jackass

  47. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    http://www.nationnews.com/nationnews/news/94657/-consult-imf-debt

    This is Fruendel’s reality Miller….no matter how muxh he tries to run away from it, it can runfaster than him, time is up for Fruendel and his Fools.

    “TWO former Central Bank governors have supported the call for the Government to turn now to the International Monetary Fund (IMF) for financial help rather than wait until its pockets are empty. Sir Courtney Blackman in Florida and Winston Cox in Quebec, Canada, were joined by Charlie Skeete, a retired Inter-American Development Bank economic..”

  48. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Nasty, lying disgusting Dennis Lowe, he knows who put the sign up on his property and why, but he lied to the whole island about the entire thing anyway, all these ministers seem to be afflicted with the same lying disease….apparently they believe they were hired by the electirate fir their own self-enrichment only.

    “However, they said they were motivated to mount the “small” sign on Lowe’s property in a last-ditch attempt to get his attention after years of complaining to him about overgrown access roads, poor lighting, poor garbage collection and drainage woes affecting them and other residents in the Chancery Lane community.

    The “Fed Up” sign at Dr Denis Lowe’s house.
    “I did not put the note there anonymously. I gave our address, asking him to please come see us and I also followed up with a note at the Constituency Office and spoke to the woman there. So I expected him to come and see us and do something about this. Instead, he used it as a grandstanding issue in Parliament, saying he would take any steps necessary to protect his property because I trespassed,” the wife said, while accusing Lowe of being disingenuous and of deliberately misrepresenting the facts in order to gain political mileage.

    The Bryans, who live in Fourth Avenue, Chancery Lane, said the general neglect of their area has been going on for several years. However, they complained to Barbados TODAY that none of their appeals to their parliamentary representative had been answered.

    “We never get our streets cleaned and we have made several complaints to Mr Lowe’s constituency office. He is our representative and we expect something to happen and nothing has happened. We do not have a streetlight and we have been begging for one for the last 12 years. We have a safety issues because of the bush and we are concerned because it is so dark down here,” Barbara said. “

  49. fortyacresandamule Avatar
    fortyacresandamule

    I am not a fan of this proposal, even if Norway was lending us the money muchless UAE. Some of the assumptions are flawed. I don’t see any material advantage in dollarizing the entire debt? That’s crazy. Our external debt is around 28% our entire debt. Another observation, why exchange bonds for a loan, given that on a loan you pay interest and principal, but with bonds you pay interest only until maturity? The latter makes the payment less lumpy.

  50. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    The arrangement maybe simply to sell slaves to UAE, Estwick is unstable, there is no telling what his real plans are and what he told them when he visited, he should not be in parliament period.

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