IMF Approves Extended Fund Facility for Barbados

IMF Press Release No:18/370

IMF Executive Board Approves US$290 million Extended Arrangement Under the Extended Fund Facility for Barbados

October 1, 2018

  • The IMF supported program aims to help Barbados: restore debt sustainability, strengthen the external position, and improve growth prospects.
  • Approval of the program allows for the immediate disbursement of about US$49 million immediately.
  • A comprehensive debt restructuring will complement the fiscal consolidation. The authorities have identified parameters that would provide debt relief without jeopardizing financial stability.

On October 1, 2018, the Executive Board of the International Monetary Fund (IMF) approved a four-year Extended Arrangement under the Extended Fund Facility (EFF) for Barbados for an amount equivalent to SDR 208 million (about US$290 million, or 220 percent of Barbados’s quota in the IMF). The Board’s decision enables the authorities to purchase the equivalent of SDR 35 million (or about US$49 million) immediately. The remainder will be available upon successful completion of seven semiannual reviews.

The EFF-supported program aims to help Barbados: restore debt sustainability, strengthen the external position, and improve growth prospects. Upfront fiscal consolidation, meaningful debt restructuring, and structural measures to support growth should put debt on a clear downward trajectory. The program will seek to protect vulnerable groups through strengthened social safety nets.

Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said:

“The Barbadian authorities have developed a homegrown economic program to address longstanding challenges, which will be supported under the IMF’s Extended Fund Facility. Over the last decade, Barbados’s economy has experienced low growth, while fiscal and external imbalances have gradually widened to reach an unsustainable situation, with very high debt and very low reserves. The authorities’ reform program seeks to address these challenges with a combination of front-loaded fiscal consolidation, measures to boost growth, and debt restructuring, while protecting social spending.

“Fiscal consolidation is key to the adjustment effort. The authorities aim to increase the primary surplus to 6 percent of GDP in FY2019/20 and maintain it at that level for several years thereafter. Reducing transfers to state-owned enterprises will be key in reaching the primary surplus targets. The program aims to reduce these transfers with a combination of much stronger oversight of state-owned enterprises, improved reporting, cost reduction, revenue enhancement, and mergers and divestment. A planned comprehensive review of tax policies is expected to lead to improvements in the tax system. The adoption of a fiscal rule and reforms in public financial management will help sustain the fiscal reform effort.

“A comprehensive debt restructuring will complement the fiscal consolidation. The authorities have identified parameters that would provide debt relief without jeopardizing financial stability, and an exchange offer for domestic debt (Barbados dollar-denominated) to private creditors was launched on September 7, 2018. The proposed debt restructuring includes features, including a natural disaster clause, that are expected to help the authorities stay current on their future debt obligations. It is important to continue good faith negotiations with domestic and external creditors.

“Bold structural reforms are needed to improve Barbados’s growth potential and competitiveness. There is significant room for improvement in key business facilitation processes, including speeding up the process for providing construction permits and faster clearing of goods through customs.

Adequate social spending and an improved safety net are key priorities for the program. Targeted reforms, to be pursued in close collaboration with development partners, aim at improving the efficiency and effectiveness of social spending.”

ANNEX

Recent Developments

A new government that took office in May 2018 has inherited a precarious economic situation. Over the last decade, Barbados’ economy has experienced very low growth, and fiscal and external imbalances have gradually led to an unsustainable situation, with very high debt, and very low reserves. Public debt has increased to 157 percent of GDP, while international reserves dropped to 5-6 weeks of import coverage.

Although the fiscal deficit has decreased over the last few years, it remains large, at about 4 percent of GDP in FY2017/18. In 2017 and early 2018, the economy slowed owing to measure taken by the previous government to tighten the fiscal stance and uncertainty about the road ahead, with the Central Bank of Barbados (CBB) reporting a contraction of 0.6 percent in the first half of 2018 (over the same period last year).

The new government announced a comprehensive debt restructuring, including commercial external debt and treasury bills, on June 1, 2018. Significant progress has been made in discussions with domestic and external creditors, and an exchange offer for domestic debt (Barbados dollar-denominated) was launched on September 7, 2018.

Program Summary

Key element of the authorities’ homegrown economic reform program are:

(i) upfront fiscal adjustment: the authorities aim to increase the primary surplus by 2½ percent of GDP to reach 6 percent of GDP in 2019/20 and maintain it at that level for several years thereafter, while protecting vulnerable groups through strengthened social safety nets. Adjustment measures include reduced transfers to state-owned enterprises, higher taxes on tourism, and increased personal income tax and corporate income tax rate rates. The fiscal adjustment effort will be supported by the adoption of a fiscal rule, and Public Financial Management (PFM) reforms.

(ii) reform of state-owned enterprises (SOEs). At 7½ percent of GDP, transfers from the central government to state-owned enterprises are very high, and a major contributor to fiscal risks. The program aims to reduce transfers by about 2 percentage points of GDP, by a combination of much stronger oversight of SOEs, supported by improved reporting; cost reduction, including reduction of the wage bill; revenue enhancement, including an increase in user fees; and mergers and divestment.

(iii) structural reforms to support growth. The program seeks to address weaknesses in the business climate, including slow processes for obtaining construction permits, getting electricity, and registering property, and will include financial and labor market liberalization policies.

Table 1. Barbados: Selected Economic, Financial, and Social Indicators
I. Social and Demographic Indicators (most recent year)
Population (2016 est., thousand) 280.4 Adult literacy rate 99.7
Per capita GDP (2016 est., US$ thousand) 17.8 Poverty rate (individual, 2010) 19.3
Life expectancy at birth in years (2013) 75.3 Gini coefficient (2010) 47.0
Rank in UNDP Development Index (2014) 57 Unemployment rate (2016 est.) 9.9
Main products, services and exports: tourism, financial services, rum, sugar, and chemicals.
II. Economic Indicators
Est. Projection
2015 2016 2017 2018 2019
(Annual percentage change)
Output, prices, and employment
Real GDP 2.2 2.3 -0.2 -0.5 -0.1
CPI inflation (average) -1.1 1.5 4.4 4.2 0.8
CPI inflation (end of period) -2.5 3.8 6.6 0.0 1.4
External sector
Exports of goods and services 3.2 6.6 0.8 2.9 2.8
Imports of goods and services -3.9 0.2 -0.4 4.3 3.1
Real effective exchange rate (average) 8.0 0.9 2.5
Money and credit
Net domestic assets 3.0 7.1 2.6 1.7 3.1
Of which: Private sector credit 0.5 1.1 3.0 1.0 3.5
Broad money 3.7 3.6 -0.6 3.0 4.7
(In percent of GDP, unless otherwise indicated)
CG Public finances (fiscal year) 1/
Revenue and grants 25.9 28.2 28.4 29.6 31.1
Expenditure 34.9 33.6 32.7 30.9 28.5
Fiscal Balance -9.1 -5.3 -4.3 -1.3 2.6
Interest Expenditure 7.1 7.6 7.6 4.7 3.4
Primary Balance -2.0 2.2 3.3 3.3 6.0
Public Debt (fiscal year) 1/
Central gov’t gross debt (incl. guaranteed and arrears) 146.7 149.1 157.3 123.6 116.7
External 33.9 31.2 28.3 26.9 25.9
Domestic 112.8 117.9 129.0 96.8 90.8
Balance of payments
Current account balance -6.1 -4.3 -3.8 -3.1 -3.4
Capital and financial account balance 4.5 0.8 0.8 5.4 6.8
o/w Public Sector -0.8 -1.8 -1.4 2.0 3.2
o/w IMF disbursement 0.0 0.0 0.0 0.9 1.9
Private Sector 5.4 2.6 2.2 3.4 3.6
o/w FDI 5.5 3.4 3.1 3.4 3.6
Net Errors and Omissions 0.0 1.0 0.3 0.0 0.0
Overall balance -1.6 -2.5 -2.6 2.2 3.4
Memorandum items:
Exchange rate (BDS$/US$) 2.0 2.0 2.0
Gross international reserves (US$ million) 478.4 358.5 227.7 342.0 516.7
In months of imports of G&S 2.8 2.1 1.3 1.9 2.8
In percent of ARA 105.3 72.6 43.8 65.8 95.1
Nominal GDP, CY (BDS$ millions) 9,451 9,681 9,979 10,343 10,414
Nominal GDP, FY (BDS$ millions) 9,509 9,756 10,070 10,361 10,480
Sources: Barbados authorities; UNDP Human Development Report; Barbados Country Assessment of Living Conditions 2010 (December 2012); and Fund staff estimates and projections.
1/ Fiscal year is from April to March.
IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

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

197 comments

  • Truth you claim you are a BLP supporter and writing such rubbish,the DLP will continue to be in the spotlight as it is their piss poor policies which have us inthis deep hole.Therefore unfortunately for Dems like Mariposa ,T Inniss,Piece ,and yourself we will remind you of your past regularly on this blog .You are a Dem based on your contributions on here ,so you could try fooling others not me,and you all will not get a free pass,on the problems ,the government are currently facing because of as Mr Artur called them,the wild boys poor performance so if that offends you tough.The government did what the Dems should have done since 2013 by going to the IMF,but they were concerned with their survival ,talking about the Economy was turning the corner ,which corner Truth?.The ex PM stated he wanted to create history well he certainly did,not one damn seat.Therefore the economy did not get this way overnight and I believe it will take years to recover ,so for all the doom and gloomers on here,,give the policies time to see if they work or not,before rushing to judgement,that is being reasonable.

    Like

  • “One has to question if it is prudent for a patriotic Barbadians to attempt to dissuade others in the diaspora not to invest in Barbados”
    +++++++++++++

    A fool and his money are soon parted.

    What is patriotic about throwing good money after bad?

    Like

  • Lorenzo,

    “I believe it will take years to recover” …

    A very capable national and international senior manager from this island, known to everybody and OSA´s paladine told me in 2013(!) days before the elections it “will take ten to twenty years to undo the damage done by Thompson and Sinckler”.

    We might disagree about items like the size of the cabinet or the civil service or the missing strategy for growth and forex in BERT. However, even if PM MAM would follow here a more aggressive course, she still faces one of the highest debt loads, a completely demotivated public service, a judiciary, a COP and a DPP refusing to do their job and a decayed infrastructure.

    Barbadians must learn to understand that the island is not going through some little recession but that the Barbados Dollar has already devalued internally, that the cash cow called offshore financial industry is dead, that the export industry is dead as well, that the foreign banks are looking for buyers and that the acquisition of international loans with low interest to swap existing obligations plus dealing with the furious international creditors is a very complicated task.

    In other words, Barbados is in a worse position than any Caribbean island hit by one or two CAT 5 hurricanes.

    We have to wait at least five years for an adequate judgement of present gov policies. Every positive or negative comment about present economic and fiscal policies is provisional (including mine) and sometimes just political noise.

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster

    You said and I quote

    “…One has to question if it is prudent for a patriotic Barbadians to attempt to dissuade others in the diaspora not to invest in Barbados…”

    You just assuredly!

    Look at these optics!

    You open the House of Assembly with 5 drug lords!

    You change the constitution to import 3 bajans and make them senators.

    You immediately give yourself a salary increase.

    You then put 26 ministers and over 100 cunsultants to run de cuntry

    In spite if all these increases you then go to the IMF for Emergency funds.

    You give pensioners an increase which you lik up with all the increased taxes.

    You then put US$75 on the tickets of tourists coming to Barbados

    And you asking me, me ? of all bajans, me? if it is patriotic to highlight why bajans need to stop and such investment in Barbados ?

    “…Why beauty hath fled to Brutish Beasts, and men have lost their reason…”

    Like

  • One has to question if it is prudent for a patriotic Barbadians to attempt to dissuade others in the diaspora not to invest in Barbados.(Quote)

    To paraphrase Oscar Wilde, patriotism is the virtue of the vicious. I would advise any overseas Barbadian not to invest in local investment products unless they are properly structured. Loyalty is not a good enough reason for investing. It is the easiest way to lose your money.
    Loyalty cannot replace competence.

    Like

  • Piece….funny, not ha, ha funny that you should post the below image though..and before the smart asses start, orthodontists do some wonderful work these days, in case yall don’t know..

    I just had some work done in my mouth and I can truthfully say…it cost a freaking fortune, much more by double than replacing the roof of a house…

    ….that type of abuse of people could cause someone robbed by government ministers in Barbados to black out on one of them.

    My dentist just made a joke and said, “so the front tooth is a little shaky, would you like me to remove it”

    .. well he is still kicking himself that he said something like that to me, so just imagine a government minister TIEFING my investment money..and I am looking like the dude in the image… before I knew my teeth were going to start to shaking and foolishly invested my money with thieves who are owned by other thieves.

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster

    Let us have a man to man talk.

    Patriotism for the most part, particularly in these West Indian states, has devolved into what we see west indies cricket as, me-ism.

    You have no Barrows nor Williamses nor Burnhams nor Manleys no more leading any nationalist agendas but a bunch of get rich kids who, like the MP for St Peter said in his inauguration speech “are no longer civil servants”

    But it is a thing most strange when clowns and suck pooch specialists are revered in the operations of your country and the real performers are enemies of the state.

    Yet EVEN THOUGH YOU ARE AWARE OF THESE TRUTHS you level the claim of the coolaid drinkers and abdicate the same principles that are plastered over this site.

    How can YOU SPECIFICALLY MAKE ANY SUCH ACCUSATIONS ABOUT PATRIOTISM knowing what you know David?

    Doesn’t a bile come to your mouth much like an indignation that says “wunna wrong to do so and so?”

    Tell me Honourable Blogmaster if any emotion causes you to say “hold on a second, this thing is intrinsically wrong ” and I David King cannot be a part of it.”

    Today they are coming for the Jews and you are quiet, remember soon they will come for you.

    Mark my words…

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance please with an item for you thank you

    Like

  • Productivity ? I doan have to read and spell fuh wunna

    ” Barbados Water Authority Communications Specialist Joy-Ann Haigh (left) and Acting Senior Superintendent Grantley Phillips, viewing a hole in the road at Rollins Road Brittons Hill, St Michael, which is in dire need of being reinstated.”

    https://www.barbadosadvocate.com/sites/barbadosadvocate.com/files/styles/large/public/field/image/web-Haigh.jpg?itok=PwOo94Nl

    Like

  • Truth will set you Free

    @ Lorenzo

    You and the likes of you is why I have a distaste for many Bajans, because I identify myself as a BLP supporter doesn’t mean I have become brain dead.

    I cuss both B and DLP Political parties leadership when they are doing shite.

    I am an independent thinker first and BLP party supporter second.

    I don’t speak for myself as I make a lot of money in my Profession and not in Barbados Mickey mouse dollars either.

    I care more about the local Barbados Masses who are sufferings and a continuance of more of the same shite that has the island in it’s current despicable position.

    Like

  • Truth I mash your corns too bad as I do not give two hoots who you dislike as in my view you are a fraud ,pretending to support the Bees yet defending the two known Dems on here and attacking ,Enuff and myself which is your right.However you cannot dispute nothing I stated about the past DLP Government,headed by in my opinion the worst PM and Finance Minister in Barbados political history,who have almost destroyed Barbados,but you want to zero in on this 4 month old government and give the Dems who put us in this position a free pass,it ain,t going to happen,so you could lump it or like it.Personally I and most Bajans know we have a long difficult road ahead where difficult decisions which should have been made by the Dems ,now have to be made,and it will take years to recover .This situation did not happen overnight and it will not be solved overnight,but most Bajans in my view are willing to give this government,s policies time to see if they work or fail.

    Like

  • Past gov got beat 30-0 .the presnt govt (blp) said they can fix everdam thing
    Mia hut the ground running
    First she gave her family and friends huge tax waivers. ..Fix..
    The she proceeded to unilaterally defaulted on govt debt…Fix
    Then all the promises she made she fid not make….Fix..
    She removed the NSRL..Fix
    Increased taxation….Fix

    Like

  • Truth will set you Free

    @ Lorenzo

    You want everyone to be pooch lickers like you.

    You could not have read all my comments on BU as you would have seen I am not tolerant of the corruption and mismanagement in either party.

    I cannot support George Payne, and Dale Marshall same as I cannot support Michael Carrington, Dennis Lowe, Michael Lashley, Chris Sinckler etc.

    The immediate 5 percent pay raise for the Politicians within first 3 months and the screwing of the elderly and others who bought Barbados Government Bonds in good faith.

    The large Cabinet of 26 Ministers is a joke which is more than some countries with a population in excess of 10 million versus 280 thousand locally.

    The island of Barbados didn’t get $15 Billion in Debt by itself it was done by Politicians in both DLP and BLP some who were there in Owen Arthur’s Government and now in this current.

    You are so idiotic that I must be a DEM because I don’t toe the line that is how the Masses have been tricked whilst the Politicians and their cohorts continue to play the divide and rule whilst lining their pockets going on for over 30 years.

    I have never voted DLP #JAs.

    Like

  • pieceuhderockyeahright

    @ Truth Will Set You Free

    And this is what they fear more than anything….

    The emergence of men and women who, irrespective of whether those in power are B or D, these men and women will challenge and speak out

    And will not fear them, nor back down irrespective of which lawyer or doctor or retired judge they send.

    This is the Moral Wave that MIA MAO MUGABE MOTTLEY is starting to realise is a growing movement

    They are seeing it here on Barbados Underground

    They are seeing it in the local Blogosphere

    They are seeing it in the Diaspora

    They are hearing the real moves and shakes responding openly.

    And THEY ARE AFRAID.

    The people of Barbados AFTER MAY 25TH note that I did not say 24th are a different people.

    And this has all of them afraid.

    Every day you come here and notice that the voices have changed.

    Yes you still have the old pensioners, like me, who ent got no life, and want to be the Leader of the Opposition cause a fellow whose name I shall no longer speak called me so.

    And others of the usual suspects.

    But behold a miracle!

    Now we have local bajans and diaspora dwellers “talking” and Talking de real deal.

    A man pun my job ent calling me that derogatory n word BUT MY PROMOTION PROSPECTS AND INCOME EARNING OPPORTUNITIES are limited cause he hate my guts in the castle of my skin.

    Yet you coming to me in Canada, Amurica and Englant and trying to trick me and tell me trade in my 401K account for Mickey Mouse dollars cause that is what people who are patriots do.

    You Mia fail to realize what drives a stranger in a strange land.

    You had it good all this time pun dat rock in Barbados where wunna does run game pun black people in wunna kangaroo courts.

    What some of us experience in a year you have never seen in your life of sheltered privilege in 10.

    Now you got game and fancy political slogans for west Indians who in the middle of Equal Opportunity and Minority Quotas and non visible segregation education institutions!

    Girl you jes come town wide your games.

    Yes Watch This Wave grow Mottley.

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance please with an item here thank you

    Like

  • Past gov got beat 30-0 .the present govt (blp) said they can fix every dam thing
    Mia hit the ground running
    First she gave her family and friends huge tax waivers. ..Fix..
    The she proceeded to unilaterally defaulted on govt debt…Fix
    Then all the promises she made she did not make….Fix..
    She removed the NSRL..Fix
    Increased taxation….Fix

    Like

  • Truth I seem to have you rattled,you can call me pooch licker or anything you like ,I will call you as I see you and the dems like you will not get any free pass or sympathy from me.You still with all your fancy language not disputed anything I have said,in my contribution ,therefore go join your ex ministers on the political dumpheap hopefully for another 20 years.As for
    piece I do not know about Ms Mottley anthe BLP,but there is nothing you can say that would frighten me ,it would take 100 shite conspiracy theorists like you to do so.As I stated to you you do not own this blog and certainly do not impress me with your daily drivel or cartoons so reel and come again,as nobody have not elected you to run the affairs of the country.Hopefully you got another 20 years to to come up with conspiracy theories.

    Like

  • Truth will set you Free

    @ Piece
    You had it good all this time pun dat rock in Barbados where wunna does run game pun black people in wunna kangaroo courts.
    xxxxxxxxxxxxxxxxxxxxxx

    Very very observant.

    Like

  • Truth will set you Free

    @ Lorenzo

    This will be my last and final response to you on BU.

    In the USA for example Elected individuals such as Republican or Democrat Senator may disagree with a policy or certain positions by their Party and may choose to vote against a Bill sponsored and supported by the majority of their Party.

    It doesn’t make the individual a sell out or become a member of the opposite party.

    It is what is called Democracy not what goes on in Banana Republic third world Barbados to control the Masses.

    Barbados’ educational system has failed if people can see corruption and mismanagement and still drink the poisoned Koolaid year after year with musical chairs of DLP and BLP.

    Like

  • pieceuhderockyeahright

    @ Truth will Set You Free

    I see that you arrived at the very same position that I have as it relates to the very same 2 actors.

    They cease to exist for the very same reasons.

    That is the nature of the myopic reasoning of these two administrations.

    They are followed by pooch lickers who love to be all up in the Mugabe and Fumble faeces so hard that you wonder how they drive their cars to work on a day.

    You highlight the fact that the constitution was changed for 3 people AND IT BECOMES A CONSPIRACY THEORY!

    You point out that the salaries of 26 ministers were simultaneously increased at a time that we are begging the IMF for operating cash AND IT IS A CONSPIRACY THEORY!

    You highlight the fact that all the taxes levies on poor people make pension increases NULL &VOID and it becomes A CONSPIRACY THEORY!

    You highlight the fact that the 1933 Enabling Act of Mia Mao Mugabe Mottley heralds in Brown Shirt Powers and nullifies the rights of citizens AND YES, IT IS A CONSPIRACY THEORY!

    You highlight the fact that government is forcing the Bitcoin MMoney platform of the very same senator it changed the constitution for into the throat of bajans, and IT IS A CONSPIRACY THEORY!!

    You mention the fact that this government have rewritten the laws and forced people to take a compulsory reduction on government bonds, AND IT IS A CONSPIRACY THEORY!

    Mind you this is the same government that said the Sandiford 8% decrease was unlawful and changed the laws so that could never happen again AND THAT IS A CONSPIRACY THEORY!!

    YOU MENTION THAT SEVERAL OF THE IMPORTED CUNTSULTANTS HAVE BEEN HIRED UNDER “DUAL CONTRACTS” and that is a CONSPIRACY THEORY!!

    De grandson going create a series call the CONSPIRACY THEORY cartoon line that is going to highlight every single one of those CONSPIRACY theories for the general public and let’s see how they do.

    Each one of the Stoopid Cartoons is going to be sponsored by the IMF.

    Let us see how this is going to pan out for us all.

    Like

  • @ the Honourable Blogmaster

    Your assistance please with an general item written to Truth Will Set You Free which speaks to the matter of dissent and how such is construed by the Mottleyian Accolytes euphemism for pooc% suckers who know who they are

    Like

  • @ Truth Will Set You Free

    In the submission that will find its way here soon what de ole man’s granson has done is devoted a Stoopid Cartoon to each one of the Conspiracy Theories that the Government of Chairman Mia Mao Mugabe Mottley is purported to have effected during the last 120 days of her rule and the Book of Mao Conspiracy Theories will soon be featured at a Theatre Near You

    Here is the Cover of the magazine

    Like

  • Can’t stop a COW from grazing and getting fat.

    “C.O. Williams Construction Ltd and Indra Inc are contracted to fix the roads and Betson Consulted was selected as the supervisory consulting firm for the project.”

    Like

  • ” So, yes, he [Cherry] has been a part of that assistance in the sense that he has provided equipment to do that,” he said.

    “But we have also used our own jetting equipment and other jetting equipment and other haulers as well. So he is just part of a whole solution,” he added.”

    https://barbadostoday.bb/2018/10/05/a-major-breakthrough/

    Like

  • So you would recall that the first conspiracy surrounds this matter namely

    One has highlighted the fact that the Barbados Constitution was changed for 3 people of whom one is Rawdone AND THAT HAS NOW BECOME “A CONSPIRACY THEORY”!

    And here is that Stoopid Cartoon sponsored by the other IMFF – Indiscriminate MoneySpending for Fun agency

    No it is not the IMF (international Monetary Fund) the one that has made the loan, the one which many of you believe is wunna personal piggy bank, and is being fun by Christine Lagarde’s who wunna figure to be lead IMF fool

    Like

  • So you would recall that the first conspiracy surrounds this matter namely

    One has highlighted the fact that the Barbados Constitution was changed for 3 people of whom one is Rawdone AND THAT HAS NOW BECOME “A CONSPIRACY THEORY”!

    And here is that Stoopid Cartoon sponsored by the other IMFF – Indiscriminate MoneySpending for Fun agency

    No it is not the IMF (international Monetary Fund) the one that has made the loan, the one which many of you believe is wunna personal piggy bank, and is being fun by Christine Lagarde’s who wunna figure to be lead IMF fool

    Like

  • Sorry dropped the image by accident

    Like

  • @ Truth Will Set You Free

    So as we progress down that list of conspiracies the 2nd conspiracy surrounds this matter:

    namely, IN A TIME OF SO CALLED AUSTERITY and ALL BAJANS NEEDING TO BE ON BOARD, any citizen who points out that

    (a).there are now some 26 ministers AND
    (b).the salaries of 26 ministers were simultaneously increased at a time that we are begging the IMF for operating cash

    AND IMMEDIATELY THIS IS A CONSPIRACY THEORY!

    de grandson has sent this Stoopid Cartoon to depict this CONSPIRACY THEORY

    Like

  • But Truth Will Set you Free,

    Bajans are to “STFU” and let the new regime “enjoy its honeymoon period cause you nor me ent ever run for government and “nobody ent elect we to ripoff the people of Barbados”

    No Siree so let we see de 3rd Conspiracy.

    Dis is de one where she trick de ole pensioners poor ingrunt souls dem is cause “Mia Cares”

    Like

  • there are 7 more Conspiracy Theories dat I got for you Truth Will Set you Free from de grandson so I hope dat you like Conspiracy Theories cause he surely going send them to you heheheheheh

    Like

  • We are not going to do it in any rushed and rash way. The country is going through a tough adjustment in order to protect our peg. We are not going to endanger the peg,” the Government’s Special Economic Advisor, Professor Avinash Persaud said(Quote)

    Can someone please explain who governs Barbados? This is yet another example of a statement or public announcement tat should rightly be made by an elected politician that is being made by a political hanger-on. Prof Persaud is a consultant to the minister of economics affairs, he is not the minister. So, why is he making this statement to the Barbadian public?
    Same thing with the announcement of BERT, which was made by a collective of appointees. Can someone please remind the prime minister she is not the dictator of Barbados, but prime minister.

    Like

  • Truth will set you Free

    @ Bal

    What do you expect of failed island it’s just business as usual for the connected.

    Like

  • @ pieceuhderockyeahright October 6, 2018 4:36 AM

    Piece, The clueless masses do not deserve a better life. They voted twice for Big Sinck in 2008 and 2013. They wanted to eat sh…, the got it. They wanted free bus fares, now they have to pay the bill for their rides.

    We shall complain about the bloated size of the gov operations, but not about the declining finances and the general decline of Barbados. That is just the consequence of many decades of laziness.

    In my opinion, PM MAM is even too weak on debt issues. She must cut the savign bonds and the capital sum of all local bonds as well. Barbadians only understand a strong ruler. PM MAM must sacrifice the local bond holders in order to appease the mighty international creditors. These financial institutions demand human sacrifices and they must get it.

    Like

  • Is Avinash ‘snake oil salesman ‘ Persaud the new Minister of Finance or the Prime Minister of Barbados.
    .

    Who voted for this obese,oily head,slick talking,fraud of a man?
    .

    Why is he making important announcements about new financial policy such as the relaxing of foreign exchange controls?
    .

    There are 3 substantive ministers of finance – and he and Mascoll are supposed to be ‘advisors’ – why is he bigging up himself so in the voters face.Steupse.

    Hard ears wunnh won’t hear.Mia will maek wunna bawl – watch and see.

    And BLP trolls like Tron whose main aim is to push the argument that the Barbados dollar is going to be devalued because of Chris Sinckler and Freundel Stuart – got some a wunna drawn in to he and the BLP agenda.

    I notice the BLP yardfowls and others like to talk about Sinckler Garrison School education – but so that you know Chris Sinckler has 20 times more expertise in working with an economy undergoing severe financial stress – than Mia ‘5 drug lord friends’ Mottley.

    Sinckler was the assistant to Sir LLoyd Sandiford under that 1990 -1993 tough ecomic situation which resulted in the IMF intervention and the stabilization and a return to growth and prosperity of the Barbadian economy.
    .

    What is Mia’s success record?

    Edutech – big fail and corruption in the awarding of contracts etc

    So Minister of Education – FAILED !
    .

    Dodds Prison – CORRUPTION BIG TIME – This Contract was awarded to an International Company whose principals have been jailed for bribing politicians – and this Company had no track record in the design and construction of prisons.

    The burning down of Glendiary Prison under her watch although she was warned about simmering unrest at the prison.

    .

    Attorney General – SHE ALSO FAILED!
    .

    Minister of Economic Affairs

    Big stink which was revealed by the former BLP Prime Minister Owen Arthur – about underhand dealings in the First Caribbean merger

    Questionable circumstances under which her father got $100 million dollars tax waiver

    No positive achievement in this Ministry.

    So tell me again what is Mia’s claim to fame.Steupes.

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  • @T.Inniss

    You detract from your comment with your personal attack of the man. Another view is that he is part of the financial team that is scripted.

    Like

  • Instead of talking about relaxing foreign exchange controls,Mia and the Govt should be discussing how to tighten this wanton and wild spending on overseas consumer items through the use of the credit cards.

    A Foreign exchange tax or a tax on online purchases will not cut it because bajans will still continue to use their card and the government will still have to find the foreign exchange to pay for it.

    Imagine bajans racking up over $350 million dollars in credit card purchases – just last year alone.

    Wuh the hell – that is over quarter billion dollars of spending and nearly half a billion.

    Instead of relaxing foreign exchange control – there should be a limit on credit card on spending for overseas consumer items.

    Who is really running this country though ?

    Avinash persaud ( no damn professor shyte) or Mia ‘5 drug lord friends’ Mottley.

    Brother Joe Artherley please have a look at that.

    Like

  • @T.Inniss

    Can you tell us the percentage of spending of forex by credit cards compared to the cost of importing oil and food?

    Like

  • David

    My comments on that fraudster – speaks to the disdain I hold for people like him.

    His only aim is to enrich himself by fattening his bank account as quickly as possible.The Four Season failed handling by him should have told us everything about this snake oil salesman.

    No track record of any successful project to date that we can point to – but yet whether through Thompson (who listened to Mia against his party members) and of course Mia herself – this man gets yet another attempt to suck on Barbados sore financial nipples.

    Steupes.

    Like

  • Not at the top of my head David/BU.

    Like

  • pieceuhderockyeahright

    @ T. Inniss

    Ammmmm…you may want to vet your backstory right about Stinkliar BEFORE YOU START JUXTAPOSING RESUMES.

    ammmm..

    First stop is at the Faculty of Social Sciences Cave Hill campus to ammmmm determine Stinkliar s academic excellence or lack thereof.

    Ammmmm second stop is to ammmm research ghd matter of ammmm the Name Bishop Sununu ammmmm and police outsiders to get to Soc. Sci. Classes early through traffic while Sandiford s protege

    Ammmmm you may want to check with Luna Ramkalawasingh formerly of The Caribbean Policy Devdlopment Centre per his ammmmm management skills

    Ammmmm if you have an obeah woman capable of reading up the dead, one did not say Sandra Wives, ammmmm you could go into St John’s graveyard and get the Late David Thompson tell you a few stories about Chris or get Derrick Alleyne after a few runs go fill you in.

    T. Inniss you are of the newer younger DLP generation and you have no institutional history while a few of us do.

    And therein lies the issue when we know the man and you young Turks DO NOT!

    Like

  • pieceuhderockyeahright

    @ the Honourable Blogmaster your assistance please with an item for T. Inniss thank you

    Like

  • Piece

    I will never stand idly here defending Sinckler or Stuart (especially Sinckler) except in those things I feel certain of.

    He has his masters in International Trade Policy just like a few who the media promote and is not the intellectually dull like those in the BLP camp and some kool – aid drinkers and media hatchet men make him out to be.

    To me he is reasonably intelligent – no worse off than many including Mia.Although he is not the brightest ever to grace politics.

    He is reasonably politically astute although there are some negative sides to him as well.He looks out for Numero Uno.

    I am very much aware of some of the Chris Sinckler’s stories but let us be clear – they don’t come near the ones of Mia Mottley and has more integrity in his little finger than she has in her entire being.

    I will defend neither – because my pot don’t stir at them.

    Like

  • Who is it at CPDC now – a Shantelle Munro Knight – and she is supposed to have superior intelligence.

    What about the Jamaican woman – Pamela Cooke Johnson – who is running the export development Unit (was it CARDI) – who was making all sort of crooked deals and seem to know nothing about what she is (or was?) doing – nuff corruption and fraud based on the numerous stories carried here on BU.

    The Dominican fella and the others in charge of the CARICOM Unit? Any thing brilliant coming out from there?

    THE MAIN POINT IS WE DON’T HAVE SHINING STARS LEADING OUT IMPORTANT AGENCIES AND ORGANISATIONS – INCLUDING THE PRESENT PRIME MINISTER WHO AFTER ASSESMENT BY A REGIONAL WRITER/JOURNALIST ETC – WAS DESCRIBED AS A CLOWN AND A CON ARTIST.

    SO HOW COME CHRIS SINCKLER GETS TO BE THE WORSE OF THE LOT?

    THAT WAS THE NARRATIVE PUSHED BY MIA MOTTLEY IN OPPOSITION – PUSHING MOTION AFTER MOTION OF NO CONFIDENCE – AND THEN GUESS WHAT – A COMPLETE STRANGER WHO LOOKED AT HER PRE – ELECTIONS AND POST -ELECTIONS UTTERINGS AND ACTIONS HAS SUCCINTLY DESCRBED HER AS A CON ARTIST AND A CLOWN.

    Like

  • millertheanunnaki

    @ T.Inniss October 7, 2018 9:26 AM
    “He has his masters in International Trade Policy just like a few who the media promote and is not the intellectually dull like those in the BLP camp and some kool – aid drinkers and media hatchet men make him out to be.
    To me he is reasonably intelligent – no worse off than many including Mia.Although he is not the brightest ever to grace politics.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Wow!!
    What a great advocate you are in defending a pathological liar and a certified conman in the ‘magical art’ of arithmetic necromancy and so supremely adept in changing a tax rate of 0.07% into a fraction of 3 out of ten into a recurring decimal of 0.003!

    Don’t you think a man who pretends to hold a “masters in International Trade Policy” (and functioning in the role of the country’s chief finance officer) should, at least, be basically competent ‘enough’ to know the difference between 0.07% and 0.03?

    Shouldn’t such a highly rated fiscal savant be so prudent as to appreciate the impact of a change in the rate of a tax from 0.03% to 0.7% and its implications for implementation and collection?

    Where is that US $270 million loan negotiated for the resuscitation of the Bajan sugar cane industry and secured in some Japanese bank just awaiting its drawdown to construct the Stinkliar Performing Arts Centre at Brandons funded by a grant from the more-than-generous benevolent Chinese?

    Why do you think your high-flying student of International Trade Policy was given that most apt sobriquet of “Stinkliar”?

    Is it because your mentee stinks to high heavens while excelling in the art of Lying which is the hallmark of Bullshit Supremacy?

    Stop promoting the Peter principle by “bigging-up” an abject failure.

    Stinkliar represented the consummate illustration of that adage well known in the inner intellectual circle: ‘Shit always floats to the top to survive in a sea of mediocrity’; not so, Mr. T.I.?

    You may have the last word in referring to similar examples existing among the current crop feeding at the taxpayers’ expense.

    Like

  • Inniss,

    Look, you are young and you want to become something in the future on this island. Even the DLP stalwarts do not appreciate Big Sinck anymore behind close doors. Big Sinck is the most hated man in Barbadian history. If you start a joke in the supermarket about Big Sinck everybody will start to laugh. Why do you fight for an old lad who got so rich that he has never to work again? Surely he does not share his wealth with you. Why do you fight for an old lad who became the laughing stock amongst diplomats, expats and foreign investors?

    So leave Big Sinck behind. And Donville. The two names are tainted like slavery, white supremacy and plantation.

    And do not be so naive like the new prez of your party – with this Donville picture behind her desk. It will be best for your career to stay miles away from such pictures.

    If the DLP wants to regain credibility, the party must dump Big Sinck into the deepest cave on the island. And never ever leave him out, since all the BLP must do for the next elections is to plaster Big Sinck´s face.

    Like

  • What a load of rubbish above.

    Like

  • I will go back to where I started this morning and ask again:

    Why is Avinash Persaud – who was not voted in by the citizens of Barbados,who was not appointed as a Senator – why is he making pronouncements on financial policy which should be the remit of the:

    A) Minister of Finance and/or;

    B) The Prime Minister.

    As far as I know he is only an adviser – and in that case the Advisor provides the advice to the Client (P.M.) and the client speaks to any new policy direction.

    It seems like each and every one in this new cabinet is looking for their 15 minutes of fame.All chiefs and no bottle washers.

    Avinash Persaud has no track record of success but only a record of failure and of duping barbadian leaders gullible enough to believe his spiel.

    Like

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