The government has announced its decision to lead the country into an IMF program. Soon the citizenry will brace for the roll out of phase two, three and the several others that will be required – given the stasis state of recent – to kick start the economy and the social benefits that must be…
The government has announced its decision to lead the country into an IMF program. Soon the citizenry will brace for the roll out of phase two, three and the several others that will be required – given the stasis state of recent – to kick start the economy and the social benefits that must be be sustained and improved.
The blogmaster shares the following video to support the job of continuing to create awareness about our current state, the plan and …
You cant see whats ahead by looking back. The IMF program to come is well known. Remember 1991. The IMF had our central bank present to Argentina “the barbados solution”. So we know what the downsizing will look and feel like. The unknown is where the growth will come from. Owen rode the wave of selling villas and canadian offshore. Both gone and not coming back. Stop looking back. The problem remains that this lot still have no plan to transform what we all know isnt working and got us here. We can also what 10 yrs of no plan under the dems results in. Time for a plan for growth of fx. The imf will do its thing and the only home grown aspect of it will be the presenters although i dont think many of them are home grown a few may not even be home born.
@ Mariposa September 2, 2018 9:58 AM
Are you suggesting that the figure of 4,500 as proposed by De liar Worrell) is becoming a more realistic target?
The IMF target is a figure 5,000 over 5 years.
Why not see that 1,000 as the first tranche to be drawn down this year.
Oh, BTW, the many pokies “ac”, are you in support of the government plans to privatize, divest and outsource many of its current social and commercial functions?
How can that IMF target be met without the government ridding its financial back of 20% of those parasites called the army of occupation?
It would be most interesting if the current BLP administration would be so boldly prepared to cut the BDF by 50%.
The obese rats and fearless monkeys now overrunning the former agricultural fields are looking for a real battle with other obese human beings.
@Hal Austin
“Am I right in thinking a trade unionist is saying the sacking of 1000 workers is reasonable? Is this real? I though trade unionists fought for more jobs, not fewer.”
More jobs? seriously How can you create more jobs in SOEs that are bankrupt, owing millions of dollars to various people.
We have a few on here who see their civic duty as being anti everything even if it defies common sense.
@ Brother in Arms Bush Tea
No truer words are these which you said about the upper and middle management parasites “…As a start, 1000 such positions should be TARGETED for dismissal by month-end. Those who are able to DEMONSTRATE that they have achieved targets set, to complete financial reports, and to generate profits will be retained….. ALL OTHERS FIRED…”
The ethos of having a safe government job where you can do nothing BUT STLL GET PAID EACH 26TH has to end
And end in a public activity of such magnitude that the rest of the fvckers see AND FEAR!!!
We have a few on here who see their civic duty as being anti everything even if it defies common sense(Quote)
Explain.
@DAvid
Now you should understand what searching for the diagnosis to our problem means.
David we are not fools,(at least i am not) we have a good education system I am a product of such. However i am not a kool-aid drinker.
Once being a sheep i know what the flock does and don’t do; but as part of the flock you cannot be a free thinker or a loner etc. Its not part of the flocking/herd mentality. You will be exposed and/or expelled to live u life away from the flock.
Honestly i think all of us know what our problems are.
I think the lazy ones know they are lazy. Obese ones know they are obese. The corrupt ones know the are corrupt. I can go on;
What i am saying is that although we may be part of a flock there is still a great deal of self awareness of our individual failings.
However we choose to flock(no haters in flock) with those who are like us as they refuse to tell us we need a health check or brain or attitude or integrity or productivity check-up. As this inability to offend/correct grows, thus over the decades it becomes even harder to be seen as a voice of reason or correction..
Cause who is you to tell me that i am fat/dishonest/lied/lazy/ etc. i am still loved by the flock, and you cannot change that etc, because the other members of the flock/herd will not disagree with me or back you. So out with you! We gine expell u from the flock. We therefore encourage these excuses or delusions and are proud to echoed them loudly.
“when you fool yourself your are well fooled indeed”.
If the UN secy Gen had said Barbados was a “shit hole corrupt” country instead of “punching above our weight” i am sure many will not be quoting the Secy gen as much as we had done in the past
Politician exploit this flocking or herding behaviour. That why we get the “yard fowls/political poultry” these are the self aware but the denialist.
Barbados is much bigger than any political party. What percentage of Barbados’ population are members of political parties. Yet we are convinced to the bone that this select few have all the ideas and no others can lead Barbados.
“when u fool yourself u are fooled indeed”.
If you keep looking for lunch in the restaurant’s food scraps then don’t complain about only every getting the scraps for breakfast/lunch/supper/dinner. After a while you will be unable to recognise a “well done t-bone stake” it will be foreign to ur eyesight.
We believe in this duopoly; because its the best way or the only way most bajan know of. We refuse to confront our issues because fooling ourself is preferred. There is no better job done than when “u blow your own trumpet” or “pat yourself on the back”.
In conclusion. We are a bunch of denialist. We only have mauby money in we pockets but will routinely visit the “vodka/whiskey” stand because everyone is watch we or some by-stander shouting in the wind that u should be drinking the hard stuff not mauby.
For this denialist behaviour we are to be taken to the cleaners and fleeced of our dignity and national identity; tied to a stake and beaten mercilessly until every “flocking” sheep realises that being a sheep doesn’t relieve you of your personal responsibility.
life long and propser?
Barbados needs to rid itself of parasites and megalomaniacs like octogenarian Atlee Brathwaite whose lunacy led him to believe that he is mr waterworks.In LATE MAY,(read post elections)the man named the boardroom at the new “headquarters” after himself and now it has become public knowledge he is griping in the local press that he did more for waterworks than anybody before or after him and he wants to know if his portrait ‘dat he put in day so’ up at Mount Stinkeroo where it belongs or if it in Graeme Hall swamp where it should be.#30luvinurtail
Here is a suggestion.
A) Dissolve all the board of management for each an every SOEs.
In the letters of termination of each board dont extend any congratulatory language towards any board member. Pray and beg that each of them catch them ass for it is the likes of them for where we are now.
B) Dont reconstitute any board of management; leave every SOE board less
C) Tender or Offer to the established Management firms like Deloitte, PwC EY(all the players the industry) a 2 year contract with provision for renewal to manage all the SOEs
It will be up to the contract winners to determine the number of and types of skill sets required to run all these remaining SOEs
Lets see if that brings about any change.
@BushTea maybe a proposal like that may rid us of de RH BB lawyers that run these SOEs into the reefs
These jokes over thre decagdes go we i this mess.
@David Here is the IADB’s take on our situation Note the progress made in Jamaica recently.
https://blogs.iadb.org/caribbean-dev-trends/2018/08/29/9075/
Thanks, real GDP growth has been ‘spotty’ through the decades.
How can anyone make mention of Jamaica progress without making mention of Jamaica deteoriating social enviroment
How can anyone separate the social enviroment from the economic enviroment / progress of Jamaica
Jamaica has been in an IMF program for more than thirty years and the only persons speaking of Jamaica economic progress are those whose financially benefit from the IMF policies and the technocrats of the drivers and models of the IMF programs
However when the question of Jamaica economic progress is asked of the Jamaican people the answer is always a resounding None
@ sirfuzzy
That is no solution.
The” established Management firms” bout here ain’t much better than the damn government or the private sector.
These are the VERY SAME management, accounting and auditing firms that worked with CLICO, CAHILL and BWA – while our asses were being used without vaseline….
The WHOLE point of life – the VERY concept of success – is to CHOOSE to do the right things in life (AS DICTATED BY YOUR BEST CONSCIENCE).
Anyone who conscientiously pursues such a course will receive increasing levels of ENLIGHTENMENT that actually makes them a better and better person … and an increasingly successful one too…
All it will take is for this shiite place to adopt a NATIONAL position on doing the RIGHT things – things that we ALL know to be right.
This CANNOT be handed off to outsiders, to management companies, to SOEs or even to politicians.
UNLESS we as a nation REPENT from our albino-centric, greedy, selfish, NASTY ways – and actively seek to do the RIGHT things… our collective ass is grass…. FULL STOP.
There are no alternatives…. no IMF options, …. no BERT shiite…. no alternative political options…
Unless BBE builds the house, the builders labor in vain. Unless the LORD watches over the city, the guards stand watch in vain
…and BBE CLEARLY outlines his conditions for house construction….
If my people who are called by my name would only humble themselves, and pray, and seek my face, and TURN FROM THEIR WICKED WAYS……
The reference to Jamaica’s economy on the improve is based on the most recent IMF program and the position impact it has had on he economy. The social issues started f on he 70s will obviously take time to improve.
It is unfortunate the VoB invited the president of the DLP to the talk show today but it was not promoted.
What was unfortunate was that they did not invite Caswell and his opposition leader instead.
There is nothing worse than listening to an irrelevant leader of a dead party (with the same influence as Adamson of the PDP) talking to an irrelevant pollster…
Typical Bajan move….
Steupsss
When people wanted to hear from the DLP where the hell were they…?
Just like the ex shiitehound from the Central Bank….
suddenly got nuff talk when his donkey got fired….
on a serious note:
What purpose does the board of management serve at these SOE? or what was the intended purpose of the board of management?
These SOEs were setup to allow government to be more nimble it running some areas of government activities? The Boards are no doubt setup to report to the respective minister responsible given consideration to public sector rules and regulations
http://www.nationnews.com/nationnews/news/87886/wild-coot-statutory-corporations
What purpose does the board of management serve at these SOE?
++++++++++++++++++++++++++++
Front men and women for the ministers to do their underhand deals.
Of course, the INTENT was to bring a new level of expertise, experience, professionalism and ethical behaviours to these institutions and to avoid the hamstrung traditions of the public service….
But like most things that Arthur did, we ended up with nuff fluff …and worse situations.
OBVIOUSLY those Boards should have been filled by national institutions representing professional, social and technical interests and the minister allowed ONLY one appointment on each board….
BUT…
Politics won out – and Barbados lost….. as is the usual wont.
The evidence is that the SOEs have been misused by BOTH parties to pad with their supporters. The political class read the DLP and BLP have much to answer for in this country.
@David Notice what we are learning now, two years after that harry Russel article which you shared, that the SOEs did in fact stop paying their workers NIS contributions and they also stopped paying some suppliers (causing some to close their businesses), this helped the government to fudge the true deficit numbers (given now at about 4% of GDP which is still way too high). This just helped to build up the $1.9 billion in arrears which the current government keeps referring to which includes tax returns which people cant get.
Add to that the fact that most SOE’s like Water Authority, CBC and NHC are all now bankrupt owing millions. It is so bad that MCTV had to stop stop some channels because they could not pay license fees.
We are in deeper sh*te than many of us realize.
These SOEs were setup to allow government to be more nimble it running some areas of government activities? The Boards are no doubt setup to report to the respective minister responsible given consideration to public sector rules and regulations.
so these boards are to take some strain off the central govt and the line minister in the execution of their mandate. I can accept the intent. Now what role does the management team perform?
<em>The evidence is that the SOEs have been misused by BOTH parties to pad with their supporters. The political class read the DLP and BLP have much to answer for in this country.</em>
Worse still, David, an appointment by one Minister leads to a presumption by the Opposition that one is allied to the party in power and opposed to all others, You cannot win!
@BA
You have highlighted the elephant in the room….the unknown is where the growth will come from.
This has plagued Barbados for years. And, it has become worse.
We can criticize the ‘private sector’, which was once to largely criticize our own, but no longer. While not huge, our Rum industry, save R.L.Seale is now owned by foreigners. Banks and our largest dairy owned by foreigners. Ditto for a meaningful number of hotels, and retail operations. And even with some local owned companies….the battleground is not only employment, but where and how they pay their taxes. As these taxes rise, the impetus to avoid grows. So the growth is the key.
@Jeff
Worse for the blogmaster is that when a chairman or member of a SOE Board demonstrates competence either a change in the minister and or government it necessitates a change. A total waste of resources.
Next suggestion.
Declare a state of economic emergency. Convert all the income tax returns only into GOB bonds with an appropriate maturity date and interest rate. Issue the bonds to the recipients.
These bonds are tradable so persons will be able to trade these bonds even at a reduced payment?
Is this possible or workable?
MAYBE WE CAN CONSIDER TAXING THE REVENUES? They make their revenues in Barbados? We may have to accept that we signed away our ability to collect TAXES on NET Profits by being part of the CSME etc
So TAX the Top LIne and forget the BOTTOM line. The top is usually less smelly. That is reversed thinking or batting out/in side the crease?
@ sirfuzzy
Easier suggestion….
We already made our national will…
We bequeathed our Banks and supermarkets to the Trickidadians; our utilities to the Canadians and Irish; our land to COW; our projects to baloney …. and our prison to our children.
Why not just organise a nice, moving funeral – like McCain’s?
We could get even Gabby to sing on the beach …for the last.
After all, when you have reached the end of the road
and you are no longer able to carry the load…
when life’s troubles become too much to bear
and there is no more reason to be here…
Is it not time for a really sweet funeral….
with lots of flowery speeches about punching above our weight…?
Steupsss..
It certainly beats just talking shiite while waiting to be exterminated…..
All i am saying that the touting of Jamaica economic progress is misleading as the social enviroment is a make up.of the economy which cannot be left out of any progress which jamaica would have achieved and so far Jamaica social enviroment has deteriorated to a worsening conditions and one can easily point to IMF draconian policies which have been part and parcel of the worsening conditions
Of course such mentioned to attribute IMF policies to those conditions must not be mentioned as the effect can be a cause for alarm among other nations who are on the tip of travelling the IMF patch
@David Please read this Forbes magazine article by this Economics professor from John Hopkins University. He wrote about Barbados’ situation back in June. Importantly he referred to our SOEs as “zombies”. He is correct.
Bush Tea September 2, 2018 2:26 PM
Y so pessimistic.. If you are a Hindu u may return as a COW . Maybe our ReRE is Reincarnation & Resurrection. Not to be mistake with carnage and insurrection?
@ Backooful Jack September 2, 2018 2:38 PM
Barbados currently lacks the fiscal institutions to control the budget deficits and government spending. To put its fiscal house in order, Barbados’ government should publish a national set of accounts. These should include a balance sheet of its assets and liabilities and an accrual-based annual operating statement of income and expenses. These financial statements should meet international accounting standards and should be subject to an independent audit.
This will be very hard; cause we cannot get small SOEs to publish financials on a yearly basis.
This will be very hard; cause we cannot get small SOEs to publish financials on a yearly basis.
+++++++++++++++++++++++++++++++++
Correct.
…and you ask why Bushie is a pessimist?
If you owned a business and year after year, YOUR accountant was unable to tell you your financial status..
what would you call yourself if – after twenty years – he was still not saying a pang…
The word that comes to mind is not ‘pessimist’ …
but David would get vex….
@ Bush Tea September 2, 2018 2:57 PM
Is the word? Convert like convert to a Hindu? I tcan only get better in the next iteration? We hope? 🙂
The word that comes to mind is not ‘pessimist’ …
but David would get vex….
maybe
Understanding; Patient; Nurturing; Afraid; or just maybe corrupt?
RH
Bushie once had an accountant of that ilk…
That donkey was fired so fast that consideration had to be given to calling the Fire Service to wet down the desk…
Bushie don’t mek dat kinda sport daddy….
Some judge talked some shiite too..
…best piece o’ money that the bushman ever spent.
NEVER made that same mistake of hiring an idiot again….
Thanks, it is so embarrassing to read these types of articles about Barbados state of affairs. Even more embarrassing and disappointing is that given where we are today there is still the relentless politicking.
Do not understand what the author of the article meant to say here:
Section 1. The total Barbadian debt may increase only by the approval of two-thirds of the members of the House of Assembly and the Senate.
Section 2. Any bill to levy a new tax or increase the rate or base of an existing tax shall become law only by approval of two-thirds of the members of the House of Assembly and the Senate.
The comment by sirFuzzy was deleted in error, it went to Spam.
@ NorthernObserver September 2, 2018 1:51 PM
It where they pay their taxes? Correct me if i am wrong; but u pay corporation tax only on declared net profit(audited) etc.
If we are part of the CSME and we are a law abiding member playing our usually part then we cannot back out of the CSME arrangement.
But it doesn’t mean we cannot be thinking outside the box/crease. STOP TAXING NET PROFITS. START TAXING SALES/REVENUE.
These foreign And caricom players must make their bajan revenue in Barbados. so tax the revenue.
Bush Tea September 2, 2018 3:19 PM
i am being holistic and having a bit if fun
If you tek 20 years to publish fin stmt. technically the BRA had to be complicit in the goings on? business does not operate in a vacuum so all the regulatory gate keepers had to give u a pass. beside if you wait long enuff u maybe be eligible for tax forgiveness
lol
just thinking?
@ Mariposa & Hal
You are both correct. Our educational system needs immediate reform. We cannot produce a 2018 model car on a 1918 production line .
There are some on BU talking about a “Lost Decade” when in fact we have lost five decades due to the collective mis-management of the BLPDLP.
@sirfuzzy The PM seems to be dealing with this, she appears to agree with you. Here is what she said 2 weeks ago.
http://www.nationnews.com/nationnews/news/188797/real-pm
This is what she said a day latter on outdated data in Government in general.
@ Backooful Jack September 2, 2018 4:08 PM
I have heard the words, i await the action. But to be honest what were are demanding from the SOEs is par for the course. We should have always set a reasonable level of financial reporting and demand/enforceed that the reasonable level be met.
It is coming to light that we have been our worst enemy in the economic arena.
Just saying.
IS this workable? or doable? Or is this way too outside the box/crease?
To address the inequities in the corporate tax system, all businesses competing in Barbados’ market will pay a flat tax of 10% of gross revenues in local currency received (not invoiced) with no deductions. The percentage of gross revenues received in approved foreign currency by the Central Bank, will be taxed at 0% during the first year, and 2.5% thereafter. All taxes are due within one month of the previous month’s receipts. Late payments will attract a penalty of 10% for one month. VAT and NSRL will be abolished.
Thus is taken from the Solution Barbados website. maybe this or a modified version can be used for Corp taxation.
@ sirfuzzy I heard that from Solutions Barbados before. Some analyst say it would be a bad idea in this environment and it might be a disincentive new investments.
@SFuzzy
That was the SB proposal, tax revenues. A flat tax. The more socially minded do not like that, for it places a disproportionate burden on lower revenues.
Taxing corporate profits is more of a joke each year, because they can hide income and profits in a multitude of ways. Especially if they operate in >2 locations.
The key, is the more governments piss away money, the less inclined tax payers are to contribute to the “the waste”. So they transfer to a low tax/no tax jurisdiction. They are ways around taxing revenues too, just watch Sandals. And online transactions can fuzzy where a sale occurs.
Every society needs a harmony between the various sectors.
@sirfuzzy September 2, 2018 5:59 AM
There is no natural law saying that black people are some kind of second-rate citizens and that the course of mankind cannot be changed. This is just some, but very powerful narrative. Many people and unfortunately many Barbadians believe in it.
Not only the humanitarian, but also the economic losses are immense. Oprah Winfrey in Zurich is the paradigm case. Since when do vendors refuse to sell handbags for 35,000 CHF to a woman? The only thing which really matters is the validity of the credit card and the matching ID card.
However, the kind of storm hitting Barbados has more structural than historical reasons. It is not even bound to former colonies, look at Spain and Italy, two former colonial powers. We talk since years on BU about the “solution” for all the problems. As said before in some depressive mood, I fear there is not quick solution which fits to the current configuration on this island.
@ NorthernObserver September 2, 2018 5:01 PM
In my scenario i will only be applying this “revenue tax” on the corporations. The personal income regime will remain as is.
If you tax revenue as opposed to “net profit” there is less change of moving the money around accounting gimmicks etc. i am sure some sharp accounting or legal guru will find away to lower his tax burden, but u should capture more of the tax as i think revenue is harder to disguise than profit.
if not a flat tax then have an increasing tax rate that is indexed to increased revenue. I am sure the big brins will work out the indexing structure etc. Besides govt can implement rules changes that will prohibts accountant from using all the gimmicks in their arsenal.
This is not business as usual or so we are being told. Try it and see if it does not work, if it doesn’t switch back to the old method.
@sirfuzzy That might be bad for greenfield investment.
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