IMF and Barbados Reaches Staff-Level Agreement

It is done!

It is up to Barbadians to continue to demand wage hikes, wallow in consumption behaviour and engage in the petty politics of the day. It seems the pragmatic approach is to embrace the government’s mantra read many hands make light work. Mia 100 day government has made some questionable decisions – the size of Cabinet as one example, although some  understand the political motive behind the decision.

It is crunch time people.

David, blogmaster

 

IMF Reaches Staff-Level Agreement with Barbados on an Economic Program under the Extended Fund Facility

September 7, 2018

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.
  • Staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by early October.
  • The Barbados’s Economic Recovery and Transformation Plan aims to restore macroeconomic stability and put the economy on a path of strong, sustainable and inclusive growth, while safeguarding the resilience of the financial sector.
  • The cornerstone of the program is a strong front-loaded fiscal adjustment focused on curbing current expenditure, while maintaining space for bolstering social safety nets and infrastructure spending.

At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown from August 30 to September 7, for discussions on possible IMF financial support for the Government of Barbados’s Economic Recovery and Transformation plan. At the end of the visit, Mr. van Selm made the following statement:

“I am pleased to announce that, in support of the Barbadian authorities’ economic reform program, the IMF team and the government of Barbados have reached staff-level agreement on a 48-months Extended Fund Facility, with access of SDR 208 million (equivalent to 220 percent of quota, or about US$290 million). If approved by the IMF Executive Board, SDR 35 million (about US$49 million) would be immediately available. Staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by early October.

“In the last decade, the Barbadian economy has been caught in a cycle of low growth, widening fiscal deficits and increasing debt. International reserves have dwindled to US$240 million, well below reserve adequacy levels, while central government debt has become unsustainable.

“The new government that took office in May 2018 is rapidly developing plans to address the current vulnerabilities, in close consultation with its social partners. The Barbados’s Economic Recovery and Transformation Plan aims to restore macroeconomic stability and put the economy on a path of strong, sustainable and inclusive growth, while safeguarding the resilience of the financial sector. The authorities’ fiscal consolidation program, in conjunction with the announced debt restructuring, would place debt on a clear downward trajectory. The strategy of accelerating growth focuses on attracting new investment in areas such as renewable energy, creative and artistic industries, education and health services, agro-industries, research, the international business sector, and tourism.

“The authorities’ reform program, and the important commitment of IMF resources that it entails, is a vote of confidence in Barbados’ Economic Recovery and Transformation Plan. The cornerstone of the program is a strong front-loaded fiscal adjustment focused on curbing current expenditure, while maintaining space for bolstering social safety nets and infrastructure spending. In this context, the measures to reduce government expenditures announced in late August are a critical and important first step. These measures aim to improve the efficiency and effectiveness of public services and reduce government transfers to state-owned enterprises by reviewing user fees; exploring options for mergers; and strengthening oversight. The measures should help reach a primary surplus target of 6 percent of GDP in 2019/20.

“The fiscal adjustment will be complemented by a comprehensive debt restructuring, aimed at securing meaningful debt reduction, reducing financing needs, and restoring debt sustainability. Barbados’ central government debt will be put on a clear downward path towards a target of 60 percent of GDP by 2033, from an estimated 157 percent of GDP at present. Progress being made by the authorities in furthering good-faith discussions with domestic and external creditors is welcome. Continuing open dialogue and sharing information will remain important in concluding an orderly debt restructuring process.

“The success of Barbados’ program will require an extraordinary effort and resolve on the part of the authorities and other segments of society, as well as broad international support. While the initial implementation period will be challenging, Barbados will emerge stronger and more dynamic from the program, and it will be better poised to generate growth and job creation for the people of Barbados.

“The team would like to take this opportunity to thank Barbados’ authorities and the technical team for their openness and candid discussions.”

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: Randa Elnagar
Phone: +1 202 623-7100Email: MEDIA@IMF.org

227 thoughts on “IMF and Barbados Reaches Staff-Level Agreement


  1. @ WARU September 8, 2018 2:26 PM
    “He also argued that if the bill is passed into law without the accompanying regulations, it would remain dormant for a long time.
    He suggested that the 1929 Anti-Corruption Act which is the law of the land would be still useful today were it not for its penalty provisions. Mayers noted that even in the new bill, the penalties were not a deterrent..”

    Please Cut & Paste, please don’t swallow that portion of bullshit!

    If the 1929 anti-Corruption Act would be still be useful for today’s public sector decisions involving the awarding of contracts to private sector players (given the absence of the white (British) surveillance of the Colonial Secretary and Governor why did his DLP administration go ahead and passed their own upgraded version of the same legislation against which they are now opposed?

    What were those ‘deliberating concerns’ (as being expressed now) that caused them not to proclaim the same earth-moving piece of legislation promised in January 2008 but not debated and passed in Parliament until 2012; on the eve of another set of general elections?

    Is it because they knew what they had in store for the poor taxpayers if they returned to office as it turned out to be even up to the very bitter end of the May 2018 general elections?


  2. Hants asked: Where are the graduates from BCCI,SJP & UWI go to work.

    We also need to ask where are the laid off public servants going to work?

    And now that Mia Mottley – Miss CSME Incarnate – has decided to expand to 11 – the categories of persons who can come into Barbados automatically for 6 months and live and look for work – then those graduates and those laid off public servants will have to be contending with those nationals of other CARICOM countries looking for work.

    Remember Haiti has also been allowed to Come in without a visa for 6 months.

    First Owen Arthur and now Mia Mottley have so desired the applause of their peers at the CARICOM Heads of Govt meetings,that they have continually gone out and made commitment by this country without even holding a town hall meeting.

    Why didn’t Mia address this CSME changes she is implementing now – in the many ‘Rubbing Shoulders ‘ Escapades she had when she was running up and down Bdos seeking to be prime minister.

    Why is it that Jamaica,Greneda,Antigua,St Vincent,St Lucia,Trinidad,St Kitts and all these other CARICOM countries refuse to join up with the CCJ,unless their people say yes in a referendum?

    Were barbadians even asked if we wanted to have the CCJ as our final Court of Appeal.The answer clearly is No.But to add insult to more injury – Mia with her 30 -0 mandate now wants to tighten the noose of the bajans electorate by making it more difficult to leave the CCJ.

    Mia has also signaled her intention to open up the services required by the public sector to all those persons within the CSME ,so eventually even the Civil Service which in all Caribbean Countries has largely been the preserve or the only source of hope for a Nation’s citizens – will not even have that as a saving grace.

    For those who want to foolishly say – maybe that’s a good thing to bring in these people to fix the public service – I want to remind you that historically Barbadian civil servants were always seen as the crème de la crème of the Caribbean,and were avidly sought after as policemen ,magistrates,Judges,educators etc.

    When we look around the Caribbean there is no country that can boast of a satisfactory public service not riddled with Corruption,inefficiency,lack of educational skills etc.

    We might have fallen in our standards from the 50s,60s and 70s but the Bdos Civil Service is still at the top in the Caribbean grouping.

    Was it Gabby who sang about ‘Riots in the Land’ – I hope that circumstances never force our people to go that route again.


  3. @T.Inniss September 8, 2018 6:00 PM
    Please read what I actually wrote about laying off civil servants.


  4. If a Hurricane does not affect Barbados next week it will be surprising.

    Issac should be near Barbados Wednesday or Thursday.

    You can go to the National hurricane centre or weather underground.


  5. @ Hants at 6:17 PM

    Do we not have a Social and Economic hurricane already? Why do you wish a physical hurricane as well? Hurricanes usually divert north of Barbados several hundred miles out from coast.
    .,


  6. @PLT I completely agree with you on getting electric buses from China. China is the one country which has significantly reduced the cost of electric buses by the scale of production. The Transport board recently sent out a tender to for the conversion of existing buses to electric. I don’t know if this makes any sense.


  7. Miller…as things stand I would like to see them ALL locked up for corruption…..dring back decades…..preferably in the US…they are both playing games with the people again and feeding them. a long line of bullshit AGAIN …they all should be in handcuffs and ankle bracelets just like their compadre Donville…

    ya done know I take no prisoners…


  8. 2 of the agencies that need getting rid of is the Enterprise Growth Fund and I think its Fund Express.

    The buzz word right now is developing an entreupreunerial spirit among the young people but where are they going to get funding to get their businesses off the ground.

    Sometime back there was a story on another blog site about the corrupt practices of the CEO of that agency timothy simmons and his lawyer friend Frank.

    After that info came out I felt the last government should have immediately done an audit into that agency because its track record of assisting small businesses is dismal.


  9. Backooful Jack September 8, 2018 7:12 PM

    I follow EV and RE as i find pleasure in seeing new technology being rolled out. For the most part the real economic value of using batteries or hydrogen fuel cells for transportation is not with passenger cars but in moving goods and people via buses and trucks etc.

    EV buses from china may be cheaper but not as reliable as we think. Lets us not rush to buy buses from China. There are a few North American(both canadian and US); European(Volvo MBenz Belgian and Dutch) and Indian(Tata) bus makers out there that make pretty good buses. BYD a major suppliers and leader in EV vehicle manufacture plus a Chinese bus maker recently encountered non-performance issues with some of its EV buses. The buses were unable to perform as expected.

    These issues were encountered with pilot use buses in certain North American cities were the Transport authorities have the luxury of putting these EV buses thru real time conditions before committing to longer term procurement deals etc.

    https://www.greentechmedia.com/articles/read/byds-electric-bus-woes-threaten-to-tarnish-the-broader-industry#gs.MAz4EV8

    We must also consider hydrid buses and if you want to produce more RE energy the entire roof of the bus terminals can be a PV energy source. I am not so sure about putting the modules on the roof of the physical buses as the condition on the road may not allow the bus to generate that much solar energy as the modules on the roof will probably get very soiled unless a strict cleaning regime for the buses is adhered to.

    RE and ES(energy storage) can do a lot for barbados. However; we need to understand that the new tech is available to all and sundry. Barbados will not have an advantage for too long and must proceed or plan our RE and ES future with eyes wide open and not try to sell the citizens pie in the sky expectations about what RE and ES can do for the nation. Eg Barbados more competitive etc. It takes more then just RE and ES to accomplish that goal.


  10. @T.Inniss September 8, 2018 7:46 PM
    “should have immediately done an audit into that agency because its track record of assisting small businesses is dismal”
    +++++++++++++++++++++++++
    The agency you’re trying to recall is Fund Access. You are right about the need for audits: Fund Access, Youth Entrepreneurship Scheme, BIDC, Enterprise Growth Fund, Small Hotels Investment Fund, Tourism Loan Fund, Agricultural Development Fund, Industrial Investment and Employment Fund, Innovation Fund, etc.

    It is however, a mistake to focus only on mismanagement or malfeasance… The entire development model is flawed. It makes as much sense for bureaucrats to be in charge of entrepreneurial development as it would to put truck drivers in charge of developing ballet dancers.

    Entrepreneurial development needs to be done by entrepreneurial non-profit organizations who compete with each other for the privilege of serving Barbadian entrepreneurs.


  11. The Transport board recently sent out a tender to for the conversion of existing buses to electric. I don’t know if this makes any sense

    I may make sense as you already have the bus bodies here on island and the conversion to a hybrid or BEV(battery electic vehicle)
    may allow the TB to get x more years out of the existing bus bodies.

    From what i understand a bus commercial life is about 12 years with out a major tear-down and rebuild. If you are rebuilding and gong back to diesel the economic looks different than if u going to hybrid-ev or battery-ev.

    Also one of the major selling points on BEV buses is lower maintenance cost. vehicles propelled by electric motors have around 30%(tech dependent) less drive train parts than ICE propelled vehicles. That is 30% less parts to replace or service or stock in a parts warehouse. From the look of things the EV buses drive trains will be very modular. In theory modular things are easier to diagnose and thus replace/repair. That could lead to an increase in unit availability. We know the TB has a fleet of idle buses at Weymouth; each in need of parts etc.

    Also if TB decided to go hybrid with natural gas as the fuel; the NatGas is a local fuel less subject to world market price fluctuations etc; actually the TB may experience a stable fuel price that will make the economics of the transport sector a different animal.

    There is much to be learned if done correctly. A proper analysis of the BEV or Hybrid buses for the TB needs to be done; and a honest cold non partisan decision taken on whether the TB goes BEV or Hybrid or not at all.


  12. @sirfuzzy (i was a sheep some years ago; not a sheep anymore) September 8, 2018 8:14 PM
    I do not think that the Transport Board owns any vehicles that are newer than 12 years old, so equipping them with electric drive trains is the sort of thing that Matthew 9:17 warned us against. “Neither do men put new wine into old bottles: else the bottles break, and the wine runneth out, and the bottles perish…”


  13. @PLT

    All new public service vehicles must be electric. These are easy to source from China https://www.made-in-china.com/products-search/hot-china-products/Electric_Bus.html. It would also be easy to purchase the chassis, motors and batteries from China and construct the bodies in Barbados.

    Dont be so quick with running to China to purchase your buses.

    https://www.greentechmedia.com/articles/read/byds-electric-bus-woes-threaten-to-tarnish-the-broader-industry#gs.MAz4EV8

    BEV buses are still more costly then ICE counterparts. We don’t have theluxury of being too wrong in our purchasing decisions; we need to look at all the available reliable EV-Bus makers and see what is the best buses for us given our unique environment..


  14. @ peterlawrencethompson September 8, 2018 8:21 PM

    I think u missed my point or i was not an a good communicator.
    The 12 years is a diesel bus. The body or chassis is not useless. After 12 years many of the buses in North America are often sold to a School district for the transport of the schools children.

    However the 12 old older bus may be rebuilt; but the engine need a complete overhaul etc. So u may overhaul the bus but replace the drive train. Making the bus a BEV or Hybrid.

    I think u may need to escape your box/foxhole on this occasion to see what i am talking about. There are a few companies that are into the conversion of vehicles from ICE to hybrid or BEV; or that provide electric drive/power trains for these conversions..

    its doable and the economics is there otherwise(someone crunched the numbers) the conversions would not be done in the first place.


  15. Sir Fuzzy, PLT,

    Electrical drives also need maintenaince. And we all know that Barbadian public servants or workers at SOEs are unable and unwilling to maintain anything. Look at the supreme court, look at the other public buildings, look at the buses, look at everything in the hands of the public service. They do not care and do not know it better.

    The shrinking of the public service is not a political question anymore. It is out of the hands of the Barbadian population, a population still too arrogant, like the Taliban unwilling for any change, too demotivated for work and focused on the lavish and expensive American lifestyle.

    We will face an adjustment next year dictated by the necessity of the international capital market.

    The Barbadian opera with all its excuses, badgets, titles and entitlements will be over very soon. The donkey will replace the SUV, healthy local food the unhealthy American fast food.


  16. The whole discussion about the bus fares simply demonstrates that the Barbadian population is completely out of touch with reality. 90% of the Barbadian masses still think that some creditor or foreign nation like China owes them some money because they feel they are very, very special and have a natural right to a living standard far above their productivity and their means.


  17. “Foolish me forgot yardfowls are never kept in the loop and are always on BU pretending to be in the know, the pattern is being extended by Enuff the yardfowl…from the previous government’s yardfowls…history repeating itself…straight to the next election…”

    Your default response–yardfowl,. Hahahaaaaaaaaa!


  18. @ Tron September 8, 2018 8:51 PM

    I agree with mainly becuase i am a bajan and knows what is allowed to happen with “maintenance”. No or litle maintenance is par for the course bout hay.

    Have you ever tried getting persons in your household to reduce electricity consumption? The easiest way would be to expect that they share your desire to reduce the consumption and will all fall in line. Reality is that the usually dont and rebel at every suggestion why they must change. So to reduce the bill you change the old light bulbs to LEDs. You know they will practise the bad habits but it will be less costly bad habit. LED use about 40% of the othe light bulbs. You have to work around the ailment, in a way that you see progress even without their cooperation.

    Everyone appears to see the benefits of privatising the TB but what are he pitfalls of a privately owned and run “public transport system”

    If you are honest you will see that they maybe pitfalls; to national development in putting all the psv in private hands, given the propensity for bajun to tale bribes etc. The perfect picture that we paint of public transport in private hands maybe a dose of “hornswoggle”.


  19. @Tron & sirfuzzy,
    I understand that the Transport Board will not maintain electric buses any better than their diesel ones, which is why I said that the entire company must be dissolved. They are saddled with $170 million in debt and cannot be anything but a millstone around taxpayers necks.

    A main reason that I am an advocate of electric vehicles is that they do not require transmissions and so the drive-train is radically simplified. I hope you are right Tron that some bus bodies can be re-powered, but the ones I see in my neck of the woods look very dilapidated. In any case we have local companies that can build bus bodies.


  20. @ peterlawrencethompson September 8, 2018 9:34 PM

    I agree 100% that everything in Barbados must run on electricity combined with solar energy. Bim has the sun, so use it!

    Barbados needs such new ideas. Business as usual is not working anymore.


  21. Among the pitfalls of a public transportation system which is in the private sector are:
    * the spread of the dysfunctional ZR culture. This can be addressed with technology by every vehicle being equipped with GPS tracking in real time then disciplining drivers for speeding or dragging. The vehicles should also have tamper proof dashcams as well as interior cameras and any misbehavior punished with real sanctions that include job loss.
    * poor service on unprofitable routes. This must be dealt with by tracking usage on a per passenger basis and structuring the licences so that access to busy routes is contingent on agreeing to maintain service levels on those with low ridership. This means that a driver would have to know several routes and would not know from week to week which route he would be driving.


  22. @ Tron September 8, 2018 9:35 PM

    That one way; but you have not solved the issue or problem, u have solved another issue.

    Your solution is $5000.00 plus

    A true solution is no money at all. Cause what i am asking is for a change of attitude and a buy in into energy conservation.

    In a,, humourous way u have indicated how govt would solve issue; spend a lot of money to make the appearance of the issue go away. If little Johnie does not have an axe he cannot cut down the tree; but if lil Johnie see the benefits of not cutting down the trees you have a convert for life. Otherwise Johnie is just waiting until he can get another axe or another tool to cut down your trees.


  23. @ peterlawrencethompson September 8, 2018 9:49 PM

    What u propose is icing on a cake and of a secondary nature.

    First and foremost, we just need the ruthless and impartial enforcement of the laws we on the book. A quicker judicial process woul d help too; but that is another issue.

    if you think about it any infringement of the GPS provided evidence still needs enforcement. We got enuff laws there that we can start he clean up.

    poor service on unprofitable routes.” Money talks bs walks. No PSV will run a route to lose money. I can see the creation/extension of routes that encompass low rider ship areas.

    Before we dun away with the TB we need to have the conversation regarding areas of the country that needs a level of public transport service that allow the resident there to be productive contributors to the national economy. I “guess no taxation with out representation” maybe the cry of person in those areas where a bus/psv no longer travels.

    Actually i had a proposal on how we can use the insurance industry to help us clean up the PSVs and remove some of the bad apples. it would be adding money to the insurance companies via policy income and with the reduction of claims becua eof fewer bad drivers less claims. The insurance companies will automatically vet driver and assign a risk to them or deny them; thus dont some of the work of that the courts and police now do.

    Again a degree of ruthless and impartial enforcement is still required to make this work as well.


  24. TD MyAdvantage is a usage-based insurance savings program that is 100% voluntary and free. The safer you drive, the more you could save!

    The program collects and analyzes driving data such as acceleration, braking, speeding, cornering, and time of day, and assigns a driving score for each trip.


  25. a) Make it mandatory for psv drivers to buy “drivers insurance”
    b) make it mandatory that the PSV owner shall own allow “insured psv driver t operate psv
    c) The BRA will only renew or issue new permits for psv drivers after producing the insurance certificate

    c) As the insurance industry collects data on accidents and such like from the police; accident investigators; and concerned citizens the insurance will be in possession of a profile on each driver. Eventually the insurance company will act if he/she is a higher risk based on historically data collected n the driver. The insurabce will a

    1) increase the driver’s premium to aling with the risk he posses
    2) refuses to offer him/her any insurance cover
    3) mandate that the driver satisfies them via educational courses that he/she should be insured
    The driver that does not curb his bad habits will have high insurance rates and/or no insurance cover and/or undertake driver educations classes with certification in order to get insurance

    4) PSV owner will face prison time for knowingly/permitting an uninsured person to operate a psv belong to them. The period of time in jail would be equivalent to the number of days the psv driver drove without insurance.

    5) Have the psv driver and conductors if applicable share any fine that is levied on the psv because both the driver and conductor are responsible the bus when on the route.


  26. I hope we all realize that the goals set by the IMF, will not materialize until 2033. That means at least three full election cycles. On this blog , Hal Austin, Bush Tea and others, have been suggesting, that we need big ideas. For example, Hal in a brilliant piece suggested the complete transformation of the entire area encompassing Roebuck Street/ Weymouth.
    It is nothing short of pathetic that we are actually singing the praises of visionless leaders , who are now taking us , on our third visit to the IMF. It is even more pathetic when David and others, feel proud parroting these jokers, who have collectively taken into the pit hole of economic mismangement and failure.
    This IMF program is doomed to failure. Even if by some accident or stroke of luck, the operation is successful, the patient will still die !
    We have now reached the sorry stage where we welcome the thrill of defeat.


  27. @ David
    The first step to success is to be in control of your own destiny. For the next fifteen years, we will be controlled by international loan sharks. No weak pitiful response from you will alter the fact that this is our third visit to the IMF since we became independent in 1966.
    It is a sad indictment of those who were supposed to make us “ craftsmen of our fate”.


  28. David your weak response is telling that this govt has no other way out to save people and country from further economic disaster which sure will come as govt options become more limited borne on IMF policies subjected mostly for the people to bear
    The 30-0 defeat should be etched in the minds of this govt that people voted for better and not for bitter
    This govt has pursued a path which would benefit a few while the vast majority would be crying belly hurt for a long time
    290million in the reserves if having a govt with vision for people and country would have been enough to stave this country out of the hands of international bandits
    Barbados problems can not be solve by another round of borrowing under the guise of outside loan agencies trying to help and whose agenda is to solely collect what they are owed
    Mia made a promise to put money in the peoples hand
    But then again a promise is a comfort to a fool and many were fooled
    The 1000 to be layed off is another foolish promise which in time would not be kept as the IMF demands timely payments which barbados would be unable to keep unless visionary minds find a way forward to create growth
    On another note barbados tourist industry would be in for a long haul if it can survive the additional taxes an industry which has been the bread and butter of barbados economy
    Sooner rather than later the unemployment levels would begin to rise as the heavy taxation takes its toll on the industry and other carribbean island take advantage of the a open window of taxation on the industry to entice tourist to their country


    • Whatever happens the DLP had their 10 years without success, now the other half of the duopoly will do their thing. For how long?


  29. @William,

    The infrastructural development of Roebuck Street is not the only oversight in BERT; it goes further: part of the mantra of our macroeecono0mic problems is foreign reserves – even David of BU repeat s it like a religious pray that he is snot fully cognizant of. However, I have proposed a pooled CARICOM-wide foreign reserve fund, taking the burden of any shocks from the shoulders of any individual nation-state. In any civilised society this idea would have been debated, even if dismissed, by policymakers. Not in Barbados; there is total silence.
    I also suggested a complete review of the NIS, ring-fencing the existing fund, turning it in to a Sovereign Wealth Fund, and creating a new compulsory national savings vehicle with access at three key points: university fees, marriage, home-ownership and death. Again, silence.
    I am familiar enough with Barbadian culture to know that if an idea is outside their comfort zone they remain quiet, rather than show their ignorance. Instead of discussing the new idea, the new Mottley-led BLP administration has opted to extend the appointment f the chairman of the NIS as a member of the central bank. You just cannot make it up. I suppose with a PhD in maths at least he can count.
    I also suggested bulldozing and rebuilding the City slums, and was again ignored apart from @PLT who want to know here the money was going to come from. This from a financial economic expert who daily writes funding applications for NGOs.
    Fi9nally, with an expert such as Professor Avinash Persaud as a key economics adviser, this government has ignored the obvious need fore a Barbados domiciled bank (financialisation is the key to funding and it helps to bypass the foreign-owned banks), and even new retail savings and investment vehicles – with the appropriate fiscal incentivisation.
    @William, BERT is a still birth. Barbados is a failed state.


  30. If anybody wanted an indication of how Mia Mottley intended to run the country, then her first big step of giving all her MPs a ministers salary and then give her family and friends a nice pick – was a clear sign that she was not concerned with the state of the economy and her ultimate aim is to play politics to safeguard her position as Prime minister.

    The particular time that we are in calls for a leader who is willing to put country first – over and above political survival.

    Mia Mottley IS NOT THAT LEADER.

    The old people had a saying – once you start bad you will end bad.


  31. David it is not as easy as saying “whatever happens” what should be happening is a govt laying claim to have or creating a growth plan which can help the people bear some of the burden and not this shooting fish in the barrell mentality
    People voted for better not bitter and the path on which this country has been placed is for bitter
    Mia states that the country owes over a billion dollars in debt the question therefore should be asked how would the shortfall be paid only after receiving 290million from the IMF and people pockets being emptied because of further taxing and increased consumer prices
    Where is the vision coming from this govt on saving barbados household from further economic downfall.
    In a country of 275 thousand people the govt can not expect or depend on such few occupants to pull such a debt laden wagon all by themselves


    • What should be happening is the setting aside of petty politics and the parking of the silliness adversarial policies continue to force us down the gully gutter.


  32. “I have proposed a pooled CARICOM-wide foreign reserve fund, taking the burden of any shocks from the shoulders of any individual nation-state.In any civilised society this idea would have been debated, even if dismissed, by policymakers. Not in Barbados; there is total silence.”

    Ok……… you made the point that your idea was not debated in Barbados.

    However, the fact you mentioned CARICOM and “any individual nation-state,” it is reasonable to conclude your proposal was also meant to include other CARICOM member states.

    Did you extend your proposal to the governments of the other CARICOM member states?

    And if you did, could you provide BU with the names of those islands ……..and if you are aware if the proposal was debated by the “policymakers” of those islands?


  33. “Remember you agreed with Mia that 175 % is our Debt To GDP.Now the IMF HAS GIVEN US THE TRUE FIGURE AND ITS REALLY 157 % DEBT TO GDP.”

    T. Inniss

    I believe you should take PUDRYR’s advice and do a bit of research before posting your partisan rhetoric. If you had undertaken the relevant research, you would have known the IMF’s 157% debt to GDP ratio excludes “domestic debt” or government liabilities, such as accumulated VAT and income tax refunds.


  34. We will see adjustments to the plan in 6 – 12 months since the current propositions won´t work.

    However, there is a big difference between PM MAM and past MoF Big Sinck. Whereas Sinckler believed in his decimals and brassbowlery, she is determined and intelligent enough to see the failure and to know how to fix it. She will act accordingly and will release more civil servants into the wilderness and will devalue the highly overrated BBD.

    Remember: This is at least a 4-year-adventure. BERT is just the beginning. NOBERT and STARVEBERT will follow.


  35. Tron,

    Since March the Bajan dollar has appreciated by eight per cent. I know we make it up as we go along, but how can you default, on the one hand, and ignore a currency appreciation, on the other. What is more, our biggest tourism market is the UK; the dollar has appreciated against the pound sterling. What has BERT to say about this or is he asleep?


  36. Hal,

    BERT does not address many problems which needs fixing, amongst them the value of the BBD internally and externally.

    The articial peg takes the monetary policy out of Barbadian hands. The local elite forces the Barbadian economy to swallow an economic policy via the peg which is specifically made for the United States of America and not for a tiny island in the Caribbean.

    We face a higher price of local tourism in Bim´s most import market and new taxes on tourism. The perfect storm for another recession.

    If Barbadians wish a peg for monetary security they should consider a mix of currencies. I do not know what devil instructed Barrow to set a peg of 2:1 to the USD. However, we both know that Barbadians are too conservative to correct the failure. It is all about national pride and never about prudence.


  37. @ David September 9, 2018 10:57 AM

    Compare inflation in USA and BB.

    Revaluation in favour of the BBD occured in 1986, 1990, 1993-96, 1998-2004, 2014-16. Devaluation 1980-85, 1987-89, 1991/92, 1997 and the long phase between 2005 and 2013 and again since 2017. The nine years between 2005 and 2013 destroyed Bim´s competitiveness, given the high delta between Barbadian and US inflation.

    As said before, the IMF plan does not address the problem of a currency peg, but different rates of inflation. Barbadian Central Bank could use the interest rate as a tool, but its scope is limited since Central bank cannot influence the external value of its own currency. What a madness.

    Barbados is an American colony in economic terms.


  38. David

    Have you seen Prof Michael Howard’s article in todays Sunday Sun?

    Can you post that as a blog as a balance to your last IMF article


    • @T.Inniss

      If he sends it to BU for publish sure. You must have observed that the columns posted on BU are sent by the authors and many if not all will post a comment from time to time.


  39. i’m with Tron as usual and surprisingly also with HA. our dollar should be pegged to the currencies of the people we sell to (UK, Canada, EC) not the people we buy from, but be aware that right now the USD peg is protecting us from inflation. we are not seeing the inflation other countries are because the USD is “rising”, when that stops, and it will, we will get the full force of a word economy that is humming, with full employment in all developed countries and for the first time in 10 years rising real wages in those countries. high inflation will follow, coupled with our high rate of taxes, and an IMF 15 year austerity plan, it will be devastating on those on fixed incomes and lower paid workers. i would like to see govt reinstate the tax credit to protect the poor who actually work.


  40. Tron and PLT all of these solutions point to the same problem a poorly managed country and civil service. the coconut vendors and ZR drivers do show that bajans can still hustle, and that needs to be encouraged and rewarded, just regulated and managed much much better, as should our courts, and every other entity that government has control over. give all govt buildings to the NIS, to rent to govt, give the taxpayers back our money that the govt has proven they cant manage. same with everything else that they have bought with our money. stick to regulation and enforcement. let bajans get back to the hustle we had. let the rich nations be socialists, we can’t afford the wastage. get rid of all of it. 1hr in a line to “renew” my ability to drive, to hear that i got to come back because the camera isn’t working, how about 1c per lt on gas and i never have to come back.


  41. BA,

    I agree that Barbadians could show a good work ethic and could be good businessmen – provided they are not overtaxed and demotivated by too many regulations. We all know there is a huge and efficient black market in Barbados for goods and services with payments on offshore accounts.

    However, Barbados is falling down the ladder of the Ease of Doing Business Index during the last five years. If you look through the many statutes and the list of all commissions on this island, you realize how many regulations are in Barbados, most not enforced at all, but overall they strangle private initiative.

    A tiny island, a microstate must make its own way. Barbados cannot afford to be a “Little America” or “Little England”. We need simple, but reliable solutions, fitting the small size of the population, the hot tropical environment and the local culture.

    Wealth comes from a growing private business, not from creating more public entitlements and hiring more civil servants. The categorical error of the Barbadian society of the present era is the belief that big government is good for the country. In this respect, Barbados shares the fate of most countries in South America.


  42. Comprehensive Debt Restructuring
    BBD Debt Exchange Offer INDIVIDUALS
    Government of Barbados
    7 September 2018

    Introduction
    On 7 September 2018, the Government of Barbados (GoB) announced the launch of an exchange offer open to holders of Barbados dollar-denominated debt issued by the GoB and certain state-owned enterprises (SOEs), as part of its Comprehensive Debt Restructuring. The restructuring is a central pillar of the economic reform and rehabilitation programme that is being supported by the International Monetary Fund through a four-year Extended Fund Facility.
    This document sets out the terms of the exchange offer that apply to Individuals holding Treasury Bills, Treasury Notes, and Debentures issued by the GoB. Savings Bonds are excluded from this exchange offer as they do not fall within the scope of the Comprehensive Debt Restructuring.
    All holders of Treasury Bills, Treasury Notes, Debentures, loans and bonds owed by the GoB, and loans and bonds owed by SOEs and other entities that receive transfers from the state budget (“Affected Debt”) will receive letters during the course of the week commencing 10 September 2018 providing further details of the exchange offer, as well as instructions for participating in the exchange offer. The relevant acceptance forms must be submitted by holders of the Affected Debt no later than 5:00pm, on Friday 28 September 2018. It is expected that the new debt instruments (“Exchange Instruments”) will be issued to participating holders by the end of October 2018.
    2

    Pensioners
    Definition:
    Affected Debt: Exchange Instrument :
    Accrued Interest: Interest Rate:
    All individuals who are of a pensionable age AND are receiving pension benefits as of 1 September 2018
    Holdings in ALL outstanding series of Treasury Bills, Treasury Notes, and Debentures issued by the Government of Barbados
    Affected debt to be exchanged for 11 Series A amortising strips issued by the Government of Barbados, with maturities of 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 years; combined face value of strips will equal that of Affected Debt exchanged, plus accrued interest (see below)
    Capitalised through to 30 September 2018 and added to principal
    ❖ 1.0% per annum for first 3 years ❖ 2.5% per annum for year 4
    ❖ 3.75% to maturity
    Interest Payment:
    Quarterly
    3

    Pensioners (continued)
    Principal Repayment:
    Allocation of Aggregate Principal Amount Amongst Strips:
    Each of the 11 strips will be repaid in equal quarterly principal installments beginning 31 December, 2019
    5-Year: 7.49% 6-Year: 7.78% 7-Year: 8.07% 8-Year: 8.38% 9-Year: 8.70% 10-Year: 9.03% 11-Year: 9.37% 12-Year: 9.72% 13-Year: 10.10% 14-Year: 10.48% 15-Year: 10.88%
    4

    All Other Individuals
    Definition:
    Affected Debt: Exchange Instrument :
    Accrued Interest: Interest Rate:
    1) All individuals who are NOT of a pensionable age and 2) individuals who are NOT receiving pension benefits as of 1 September 2018
    Holdings in ALL outstanding series of Treasury Bills, Notes, and Debentures issued by the Government of Barbados
    Affected debt to be exchanged for 11 Series A amortising strips issued by the Government of Barbados, with maturities of 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 years; combined face value of strips will equal that of Affected Debt exchanged, plus accrued interest (see below)
    Capitalised through to 30 September 2018 and added to principal
    ❖ 1.0% per annum for first 3 years ❖ 2.5% per annum for year 4
    ❖ 3.75% to maturity
    Interest Payment:
    Quarterly
    5

    All Other Individuals (continued)
    Principal Repayment:
    Allocation of Aggregate Principal Amount Amongst Strips:
    The principal of each strip will be repaid in four equal quarterly instalments commencing one year prior to the maturity date of that strip
    5-Year: 7.49% 6-Year: 7.78% 7-Year: 8.07% 8-Year: 8.38% 9-Year: 8.70% 10-Year: 9.03% 11-Year: 9.37% 12-Year: 9.72% 13-Year: 10.10% 14-Year: 10.48% 15-Year: 10.88%
    6

    Natural Disaster Clause
    The Exchange Instruments to be issued to individuals as part of the GoB’s exchange offer will include a clause that would offer both creditors and the Government some protection against future debt distress caused by a major natural disaster.
    This ‘natural disaster’ clause would allow for the capitalisation of interest and the deferral of scheduled amortisations falling due over a two-year period following the occurrence of a major natural disaster. The trigger for a natural disaster ‘event’ would be a payout to the Government above a predetermined threshold by the Caribbean Catastrophe Risk Insurance Facility (CCRIF), under the Government’s catastrophe insurance policy.
    Full details will be provided in the letters to holders of the Affected Debt.


  43. It’s very ironic that for close to ten years of articles in the Nation newspaper,Ambassador Dr. Clyde Mascoll, was writing that we cannot tax our way out of or fiscal dilemma and now he engineers, an agreement with the IMF, that essentially places us in fifteen years of economic slavery, to one of the most vicious tools of imperialism.
    This means when all of the pretty talk is over; our sovereignty , has been compromised for nearly twenty years of our independence when we would have added , the previous two trips to the IMF.
    It further means, that we are not producing problem solvers but an intellectually mendicant form of citizen, on whom public university underwriting is a colossal waste of money.
    In the meantime , we have an alarming shortage of nurses which seriously undermines our struggling public health sector because we all know that with the proliferation of privately owned mini- hospitals and the modern diversification of medical services, our trained health personnel will be more attracted to the private health sector.
    Yet, an over enthusiastic government will still pretend that we can open polyclinics for twenty four hours, just to score some unnecessary political points. Our entire socio economic policy , is headed to total disaster.
    This is the path that we embarked on about forty years ago. A deviant political class empowered by and empowering a greedy unpatriotic private sector.
    It is therefore nothing short of disgraceful, that hard working Barbadians, some working for less than three hundred dollars per week are being labeled as lazy and unproductive while others are living high of the hog and not reinvesting one single penny of profits in the country.
    Time for the unvarnished truth. Time to deal with the real issues and stop the campaigning. On all sides. Barbados deserves and can do better.


    • You live in the US right?

      You understand that what is stated on the campaign trail often conflicts with what is done once government is achieved? Stop with the naive position. It is an attribute of our adversarial system of government.


  44. David

    You keep making that statement that what is said on the campaign trail always conflict with governance,Is it that you have no problem with it or;

    Have you accepted it and think we should just move on?

    It seems to me that if we want politicians to change we have to condemn that sort of OPEN LYING TO THE ELECTORATE DURING ELECTIONS -BECAUSE THERE ARE GUILLIBLE PEOPLE WHO GENUINELY BELIEVE THESE STATEMENTS.

    Would you have had the same approach if it was the Dems.Be careful how you answer because there are old posts available?

    If people don’t call out Mia on the crap she is doing ,like they often called out the last government – then don’t be crying crocodile tears when you reap what you sow.
    ;


  45. T. Iniss,

    What is said on the campaign trail and in the party manifesto forms a compact with the people. If government cannot fulfil its promises then it is obliged to explain why. But this is Barbados where the ruling elite treats ordinary people with contempt.


  46. Hal

    Exactly.That’s why we cannot condone it ‘when its my party in power’ and criticize when its not.

    If we cannot take politicians at their word when they are applying for the job – then how can we trust them once they have acquired power?


  47. Given the history….
    Only an idiot would take the position…or even consider seriously… that political campaign rhetoric “forms a compact with the people”.
    It is PURE shiite talk…. then the winning politicians get down to their short term, self-focussed, albino-centric agendas.
    They NOTABLY do not EVER prosecute the previous bunch …who they accused of illegal activities.
    THAT ALONE speaks volumes….
    Only Caswell would have been different….

    A completely different approach is needed if any kind of national success can be expected…
    Alternatively….. grass!!!


  48. @ Hal

    Floating the BBD against a basket of (carefully thought out) currencies makes some sense.

    What is your view on Barbados formally joining the OECS sub region? From the outside looking in, they seem to be doing a reasonable job with their institutions.


    • @Bush Tea

      It is too early to have this conversation. Political parties are in the business to win elections. They will say what they have to, to win the susceptible minds of the electorate. It is a universal position. Is is right that this happens? Of course not. You have these idiots who come on the blog with idealistic positions.

      A shortcoming of the system of governance we practice is that everyone has a vote, even the ignorant. Many have voted and will continue to vote contra to what the tenets of the democracy we practice encourage. This is the ‘gap’ that we will have to manage as long as we shall live.


  49. @ David

    Out of a deep respect for BU, I have chosen to ignore your childish responses on many occasions.
    It is becoming quite apparent that you believe that everybody is blinded by the nonsense that has passed for proper governance and fiscal responsibility since the mid 70s.
    If you and others chose to believe that all the socio economic ills of Barbados commenced between 2008 and 2018, you are free to embrace such thinking.
    For your information, it is now over fifty years ,that I have taken more than a passing interest in our island state. I did not and do not consider basically inferior parliamentarians from either side of the isle my political idols. With the exception of Comrade Trevor Prescod, I have never seen any as connected to any deep ideology nor philosophy. To put it very mildly,they are nothing more than a collective group of rampant political opportunists, who cannot really take this or any other country to any sustainable level of progress.
    If you consider campaign and manifesto promises to be nothing more than bullshit, you will fit right in with them. The DLP needs candidates. I suggest ,very strongly ,that you find a suitable constituency. You belong to the same band of infidels-BLPDLP.


    • @William

      You are free to post what is on your mind, no offense will be taken. The blogmaster is not thin skin like a few on here. Comments are childish because they conflict with those held by you? You have the solutions do you? A pity you were not able to have your position resonate with the wider public before you had to leave Barbados.


  50. Man David you seem ready and able to come up with all kind of Bull d.hit excuses for present govt
    A govt that made promises to put money in the “poor” people pocket
    But now that the rubber hit the ground the poor are the most being asked to pull the overladen wagon of debt
    You ought to be ashamed of endorsing such policy and should now be demanding govt create a growth path to stave off further economic warfare on the poor and vulnerable
    Sometime in Oct this govt would be rolling out another phase of incentives/policies to pay barbados debt i will be watching to hear what part of the burden govt will share by rolling out policies which would no.longer take more money out of the taxpayer pocket
    I will remain firm that the default button did nothing absolutely nothing to stave off further economic destruction of the barbadian household
    This govt promise better but all barbadians living home or abroad is receiving bitter


  51. @ T.Inniss September 10, 2018 6:57 AM
    “It seems to me that if we want politicians to change we have to condemn that sort of OPEN LYING TO THE ELECTORATE DURING ELECTIONS -BECAUSE THERE ARE GUILLIBLE PEOPLE WHO GENUINELY BELIEVE THESE STATEMENTS.
    Would you have had the same approach if it was the Dems.Be careful how you answer because there are old posts available?
    If people don’t call out Mia on the crap she is doing ,like they often called out the last government – then don’t be crying crocodile tears when you reap what you sow.”

    So where was your electronic voice on BU when your deceitful lying party (DLP) was promising Bajans that a DLP administration would never layoff people from the public sector or make their children pay tuition fees for a UWI education?
    Where are the garbage trucks promised to the people as a justification for the NSRL?

    Was it (your voice of protest) speaking via the ‘broken records’ of “Fractured BLP”, “AC”’ “The Trini” lawyer woman and Maureen Holder in the LEC war waged against MAM?

    Like your recently dismissed lying party, the people will soon get rid of the MAM Bees as they did to the Owen Bees in January 2008 by swallowing a litany of lies from the now dead Bajan prince of propaganda falsely encased in a promise to make a difference and wrapped in the jingoistic mantra labeled: “ Pathways to Progress”.

    Here is a blast from the recent Stuart & Stinkliar (SS) DLP past of blatant lies and propaganda (BLP):
    “This Manifesto envisions a Barbados that is
    socially balanced, economically viable,
    environmentally sound and characterized by
    good governance.”


  52. @ David September 9, 2018 11:00 PM

    Help me here Daivd. Please decipher or translate that post. In to plain layman’s english.


  53. @ David
    You note I only referred to your responses as “ childish”. That had more to do with your new found hobby of reminding me where I do or do not live. I assure you that like you I don’t believe that has anything to do with anything. Hence it is childish.
    A few hours ago you told me to stop being naive.
    I am still not referring to you as a JA, RH or idiot. That is how you normally reply to others who differ from you. In fact on one occasion, you called me a JA because I differed from you on some position.
    It is now obvious to many on this blog that you have decided to be a mouthpiece for the decadent political class. So your message is “resonating” quite loudly.
    I assure you that twenty six years later, I still stand by the manifesto I actually signed because the NDP considered it a social contract. The fact that my message did not resonate with the electorate is unimportant. At least a message that I believed in was presented.
    Unlike you, my brother, I don’t take the masses of my country as toys to be played with for cheap political gain.
    I prefer to fail trying something I believe in than to be reduced as a loud speaker for others.
    But I do give you credit , as I stated in BU about a fortnight ago, that you give as well as you get. So do I my brother.
    At least you should recognize by now, that I do reserve some respect for you by this lengthy response.
    Long live BU. It is a light in this time of darkness. How ironic.
    There is hope……..


  54. T. Inniss,

    Political parties publish manifestoes, Green papers, White papers, consultative document etc as part of the negotiations with the voting public. They do not do it because they like paying printers lots of money. In mature societies they are held to those promises. In the fractured US, even under Trump, part of the narrative is still abut what he promised the electorate during the presidential campaign.
    In Barbados, we do things differently. Many illiterate and semi-literate, a good number of them lawyers, believe somehow that they have the answers to the world’ problems. They do not, an do not even understand what the problems are. It is the reason why they tolerate mediocrity.
    They come on BU anonymously and spout nonsense, go back to their rum and sit back waiting to kick the bucket. If you object, they return to tell you of their property portfolios and savings. This is Barbados at its best.


  55. My two cents worth . i could not help but think of David response by way of identifying a blogger place of residence as totally disrespectful and out of order
    I also believes he is becoming dangerously close to a breach of trust.
    A trust by way of agreement between administrator and blogger when blogger agreed to sign on to the BU website


  56. @ Mariposa September 10, 2018 9:24 AM

    How about your incessantly recent backing of the nonsense spewed by Hal Austin against the MAM baby administration and who nauseatingly calls for the identification of those anonymous bloggers like you, ac T.Inniss et al?

    Should David the blogmaster of BU also remove your Mariposa mask to reveal your deceitful lying poorly pruned yellow-belly yard-fowl feathers to shallow Hal?


  57. This is “not business as usual”. So says the BLP as they embark on “their new course” of governance. Are they serious or is that a major PR stunt. Time will tell?

    If they want buy in from the ppl. “not business as usual” must mean something tangible”; that is seen heard and felt.
    You the BLP cannot be taken seriously and will not be taken seriously if you and/or your agents are telling us that governing is different than campaigning. Especially if you are gave me the impression that you and everyone should take your utterances seriously. Did you boldfacedly lie to me?

    @David No if this is not business as usually as spoken by the BLP then it is not business as usual. The tangible actions coming from the BLP at a party and administration level must indicate this. Because if you continue to put doubts in the minds of the citizens why should they buy into the “not business as usual” if all they are seeing and feeling and knowing that “it is business as usual”.

    We know hypocrites walk the width and breadth of this island. We find them in all places from high to low. Let (the BLP) prove to the citizens that at least they are 29 less hypocrites in the HoA. and 12 less in the Senate This will be a massive improvement as they were 30 in the previous parliament(HOA) and at least 12 in the Senate.

    As a citizen I wait with bated breath and mouth wide for the purifying and cleansing and fresh air that should breathe new life into Barbados; to be emitted from the Houses of Parliament and Roebuck street as a matter of priority

    I live in hope


  58. @ Hal
    The Mighty Sparrow, many moons ago, said : “ We like it so”
    That is why we are here this morning , after 52 years of independence and three trips to the IMF, praising our being able to get a loan from those international loan sharks.
    It means that any baby born today, was given birth in the cradle of international imperialist forces and will hopefully escape at age fifteen.
    That is where we are today and lo and behold we behaving as if we just found oil.
    We like um so…………….
    On to 2033. Little David , blow on your IMF horn. Blow boy blow……..


  59. David September 9, 2018 11:00 PM

    Comprehensive Debt Restructuring
    BBD Debt Exchange Offer INDIVIDUALS
    Government of Barbados
    7 September 2018
    

    Decipher this post whichis a c&p of a govt release.


  60. Shoot Miller have yuh not notice the numerous times David has recklessly pulled the agreement button to identify me to all and sundry on BU
    Expect with so many of us he cant get it right
    Lol


  61. (quote) It is too early to have this conversation. Political parties are in the business to win elections. They will say what they have to, to win the susceptible minds of the electorate. It is a universal position. Is is right that this happens? Of course not. You have these idiots who come on the blog with idealistic positions.

    A shortcoming of the system of governance we practice is that everyone has a vote, even the ignorant. Many have voted and will continue to vote contra to what the tenets of the democracy we practice encourage. This is the ‘gap’ that we will have to manage as long as we shall live. (quote)

    @ David,

    Then why the need for “transparency” or “integrity” legislation. Cuss we dun know we elected a bunch of liars and thieves and foxes to guard the hen house(treasury) So they steal a few chicken once in awhile but that is par for the course and that’s what liar and thieves and foxes do right?

    (Quote) Of course not. You have these idiots who come on the blog with idealistic positions. (quote) So true we got nuff nuff nuff on this blog that think just so. The sad reality is that we also appear to have 29 and 12 in the houses of parliament that are as idealistic as the bloggers on BU. WTF?

    Morale of the story “WTF” do u expected from idealistic ppl? Good governance and honest ppl? WTF do u expected from politicians? Good Governance and honest ppl? WTF do you expect from citizens? Good behaviour and honest ppl? Apparent we expect a lot when we are promised a lot from politicians(liars, thieves etc).

    Therfore, who The F…. k are we fooling when we planting yams and expect/want to reap cassava. The WE is US! You cannot lead anyone to a place you have never been. Stop calling yourself a leader and admit that we one this journey together and neither of us have a road map.

    Just my take.


    • @sirFuzzy

      In a few words, there is a list with checkboxes to be ticked to be of good standing with the establishment.


  62. The BLP should have used their last 3 years in opposition to prepare a comprehensive plan to govern,

    Let us be typical Bajans and give them more time to ?


  63. Human being are both idealistic and realistic at the same time. We preach honest is the best policy, in the meantime we have the police to prosecute breaches of bad behavior and the judiciary to give everyone a fair shake at justice and prison for the convicted.

    So don’t bash the idealistic among us. Actually this democracy is a experiment in idealism.


  64. The blp in opposition had no time to make plans which would have decrease the defecit
    There only interest was winning but like the dog who chased a wagon filled with food when he finally got the wagon looked and thought how do i handle all this food now
    Blp plan was made up of marches
    Rubbing shoulders all now presented to the people in a PR game plan called Watch me Now


  65. @Backooful Jack 4.45pm
    They don’t have all the answers, but can you imagine the former administration even attempting to provide answers? I am still waiting on CS and RS to address Clearwater Bay and the Four Seasons boondoggle as promised.

    @ac
    I give you an “A” for consistency. Reading your spin is better than comedy hour. You find that letter yet?


  66. People are the only true asset of a small nation.
    Therefore the populace must be Educated according to the country’s needs. This approach has worked in Singapore, Malta, Mauritius, Estonia, Bermuda et al small nations.. Bajans must be encouraged and directed into areas that will be able to find properly paid work / careers. Bim does not require 500 Socioligists, Political Scientists or Lawyers per year so we must encourage students to take Accounting / Business, Computers / IT, Trades people etc where Bim currently imports people. We must also plan for which careers we will have requirements for in the future.

    Leaders must focus on engendering a Social Partnership and Cooperation between Workers, Government and Employers. Bajans must be told that the only way out of the current Economic and Financial mess is for everyone to seriously ask themselves what President JF Kennedy said over 58 years ago,”Ask not what your country can do for you, but what you can do for your country.” Bajans should be encouraged to work hard and stop this attitude, especially in some Ministries, that “I only wukking 2 hrs / day”. That attitude must change because we have to put our collective shoulders to the grindstone.

    Bajan Leaders should be researching what is working for these successful small nations and why, how it applies to the next 25-50 years and what Bim can adapt and adopt. Here are a couple rough notes on what these other nations are conducting:

    Bermuda has an excellent reputation in Financial areas, they are currently moving into BlockChain applications for Mutual funds and many other areas. What is Bim doing? Bermuda has one natural advantage location. 2-3 hrs from NY, TO etc and 7-8 hrs from London but Bim is warmer all year. Their new PM is only 38 but has a Masters in IT and Business, he is driving Bermuda to success. We need our Bajans with IT experience internationally to help eg PLT. Bermuda plans so that the majority of Jobs go to Bermudans.

    Military / Harvard grad in NYC is taking retail young people ie barristas et al that make $20,000 / yr and within 11 months have them writing computer code and making $85k / yr. Why once we have decided what areas of IT etc we are going to pursue can we not develop crash courses to quickly educate and / or Retrain our people?

    Estonia very high tech. Why? How are they approaching?

    We can quickly learn much and implement solutions to turn Bim from the retrogression of the previous 10+++years if we are serious about transforming and making a quantum leap.


  67. Thank you very much for your comment on Bermuda after James Greene told us on BU that Bermuda was in the same mess as Barbados. What fake news!


  68. @Moneybrain
    A++
    That is a master plan.that Barbados can follow.
    Harnessing the future through the one resource that we have … brains.
    It is devoid of B, D, Black and white


  69. Tron, what I said specifically on Bermuda is correct , I am not saying that everything in Bermuda is going well. Our leaders must see what other small countries are doing very well, understanding what they are NOT doing well could also be instructive although we should know much about that aspect in Bim.

    One thing those on BU may want to consider is to stop fighting amongst ourselves and appreciate that we can work together to resurrect Bim. The world does not really care about us, so we have to focus on future success.


    • The learning from the Jamaica austerity experience dating from the 70s is the need for stakeholders to sign from the same song sheet.


  70. @MoneyBrain September 15, 2018 3:14 PM

    It’s not fair of you to compare Barbados with those other small developing states like Bermuda.

    Those other countries have a thread of discipline and law enforcement which runs right through their social fabric that can be no longer found in Bim today; although they have not spent so much of their GDP on so-called free education.

    Just look at the reckless littering of the streets and open lots and tell us if that would ever occur so consistently in a place like Singapore or Bermuda with impunity

    Maybe it’s your fault (and other ‘white’ blokes like you) for abandoning your place of birth only to make room for shit to float to the top of the leadership barrel.


  71. @ MoneyBrain

    Sometimes when you chaps come here and start sharing out the coolaid de ole man does run far causing of de diabetes that wunna encouraging.

    Just listen to you though …”…Leaders must focus on engendering a Social Partnership and Cooperation between Workers, Government and Employers…”

    Then you continue quite sexily with “…Why once we have decided what areas of IT etc we are going to pursue can we not develop crash courses to quickly educate and / or Retrain our people?…”

    But you are not alone with these sexy statements and here is the BIDC’s wrap sheet for a crime yet to be committed, sorry their BIDC’s conference writeup reads “…Innovate Barbados is an immersive event that brings learning, creativity, inspiration, networking and fun into one singular experience.

    Currently in its third year, Innovate Barbados has become the hot spot for creative problem solving, a gateway through which innovative solutions are engineered for a smart and sustainable future, a place where business and creativity collide and ideas become solutions….”

    I just want any one of you koolaid sharing hosts to give de ole man a document which clearly outlines the IT Intellectual Protection Policy of the Government of Barbados and any one of its ministries INCLUDING THE BIDC.

    In fact since this has been a week of disclosures I would challenge anyone at BIDC to upload a signed contract from the said BIDC of an existing contract (denuded of course)

    Steupseeeeee wunna is not ready for any such partnerships and will not be ready for another 15 years.

    You sorry Barbados, do not honour Intellectual Property but unlike the Chinese who steal IP just like you guys AT LEAST THEY PRODUCE SOMETHING THAT GENERATES FOREX.

    You steal a man’s purse and produce trash (the generic you of course heheheheheheheh)


  72. Miller and Piece,
    Wunna dont want me to stay in Bim or leave!!! Hold me culpable for either decision!

    Bajans have lost their discipline, that is the foundation of a multitude of our problems. True leaders would never
    have encouraged indiscipline. My friends uncle is a master mechanic for large vehicles like Buses, so he went down to Bim on holiday and having learned that TB had maintenance problems thought he would passby one morning. He found a total mess, incompetent people and processes eg he mentioned why they did not have 2-3 spare engines that could be dropped into buses easily so the bus would be back on the road quickly while the engine is being worked on—they did not know how to do that????? I would bet much $$$$ that many Depts of Govt are damaged in the same way, the old time fellas that knew their thing all retired / dead out now and those in charge dont have a clue because of poor leadership. We know this is so because of flooding, sewage, disjointed activity at Licencing dept etc etc.Sensible leaders will tell workers the truth, we have to be disciplined and competent. They would also DEVELOP the workers cababilities.

    Piece, U are a good man but the Diabetes got yuh verging on coma or wha? I dont know what the BIDC are conducting, I dont mek or drink de coolaid never trusted the contents prefer coconut water from the shell better for de back. all I know is that Bim is way behind where we should be. I am sure that there are fellas writing up nufty sweet sounding material at various Agencies / Depts BUT are they actually executing well thought out plans? Do these people have experience or just degrees without top flight experience? Talked with a Senator a few years ago and he admitted to me that they are too many fellas with MBAs that dont really know the tricks of the trade. The type of planning that is required involves Total Coordination at decent speed ie Bim has to make decisions effectively and efficiently with alacrity eg When Bermuda thought about Blockchain they had the necessary legislation ready in short order, it fit with Educational standards to employ Bermudans, it fit with upholding Bermuda as a credible financial centre etc.

    Bajans have much effort to put forth to get to where we should already be. There are many good examples of success globally all we need to do is think it through and then take unified ACTION it is much easier to turn around a small well built boat than an aircraft carrier.


  73. “It’s not fair of you to compare Barbados with those other small developing states…”

    Correct. Plus, ‘small’ is relative. Singapore is considered small (population about 20 times Bdos). Estonia, Mauritius both over 1 M inhabitants.
    Estonia and Malta are part of the EU. Bermuda is a dependency of the UK, etc.
    So comparing Bdos to these countries without digging deeper into the historic and geopolitical contexts falls short.

    The question is, which countries are Barbados peer group? Independent, microstate ( < 500,000 population,say; < 500 sq. km) ex-colony, …

    Yes Barbados could learn much from a Singapore or an Estonia. But a direct apples to apples comparison would be unfair.


  74. Naturally, one would take relative size into account but the principles of how to think, research, strategise and plan are critical. Sir Winston Churchill said “Plans mean nothing, but the process of proper planning means everything”. Mike Tyson said, “they come into the ring with a game plan but one good hard punch changes everything!”.

    Singapore was much less populated 40 yrs ago, they now have more than 1 million economic migrants alone. We should be researching Singapore of 40-50 years ago and then coming to today BUT taking many aspects that are significantly different into account. The critical question is exactly what did they conduct? How did they develop integrated solutions? Bim must move away from Corruption —how did Singapore et al do this? How did they enhance the Education system for all? What was the attitude encouraged by the leadership? Why did they insist on 2 yrs Military Service—hint— it was not just defence but instilling Discipline! Bim should be insisting on developing youth NOT allowing the boyz pun de block to do as they like—put them in the military but dont teach them how to shoot until they prove a change in their attitude! Educate / Train the youth for careers and productive lives appropriate to their abilities and to the Nation’s needs.

    Why attempt to reinvent the wheel???? Research, comprehend, adapt and adopt.


  75. Regarding the tie of the Bds $ to the US$ it maybe worth considering that the US$ is very high relative to the other global currencies and Gold maybe there is a benefit to changing to a basket approach, but I am not a Macro Economic professional. As an investment person I would be looking to a change in the US$, as it is too high versus many currencies and Gold, so at some p[oint in the next couple years the trade should be Sell US$ buy Gold and maybe other currencies eg Chinese Yuan. Trees still do not grow to the sky! Please note that China, Russia, India et al dont really appreciate the hegemonic nature of the US$ as reserve currency and want to diminish its relevance.

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