IMF Staff Completes 2017 Article IV Mission to Barbados

The IMF released the following report on Barbados today (22/11/2017)Barbados Underground

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.

  • Continued strong growth in long-stay tourism has supported Barbados’ economic growth, but fiscal consolidation is contributing to a slowdown.
  • The adjustment strategy should focus on addressing the high transfers, containing other current expenditures and maintaining a strong revenue effort.
  • Urgent structural reforms are needed to support growth and improve the business climate for domestic and foreign investment.

An International Monetary Fund (IMF) team led by Judith Gold, visited Barbados during November 7-21 to conduct the 2017 Article IV Consultation discussions. At the conclusion of the visit, Ms. Gold issued the following statement:

“Continued strong growth in long-stay tourism has supported Barbados’ economic growth, but the fiscal tightening is contributing to a slowdown. Following last year’s improved performance of 1.6 percent, real growth is projected to slow to 0.9 percent for the year, reflecting ongoing fiscal consolidation efforts. Long-stay tourist arrivals continue to expand at a healthy pace. Inflation is projected to rise by year end to 5.5 percent, from 3.6 percent at end-2016. While credit growth remains subdued, financial soundness indicators suggest a relatively healthy banking sector.

“Although the current account balance is improving, net international reserves (NIR) have fallen further. The current account deficit narrowed to 4.4 percent of GDP in 2016, and it is expected to narrow further in 2017, as non-oil imports fall in response to the May 2017 budget measures. However, NIR continue to decline as government debt service exceeds new funding, and private foreign inflows remain weak. At end-September, NIR stood at B$550 million.

“Fiscal performance in FY2016/17 improved but the deficit remains large. The fiscal deficit declined more than anticipated in FY2016/17 to 5.5 percent of GDP reflecting improvement in revenue performance, including one-off factors and lower current expenditure. Central government debt increased to 137.1 percent of GDP, up from 134.7 percent in FY2015/16 and 99.4 percent of GDP in FY2011/12. Excluding NIS holdings, central government debt was 101 percent of GDP in FY2016/17.

“With the growing financing challenges and falling reserves, the government introduced an ambitious budget on May 30, 2017 aimed at significantly reducing the fiscal deficit and shoring up international reserves. However, exemptions to the NSRL, lower-than-expected non-oil imports, shortfalls in some other revenues, and high transfers indicate that the government is likely to fall short of its target. Staff estimate that the deficit will decline to 4.1 percent in FY2017/18 without divestment proceeds. The larger than expected fiscal deficit is increasing funding challenges. While the central bank significantly reduced its funding of the government in the first half of FY2017/18, the commercial banks’ reserve requirements for holding government securities have been increased.

“Substantial further fiscal effort is needed to decisively place the debt on a downward trajectory. Given the urgency in addressing funding, balance of payment risks, the high debt, and the limited policy options, the fiscal adjustment must continue, with a focus on accelerating SOEs’ reforms to facilitate a significant and durable reduction in transfers. Staff recommend that the government seeks to increase the primary surplus from the 4.4 percent of GDP expected in FY2018/19 to 7.5 percent of GDP by FY2020/21, corresponding to an overall budget close to balance. The sizable fiscal adjustment would put the debt-to-GDP ratio on a clear downward path toward debt sustainability.

“The adjustment strategy should focus on addressing the high transfers, containing other current expenditures and maintaining a strong revenue effort. Reforms of state owned enterprises should include improved management, cost recovery, reduced services, mergers, closures, and privatization. Containing other current expenditures including the wage bill and government pensions is also critical. Tax policy should be reviewed with a view to broadening the tax base and improving its progressivity, while efforts to strengthen tax administration must continue. Further, arrears to the private sector should be cleared, and remaining current should be a government priority. A concentrated effort to improve implementation capacity, including by providing clear direction and clarifying expectations, is also needed. In this regard, staff commend the authorities’ intention to shortly enact a new Financial Management and Audit Act, which could help address some of the implementation gaps.

“Structural reforms to support growth and improve the business climate for domestic and foreign investment are also urgent. These reforms would aim to improve business processes, such as significantly reducing clearance times for immigration and customs, accelerating approval of building permits, and streamlining legal procedures. Staff welcomes progress in formulating the Barbados Sustainable Recovery Program (BSRP), which is being drafted in consultation with the Social Partnership, and encourages the authorities to continue to closely collaborate to develop a consensus on a strategy for reform.

“The IMF stands ready to assist the Government of Barbados, including through continued policy dialogue and technical assistance. The team would like to thank the authorities, technical staff, representatives of civil society, and the private sector, for their open discussions and constructive dialogue.”

The mission met with Minister of Finance Christopher Sinckler, Acting Central Bank Governor Cleviston Haynes, Minister of Industry Donville Inniss, the leader of the opposition Mia Mottley, senior government officials, and representatives of the private sector, labor organizations and academia.

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

Phone: +1 202 623-7100Email: MEDIA@IMF.org

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74 Comments on “IMF Staff Completes 2017 Article IV Mission to Barbados”

  1. Well Well & Cut N' Paste At Your Service November 22, 2017 at 5:55 PM #

    Let’s see what IMF BOARD says in a few weeks, even a dummy can see the island needs tp broaden it’s tax base, widen the tax net, more Black owned businesses, medium and large….more entrepreneurs.

    “Reforms of state owned enterprises should include improved management, cost recovery, reduced services, mergers, closures, and privatization. Containing other current expenditures including the wage bill and government pensions is also critical.

    Tax policy should be reviewed with a view to broadening the tax base and improving its progressivity, while efforts to strengthen tax administration must continue. Further, arrears to the private sector should be cleared, and remaining current should be a government priority.”

    Like

  2. Bernard Codrington. November 22, 2017 at 7:51 PM #

    Nothing new or surprising in this report. It is unlikely to be modified by the Executive Board, since there is nothing controversial within the current IMF policy and analytical framework.

    Like

  3. nineofnine November 22, 2017 at 7:52 PM #

    The Board will only reflect what the staff presents, they did the groundwork.

    What is being suggested by this team will in my opinion shut this country down, while seeking to implement UN protocols and control (ISO management standards), …implement more taxation, further reduce living standards, prevent accessibility and development of our people by reduce services and closures and the shifting of major economic machineries into the control of the “private sector”, seeking to deny Bajans of deserving wage increases and seeks to undermine and interfere with our pensions for which one must work now beyond 65 years.

    On the other hand accommodates the concerns of the Private sector.

    My question is, Are we not capable to decide our own policies and destiny as a sovereign nation?

    If the UN affiliated body is so concerned of our state of affairs, then they should relieve the country and all other countries of ALL debt by implementing GESARA.

    Liked by 2 people

  4. michael springer November 22, 2017 at 7:53 PM #

    They spoke to the wrong people; they should have spoken to the experts who dominate the call-in programs.

    Mike

    Like

  5. Vincent Haynes November 22, 2017 at 8:03 PM #

    Hmmm…….our own policies and destiny…..deciding them…….50 odd years gives the answer….NO.

    Like

  6. Well Well & Cut N' Paste At Your Service November 22, 2017 at 8:11 PM #

    Nineofnine….debt forgiveness is the way to go for such tiny, vulnerable, mismanaged island economies, but with a caveat.

    Like

  7. David November 22, 2017 at 8:28 PM #

    Click image to read report.

    Like

  8. nineofnine November 22, 2017 at 11:33 PM #

    @ Well Well..

    All the necessary caveats are already firmly embedded in the initiative. Due to the Netherlands gross miscalculation additional securities to avoid any repeats. It might also interest you that facilitation of all prerequisites have already been deposited HERE!

    see paragraphs 59, 60 and 61
    http://swissindo.news/wp-content/uploads/2016/12/infinite-bank-statement-1.pdf

    Like

  9. Well Well & Cut N' Paste At Your Service November 23, 2017 at 5:20 AM #

    They should call themselves the World Bank Group of Parasites. …I checked out their “until eternity” mantra……

    Barbados government would be foolish not to request debt forgiveness in whole or in part…

    “Citibank (USA) Account no. 77762534AM – 3 with account name of Spiritual Wonder Boy and with standing balance
    of US$ ∞ confirmed as Eternal Deposit (while under time deposit, its principal balances and interest cannot be touched and/or loaned and/or programmed) that having maturity rate of 4% per annum and per 30 years of maturity and upon maturity; 50% shall be forcibly used for whatsoever Development Program and 50% shall be automatically
    and forcibly maintained and preserved for another 30 years until lasted for eternity and balances accumulated from Account no. 34P – 445412 – 202 to 999 (US$ 600, 000, 000, 000 per account that multiplied to 998) in the total of US$ 598, 800, 000, 000, 000.
    8. Bank of America (USA) Account no. 1 – 23040 – AM21 – 241 with account name of White Spiritual Boy and with. ………..

    Like

  10. David November 23, 2017 at 5:22 AM #

    Based on the IMF report the government will not meet its deficit target as well as the foreign reserves keep falling. Yet all they can find to discuss is LEC and other fluff. This is a climate third party messaging should be striving.

    Like

  11. Well Well & Cut N' Paste At Your Service November 23, 2017 at 5:23 AM #

    Am sure ya checked out our IMF friends. …

    “International Monetary Fund (USA) Account no. 77762534AM – 31 with account name of Spiritual Wonder Boy and with standing balance of US$ ∞ confirmed as Eternal Deposit (while under time deposit, its principal balances and interest cannot be touched and/or loaned and/or programmed) that having maturity rate of 4% per annum and per 500 years of maturity and upon maturity; 50% shall be forcibly used for whatsoever Development Program and 50% shall be automatically and forcibly maintained and preserved for another 500 years until lasted for eternity.

    International Monetary Fund (USA) Account no. 77762534AM –32 with account name of Spiritual Wonder Boy and with standing balance of US$ ∞ confirmed as Eternal Deposit (while under time deposit, its principal balances and interest cannot be touched and/or loaned and/or programmed) that having maturity rate of 4% per annum and per 1000 years of maturity and upon maturity; 50% shall be forcibly used for whatsoever Development Program and 50% shall be automatically and forcibly maintained and preserved for another 1, 000 years until lasted for eternity.”

    Like

  12. Well Well & Cut N' Paste At Your Service November 23, 2017 at 5:28 AM #

    Any incoming government should be FORCED to request debt forgiveness.

    Mia recognizes that the island cannot handle the hole the present government dropped it in..

    …but dont know if she is capable of realizing that neither the present nor any other government will be able to climb out of that hole, without debt firgiveness..

    …they can talk LEC forever and a day…..and lie to themselves for another 5 years, but this is the reality..

    Like

  13. David November 23, 2017 at 6:31 AM #

    @Bernard and the gang

    Are we able to confirm in all honesty that the fiscal measures are working?

    Like

  14. nineofnine November 23, 2017 at 6:46 AM #

    All leaders of countries and their economic administrators has been notified, there is a process to access these funds.

    They have to enact the legislation NESARA, ..NATIONAL ECONOMIC SECURITIES AND REFORMATION ACT…..FIRST

    Like

  15. nineofnine November 23, 2017 at 6:52 AM #

    Fiscal measures?…when a minister can boast of an annual $5B from operations, this country should not be in any debt….and this is only one ministry, it excludes other ministries, taxation et al…

    It comes down to proper management .

    Like

  16. Well Well & Cut N' Paste At Your Service November 23, 2017 at 6:59 AM #

    Nineofnine…knowing their mentalities, these little small island sewer rats prefer remain steeped in corruption and keep their people in abject poverty and as perrenial yardfowls….”until eternity”

    I believe it was Grenada and one or 2 other islands accessed this process, the reason why they are doing better economically than Barbados.

    Most of the clowns for governments would want to pretend this dont exist, wont want their people to know about it…unless they can pocket the funds for themselves….sewer rats.

    Let them keep pretending that their fiscal measures are working.

    Like

  17. Well Well & Cut N' Paste At Your Service November 23, 2017 at 7:03 AM #

    “National Economic Security and Reformation Act
    Global Peace, Freedom and Prosperity
    A law was passed in the United States in March 2000 and signed into law in October of 2000.

    This law is called

    N.E.S.A.R.A. – National Economic Security and Reformation Act. All politicians and media members are under a gag order to not speak of it publicly until it is officially announced. This new law will first be enacted in the United States and eventually will be rolled out across the world.

    The law provides:
    • Forgives all credit card, mortgage, student loan and other bank debt due to illegal banking and
    government activities”

    Like

  18. Well Well & Cut N' Paste At Your Service November 23, 2017 at 7:09 AM #

    Nineofnine. …ya dealing with the lowest common denominator in politicians and government ministers, who are not above accessing the program, never telling the people….then pretending some fiscal bullshit they used on the deficit….actally worked…..when fiscal plans have actually been played out and will never work again.

    am sure the shit heads in parliament were waiting for the right time to pull it off by secretly accessing NESARA and claim they saved the day…..with their foolish ass yardfowls barking all over the place..

    Like

  19. nineofnine November 23, 2017 at 7:15 AM #

    Well Well… you are wide awake.
    For the people who still choose to remain asleep see..

    http://swissindo.news/

    you can access your US$6m+ with your ATM card…. that simple ..only when the leaders act.

    Like

  20. nineofnine November 23, 2017 at 7:21 AM #

    A question was asked…
    ..”With a general election on the horizon it is difficult to fathom where the government will find the political and financial capital to efficiently implement required and immediate policy changes to lead the economic recovery”..

    DEBT LIBERATION ; the absolute solution

    Lets focus on the finding of Financial Capital and the economic recovery aspect of this question.
    IT MATTERS NOT WHAT YOUR CONCLUSION OF THE FOLLOWING … IT IS AS IT IS.

    First, a little history and I hope that you lend time, thought and consideration of what is to follow.
    Throughout history, MUCH WEALTH was accumulated by “Royalty” even before the time of King Solomon. It has been recorded that a time designate would come that this wealth would be redistributed back to the peoples and nations of the earth by (BY AN EDIT) by ONE designated as M1 who has the right and authority to do such a worthy worldwide mission, one who is of lineage and bloodline OF MANY DYNASTIES. That person will be known and be called.. M1. https://www.youtube.com/watch?v=aCN5FZVgUW4

    Today, the son (CURRENT M1) of the one (FORMER M1) has surfaced to do exactly that (redistribute the wealth).. executive order 11110 USA further propagates this effort… after his father (PRESIDENT SOEKARNO OF INDONESIA and founder of the United Nations..FORMER M1 along with J.F Kennedy in the signing of the GREEN HILTON MEMORIAL AGREEMENT 1963 to end Finacial slavery, eradicate poverty and end the global financial crisis) met their demise weeks later in attempting to implement this Global redistribution of wealth back to the humanity. The mission persisted and was also delayed at the downing of the Trade Towers which housed in part its operations. An important disclosure was about to be pronounced. Now that certain elements have been corralled, the mission have advanced.

    What is G.E.S.A.R.A. (GLOBAL ECONONMIC SECURITY and REFORMATION ACT)..Parris Agreement
    What is N.E.S.A.R.A. (NATIONAL ECONONMIC SECURITY and REFORMATION ACT)…

    All NATIONS have been duly notified of intent.
    The INTENT is set on relieving ALL COUNTRIES, CORPORATIONS and ALL INDIVIDUALS of ALL DEBT and enriching every human on planet earth with financial prosperity.
    ALL MONEYS ARE ASSET BACKED by gold, platinum and precious metals (1 QUINTILLION = 1 000 000 000 000 000 000. / 78 BILLION Kilograms of Gold and Platinum)
    All MAJOR ECONOMIC AGENCIES and BANKS ARE AWARE…. ALL SYSTEMS ARE being put IN PLACE.. absolute.

    BOTTOM LINE: https://www.youtube.com/watch?v=1YSQ92AlZw0

    A DEBT LIBERATION facility has been created to liberate ALL COUNTRIES and its estates of ALL debt (including Barbados) and create prosperity globally…via SWISSINDO payments 1-11.
    http://swissindo.news/wp-content/uploads/2016/12/infinite-bank-statement-1.pdf SEE ART 59, 60, 61.(Barbados National Bank has been sold to Republic Bank 100%, does this have implications)
    ASSET BASE…78 BILLION Kilograms of Gold and Platinum

    PAYMENT ORDER 1-11 to all 253/357 Countries. It will support the Governments of the World in the implementation of:
    INDIVIDUAL DEBT BURDEN LIBERATION (DBL): up to a total maximum of Rp. 2,000,000,000 (Two Billion Rupiah) each.
    CORPORATE DEBT BURDEN LIBERATION: up to the amount of $2,000,000,000 (Two Billion Dollars) each.
    COUNTRY QUOTA: US$138,990,000,000,000 (One Hundred and Thirty Eight Trillion, Nine Hundred and Ninety Billion) each.
    BANK QUOTA: US$138,990,000,000,000 (One Hundred and Thirty Eight Trillion, Nine Hundred and Ninety Billion) each.
    HUMAN OBLIGATION: US$6,000,000 (Six Million Dollars) per person, from 17 years of age and with a legal identity and students earn a monthly basic income of US$600 (Six Hundred Dollars) and adults US$1200 (One Thousand and Two Hundred Dollars) for the rest of their lives.

    TOTAL GLOBAL COLLATERAL 78.033.015.393 KGS OF PRECIOUS METAL.

    per BARBADOS.. Population: 266,240 inhabitants
    Total Recruitment Consultant: 7936 Personnel
    Recruitment Budget: $ 352,707,000
    Large Human Payment Obligation: $ 1,597,440,000,000

    M1 and SWISSINDO WORLD TRUST INTERNATIONAL ORBIT…(IS the facilitator of global debt liberation)

    GOVERNMENT leaders JUST NEED TO GET AND SIGN THE FORM, RECIEVE THE ASSET BACKED LEGAL DOCUMENTATION, PRINT THE MONEY AND DISTRIBUTE IT VIA THE BANKING SYSTEM and a designated ATM card.
    INDONESIA is the originating country of this mission as IS the first to implement it. It has confiscated its corrupt central bank along with its 6 major banks to accomplish its mission in that country.
    Obama visited Indonesia just before leaving office….why?
    Donald Trump promises to make America great again… what’s coming?
    The Federal reserve is in its final days, why?.
    WHO is President of the UN and WHO funds the World Bank and IMF? https://www.youtube.com/watch?v=413aS1auYkk

    Worrell refused to print the money… well, CBOB IS still foreign owned.
    Does Barbados government holds SWISINDO legal documents for debt liberation? Is it aware of SWISSINDO WORLD TRUST INTERNATIONAL ORBIT?

    KARMA and CONSEQUENCES IS ATTACHED FOR ANY VIOLATION OF FRAUD.

    CONCLUSION:
    Debt of Macro and micro economies demands prudent management, squander and lawlessness leads to collapse by the mismanagement of managers. Failures are not to be condemned but seen as a learning experience gaining knowledge of what not to do, we learnt that as adolescents.
    Debt and debt Management is totally erased when Debt Liberation (as a gift) is offered and accepted.
    NEVER BEFORE offered in history, this opportunity is NOW available to ALL countries, corporations and the entire human population of the planet being made available by M1 / SWISSINDO WORLD TRUST INTERNATIONAL ORBIT. This is the real JUBILEE, The end of the debt slavery system.
    THE HEAD/LEADER OF A COUNTRY/GOVERNMENT TAKES THE LEADING ROLL/RESPONSIBLE FOR THE SUBMISSION of the signed application form to be facilitated with GOLD BACKED instruments for DEBT LIBERATION OF THE COUNTRY and of its citizens, drawn on a bank designate. The citizens’ ID and the issue of a debit card by designated banks gives access to the funds. (USD$6,000 000.00 / Bds$12,000 000.00 each per person)

    LEGAL Economic INSTRUMENTS RENDERED that are gold backed or backed by precious metals, GIVES RIGHT to the printing of money. ANY other means is deemed illegal.

    Credits: M1 and SWISSINDO WORLD TRUST INTERNATIONAL ORBIT.

    Like

  21. angela Skeete November 23, 2017 at 7:49 AM #

    Bringing the deficit down is not an easy feat in small island nations that solely rely on one nest baskets. Mostly what this govt has tried to achieve over the years is stability with a high preference to keeping the social environment from falling to the brink of disastrous and uncontrollable levels,
    IMF programs are harsh and unrealistic in controlling and keeping the social environment from falling apart.
    All in all the policies of the IMF when implemented in small island nations does little or nothing for the poor and vulnerable except collecting the funds for international lending agencies while micro-managing the country economy without giving much preference to the socio- economic environment having IMF policies whose riveting effects has been seen and felt by other nations across the regions,
    The price for paying the debt which when becomes unsustainable by way of IMF policies is not rewarding to the citizens but remains a juggernaut of harsh realities
    Home grown policies might be tedious but maintain a level of security and awareness to the social environment of the country which for good reason remains in place as a positive for its citizens.

    Like

  22. Tron November 23, 2017 at 7:56 AM #

    Remember, the other islands defaulted many times before. There won´t be any debt forgiveness BEFORE state bankruptcy. First, Barbados must surrender, that is default, devaluation and a haircut for NIS and local creditors.

    Why should international creditors waive any claim for the sake of Barbadian SUVs, villas and holiday in Disneyland?

    Like

  23. David November 23, 2017 at 8:06 AM #

    Even to the apolitical Mia’s address to the BCCI seems reasonable as far as prosecuting the award of over one billion dollars in contracts to one man.

    Like

  24. Well Well & Cut N' Paste At Your Service November 23, 2017 at 8:08 AM #

    Tron…let the tiefing, corrupt beetches sweat, they are the ones on the front lines taking the blame for their own corrupt actions.

    Like

  25. NorthernObserver November 23, 2017 at 10:41 AM #

    The IMF is full of political double speak
    “The fiscal deficit declined more than anticipated in FY2016/17……..The larger than expected fiscal deficit is increasing funding challenges.”
    Words like ‘anticipated’ and ‘expected’ are poor substitutes for hard numbers. Whose anticipations or expectations?
    The overall message is Barbados must address its expenditures. Even with revenue increases, it is still spending more than it is collecting (the deficit continues).

    Like

  26. SETH November 23, 2017 at 11:10 AM #

    “Structural reforms to support growth and improve the business climate for domestic and foreign investment are also urgent. These reforms would aim to improve business processes, such as significantly reducing clearance times for immigration and customs”

    Nothing put investors off more than the line ups at the airport trying to get into the place to invest……

    Like

  27. Bernard Codrington. November 23, 2017 at 11:48 AM #

    Angela Skeete at 7 :49 AM

    A S when you take off your political hat you make a lot of good points.

    Like

  28. Hal Austin November 23, 2017 at 11:53 AM #

    Bernard Codrington. November 22, 2017 at 7:51 PM #

    It is a bit late now for this lot. We need a general election. We also need the other parties to say what they would do economically if elected. They must do this BEFORE the general election, not after.

    Like

  29. Bernard Codrington. November 23, 2017 at 11:54 AM #

    SETH at 11 : 10 AM

    I believe you are being facetious or is it mischievous.

    Like

  30. Vincent Haynes November 23, 2017 at 11:56 AM #

    BC

    Your agreement with AS/AC begs the question was OSA wrong when he indicated that the IMF programme he had in mind would be a restructuring package over 3 years as opposed to the MoF draconian budget over a 9 month period?

    Like

  31. Bernard Codrington. November 23, 2017 at 12:03 PM #

    Hal Austin at 11:53 AM

    I agree with you 100%.
    Yes we should, by now ,know what the alternative economic approaches are. But in the past proposed measures have been”back-raised”,with disastrous effects for the country. So we will all have to wait for the manifestos.

    Like

  32. Well Well & Cut N' Paste At Your Service November 23, 2017 at 12:07 PM #

    Guess Seth never had long lines at Kennedy, MIA or even Pearson….those waits are horrendous, tourists and investors go there as well…and know better than to complain.

    Stop with the pretense of being special…ya either investing or ya not….and most of them are crooks anyway, coming to steal instead of to give.

    Like

  33. Bernard Codrington. November 23, 2017 at 12:16 PM #

    Vincent Haynes at 11 :56 AM

    I said angela Skeete ” made some good points”. You are at liberty to infer what you wish ; but do not read that as an agreement with AS nor a disagreement with OSA. I am not sure that they are dealing with the same time span or the same issues. The only common factor is the Barbados economy.

    Like

  34. Bajanfuhlife November 23, 2017 at 12:24 PM #

    With this manufactured “corruption” issue, I wonder if it is corruption to pay for an ambassadorship or chairmanship or even a seat in the Senate by being a big campaign contributor to a political party.
    How can the influence of money and those who have it be reduced?

    Maybe Andrew Bynoe and those who are part of the self proclaimed integrity group could answer that question.

    Like

  35. David November 23, 2017 at 12:33 PM #

    @Bajanfuhlife

    You could have added the person who was rewarded a senatorship because of their role on social media, the same social media they indignantly attack.

    #steuspe!

    Like

  36. NorthernObserver November 23, 2017 at 12:41 PM #

    BNOCL…website now suspended
    http://www.bnocl.com/cgi-sys/suspendedpage.cgi
    How can the management allow this to happen in 2017? Especially with the FTC decision pending.

    Like

  37. David November 23, 2017 at 12:51 PM #

    @NortherObserver

    It means accounts unit failed to pay the renewal.

    Like

  38. Vincent Haynes November 23, 2017 at 1:00 PM #

    BC

    Chuckle…..A good defence of the wicket….bat and pad together.

    Like

  39. Bernard Codrington. November 23, 2017 at 1:01 PM #

    @ Bajanfuhlife at 12:24 PM

    You must be a very young Bajan. “Corruption” and “financing of political campaigns” are not necessarily correlated. And if they happen to be , correlation is not causation.

    Political campaigns cost money. From time memorial in this country political parties always had benefactors. The DLP campaigns in the late 1950s and early 1960s were financed by James A Tudor and some others. That has been the pattern in most western Democracies.

    That would account for those with deep pockets contributing to both parties in the same elections.
    The other alternative is for the taxpayers to pay for these elaborate entertaining shows with lots of froth and very little beer. Do you think that the country should be saddled with this expense?
    Corruption arises where public contracts are granted and individuals receive stash for facilitating the awards.

    Contributing to political campaigns in my opinion is not the problem. Where there is a demand there is a supply . Start with the individuals who offer themselves for political office not the bribers, Of course there is legislation on our law books to deal with both.

    Like

  40. angela Skeete November 23, 2017 at 1:02 PM #

    The reserves would fluctuate from time to time driven by external as well as internal factors that drives the economy even large economies with sustainable volumes of high levels of productivity are unable to reach their benchmark. This constant drum beating by political operatives and politician and psuedo economist serves no purpose other than instill fear and fright.
    When an economy is constantly under severe stress and propelled by the fact that low levels of productivity are not in place to provide a buffer of sustainable economic growth yet the govt is expected to provide all necessary essential in effort to avoid chaos and mayhem it is inevitable that govt has to make decisions that might cut into the reserves reduction or on the other side go into financial markets and borrow at high interest rate as a make believe of saving face and keep the reserves in good standing at the pleasing of IMF.
    Hardly would any one with an an objective conscientious frame of mind expect small economies to have a quick fix program in place which can meet the needs of a civilized nation and pay down its debt in a timely fashion.
    The IMF policies which have a one size fits all should be abandoned and not pursued by small nations who struggle daily to make ends meets,
    The small island nations when meeting at the UN general assembly should be vocal and outspoken and be bold explaining how much pressured and pain comes to bear on the citizens when IMF micro-manage their economies all in the name of collecting international financial institution debt
    Also what is most obvious is the game of psychological warfare which is instituted by the IMF organization to divide the country

    Like

  41. Theophilius Gazerts November 23, 2017 at 1:07 PM #

    @Angela Skeete
    Stick to one paragraph…. If you have to go two paragraphs, the second should read
    “I forgot what the hell, I was talking about.”

    @VH
    Your appearance ruined my day

    @rest of BU
    Forgive me

    Like

  42. angela Skeete November 23, 2017 at 1:15 PM #

    Theoplius you can pick and choose which ever paragraph suits you. Not here to please any one yard bird

    Like

  43. Vincent Haynes November 23, 2017 at 1:39 PM #

    BC

    You should take a look at Don Marshall’s critique of UPP’s interest in the IMF as posted on their facebook UPP site.

    Interesting to see at this late stage of this govts term they are talking about Chinese loan vs IMF loan and still doing nothing about it.

    Like

  44. angela Skeete November 23, 2017 at 2:08 PM #

    angela Skeete November 23, 2017 at 1:02 PM #

    correction,,,When an economy is constantly under severe stress and propelled by the fact that “no” levels of productivity are not in place to provide a buffer of sustainable economic growth

    Like

  45. SETH November 23, 2017 at 3:57 PM #

    @Well Well

    Just pointing out what IMF saying. Maybe they noticed there is only about 1/2 the number of people checking bags as there are agents checking passports, which would be ok if the system of random checking bags that you see at MIA YYZ etc was being used, It isn’t. Every person has their bags checked which leads to a massive back up. Did not used to be that way.

    Like

  46. Well Well & Cut N' Paste At Your Service November 23, 2017 at 4:29 PM #

    Seth…..I bet they will say they cannot pay more staff.

    In the meantime….the tiefing and crookery and kickbacks/bribery at NHC continues and is only niw being exposed,.

    “The PAC comprises Mottley as chairman, and includes Opposition parliamentarians Dale Marshall, Dr Jerome Walcott, and Wilfred Abrahams, as well as Government representatives Minister of Commerce and Small Business Development Donville Inniss, Minister of Tourism Richard Sealy, Attorney General Adriel Brathwaite, Minister of Agriculture and Water Resource Management Dr David Estwick, and senators Maxine McLean, Jepter Ince and Darcy Boyce.

    Mottley revealed little to nothing about the investigation. However, back in 2010, during debate in the House of Assembly on a resolution to vest Crown land in the housing agency, she had pledged to investigate all contracts and projects awarded by the corporation between December 2008 and August 2010, following the sacking of then NHC chairman Marilyn Rice-Bowen, who had raised serious questions about the award process.

    Three years later, Mottley asked the state entity to account for over $40 million received in monthly advances without parliamentary approval.

    In 2013, as it investigated the advances to NHC from the Ministry of Finance, as well as a string of anomalies that were brought to light in its first public meeting, the PAC had summoned three top Government officials attached to the Ministry of Housing and the corporation following concerns expressed in the Auditor General’s report about the submission of NHC audits for 2008-2011.

    Under intense questioning from Mottley in the Senate Chamber, Permanent Secretary in the Ministry of Housing Ronald Bascombe, NHC General Manager Lanette Napoleon-Young, Financial Controller Carolyn Barton and Chief Legal Officer Henrietta Bourne-Forde admitted that the corporation had substantially increased its staff in the last six years, had rejected a bid by a construction firm in favour of another company charging $5 million more, and was insolvent.”

    Like

  47. David November 23, 2017 at 7:20 PM #

    Like

  48. NorthernObserver November 24, 2017 at 1:15 AM #

    @Blogmaster
    I know and appreciate WHY. It seems mind-boggling that in 2017, an operation like BNOCL could be so lax, that it cannot even make the paltry payment to keep its website up and running.

    Like

  49. Pachamama November 24, 2017 at 6:52 AM #

    Northern

    This maybe in anticipation of the FTC ‘instructions’ to support government’s intentions.

    We are told we should know by today or tomorrow. But we highly doubt anything other than the anticipated could happen.

    Government is looking for what the report termed unusual payments, we seem to recall, to reduce its debt, please the IMF, find a semblance of economic light in a dark, dark hole; ahead of an election.

    All of this window dressing is short-termism, at best. Aimed to serve political deception. You couldn’t make this up. A few months before an election.

    Politicians assume there to be no limits to how many times people are to be fooled.

    Or maybe it has Kiffin’s money already and now merely has to transfer the asset – BNOCL

    The government of Barbados has reduced us all to dealing with loan sharks, both local and foreign. This is the consequence of debt-to-GDP ratios of up to 137%.

    People are betting on a default and looking to buy Barbados debt far below parity.

    Like

  50. Bush Tea November 24, 2017 at 8:10 AM #

    @ Pacha
    How the hell can you be so exceptionally perceptive in these things …and NOT be able to ‘see’ the greater picture of BBE’s exquisite and masterful overriding plan…..?

    OH WAIT….!!!

    What has been revealed unto babes, sucklings and stinking bushmen
    …has been hidden from the wise and the prudent….

    LOL
    ha ha ha

    Like

  51. Well Well @ Cut N Paste At Your Service November 24, 2017 at 8:32 AM #

    lol….they still believe they wont default…that is why they were begging the usual suspects who drained the foreign reserve and got millions hidden all over the world to bring the money back, same money stolen by them from the people, but the futility of that request is, none of those thieves will return the foreign reserves…unless they can control the government.

    Like

  52. Nostradamus November 24, 2017 at 11:27 AM #

    Davis, your video link doesn’t work.

    Like

  53. Vincent Haynes November 24, 2017 at 11:58 AM #

    Like

  54. Theophilius Gazerts November 24, 2017 at 12:36 PM #

    Wasn’t this guy assisting in kicking the can down the road

    Now he want somebody to tek up de can
    Did he say when?
    After or before de election?
    Timing would tell ya whose yard he is in….

    Like

  55. Theophilius Gazerts November 24, 2017 at 12:37 PM #

    A beautiful and hearty good morning to all and that includes everyone.

    Like

  56. Well Well & Cut N' Paste At Your Service November 24, 2017 at 1:02 PM #

    Interesting that .it is not going down well with Bajans on Facebook at all, they are more vocal than usual, Worrell, Sinckler, the whole government and the private sector are their targets…I have never seen them so incensed on FB…they are pissed…all levels of society,

    “Worrell: Lay off 4 500 and go to IMF

    SHAWN CUMBERBATCH, shawncumberbatch@nationnews.com
    Added 24 November 2017

    Former Central Bank governor Dr DeLisle Worrell is proposing an immediate radical restructuring of the Barbados economy.

    It would see 4 500 public sector job cuts over the next three years, with retrenched civil servants going home with $270 million in separation packages funded by international financial institutions.

    The WEEKEND NATION learnt that Worrell’s remedy also calls for Government to enter a five-year structural adjustment programme with the International Monetary Fund (IMF). There would be “conditionalities related to measurable targets for public sector reform”.
    Tapping the IMF’s help would then “unlock finance from other international financial institutions and official sources”, such as the Inter-American Development Bank and Caribbean Development Bank, he added. (S

    Like

  57. Well Well & Cut N' Paste At Your Service November 24, 2017 at 1:03 PM #

    Afternoon to you Theophilis.

    Like

  58. Well Well & Cut N' Paste At Your Service November 24, 2017 at 1:19 PM #

    Ah guess not even Sinckler’s lies got gas anymore…the government is now running on empty, just ripe to be kicked out of parliament.

    NSRL grief
    Govt cash cow not delivering needed results

    “Added by Marlon Madden on November 23, 2017.
    Saved under Local News, Politics
    1Save
    A mere month after Minister of Finance Chris Sinckler publicly boasted of the performance of the controversial National Social Responsibility Levy (NSRL), it seems the dreaded NSRL is not meeting its revenue targets.

    It was back in October that Sinckler revealed in Parliament that the NSRL, which was increased from two to ten per cent on July 1, had raked in $50 million in the three months following the announced the increase in his May 30 Financial Statement and Budgetary Proposals.

    However, in the draft Barbados Sustainable Recovery Plan (BSRP) 2017, a copy of which was obtained by Barbados TODAY ahead of its tabling in Parliament next month, officials in the Ministry of Finance who prepared the document following consultations with the Social Partnership, have suggested that the burdensome tax was now likely to perform weaker than earlier expected.”

    Like

  59. Hants November 24, 2017 at 1:42 PM #

    Still shitty !

    “Crews of the Wastewater Division (WWD) of the Barbados Water Authority (BWA) are currently on the scene of overflows on the South Coast of the Island; notably Hastings, Worthing and Rendezvous in Christ Church.”

    Like

  60. Frustrated Businessman: Animal Farm sequel playing out in Bim. November 24, 2017 at 2:09 PM #

    Well Well & Cut N’ Paste At Your Service November 24, 2017 at 1:19 PM #
    Ah guess not even Sinckler’s lies got gas anymore…the government is now running on empty, just ripe to be kicked out of parliament.

    NSRL grief
    Govt cash cow not delivering needed results

    ………………………………………………………………..

    As I posted on BU weeks ago, NSRL was only going to show revenue on goods that were already in the system: on order, in transit or in stock.

    Once those had cleared the system, both sides of the market (supply and demand) would adjust and NSRL income would drop.

    This is not rocket science for anyone with half a brain for basic commerce, even a rum shop operator who spends their lives watching poor people count out pennies for corned beef and flour understands what limited demand means.

    IT is, however, economics way beyond the grasp of the retards who have struggled to get a grip on the management of this country for the past 9 years.

    There was never any chance of economic recovery under Fumble’s Fools.

    They have made a grave error by putting off the judgement of the Bajan people until after the Christmas we’re about to have.

    Like

  61. Well Well & Cut N' Paste At Your Service November 24, 2017 at 2:46 PM #

    Frustrated…a real mess, they don’t listen…but they cant even begin to explain away this one, cant blame anyone else, it was their lamebrained idea….and no more lies to tell that anyone except their dummy yardfowls will swallow…

    They are just giving the electorate more ammunition to kick them out the longer they wait to hold elections.

    A relative of mine is vacationing on one of those south coast hotels, absolutely refuses to go outside because of the stink…but hear this, according to Estwick, dont hold ya breath that the sewage problem will be fixed anytime soon, since they will have to install a spanking new system to stop the stench…….so hold ya noses instead.

    Like

  62. lawson November 24, 2017 at 4:14 PM #

    blockage in south coast….. someone tried to flush a politician

    Like

  63. Redman November 24, 2017 at 5:11 PM #

    Wait I thought that the Govt said the economy was on the rebound when they reinstated the Ministers 10% salary cut.! Now NSRL is to be raised again ? VAT will be increased ?
    All because Bajans buying cars & expensive creams ? So therefore it is all the fault of the citizens of this island ?
    The Govt is an innocent bystander in all these shenanigans ?
    Lordy Lordy…

    Like

  64. angela Skeete November 24, 2017 at 5:52 PM #

    that is what happens when a blp govt having no vision builds a pit toilet instead of dependable and reliable Sewer System to service a residential and industrial community
    The pit toliet has become outdated and useless after million of dollars to built and further more to retrofit
    Some body needs to ask Mottley if she had signed on the dotted line in approval for the building of the south Coast pit toilet and what are her plans for correcting the problems encountered if she becomes PM

    Like

  65. millertheanunnaki November 24, 2017 at 6:54 PM #

    @ Well Well & Cut N’ Paste At Your Service November 24, 2017 at 1:02 PM
    “Interesting that .it is not going down well with Bajans on Facebook at all, they are more vocal than usual, Worrell, Sinckler, the whole government and the private sector are their targets…I have never seen them so incensed on FB…they are pissed…all levels of society,
    “Worrell: Lay off 4 500 and go to IMF”..”

    So Barbados has arrived finally at this long prophesized point in time when the bitter waters of economic healing must be taken from the fount of harsh decisions and the fatted calf of conspicuous consumption (living above its means) delivered to the altar of sacrifice.

    If only this administration had heeded the prescient cries and calls of those who were maligned and deemed unpatriotic prophets of doom and gloom, the country would not now have to carry the deadweight of not only an emaciated calf to the altar of sacrifice but also a now fallen ‘Devalued’ old heifer with dried-out udders once worshipped as the sacred cow called the Bajan dollar.

    Make no mistake about it! The IMF would be exacting its pound of flesh this time around.

    You were warned time after time by the likes of Tron, SETH and Frustrated Businessman who were dismissed as crackpots and BLP jokers behaving like modern-day Isaiahs and Jeremiahs.

    Now is the time to pay the piper. Not with anymore bullshit promises but with action before one greenback can be withdrawn from the account marked “In the Name of the Patient called “Borrow-Bados” held in the ICU at the Bank of Last Resort on the IMF Cul-de Sac.

    They say that pride goes before a fall and Bajans have been too full of it while sitting overly long at the precipice of Devaluation and living like Riley too long off other people’s money.

    You shall soon feel the full weight of Hubris from your Devalued Dollar.

    Unless Barbados intends to become the Zimbabwe of the Caribbean, why not start by shedding the Defence Force down to half its existing complement?

    Like

  66. Vincent Haynes November 24, 2017 at 6:55 PM #

    Hmmm…..nine years later despite knowing how bad the Bees workmanship is nothing was done……wuhloss

    Like

  67. Well Well & Cut N' Paste At Your Service November 24, 2017 at 7:53 PM #

    Lol…Angela Yardfowl is still at it Miller…

    10 years in 2 months, but all ya hearing it’s someone else’s ….let them tell that to IMF.

    Like

  68. Well Well & Cut N' Paste At Your Service November 24, 2017 at 7:57 PM #

    They had hundreds of millionsof dollars to install a new sewage system, but they gave the money away, threw parties with some, celebrated crap and did whatever else with the balance….but it’s someone else’s fault.

    not one seat for them…..Piece said it best.

    Like

  69. Well Well @ Cut N Paste At Your Service November 25, 2017 at 8:29 AM #

    Nice to see that their own dog is not only biting them…real, real hard, but he is also using a mighty sharp and long dagger to stab them through and through, lol, lol

    https://www.barbadostoday.bb/2017/11/24/nsrl-harmful-to-the-economy-warns-worrell/

    Saturday, November 25, 2017

    NSRL harmful to the economy, warns Worrell

    Added by Marlon Madden on November 24, 2017.
    Saved under Business, Local News

    The man who helped guide Government’s monetary policy for a number of years until he was fired earlier this year, has struck the proverbial dagger through the administration’s latest attempts to breathe life into the dying economy.

    Former Governor of the Central Bank of Barbados Dr DeLisle Worrell today described the tax measures announced by Minister of Finance Chris Sinckler in his May 30 Budget as “harmful to the economy”.

    Worrell said the much hated National Social Responsibility Levy (NSRL), which was increased from two per cent to ten per cent of the customs value of imported and locally produced goods, was nothing more than a “temporary stop-gap” measure which will do nothing to improve the island’s worrying fiscal deficit…….

    Like

  70. Frustrated Businessman: Animal Farm sequel playing out in Bim. November 25, 2017 at 8:40 AM #

    Now we’ll start to see the last-gasp kickback contracts.

    Frantic deals done for ‘commissions’ now with post-election deliverables that may never come to past.

    BWA valves, Sewage pumps, road contracts, new SSA trucks, new BTB busses, Hospital equipment etc. etc.

    Every one of them must get their ‘little piece’.

    No chance to have any affect on the quality of life of Bajans other than the very few Fools and their lackies. No hope of re-starting our economy.

    How the Hell did Barbados come to this?!

    Like

  71. David November 25, 2017 at 8:51 AM #

    Have we heard the general manager of the BWA addressing the issues in public? What is his role?

    Like

  72. Tell me Why November 25, 2017 at 10:43 AM #

    David. Did I hear right last night during an extract of Rodney Grant’s speech at the weekly Lunch time lecture regarding government(s) waiting three months before a general election to start implementing measures. Probably that was a slip of the tongue and the CBC forget to cut it out or maybe, I was sleeping.

    Like

  73. David November 25, 2017 at 1:39 PM #

    Tell me Why

    Do you man this lecture?

    On Sat, Nov 25, 2017 at 2:43 PM, Barbados Underground wrote:

    >

    Like

  74. Tron November 25, 2017 at 10:04 PM #

    “Worrell: Lay off 4 500 and go to IMF”

    Worrell is completely out of touch. They fired 3,000. Did it work??? NO. 4,500 will make no difference. We need a grand purge: sacking 10,000 appointed civil servants + erasing all statutory corporations + firing all officers from S1 to S3 since they were appointed for political reasons. Send the then unemployed figures with their families to Panama, Guyana or Liberia to learn hard work.

    Like

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