IMF Program Unpacked – Our Way of Life Will Change, FOREVER

STAFF APPRAISAL

30. 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. These challenges must be addressed by a combination of fiscal consolidation, measures to boost growth, and debt restructuring. The authorities’ Economic Reform and Transformation program seeks to address these long- standing structural imbalances and implement an aggressive front-loaded and comprehensive reform agenda – extracted from p.18 of the IMF Report 2018

 

The 77 page IMF package detailing the REQUEST FOR AN EXTENDED ARRANGEMENT UNDER THE EXTENDED FUND FACILITY; STAFF REPORT; STAFF SUPPLEMENT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR BARBADOS was posted to the International Monetary Fund website on October 4, 2018. It is no surprise the traditional media has not seen the value in unpacking the details of the arrangement secreted in the voluminous and technically worded documents.

What has been widely communicated is that in record time the new Mottley government has been able to secure the approval of SDR 208 million or USD290 million. The government’s PR has been quick to point out that the draw down from the IMF represents 220% of Barbados’ IMF quota and is a ‘homegrown’ program.

Key elements of the program are:

  1. Fiscal adjustment: increase primary surplus to achieve 6% by 2019/20
  2. Reform state owned enterprises (SOEs): reduce transfers to SOEs by 2%
  3. Structural reforms to support growth: improve business facilitation
  4. Debt restructuring: debt is deemed unsustainable and government has aggressively moved to administer ‘haircuts’ to bond holders

In the background section of the document (p.7) the IMF delivers a negative synopsis of the performance of the Barbados economy post the 2008 global financial crisis. One of the program objectives of interest to the blogmaster is item 8, p.9: “Increased investment demand can restore growth and increase its potential. Restored credibility in the macroeconomic framework is expected to increase investment. Higher net FDI inflows will contribute to improving the stock of capital and, through this channel, actual and potential growth could reach close to 2 percent by the end of the program“.

 

Other key deliverables of the IMF program:

  • Fiscal discipline will help address external imbalances and rebuild international reserves.
  • Fiscal reforms over the program period aim to address structural weaknesses in Barbados’ fiscal framework.
  • Streamlining, restructuring, and privatizing SOEs will substantially reduce transfers to public institutions
  • Vulnerable groups will be protected by strengthening social safety nets
  • The authorities remain strongly committed to the exchange rate peg, which has been in place since 1975 and has provided a key anchor for macroeconomic policies.
  • The program will lay out a roadmap for normalization of monetary policy.
  • The CBB Act will be amended, with the help of IMF TA, to strengthen the autonomy of the CBB and the limitation on CBB financing of the government, among other enhancements
  • The authorities have made progress in identifying debt restructuring parameters that would provide debt relief without jeopardizing financial stability.
  • Significant progress has also been made in discussions with domestic and external creditors.
  • Debt management capacity will be strengthened.
  • To promote long term and potential growth, labor, product and service markets will be liberalized
  • The authorities intend to establish an Economic Program Oversight Committee (EPOC) to strengthen societal ownership and build public support for the measures in the program.
  • Data inadequacies continue to hamper understanding of key macroeconomic aggregates.

 

The part of an IMF agreement that raises the most concern are the condition or in the case of Barbados what are the targets we will have to meet to be able to draw down on the SDRs approved.

 

Quantitative performance criteria:

  • Floor on the central government primary balance (excluding repayment of central government arrears)
  • Ceiling on the stock of Net Domestic Assets of the CBB
  • Floor on the Net International Reserves of the CBB
  • Non-accumulation of central government external arrears (excluding arrears resulting from nonpayment of debt service for which the government is pursuing a debt restructuring).
  • Ceiling on grants and transfers to public institutions
  • Ceiling on the stock of public debt

Indicative targets:

  • Ceiling on the stock of central government domestic arrears
  • Floor on CG social spending Structural benchmarks

Structural benchmarks

  • These will focus on SOE reforms, growth and business climate, CBB autonomy, tax policy and revenue administration, public sector reform, and public financial management (Table 2 MEFP). The structural benchmarks will be critical to underpin the adjustment effort.

The average citizen will not read the IMF report and others will ‘scan’ to satisfy a mild curiosity.  It is obvious to the blogmaster after reading the report that there are significant changes still to come that will drastically affect Barbadians from all walks of life. As a people are we ready to be that chanage?

 

Link to Barbados : Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Barbados

448 comments

  • Wait Hal…whatever became of you telling Natalie to contact you so you can help her win the 2018 Election, now that one I did not make up, it is recorded on BU for prosperity..lol (Quote)

    Trying to slip out a lie again. Typical. No I offered my services to Natalee.

    Like

  • “Sol got the last laugh ..”

    SOL was ALWAYS going to get the last laugh off stupid Fruendolittle and DLP ministers, although he knew they would tief the money from the sale of the oil terminal anyway, what Simpson offered and Sinckler the decimal challenged fool accepted fo that deal was AND STILL IS an insult to the people on the island…..he just ain’t got the oil terminal yet..is all.

    Like

  • Talking Loud Saying Nothing

    We have played this recording before on BU. For those of you who were hip back in the late sixties and seventies you would have heard of this group. The message is in the music and it is very simple to comprehend. There is an interesting interview on RT that follows this video.

    Like

  • I know I like to make things up to keep things interesting…but I did not make this up..do the math yaselves(Quote)

    Stick to the story, the fabrications. Don’t change the subject.

    Like

  • “No I offered my services to Natalee.”

    So which one is the prostitute, what services, you offered me services too as a journalist and you turned out to be a fraud..

    … Natalie was too street smart to take ya up on ya “services”..whatever that is..am sure she sees a fraud for a John without even meeting them..so why did she need your services again, while running as a candidate in A GENERAL ELECTION.

    Like

  • I am woman enough to say what I make up and it hurrts no one…are you willing to tell the forum what you make up…or take responsibility for you actions and stop thinking it will go away and I will stop calling you out on it.. as a FRAUD..remember YOUR EMAIL….that you still do not want to take responsibility for…that FT knows exist….cause I brought those emails and your lies to their attention…that is the story..

    Like

  • Anyway…the real story is how Fruendell and his gang got made fools of by Simpson…that is what should peak Marisopa’s interest…not that Simpson got any last laugh…the last laugh would have been if he got the oil terminal fo nothing as was the plan…..he was planning to sell SOL anyway..with or without the terminal.

    Liked by 1 person

  • What is bothering me is that Simpson knew what he was going to get for the sale of SOL..he knew the island is in dire straits and need a serious infusion of cash to settle debts…even though he also knew that the government ministers for both political parties are corrupt thieves because he has dealt with them fo decades…but to offer 100 million dollar for the terminal when he knew he was selling SOL for over 1 billion US dollars….that is some wicked shit..there is nothing he can do to explain that one away..

    Liked by 1 person

  • “would you lie on your relative’s abilities…..”

    My friend, you lie “ALL de time.”

    And you mentioning people told you Rolerick Hinds was the duly elected representative for St. Thomas immediately comes to mind……among other things.

    Passing over 12 CXCs isn’t anything rare and is often achieved by Guyanese students. In 2016 Guyanese Fatima Karim gained 20 CXCs with 19 grade 1’s and 1 grade 2.

    And since you mentioned St. Vincent……….. last year, Girls’ High School student Ianà Y. R. Fergusson, passed 19 CXC subjects, with 18 grade 1’s and 1 grade 2.

    CXC, Ministry of Education and the press in those countries love to publish those achievements.

    A CAPE subject is equivalent to an GCE “A” level, and similarly, takes approximately 2 years to complete.

    Having gained 10 CAPE subjects (in 2 years) is an excellent achievement, which would have obviously been highlighted by the learning institution, education ministry, CXC and the press.

    Perhaps you may want to guide me to information to verify your “claim,” because I en see nutten ‘bout dat nuh where atall.

    But I’ll leave it to BU to conclude if you’re lying or not.

    Maybe you should join me and crawl back into the hole…….it would give you an opportunity to take some time off from BU…….and stop yuh from telling suh much lies.

    Fret ‘bout dat now…..yuh know yuh chan help um.

    Hahahahahaha

    Like

  • When I was growing up I always heard Barbados punching above its weight. I was proud to hear that we were one of the most developed Caribbean country and our standard of living was on par with many developed countries of this world. I was not aware that this so-called development was financed primarily by borrowed money from England in particular,Canada and the United States of America to a lesser extent. Those three countries England in particular rewarded Barbados for the traitorous role we played during the slave trade (Willie Lynch). I likened this to individuals who want to live an affluent lifestyle. The fancy houses, pretty motor vehicles,nice clothing,oversees trips to exotic countries and dining in nice restaurants are in essence financed by borrowed money. These individuals get mortgages as well as personal loans to finance this affluent lifestyle.
    That is Barbados.It has now reach the stage where the loans for our so-called development have reach a point where we have extreme difficulty in repaying.
    I have read and analyzed the IMF report. I am not going to get into any partisan political argument,but as a Barbadian with a family living here, I am very concern for the future of my country. I do not hold out much hope that Barbados will ever recover from the measures the IMF will and are imposing on us. Greece and Argentina are two recent case studies of the mess that an IMF programme have left behind. I have little faith in the IMF programme for Barbados

    Liked by 1 person

  • “Having gained 10 CAPE subjects (in 2 years) is an excellent achievement, which would have obviously been highlighted by the learning institution, education ministry, CXC and the press.

    Perhaps you may want to guide me to information to verify your “claim,” because I en see nutten ‘bout dat nuh where atall.”

    Artax..and who are you that I have to verify anything…I made that comment during a blog that was going back in 2013…5 years ago…I was living in Canada at the time, the relative I spoke about is now 2? years old…you kept that in you head like that idiot ya are..lol……. like it will make some difference…you have NOTHING TO GAIN…move the hell on and mind ya business…just be glad that someone actually have the level of intelligence needed to get 10 CAPE SUBJECTS..

    Now..if ya really want info…go to the ministry and ask them…ya nuisance.

    BTW…all scholarships/exhibitions…are highlighted…IN THE PRESS…every damn year…lol

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  • sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    (quoe) but to offer 100 million dollar for the terminal when he knew he was selling SOL for over 1 billion US dollars….that is some wicked shit..there is nothing he can do to explain that one away. (quote)

    There is nationalism and capitalism. Thus nationalist and capitalist. Dont get the two confused.They may/can coexist in some person(s) but not in all. If the pursuit of money or ROI is the heart of a capitalist/capitalism then selling out your countrymen or country maybe just par for any course. As i said before don’t get your ISMs and ISTs confused.

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  • Nuisance Ha, Ha does not depend on Barbados for his livelihood, UK should send his ass back to Barbados, he is too comfortable.

    I do not rely on Barbados for anything..

    Artax ..is acting like he don’t but we know differently, he wants to be up in people’s business, while Barbados sinks and carries him with it..

    Seriously though…both governments brought this on the people, it was bound to happen, they are too immersed in fake titles and false status…and never used the common sense they were supposed to be born with to lift their people out of dependency, they never made the effort, it was always about them and big house, big car, tiefin nuff money, selling out when there was no need to, offshore bank accounts, taking nuff bribes, big shopping trips, now they afraid to go US…lol…

    … so no one can blame UK, US, Canada or even Simpson and the other minority crooks…blame all the idiots in parliament who exist to be house negros with fake titles..and nuff money

    Like

  • Sol got the last laugh.
    Later you would figure that one out

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  • sir fuzzy…I am not mixing up anything, there is crookery and deceit and tricks and scams…all four apply in the attempt to get the oil terminal fo a mere 100 million dollars…it might sound cool to you and you want to put a pretty name or two on it, but at the end of the day it is still:

    crookery
    deceit
    tricks
    scams.

    I believe Jeff was chair at FTC at the time…him and his team must be commended for not allowing Simpson to just waltz away with the oil terminal..let’s see what Mia and her gang does…they had a lot of talk as Opposition, but now they are government..lol

    ah thought Enuff 68 would have come out by now..lol.

    Liked by 1 person

  • Really Mariposa…must everything be political…the damn case is still tied up in the Supreme Court..if I sold a company for 1.2 billion…that IS my last laugh….you think Mia has to go pleading now to sell the oil terminal..I already thought of that..

    All she gotta do…is sell it to RUBIS..

    Like

  • sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    i said that all in jest. from your writng u are not confused. I was just saying that one cannot serve 2 master. Your may find it very difficult to be a national and at the same time be a capitalist. SOL has no explaining to do. There have shown their true colour there are Capitalist first and foremost. Any thing else is the fad or fashion of the moment.

    We need that our new administration also see the mirage from the water. We get taken along for rides into nowhere cause we just trust our leaders way to much; l and think that God must has elected them.

    We fool ourselves because it way easier than fooling another.

    Like

  • Talking Loud Saying Nothing

    @ Negroman,

    Excellent summary. Barbados is a metaphor of a “pusherman” who pushes drugs into a community for a couple of dollars in order to develop a market. Once that pusherman has generated a sizeable market the price of that contraband will become extortionate. Especially once the market becomes addicted to the illegal high. So the community ends up selling their personal possessions and finally their bodies – that’s if it is still marketable.

    When Owen’s BLP mob and the DLP, under Thompson and Stuart’s cronies , were looting the wealth of the nation that would’ve been the time for Bajans to have rallied against either of the incumbent parties. Did Barbadians really have it so good that they were blinded to the acute corrupt practises of the Bees and the Dees and the damage that was been orchestrated against the country by both governments and the citizens of Barbados.

    The moral of the story is relatively simple; a country is always better of developing at a sustainable level rather then running up expensive debts in order to “grow” its economy. Better to be a tortoise than a hare.

    The acceptance of this IMF loan will incur more debt to the nation and it will not bring prosperity to the country. We would have been better of taking stock and developing a long term indigenous plan. But as a nation that “punches above its weight” my solution would have been considered backward.

    Like

  • Truth will set you Free

    @ Dishonest Bajans
    There have been an increasing number of complaints filed about property frauds involving personnel from the courts, staff from the Registry and officials of the legal fraternity.
    xxxxxxxxxxxxxxxxxxxxxx

    Hmm Caribbean Politicians seems to be a Regional criminal gang if tricksters.

    Like

  • Truth will set you Free

    @ Dishonest Bajans
    There have been an increasing number of complaints filed about property frauds involving personnel from the courts, staff from the Registry and officials of the legal fraternity.
    xxxxxxxxxxxxxxxxxxxxxx

    Hmm Caribbean Politicians seems to be a Regional criminal gang of tricksters

    Now you got Dale Marshall controlling the Barbados Judiciary.

    Like

  • I saw on FB where someone mentioned that Mia was the ‘smartest politician in the world.’

    That is what has us in ruin “We elect a second rate politician as leader and then proclaim him/her the smartest person in the world”

    The silly politician believes the lie and then scamsters and businessmen make a fool of them.

    Am I getting this right “something was sold for US $50M in 2018, by the smartest man in the world and then a man who was less smart sells it for US 1.2 B??

    Ouch

    ——————————————-If a man weighs just 20 lbs and you tell him he is punching above his weight, is that a compliment or just a benevolent pat on the head?

    Don’t believe the hype

    —————————————————————-Mia has to love the ‘opposition”. Now she can talk about choking social media because a wolf in sheep clothing brought that stinking carcass into the room.

    ———————————- Saw some not so positive statements about Caswell. I think Caswell mad a misstep, but now he knows the difference between Caswell Franklyn citizen and Caswell Franklyn politician.

    Still a top dog in my book.

    Like

  • I saw on FB where someone mentioned that Mia was the ‘smartest politician in the world.’

    That is what has us in ruin “We elect a second rate politician as leader and then proclaim him/her the smartest person in the world”

    The silly politician believes the lie and then scamsters and businessmen make a fool of them.

    Am I getting this right “something was sold for US $50M in 2018, by the smartest man in the world and then a man who was less smart sells it for US 1.2 B??

    Ouch

    ——————————————-If a man weighs just 20 lbs and you tell him he is punching above his weight, is that a compliment or just a benevolent pat on the head?

    Don’t believe the hype

    —————————————————————-Mia has to love the ‘opposition”. Now she can talk about choking social media because a wolf in sheep clothing brought that stinking carcass into the room.

    ———————————- Saw some not so positive statements about Caswell. I think Caswell mad a misstep, but now he knows the difference between Caswell Franklyn citizen and Caswell Franklyn politician.

    Still a top dog in my book.

    Like

  • Northern Observer

    @WW&C
    Do you really think Rubis will #updeting if SOL isn’t playing?
    It wasn’t the price per say, rather the non-competitive nature of certain clauses…and yes they had value. Any buyer had a GoB desperate for Fx over a barrel. Don’t mind ac will tell yah how much BNTCL was losing.
    Simpson keeps a quarter, but he will sell. That likely depends on a number of factors we can only guess at.
    A two generation multi billionaire, and we have some asking why Buhbaydus can’t produce a Butch Stewart? Simpson makes Stewart look like a dwarf.

    Like

  • Was just about to manhandle the blogmaster for blocking me, when I realized I did not know my own name 🙂

    Like

  • Truth will set you Free

    @ Hal

    Now you will understand why Barbados is a failed island not a single leader of Industry or Innovationlocally, regionally or abroad.

    UWI honours outstanding graduates

    Three former Prime Ministers of Barbados were among 70 of the University of the West Indies’ (UWI) most outstanding alumni who were presented with awards in a ceremony in the Quadrangle at the Cave Hill Campus today.

    Owen Arthur, Freundel Stuart and the late David Thompson were recognised as the university celebrates its 70th anniversary.

    Chief Justice Sir Marston Gibson was also among the distinguished Caribbean people who attended the various campuses from the 1960s to the 2000s.

    Former prime minister of St Lucia, Dr Kenny Anthony, who spoke on behalf of honourees, reminded the leaders who were present they had a heavy responsibility to craft a Caribbean that future students of the university would see as an example of what is possible.

    Other Barbadians who were recognised include Governor of the Central Bank Cleviston Haynes, former governor Dr Marion Williams, former and present general secretaries of the Barbados Workers Union Sir Roy Trotman and Toni Moore and former Bishop of Barbados Dr John Holder.

    Barbados’ first female postmaster general Margaret Ashby was honoured posthumously.

    From the rest of the Caribbean, Prime Minister of St Kitts and Nevis Dr Timothy Harris and his predecessor Dr Denzil Douglas; Premier of St Kitts Vance Amory; Grenada’s Prime Minister Keith Mitchell and Justice Adrian Saunders, president of the Caribbean Court of Justice, and President of Trinidad and Tobago Paula Mae Weekes were also recognised. (GC/SAT

    http://www.nationnews.com/nationnews/news/203266/uwi-honours-outstanding-graduates

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  • “Your may find it very difficult to be a national and at the same time be a capitalist. SOL has no explaining to do.”

    That stems from when you started out with nothing and got an opportunity to get something…many lose their humanity along the way, some never get it back…and some only realize too late that despite all the billions and all the capitalism, the only thing you get at the end is a hole in the ground….

    It’s the fools who sell out the island for nest to nothing got the explaining to do to the people, I don’t think Simpson was ever in parliament, he may control the clowns in parliament, but he need not be in there to do it.

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  • Was it a silly sale or was it corruption
    Will Mia Launch an investigation?

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  • “I made that comment during a blog that was going back in 2013…5 years ago…I was living in Canada at the time, the relative I spoke about is now 2? years old…you kept that in you head like that idiot ya are..lol…….”

    Hmmmmmmm……

    Okay, I accept that I’m an idiot………… but as the saying goes, “it takes one to know one,” therefore, we’re “birds of a feather.” Hahaha

    However, don’t flatter yourself………..I did not keep that lie you wrote “in my head” as you suggested (actually I hardly read anything you post)……..but came across it THIS AFTERNOON after reading Hal Austin’s article about Mauritius and his comment posted “thereto” today………

    ………. as well as another comment relative to him mentioning that, “at one time or the other,” Canadian universities were not accepting CXC certificates…..and I subsequently came across your outrageous claim about a relative gaining “8 CXCs and 10 CAPE subjects.” Surely, the 8 CXC is within reason…….but the 10 CAPE certainly raises a “red flag.”

    Yes, “all scholarships/exhibitions…are highlighted…IN THE PRESS…every damn year…”……….and that feat would have obviously merited a scholarship……… or at least an exhibition. But there was never a situation where it was highlighted in the press (or otherwise) that someone gained 10 CAPE subjects…….dat would uh be a big t’ing ‘bout hay.

    If the topic is about banking, law, mechanics, computer science, law enforcement…..or whatever, conveniently…….either you or a relative worked in that environment. Or you conveniently have a relative that gained some “outstanding achievement.”

    The 10 CAPE subjects shiite is just another thing you “made up to make things interesting.”

    The fact remains that you’re a LIAR……….and when anyone reminds you of that characteristic, you become a “highly annoyed and defensive” (your usual mental breakdown follows after…….defined by repetitive pots).

    Fortunately for you, there are several medications to treat mental illness………

    ………. unfortunately, there isn’t any prescribed medication to stop people from telling lies.

    I’ll leave you to contemplate your humiliation…….and fret fuh de balance uh de nite.

    Uh gone…….yuh hear???

    Hahahahahaha…….bare sport in de rum shop. (uh borh dah wun from Dr. Georgie P).

    Like

  • “A two generation multi billionaire, and we have some asking why Buhbaydus can’t produce a Butch Stewart? Simpson makes Stewart look like a dwarf.”

    I think Simpson is the only true local millionaire/billionaire Barbados got, he kept it low key while the other frauds were boasting and bragging all over the place…those Willams and others just a bunch of crooks tiefing from poor, vulnerable people…pretending to be millionaires and magnets and making videos but are just two penny crooks and land thieves.

    Simpson actually had the cash flow from the 70s and expanded…making money hand over fist…the others were just hustlers tiefing what they can..

    Don’t know about Butch’s net worth.. because I don’t know if you know about Air Jamaica…man, that was around for many, many years….lol

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  • “Yes, “all scholarships/exhibitions…are highlighted…IN THE PRESS…every damn year…”……….and that feat would have obviously merited a scholarship……… or at least an exhibition. But there was never a situation where it was highlighted in the press (or otherwise) that someone gained 10 CAPE subjects…….dat would uh be a big t’ing ‘bout hay.”

    It was highlighted enough..if you missed it..your problem, that happened so many years ago..the person is in their late 20s…anyway..the top 3 students in French were not highlighted in Barbados..but it was highlighted in Trinidad and across the Caribbean although they took the CAPE in Barbados…so ya talking rubbish…

    In that scenario..it is the foreign university to be impressed….with 10 CAPE subjects..in case you have not noticed in the last 10 years…there have been most years up to 40 or 50 exhibitions AND scholarships every year…

    ….I have never seen the ministry highlight anything other than the receipt of scholarships and exhibitions, the press gives the amount of subjects and more than once, there were kids who got 10 CAPE subjects…you just can’t wrap ya head around that…besides..it is not like if the DLP government cared anything about their scholars enough to make a big splash anyway…anyway…no matter how many subjects they got..

    The ministry has the info..go ask them, you are the one want to know and if you said they did not give you the info, I will understand, cause it is still none of your business.

    Like

  • Parkland’s stock is interesting. It seem to be just increasing over time. Oil related stocks were having a tough time the past few years, but Parkland seem to have done well.

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  • Apparently ya have not been around for enough years..lol

    ya have no clue what goes on with scholars and exhibition winners…have you ever even met one…cause if ya did, they will tell you differently..ah know you are not one for sure, sure, sure…

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  • What you people fail to realize is that if Simpson had the terminal, you can bet your bottom dollar it would have gone with the rest for $2 billion. come to think of it, I remember someone on these blogs saying that Simpson started his business with FREE GOVERNMENT MONEY. If that is true, is he going to pay some back, help out the said government or invest some in other ventures?

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  • Theo…I don’t think they sold the oil terminal yet..thanks to FTC who probably saw Simpson was pulling a fast one on the blind government …lol

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  • Compare where AJ landed….the value…and appreciate SOL is only one piece. He has business interests stretching from PR to Brazil and then some. Haven’t seen your buddy liesalot for a while, but would guess he knows something.

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  • @Vincent

    You give his fellow Commissioners no credit?

    Like

  • Bajans….it is true.

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  • “Haven’t seen your buddy liesalot for a while, but would guess he knows something.”

    maybe he is quietly waiting for his cut.

    I can’t remember him commenting on the oil terminal and the whole mess back then with FTC and RUBIS, but ya can guarantee interesting days ahead…

    Like

  • @TG
    Parkland is really gas retailing not oil and gas. Their competitor is CoucheTarde and Brookfield etc etc. CT is all the Circle K and Brookfield all the Mobils at Loblaw.

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  • Thanks No.
    WARU: I went back and read the SOL story… I had it so wrong you would think Haha was the reporter,

    In a sense SOL has moved from being a private company to a public one. Buy Parkland stock and you are buying some of SOL….
    Wondering if he ever thought of listing on the BSE,,,,

    Like

  • Interesting that these Canadian mega businesses are investing heavily in Barbados …. and in areas that are targeted for elimination by Government over the next few years in its greening initiatives….

    If Bushie now sees Simpson investing bigly in renewables, then the bushman would be tempted to claim to have been right (again) about Sir K’s clear eligibility to be given a LEADING role in the financial management of Brassbados.

    These days are funny Knights…..

    Liked by 1 person

  • “In a sense SOL has moved from being a private company to a public one. Buy Parkland stock and you are buying some of SOL….’

    The 10% in Parkland appears to have been an exchange of sorts, am wondering if the oil terminal is the deal breaker for the remaining 25% of SOL.

    Canada is the place to invest your money right now.

    Bushman..the way the fools of parliament are floating around all clueless…the island cannot do any worse having the Canadians take over every damn thing, I much prefer see them with it than Dale Marshall or George Payne et al who are going to sell it out to foreign people ANYWAY ……..AND …..it is much better than that goat Estwick trying to borrow 6 billion dollars from the UAE…

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  • Would have been a good year for BSE
    crypto, sol, ,….
    probably would have put money in the pockets of locals

    9of9: Seem like only the poor should love and make sacrifice for the country
    You got muh dedding

    Like

  • All of this is happening ONLY because your politicians/ministers/governments lack the mental and intellectual acuity, ethics, morals.. to do better…they are still stuck at basics…even after 52 years of “independence”.

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  • @sirfuzzy (i was a sheep some years ago; not a sheep anymore) October 10, 2018 5:23 PM) “There is nationalism and capitalism.”

    “Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains.” Thomas Jefferson, Enslaver.

    Liked by 1 person

  • @ Peter lawrence Thompson and Tron

    Both of you refered to this excerpt of the IMF report which went “…“program implementation will be challenging. Risks to the program include limited implementation capacity, untested ability to maintain high primary surpluses over a sustained period, and risks related to the debt restructuring process…”

    Tron gove no interpretation but you gave one that was seriously incorrect.

    “…Programme implementation WILL BE CHALLENGING MUST BE CONCATENATED WITH “risks to the programme include limited implementation capacity and untested ability….”

    De ole man IS NOT DE MOOLAH Jeremy Stephens nor Mascoll.

    But de ole man understands insults and put downs and derogatory remarks very well – it is my trade

    THe IMF was and IS REFERING TO THE SKILL SETS OF THE CURRENT BLP ADMINISTRATION with their limited implementation capacity – this is the 21 of 26 incompetent ministers ddat de ole man tell wunna dat Mia Mao Mugabe Mottley Inherited.

    And then they go on to strike out at Mottley herself as being untested in her ability to implement and sustain anything.

    Of course de pooch suckers going come heah and talk bout how she borrow US$ all dem millions and walk bout wid dem chest high but de ole man going by what the IMF has written which is tha she got nuff jokers round she and dem considers dem overextending 220% of Barbados’ borrowing level to be reall effing risky…

    Watch de shite flies gather now…

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  • @ the Honourable Blogmaster your assistance please with an item here for Peter Thompson and Tron thank you

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  • “I know I like to make things up to keep things interesting…..”

    Hahahahaha……

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  • lol..that will be your lullaby tonight, don’t worry, I got some more for you when ya get tired of that one..

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  • Sol laughing all the way to the bank while govt holds on to non profitable assets running with cup in hand looking like beggars at the IMF doorsteps

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  • “All of this is happening ONLY because your politicians/ministers/government lack the mental and intellectual acuity, ethics, morals.. to do better…they are still stuck at basics…even after 52 years of “independence”.

    Ron White…. “You cannot fix stupid”

    Liked by 1 person

  • My hero… Mariposa
    I like the way she struts through the yard like she is a rooster. 🙂 People say she ugly but she kinda hot 🙂
    Murdah
    I does kill myself

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  • Blogmaster check your spam folder please.

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  • Stephens dont sound 100% sure that Barbados will benefit from that sale of SOL…particularly on the taxes.

    It is instructve that it’s Parkland put out the press release about buying SOL and not Simpson.about selling..ah guess he don’t think Bajans have a right to know…the upside, if Mia still plans to sell the oil terminal…she can now sell it directly to the Canadians for much more money than the peanuts Simpson was offering and with none of the strings he attached to get it a 15 year monopoly for Parkland as he planned and promised them….cut out the greedy, deceitful middleman who wañted to benefit from the sale of SOL …while the majority population on the island did not.

    Mia has other state entities she can offload while waiting for the 2 years to pass to sell the terminal directly to the Canadians or to RUBIS….and not for any shite money either.

    “And in an hour-long investor webcast and conference call with securities analysts and investors, Parkland president and chief executive officer Bob Espey also revealed “after the second anniversary of the transaction, there are rights for the Simpson Group to sell the remaining 25 per cent of Sol to Parkland”.

    Financial analyst Jeremy Stephen expected the transaction to benefit the Simpson family by as much as “$1 billion before taxes”. He said Barbados would also potentially benefit via increased foreign exchange and, possibly, taxes. (SC)”

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  • Ah wonder if this secret sale will finally open the eyes of the dumb asses in parliament…who love to please, appease and enrich these ungrateful minority parasites who have no such sentiments and who NEVER remember that if not for the majority black population and weak, corrupt leaders.., they would still have only that old, broken down house in CATTLEWASH…and nothing else…Barbados and its people made Simpson, he did not get there by himself, least he has forgotten.

    …not holding my breath on it though.

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  • Parkland is a big conglomerate not going to buy govt debt.The oil terminal has debt
    Barbadians think foreign investors are stupid
    Barbados had a way out to unload that debt ridden oil terminal now they can keep the dam time
    Sol at this point could not care less Sol is in the winning circle laughing all the way to the bank. Not going to do any bidding for Barbados
    barbados is saddle with an oil terminal that delivers less financially than it’s worth in a barrell of oil and the taxpers will get another chance of owning a debt laden asset

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  • What is the debt of the BNTCL?

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  • Simpson outsmart this govt
    Now the blp yardfowls are sitting with plate in hand looking forward for a cut of Sol pie
    Not going to happen
    This sale was done outside of Barbados with all probability the monies would be deposited in the financial instituions that handled the transactions and reinvested in outside businesses or other projects
    outside of barbados
    Sol/ Parkland commitments to barbadosvare those which are agreement with Sols business interest within barbados prior to any sale of the company

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  • David go figure or goggle

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  • “The oil terminal has debt.”

    So yall saddled the oil terminal with debt and then was giving it away to Simpson for a song…it would not have benefitted the people anyway, that sale, so it is no loss…if ya being practical..

    Everything single thing the DLP touched turned into debt or fraud…yall habve no shame.

    In case ya firgetting RUBIS needs an oil terminal…they spent years begging for one..of course Fruendolittle ignored them..

    You dobnot know what Parkland is planning, these people do no operate with limited intellect and short vision…only Barbados governments operate at that level..

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  • Ya are 1 billion in debt and that is just the arrears…ya carrying a 15 billion dollar deficit. .

    So what is selling the oil terminal for 100 million bajan dollars , which sounds like a lot of money…but is not…

    Selling Hilton for 100 million bajan dollars…going to do for the DEBT or the DEFICIT..nothing, the debt will not move…cause yall did not know anything about reducing debt.

    Yall were holding a fire sale…like selling a hotel worth 11 million dollars for 5 million to Maloney and Crooks..

    The electorate could not get yall gone fast enough.

    Simpson can sell his business if he wants…it’s yall allowed him to trick ya…if not for Jeff and his team.

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  • Woman u need to STFU u sound like a raging greedy jealous lunatic
    The oil terminal has been living off the taxpayers money for years as a mean for survival
    Past govt tried selling the unprofitable oil terminal
    Now surprise barbadians are expecting a big business conglomerate to buy the junk at a price which would be unprofitable to their business and marketing strategy
    Hell if barbadians prefer to hold on to junk so be it
    However do not expect any businees that has made a significant name for itself to be pulled into barbados politics at a level where there aim to make a profit becomes a loss

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  • Woman u need to STFU u sound like a raging greedy jealous lunatic(Quote)

    @Mariposa,

    Spot on. You got it in one. She needs pity and medical attention.

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  • Vincent Codrington

    @ WARU

    Is SOL a registered Barbados company? Can the proceeds of the sale be taxed? If the answers are in the affirmative then Barbados may benefit. And Jeremy Stephens is right.

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  • ” Painting a picture of the current state of the economy in comparison to other countries that have experienced restructuring, including Greece, Grenada and Jamaica, Dukharan said Barbados ran the risk of seeing an increase in poverty while having to undergo a painful restructuring.”

    https://barbadostoday.bb/2018/10/11/poverty-threat/

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  • pieceuhderockyeahright

    De ole man hope dat de comment I going mek ent going get certain people panties in a knot.

    In 2004 “…the accolade of Knight of St. Andrew was conferred on Sir Kyffin in recognition of his extraordinary contribution to the development of Barbados by the establishment of the first Caribbean Company in the energy industry and his lifelong contribution to business and philanthropy…”

    De ole man was wondering bout dat knighthood and a sentiment that has been floated about rescinding it, in light of Kyffin’s recent sale of said Bajan? resources and an Opportunity to sell said assets to local corporate entities…

    De ole man was dirrcted to a feller called Benedict Arnold by these patriotism bent people.

    And fuh wunna who ent know Arnold “…Benedict Arnold was an American Revolutionary War general best known for his defection from the Continental Army to the British side of the conflict in 1780…”

    Some are say that dis smell like a sellout, as opposed to a sale, and for them, seems like a Benedict Arnold move

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  • Vincent…I did not say Stephens is wrong…I said he does not sound 100% sure, particularly about the taxes…are there any guarantees.

    Personally I dont know what arrangements Simpson has with government and the payment of taxes so I cannot expound..

    “The oil terminal has been living off the taxpayers money for years as a mean for survival
    Past govt tried selling the unprofitable oil terminal.”

    And when did yall find out all of that…before OR after Rubis said they needed an oil terminal…during yall 10 year BLIGHTED reign.

    ..all of you lived off the taxpayers for 10 years without any returns to the taxpayers…you and ya fellow parasites..and their parasite masters.

    The oil terminal can still be sold…it is still a taxpayer owned entity..ya just jealous it was not given away to Simpson so yall can tief the little bit of money ya gave it away for…..yall lowlifes.

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  • Vincent Codrington

    David BU

    We may be spinning top in mud. Since you unpacked this IMF program , I have not seen what I expected to see. Are you any clearer than I am as to what are the real problems with the Barbados Economy? Are the measures specified addressing these problems?
    When one moves a service out of a ministry where it was for over a century and make it a SOE how can it suddenly be a drain on the Treasury? One adds insult to injury by asking the tax payer to pay user fees. The taxes he paid for this service when it was a department of the Public Service is not subtracted. Is not the taxpayer paying twice for the same substandard services and goods.

    Examine carefully the list of SOEs. The intention for transfer was to increase their efficiency. Has this happened? The intention was to make them cheaper is this so? Pray tell me how can a conditionality to reduce the dependence of these on the taxpayer going to be achieved without a reduction in quantity and quality of services. User fees are taxes on top of taxes. Imposition of taxes however renamed still has to come from a diminishing tax base – income.
    But we can carry on smartly. We will all carry our pigs to a fine market.

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  • BTW… some people may or may not know..but Canada has a double taxation treaty with Barbados…which Simpson is free to utilize…so again I ask…what arrangement does GOB have with SOL as it relates to paying taxes…when the man has businesses stretching across the Americas…AND OPTIONS.

    When ya see Ha, Ha the FRAUD and empty headed Marisopa ganging up…nothing good will come of it…lol

    Again for the ones who cannot see futher than their idiocy…I need nothing from Barbados…as the world can see…. if ya even invest ya money on the island, including with government ya can end up dying without it…and your beneficiaries will get nithing, that is not my cup of tea, te, the.

    I NEVER envy anyone, because as the decades old adage clearly educates…you never know whose wings they are flying on.

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  • Vincent Codrington

    @ David BU

    I hate to follow bad company. But pray tell. Why were you enquiring about Quantitative Easing? Did you discover that liquidity was holding back growth? Are you planning to go to war and need to pay your army of occupation?
    QE creates money but not real resources. Money is a medium of exchange. Butit must be backed by real resources – existing or futuristic.
    So do not even think it.

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  • This is the most amazing discussion. What we need to discuss is how a man who started ,apparently selling a low end motta car, can end up selling a portion of his business for more than four times the amount of money, that his entire country is going through all types of hoops to borrow from a well known international loan shark , known as the IMF.
    The fundamental point here is that this family ,is literally guaranteeing, that not another single generation ,will ever be in poverty while an eighty two year old pensioner is seeing his extremely modest life savings accumulated after six decades plus of hard work,go up in flames.
    I hope the irony of theses two compelling stories is not lost on all the experts who frequent BU, expounding their esteemed knowledge on a broad range of social and economic matters.
    Sometimes we need to abandon the petty intellectual/ academic one up manship, and zoom in on the broader reality of the type of country, we now live in.

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  • Vincent Codrington

    WARU at 9 :32 AM

    I still want to find out if SOL’s head office or domicile is Barbados. If it is not are the proceeds of a sale of its assets and Barbados’ brass bowls taxable.

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  • Hi Vinny,
    Keep on believing.
    If Barbados is to survive, it needs men like you, Jeff ….. who remain positive and kept the faith despite the obvious flaws
    Don’t let those who write the eulogy get you down.

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  • Also while the blp yardfowls are counting Sol chickens with an expectatiion of great dividends coming to barbados
    Do not forget that shareholders interest are also locked into Sol/Parkland deal before if or any chicken struts up to barbados door for the taking

    @William Skinner
    I like your spirit

    Like

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