Barbados Government Seeks IMF Assistance

Christine Lagarde

June 1, 2018

Ms. Christine Lagarde, Managing Director of the International Monetary Fund, made following statement today:

“As announced by Prime Minister Mottley earlier today, the Barbados economy has been going through significant challenges for some years. The authorities are developing an economic reform plan designed to address these challenges, and they have asked the international community and the International Monetary Fund to assist them as they put the economy back on a path to recovery. An IMF team led by Bert van Selm will be visiting Bridgetown to start discussions on how the Fund can support the authorities’ economic plan. Our ultimate goal is to help Barbados achieve higher living standards and more inclusive growth for the years ahead.”

IMF Communications Department

PRESS OFFICER: Randa Elnagar

Phone: +1 202 623-7100Email:


  • Are Bajans asleep? Folks, the government is broke and in default.

    Do you realise how dire the situation is?

    Barbados is about to enter a grim period of austerity and yet people on here seem to think that it is some kind of political game being played.



  • Similarly…it is being said the banks are broke, they so damn thieving..


  • Are the ATMs still working with local debit or credit cards? Just a question.

    I hope everybody has enough champagne, lobster and caviar in stock for the summer …


  • I heard of four of the GG’s picks:

    Kevin Boyce
    Lindell Nurse
    Dr Maynard (An ENT)
    Rev Michael Maxwell

    Liked by 1 person

  • A. Dullard,

    Bajans live in a constant state of self-delusion – punching above their weight; God is a Bajan, etc. I have asked before, who is giving government economic advice? Is it Mascoll, Persaud, Caddle or Straughn?
    Is restructuring debt going to sort out the current account deficit?


  • “Bajans live in a constant state of self-delusion.”
    Yes they do.



    “Government announced that it is, today, suspending payments due on debts owed to external commercial creditors”
    Hahaha. What a wonderful euphemism, ‘suspending payments’. Translation: can’t make payments.


  • The declaration of default is also at:

    Also read this:$225%20000%20000.pdf

    Event of default for the CS loan: eg “debt restructuring of the Borrower”, “declaration by the Government of a general moratorium with respect to any payment of any indebtedness”

    Deutsche and CS will not forgive ONE CENT when many Barbadians still drive big SUVs at the time. No way. FCIB is irrelevant for the 2013-debt. They are mere local clowns.

    I wonder what will happen to Donville Inniss when he does his so-called business in Zurich next time. Will Credit Suisse sell his as… to Saudi Arabia?


  • Who will be giving barbados economic advice
    Didnt Mottley made it clear in her press conference that she had talk to Lagarde
    These ministers would become window dressing and have but little or no choice in accepting the IMF advice in restructing Barbados debt
    So whoever the homegrown economic advisors are would have their hands tied to the IMF plans and policies


  • millertheanunnaki

    @ Tron June 2, 2018 6:11 PM
    “Deutsche and CS will not forgive ONE CENT when many Barbadians still drive big SUVs at the time. No way. FCIB is irrelevant for the 2013-debt. They are mere local clowns.”

    Neither would the IMF allow them easy access to soft loans for BoP support or for economic restructuring as long as the government can forego the collection of duties and taxes (waivers) on luxury vehicles imported to satiate the conspicuous consumption demands of a Director of Sales for a Hyatt hotel for which not even a slab of prefabricated concrete walls made from Hard Rock cement has yet been laid.

    What the new Minister for Investments also has to tell us is the status of the following investment projects:

    The Four Seasons sale about which Avinash Persuad has a lot to explain.

    The aborted or delayed sale of both the BNTCL and Hilton hotel’.

    The financing sources for the construction of the proposed Hyatt Hotel for which a ‘phantom’ Director of Sales has already been recruited.

    David Comissiong, like RIP Van Winkle has fallen asleep so there is no whipping boy to use as an excuse for the delay in the start of construction of the Hyatt unless this was just another figment of Maloney the business magnate imagination just like the Rock Hard Hotel.


  • The exyardfowl needs to go and congratulate Caswell.


  • @Miller

    No, Comissiong has not fallen asleep. LOL……..he was kinda busy during the campaign, you know!

    He gave a speech one of his best yet at a meeting, coincidentally for Joe Atherley…….dealing with the former Fumble’s rant that he would pull Barbados out of the CCJ should he had been returned to office.

    Liked by 1 person

  • Talking Loud Saying Nothing

    Protests against IMF-backed tax reform bill continue in Jordan
    Demonstrators gather near the office of prime minister in Amman to protest against price hikes and tax increases.

    4 hours ago


  • Are-we-there-yet

    I await with bated breath to see who will join Caswell as the 2nd Opposition senator. As it now stands, Caswell, alone, will arguably have a much greater potential for clashing with any Government policy or bill with which he disagrees than perhaps any previous senator since we became independant. If the LoO selects another firebrand, maverick type we can expect fireworks in the Senate which will fully test the resolve and direction of the Government. I think another good choice by the LoO will pay dividends for transparency in the parliament in general and not just in the Senate. This new Parliament, merely by the choice of Caswell has the potential to bring more important causes to the public’s notice than if the DLP or SB or UPP had been given one of the Opposition Senate seats.

    Very interesting times ahead and I wish Senator Caswell well. I suspect also that Caswell will be fully supportive of the Government’s attempts to shield, more tangibly, the less fortunate in the society from the effects of the coming austerity measures.

    The senate has taken on a significantly greater importance because of Caswell’s appointment. Can we hope that the moves that have followed the 30:0 result will act as a catalyst for Senate debates that will have the potential to return many more bills to the house for reworking because of a likely enhanced diligence and patriotic fervour of most of the new Senators, engendered by the obvious needs of the situation that Barbados finds itself in.

    The thinking outside the box approach by this new Administration, in this case, has the potential to lead to the development of a new system of Government that could be much better for the country than if the DLP had accepted the PM’s first offer.

    Whew! What a frenetic time!

    Liked by 1 person

  • @AWTY
    As it now stands, Caswell, alone, will arguably have a much greater potential for clashing with any Government policy or bill with which he disagrees than perhaps any previous senator since we became independent
    Don’t get carried away, Caswell will be one of 21 and the Gov’t will have 12; the GG after “consultation” with the PM will have 7 and the LOO 2. Caswell may be a maverick but don’t start measuring him for Superman’s cape yet.

    It’s still early days.

    Liked by 1 person

  • Are-we-there-yet

    Sargeant; Just some other figures you should consider:

    A quorum is 8 and the Independent senators + the Opposition senators is 9. Circumstances could force some interesting results.

    But, in any case, I’m not fashioning a Superman cape just yet. merely a super maverick one! If the LoO nominates a fairly ordinary maverick to complement Caswell sparks could fly.


  • Sunshine Sunny Shine

    When Dale Marshall was Attorney General, did he do the type of job that Barbadians can say they were proud of? This man comes over to me as being a little better the last jackass that did not understand what the AG should do. Just saying.


  • Sunshine Sunny Shine

    Caswell Baby

    You know the SSS got a soft spot for you. boy. Go and get them, my dear. we expect nothing but the Caswell type of spin in this new position. Congrats and show them how a senate and PAC should operate.


  • Barbados hit by another downgrade!

    S&P and Moody´s will join very soon.


  • By freezing payments to external this will automatically trigger downgrades. This is obviously expected and calculated to trigger debt forgiveness and reprofiling initiatives and the lot.


  • David,

    Barbados could soon join the group of heavily indebted poor countries (HIPC), joining Haiti, Afghanistan and Sub-Saharan Africa.

    However, just compare the lavish lifestyle of many Barbadians, including the judges and other civil servants, with this group. Barbadians still think that they can drive around in their many Mercedes Benz, shop around the globe, have a nice holiday abroad and enjoy debt relief + a stable Barbadian Dollar.

    Deutsche Bank, Credit Suisse and the IMF will say NO WAY!

    It is now out of gov´s hands what austerity comes next – otherwise the island ends like Argentina. You cannot boast across the globe in many adverts that Barbados is a tropical paradise and beg for debt relief at the same time.


  • Let us be clear, Barbados has the highest debt burden in the region. What this government has done should have been pursued 4 to 5 years ago. You are correct that as a country we will have to agree to the lifestyle we can afford in the short term and medium until more stable economic sectors can be established.


  • MAM is right what she is doing now. It is not her fault, also not the fault of OSA, the Golden King of Barbados. The DLP was in charge for ten years and did nothing or the wrong things.

    MAM must clear the table. No other option left. All brutal measures must be implemented by the end of this year. And then we wait, hope and see if the economy and other things kick in.


  • Cat piss and pepper would rule the day. The IMF policies would be the driving force on how barbados debt would be resurrected
    The so called opposition views would not be influential and sufficient enough to reccomend policies for the voiceless
    Mia would rule with an iron fist. Like Trump her members would be forced to stand behind her out of fear.
    Mia has already laid her intentions directed by austerity measures of the IMF
    Yes cat piss and pepper would rule the day.


  • @ ac
    If you were intelligent enough, you would understand that the ‘cat piss and pepper’ was being mixed over the past ten years by a pack of illiterate misfits and shiitehounds of DLP lineage …. and stirred by idiots of your ilk.
    Bajan brass bowls eventually tired of the smell and the rot, …and have now thrown the whole mess out into the street (just like on the South Coast).

    It is only obvious that the dumping will result in increased smells and exposed rot….
    It is what will be needed to initiate a major cleanup….

    The ONLY REAL question now is whether Mia and her band will proceed with the MESSY job of CLEANING UP the shiite ….
    …or if she will seek to hide the piss and jobby under various bushels and carpets – to protect individual shite hounds.

    Were Bushie in YOUR place, the bushman would be currently pissing his pants because…
    1 – Having put Caswell in place to OFFICIALLY influence matters,… Mia has effectively passed transparency legislation.
    2 – ..and having gone to the IMF, Bajans will have to pay for the shiite that we TOLERATED for ten years. Do you think that Mia will cover wunna DLP asses and take the blame HERSELF? …. or do you think that she will expose ALL and let the baloney fall where it will?

    Do you REALLY want to hear Bushie’s guess…?
    Bottom line….
    The best hope for the DLP is to gather at the Garrison (behind wunna monument) and seek Satan’s assistance
    – cause wunna asses looking more and more like grass….


  • @Mariposa June 3, 2018 6:44 AM “Cat piss and pepper would rule the day. The IMF policies would be the driving force on how barbados debt would be resurrected.”

    Mariposa, it is Sunday, the tradional day for resurrections, but but nobody wants to resurrect [to bring alive again] Barbados’ debt. What we want to do is to kill [pay off the debt] and even though it will be hard, even though we may get crucified, we can do it, but it took 10 years to create the mess and it will take some years to do a clean up.

    I said before the election, that if I had a choice of going to the IMF with Chris & Co. and going with Mia & Co. I would choose to go with Mia & Co.

    And I said too, using the Christian theme, that I am not expecting manna from heaven, from Mia & Co., nor from the IMF.


  • Georgie Porgie

    re The best hope for the DLP is to gather at the Garrison (behind wunna monument) and seek Satan’s assistance




  • @Tron June 2, 2018 1:54 PM “PM declared default on debts of “external commercial creditors”. These are loans like the “grand” CS loan from 2013. I am not sure if it also means a default on any gov bonds issued so far. PM also declared default on all “domestic creditors”. In my understanding, this includes non-commercial creditors as well = clueless Bajans buying gov junk bonds. Most of the NIS money is lost as well.

    Didn’t buy any Barbados government bonds, simply because I just did not trust Chris and Co. Did not trust them at all. Did not trust David Thompson either. Did not vote for the D’s in 2008, nor in 2013. That is the truth.

    Expecting a cut to my NIS pension, so I have already started growing my own food and some for other people (and the monkeys) Praying for good weather. Not too much rain. Not too little, and please God, no hurricanes.


  • God save Barbados! As you said before, better to the IMF with MAM than with Sinckler.


  • @ GP
    Every time you post you come across as more stupid that we had previously come to surmise….

    If you do not get irony and satire, then perhaps you should stick with watching cricket
    – or whatever you do for mental stimulation…

    It simply means that there is no hope for the DLP.


  • Georgie Porgie




    IF YOU WANT TO SAY there is no hope for the DLP, SAY SO.



  • Georgie Porgie



  • I really hope that Prodigal is wrong about Kevin Boyce being one of the GG”s picks. Isn’t he ex -minister”s John Boyce”s son and one of the partners supervising the GG”s son who works in the litigation department at Clarke Gittens and Farmer?


  • Yes, was waiting for more info on this when Prodogal Son posted, the optics not good but some will say Barbados is a 2×3 place and therefore this kind of thing is inevitable?


  • IF YOU WANT TO SAY there is no hope for the DLP, SAY SO.
    Now you seek to tell Bushie HOW to whack…???!!??

    As said before…
    Every time you post – you come across as more stupid than previously indicated…

    …and do stop quoting Zoe verbatim….
    It gives the impression that you once falsely projected yourself to be that warped personage….
    ha ha ha


  • The IMF says there is a fix for long as no-one buys or eats anything


  • millertheanunnaki

    @ Simple Simon June 3, 2018 8:22 AM
    “Expecting a cut to my NIS pension, so I have already started growing my own food and some for other people (and the monkeys) Praying for good weather. Not too much rain. Not too little, and please God, no hurricanes.”

    There is a relatively high probability such a cut can occur.
    For sure, those ex-public sector workers sucking from the sore nipples of the Treasury might just find themselves having to settle for 10 to 20 % less free milk in their golden years.

    Why do you think the last set of crooked politicians took back their 10%? Because they knew since last year what was in store for Bim.

    BTW, the IMF did not impose itself on Barbados. Barbados is the one imposing herself on the IMF.
    You guys were warned over and over again about what is about to unfold before your very eyes.

    “Hard ears ya wouldn’t hear, hard ears ya gine feel!”

    But why not look on the bright side? At least Bajans would be forced to go back eating natural foods and living more active and healthier lives.

    There might just be a clearly seen correlation between the reduction of conspicuous consumption based on imported material junk and a decline in the rate of obesity so prevalent among the young population; mainly black women the bedrock of the nation.


  • Today’s VoB talk show is dealing with the impact of a IMF program with Marla, George Belle et al.


  • After a unilateral declaration of default, the IMF is the only way to tone down the wrath of Deutsche and Credit Suisse.

    Otherwise the local offshore financial sector would be gone next week.

    However, there won´t be any initial debt relief from international creditors. Barbados must first cut the local debts and that by far stronger than international debts, also Barbados must cut the expensive social welfare state and the bloated bureaucracy.

    Also: International investors will wait with any new investments in Barbados until an IMF agreement is reached and devaluation is settled. Nobody is going to buy now millions of worthless BBD for 1:2.

    In other word: The international community want to see some human sacrifice first. Remember “The Merchant of Venice”!


  • @ millertheanunnaki “Hard ears ya wouldn’t hear,own way ya gine feel!”

    That is what they used to say when I was a youngster.


  • Madam PM has created another historic first !

    A default on our country’s loan obligation !

    Madam have recorded downgrade number one !

    It’s Mia’s Fault = I M F


  • millertheanunnaki

    @ Tron June 3, 2018 7:50 PM
    “Also: International investors will wait with any new investments in Barbados until an IMF agreement is reached and devaluation is settled. Nobody is going to buy now millions of worthless BBD for 1:2”

    So what implications does that situation hold for the construction of the Hyatt hotel which has been touted as an economic game-changer for poor Bim?

    What’s your wager?

    Odds ‘Hyatt’ or Evens ‘No Hyatt’!


  • “Madam PM has created another historic first! A default on our country’s loan obligation! Madam have recorded downgrade number one!”

    Fractured BLP

    Yes, you are correct, Barbados’ credit rating was immediately downgraded by Caribbean Information and Credit Rating Service (CariCRIS), primarily because of the decision on Friday by PM Mottley, to suspend Barbados’ foreign commercial debt payments.

    Fractured BLP, you always agreed with everything said by former finance minister, Chris Sinckler.

    I recall on Tuesday, January 16, 2018 while in parliament, Sinckler made a reference to a credit rating downgrade made by CariCRIS. According to the January 18, 2018 edition of Caribflame:

    “The minister also gave LITTLE CREDENCE to the recent downgrade by the Caribbean Information and Credit Rating Service (CariCRIS), which lowered its rating on the debt issue of US$300 million to CariBBB from CariBBB+ and its foreign and local currency rating from CariA- to CariBBB+.”

    Sinckler suggested the rating agency was INSIGNIFICANT and no ATTENTION should be paid to it.

    “All of a sudden, CariCRIS which NOBODY PAYS ATTENTION TO has become a big expert on the Barbados economy.”

    (1). Do you agree with Sinckler’s assessment of CariCRIS re: “the rating agency insignificant and no attention should be paid to it?”

    (2). If you share sentiments similar to that of Sinckler about CariCRIS, how is it that, at this time, you are now prepared to accept the rating assessment of Barbados’ economy?

    (3). Or is it a case where CariCRIS becomes insignificant when they had reason to downgrade this island’s credit rating under a DLP administration……….but becomes credible and significant because of their downgrade under this current BLP administration?

    According to the resident expert in every possible discipline on “earth and other places,” I am “appallingly ignorant,” so I’m asking you to please clarify.


  • what if the cost of deputy beer goes up


  • No problem……we could drink Hairoun instead……..a case sells for $24.


  • “Government must preserve these assets at all cost. The key to doing so, as I have publicly advocated, is to cut the public service by approximately 1,500 jobs and to reduce subsidies to Government-owned entities by 10 percent, in the first instance,” Dr Worrell said.


  • Wow lord help us! I see in Bdos Today that the person heading up the delegation to Bdos is non other than Dr Bert Van Selm who is the IMF Resident Representative in Jamaica.

    What will Bdos look like when he and his team is finished with us.Will we be able to buy 1 salt bread or a rock cake?


  • @David it is more than bad optics. We need to hold those serving in parliament to a higher standard. Too many incestuous relationships which benefit a select few at the expense of many. Say for example the close to election contract to rent manor lodge for the court (at what I understand to be $50,000.00 a month) comes up, what unbiased point of view can young Boyce really add when the Registrar who would have been instrumental in the acceptance of the location, is the wife of his fellow firm mate Ramon and his father was a part of the administration who allowed it? This nonsense has to end!


  • Georgie Porgie

    RE and do stop quoting Zoe verbatim….
    It gives the impression that you once falsely projected yourself to be that warped personage….







  • The good thing about the US setup is that nominees have to endure some public scrutiny before assuming office. How do we brake this nonsense by the political class? We have this endemic acceptance of patronage we can’t seem to brake away irrespective of the party in office.


  • Interesting how these selfish, arrogant DLP yardfowls would want to blame a new government for all of their wrongs. But this has been the pattern for the past ten years under the DEMS blaming everyone except themselves for any problems and trying to get glory for the very very small amount of things they did right.


  • The people of Barbados declared who was to blame for the failed economy with a 30 – 0 defeat of the DEMS and no DLP yardfowl spin will ever change that.


  • Some are desperately trying to develop a sense of fear into the minds of Barbadians as it relates to this BLP administration’s decision to seek assistance from the IMF, by introducing the Jamaica.

    What upsets me with political party apologists is the fact that they come to the forum with information based on emotion, political party propaganda or what they “feel is correct”…….rather than based on research of the facts.

    Additionally, they are attempting to mislead BU by presenting information about Jamaica’s economy in 2001, implying that Barbados faces a similar fate in 2018……..without understanding the variables involved.

    In 1979, Jamaica became the first Caribbean country to obtained assistance from the IMF to address balance of payments imbalances. These imbalances were primarily caused by the 1970s oil crisis. Additionally, A government imposed a levy on bauxite caused producers to “down scale” bauxite production, resulting in decreased revenues. In an attempt to maintain its previous spending levels, Government responded by borrowing from the central bank and extra-regional financial institutions.

    In 1975, Jamaica had US$120M in reserves, which were significantly reduced to US$30M in 1977, until the island “ran out” of reserves. Government imposed a series controls aim at stemming the outflow of reserves, resulting in a “large parallel foreign exchange market.” Unfortunately, government was forced to devalue the Jamaican dollar. During the 1980s, Jamaica was faced with a severe foreign exchange crisis, social and political tensions, a decrease in output and increasing levels of inflation.

    Between the end of 1987 and May 1988, the Jamaican dollar had been devalued by 95%, and continuing into 1990s, the currency was repeatedly devalued in an effort to improve on the competitiveness of domestic exports. In addition, the external debt steadily increased throughout the 1980s to as high as US$4.5B, or 125% of GDP, in 1989.

    Barbados’ present economic situation is by far different from that of Jamaica, at that time……the variable are completely different…..

    ……………and Jamaica’s dollar was devalued BEFORE the island sought assistance from the IMF.

    Therefore, to suggest that the IMF will “guide” Barbados along a similar path to that of Jamaica is ludicrous.


  • Rover up !there is enough blame to go around but it is presumptous of u to expect the dlp supporters to sit with closed mouth as you and other blp yardfowls poised a false narrative soley placing blame on the past govt when auditor general reports during the blp years of plenty highlited the blatant spending on projects and exposed the monies spent on inventory that was never received
    Yes there was also plenty corruption which gave cause for the blp to booted out of office for ten years


  • @Artax

    You forgot to add that the IMF has reinvented itself from the early days.


  • Sir tried posting an aricle this morning dated 2016 The IMF and the destruction of the Jamaica economy and it has not seen the light of day
    What you are presenting has nothing to do with a more current article
    So go sit yuhself down and come wheel again. Or ask David to post my article which he said when to spam ovet 8 hrs


  • Any consideration to devalue the Barbados dollar should follow the recovery of foreign currency held by Barbadian individuals and companies in unauthorized overseas accounts. It would simply be unjust to contribute to a crisis and also benefit from it at the expense of others.


  • This is an important point. In a market or economy in this instance where there is low or zero confidence flight of foreign exchange will take place. It is known ‘underground’ that a large number of Barbadians hoard US dollars in safety deposits or in Miami account. We have to restore confidence in the economy for people to cash in their US dollars and we have to increase penalties of anybody found with USD accounts on the outside.


  • The Central Bank should also audit the disbursements of foreign currency in cash by the banks.


  • David i dare u to go to the spam bucket and retreive the article i tried posting 3 times so readers can assessed and formed a decision out of biases


  • These “alarmists” have conveniently or purposely chosen to forget that Jamaica has made significant progress in restoring economic stability since 2013, supported by an IMF Extended Fund Facility (EFF), which expired in April 2017.

    However, because economic growth fell short of the desired expectations and unacceptable levels of unemployment and poverty, the government cancelled the EEF and entered into a new 3 year Stand-By Arrangement(SBA) with the IMF. “The government intends to treat this new arrangement as precautionary and do envisage drawing on it unless unanticipated external shocks generate an actual balance of payments need.”

    It is reported that the economic progress Jamaica has achieved so far, they no longer need IMF financing because the island regained access to domestic and international capital markets.

    “With economic stability now restored, the loan supports the administration’s focus on achieving higher growth and jobs to help reduce poverty and improve the living standards of the Jamaican people.”

    Since 2013, Jamaica’s debt to GDP ratio has been reduced from 145% to GDP to approximately 120%.


  • The downside to this dance with IMF…those who can legally do so, will leave their money off island until they see how and where this pendulum swings…

    ..those who are illegally hoarding money outside in foreign accounts, especially money stolen from pensioners and the treasury in various scams…should be hunted down and all their assets and accounts frozen..

    There are more than enough agencies with lots of resources to engage in this exercise.


  • Ghee whiz who u trying to fool Jamaica debt is still a nightmare because of revolving loans from the IMF. Who wants to be indebted to a program and not see the light of day.Not to point out the socio decay that has become part and parcel from the IMF intervention
    I dare you to ask David to retreive the 2016article which i tried to post The IMF destruction of the Jamaica economy
    In which it was mentioned that Jamaica had to rely on China for financial support to rebuild its infrastucture while in the IMF support
    You blp yardfowls cant twist the truth about the IMF Program because small nation evidence says different


  • @ millertheanunnaki June 3, 2018 8:30 PM

    Hyatt won´t be finalized before everything with IMF and creditors is settled.

    I also agree with Artax that there is no need for hysteria. The IMF did not only boost Jamaica, the IMF also tried to assist Barbados in the past – but Frundel himself refused. All the bad talk about the IMF is bullsh… Barbadians should fear the return of Chris Sinckler as Prime Minister, not an international club where the state of Barbados is a member of.


  • Mariposa

    I recall reading the article re: “The IMF and the destruction of the Jamaica economy,” which was posted on-line by “GlobalBlog” on January 11, 2016.

    From the second paragraph of the article states the following:

    “The economy within not only Jamaica, but the whole of the Caribbean is in dire shape, and has been for decades. Over the past 40 years, several of the islands have turned to the International Monetary Fund, cap in hand, asking for help. Jamaica was the first to do so in 1977. Jamaica’s need for assistance came during the oil crises of the seventies, and despite then Prime Minister Michael Manley’s best attempts at resistance, even declaring that Jamaica was “not for sale”, he had to give in.”

    “The harsh realities of the oil crises and falling revenues within the bauxite industry had all but forced Manley to apply for the country’s first of many loan agreements, leading to what academic Thomson Fontaine described as an “almost uninterrupted” stream of support for nearly two decades. Four decades removed from Jamaica becoming the first nation to sign up for a loan, it is still struggling and dependent on regular agreements from the International Monetary Fund, to stabilise its economy.”

    Then the author goes on to give a brief description of the IMF and its “precursor,” the Bretton Woods Fund……..

    ………. in addition to a synopsis of Jamaica’s relationship with the IMF during the 1970s to 1990s…and how the IMF related policies during those times may have been responsible for “the destruction of the Jamaica economy.”

    It is “BLATANTLY CLEAR and OBVIOUS” that YOU DID NOT READ THE ARTICLE you attempted to post.

    If you had ACTUALLY READ the article:

    (1). You would have NOTICED the SIMILARITIES between the information I posted and the information presented in the article. Or perhaps you may want to indicate the differences.

    (2). You would NOT have written: “What you are presenting has nothing to do with a more current article.”

    Perhaps you’re suggesting that, despite the information being similar, because the article is dated 2016, it is more recent?

    Or, because you saw references made to the 1970s and 80s, you interpreted my information as not being recent?

    My friend, you continue to prove my assessment of a political yard-fowl is correct……similarly to how you continue to prove Galileo wrong.

    “So go sit yuhself down and come wheel again.”


  • Thanks David for posting the link .The IMF and the destruction of the Jamaica economy
    Better late than never


  • My friend u might be of superior intellect . .However the article gives a dire state of continual economic affairs which Jamaica is still dealing with after 40years in the IMF program
    All one has to do is read the reports of social deprivation coming out of Jamaica a country that was supposed to see a positive difference after the IMF took over
    It is obviuos the govt was left standing holding the worst end of the socio enviroment bag in its effort to stay the course directed by the IMF in order to pay its debt

    Liked by 1 person

  • No, please, madam……I’m not “of superior intellect”……ask Hal Austin……he has proven otherwise and brought me to the realization that I’m “appallingly ignorant.” (And you characterizing me as such, may unfortunately cause Hal [the REAL INDIVIDUAL of superior intellect] to rupture a blood vessel).

    However, you are misrepresenting the facts, perhaps because of your limited knowledge of these issues.

    As I previously stated, the economic circumstances that caused Jamaica to seek financial assistance from the IMF were completely different from what Barbados is presently experiencing.

    Therefore, it is ludicrous for you to use Jamaica’s experiences as an example for Barbados……….

    ………especially in the ABSENCE of information relative to any proposed arrangement Barbados may enter with the IMF.

    In other words you DO NOT have ANY DETAILS on what a Barbados/IMF arrangement would entail…….yet you are PREPARED to suggest that, under an IMF program, Barbados will suffer a fate similar to that of Jamaica.

    And can’t you indentify the folly in your argument?


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