Prime Minister Mia Mottley Reports on IMF Visit – “We Got This”

Prime Minster Mia Mottley immediately reports on her visit to Washington where she met with the International Monetary Fund (IMF) team led by Managing Director Christine Lagarde. In a few words she summarized the visit in a few words –  ‘we got this’.

109 comments

  • No, no, no, I have not admitted to anything you want to imply.

    Whereas you defend the DLP and cuss the BLP……..I duz cuss both parties.

    Whereas you come to BU, remembering everything that happened between September 6, 1994 and January 14, 2008….and everything from May 25, 2018 and onward, while conveniently forgetting everything that occurred between January 15, 2008 and May 24, 2018……..I remember everything, that why I can “pin point” your inconsistencies, dishonesty and hypocrisy……despite interventions from members of your fan club.

    Whereas you believe anyone who highlights your inconsistencies and hypocrisy is defending the BLP….. I believe they are encouraging you to be fair, balanced and honest.

    Whereas everything you supported between 2008 and 2018 and you’re now opposing the same things post May 25……. I remain steadfast.

    Whereas it clear to all and sundry you exhibit all the attributes of “political yard-fowlism” (DLP style)…….. I’m just a plain, simple yard-fowl that remains unattached to any political party.

    You have a good day, as well, my friend…….I can’t “say” you can have the last word…… because you MUST have the last word.

    Enough of this…. back to the topic.

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  • Singapore “The city-state is home to 5.6 million residents, 39% of whom are foreign nationals, including permanent residents.”

    “Singapore’s unique combination of a strong almost authoritarian government ”

    authoritarian government. Could be appealing to some Caribbean leaders.

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  • Artax wheras you have a right to be consistent in your defence of the blp and defend your right to do so
    Wheras i also am entltled to all the rights and privileges that you insist are not consistent with your defence of the blp

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  • @ Mariposa

    Did you pass at least CXC English-language? Or English is not your native language?

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  • The Barbados Economic Recovery and Transformation (BERT) programme should not be seen as a bitter potion which Barbadians must drink and be done with.
    Instead, Minister in the Ministry of Finance, Ryan Straughn, wants the International Monetary Fund-approved programme to be seen more like a lifestyle change, which would lead to the country’s sustained economic health. In an interview with Barbados TODAY Straughn expressed concern that persons had become so pre-occupied with getting BERT over and done with that they were missing the opportunity to embrace the changes and mindset necessary to sustain the country’s economic well-being to be ushered in by the programme.
    “Given that we have averted the prospect of devaluing the dollar, which was a critical issue from the beginning, we are pretty much safe with respect to that. As it relates to going forward, we are trying to instill the fact that there needs to be continuity for improvement,” said, Straughn, who called for yearly revisions of the public sector to ensure that it was up-to-date and fit for purpose
    “I don’t think it is case of breathing a sigh of relief and saying that the worst is over. We have to be committed to improving and fine-tuning the process internally so that we can deliver high-quality public service consistently. So, in that context, every year we must be committed to reviewing the process to make sure our delivery is better. That is the mindset that we must transition to,” he added.
    However, the minister revealed that by the end of this year, this country’s taxpayers would see much more benefits for their sacrifices under the initial stages of the BERT programme.
    “We are clearly well into phase 2 of the process, which will run until the end of March. Additionally, we started some phase 3 elements, such as restructuring the larger state-owned enterprises simultaneously with the second phase of the BERT programme. The critical thing in these initial exercises is to make sure that Government is right-sized to deliver goods and services that we are asking people to pay taxes for. So, for taxpayers in general, over the course of the next 12 months we anticipate that on the macro side, the Government should be in a position to ensure that when people pay taxes, the various mandates of the statutory bodies are in place,” said Straughn.
    He explained that during the course of the next 12 months there would still be some growing pains under the programme, which has already resulted in significant layoffs in the public service. However, he noted that the indicators suggest that Government took the right decisions thus far on the macro level.
    “Decisions such as the removal of the NSRL [National Social Responsibility Levy] were certainly justified because this would have impacted on every part of the pricing mechanism for most businesses. The only concern is that over the course of time we would expect to see lowering of prices in general and we have seen through the retail price index that prices have been coming down across the board. This is important particularly in the context of Government’s decision to lower the convergence of the corporate tax on the domestic side,” he explained.(Quote)

    Now we know. It is the people’s fault. Why do we as a nation celebrate mediocrity? s t because we are misunderstood or because others do not understand us. If these are the brightest and best we have we are in serious trouble.

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  • “We must not shut off this option but look at it, see what loans we can gather. We have to note that it provides you with the fiscal space to do things and make critical decisions. Certainly in Barbados’ case I would recommend that just after we meet certain targets that we should look to diversify our reliance from the IMF and associated agencies and move towards lending coming from China at this point,”

    Countries in Africa are finding that Chinese do not forgive/write-off bad debt. I think this is bad worst advice that can be given, despite the fact that Barbados has very little for the Chinese to “tek” up.

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  • This is not what the prime minister told us in her Presidential State of the Nation address. Was she fabricating a case?

    The jury is still out on whether the Barbados Economic Recovery and Transformation (BERT) programme will be enough to stem the tide of economic turmoil, the Caribbean Development Bank’s chief economist told journalists today.
    The CDB’s Director of Economics Dr Justin Ram said while it was critical that the Mia Mottley administration stick to its targets, it should also focus on improving the country’s ease of doing business and reduce joblessness among young people.
    “Our assessment of the BERT programme, it is still early days, but the progress made thus far is very heartening,” Dr Ram said at the CDB’s annual news conference at the regional development bank’s headquarters at Wildey.

    Dr Justin Ram
    But the CDB official praised as “very good” the Government’s significant reduction in the ratio of debt to gross domestic product from 170 per cent to 127 per cent.
    Dr Ram: “There is still some more that has to be done with respect to fiscal consolidation. Again, what would really propel the Barbados economy into a transformation is doing the institutional reforms that will seek to improve the ease of doing business. I cannot reiterate that enough.”
    Pointing to the Grenadian and Jamaican experiences, the CDB official said obtaining economic growth was critical.
    At the end of last year the Barbados economy shrank by 0.6 per cent.
    The CDB chief economist told reporters: “What is critical is that throughout the BERT programme, the Government sticks to the task of these institutional reforms to help drive growth. Those reforms will help to improve the business environment so that investors can feel confident to bring their resources into Barbados and also for local investors to start investing so that we can see more opportunities in terms of employment for those in the society.”
    Dr Ram appeared to back the BERT programme as a measure to curb an unsustainable level of debt and chart a path for economic transformation.
    Following an agreement with the International Monetary Fund (IMF) last year for a $580 million Extended Fund Facility, Barbados benefited from a $150 million loan from the CDB to support the implementation of the BERT plan to enable fiscal sustainability, reform institutions for economic growth and boost social protection.
    The CDB also lent $40 million to upgrade infrastructure at Grantley Adams International Airport.
    And more CDB assistance is on the way for the struggling economy, as Government sought ways to address outstanding social issues, according to the bank’s Director of Projects Daniel Best.
    Best said: “The Government of Barbados has reached out and we have been in discussions with them to shore up the social protection systems, ensuring that one, there is capacity within government to provide the kind of counseling, psychosocial support to the most vulnerable, but also develop and enhancing an all encompassing social protection system in responding to the BERT programme.

    Dr Daniel Best
    “In doing that we have identified some resources. We have been in discussions with the respective ministries and we look forward to supporting government in that respect.”
    In his annual report on the region’s economic health, CDB President Dr Warren Smith said that after experiencing an average growth of 1.8 per cent last year, CDB borrowing member states are expected to grow by about two per cent in 2019, as construction, tourism, gold and oil industries expand.
    But the CDB is forecasting zero growth for Barbados this year, following a disappointing -0.6 per cent decline last year, despite modest gains in the main breadwinner, tourism.
    Pledging the financial institution’s continued support for the BERT programme, the CDB president said: “We will further support BERT with more policy-based funding over each of the next three years.”
    To sustain any gains over the medium-term, Smith said, CDB borrowing member states will need to “step up their efforts to build long-term resilience and tackle the challenges of climate change, wide fiscal deficit and high public debt, as well as high unemployment especially among the youth”.
    Last year, the development bank approved projects totaling just over $700 million, and disbursed some $560 million, a 20 per cent increase in lending over 2017.
    Describing this as a pleasing performance, Smith said it was an indication of the bank’s efforts to help the region in its development.
    One of the pillars of the regional integration movement going back to CARICOM’s predecessor, the Caribbean Free Trade Association (CARIFTA), the CDB marks its 50th anniversary in October.(Quote)

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  • Hal

    Boss you are cooking on the right stuff.

    You should see the positive spin that was put on those CDB Bank’s comments above by the same suspects in the media .

    Betcha yuh wouldn’t see any discussions,any analysis,any objective guests writing columns or on the talk shows – giving the public a fair assessment of the Banks comments, Owen Arthur’s comments, Professor Emeritus Michael Howard’s comments – on this Bert programme and this Mottley Govt’s smoke and mirrors and lack of a plan for economic growth – something she was screaming about during the last 10 years – nuffin so .

    But yet – Give she de vote and watch she.

    She is the first female Prime Minister of Barbados yuh know – so what de hell else she care about what wunna tink about she lack of plans for economic growth.

    Yuh cyar see she all over the place – flying out to attend conferences and meetings – and looking like she is a Head Honcho – large and in charge – on the World stage ? Ha ha Wuhloss !!!

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  • What is Vision 20/20? Is it part of BERT? Are we gong to discuss it on BU?

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