Central Bank of Barbados Governor Cleviston Haynes delivers the Bank’s review of Barbados’ economic performance in the first nine months of 2018 and takes questions from members of the media.
Central Bank Economic Review of Barbados’ Economy January to September 2018
Discover more from Barbados Underground
Subscribe to get the latest posts sent to your email.
168 responses to “Central Bank Economic Review of Barbados’ Economy January to September 2018”
-
@Talking Loud,
He is a councillor, has not resigned and the Labour party has not called for him to resign. Appalling.
-
@ T. Inniss
Not to sure if to say thank you on behalf of de granson for your compliment on his Stoopid Cartoon causing DEM say (pun intended) dat you and me is DLP agents heheheheheh
Now whereas you may be one, de ole man cant be one causing welll dat is another long story dat i ent want to repeat right now
Here is a nex on dat you may like too heheheheheh
-
@Piece,
You must publish them in book form.
-
Minister Lucille Moe threatened the acting Government Printer that the government has all the seats in parliament and they could go to parliament and pass legislation to shut it down. All of that because the acting Government Printer indicated that the Gazette they wanted printed the same day at ten o’clock in the morning was not possible. Barbadians really do not know what public servants are experiencing under this arrogant government. Permanent secretaries being asked to leave meetings with the PM because they arrived late. This happened to the PS in Home Affairs ministry.
-
What! if this is true this is unforgiveable. I realised that the civil servants were sidelined in favour of so-called consultants, but to humiliate them now is nasty. Where are the unions? By the way, the governor of the central said yesterday it will take two years to get over this economic mess. Experts are now predicting a global economic slowdown in 2020. Which two years is the governor talking about? What he must do is not allow the same thing that happened to DeLisle Worrell to happen to him. Any nonsense from the government he must walk out. It will end in tears.
Barbados is a failed state. -
Piece
Don’t take them on – what DLP agents what !
Negroman
We are depending on you to alert the country to what is happening.Remember there is no opposition party in the parliament.So what happens in the parliament stays in the parliament.
People need to use all available avenues to let the country know what is taking place with this new government.
See how they treated the CEO of BADMC ?
-
@ T. Inniss,
There is a simple way and probably The ONLY WAY to keep these arrogant dogs like Lucille Moe and Leodeane whats her name and de feller at Eonomic Affairs and Toppin in dem place
For all uh dem who tink dat Mugabe is now god is to USE TECHNOLOGY & RECORD THEIR DONKEYS and publish it on whatsapp
Let the people know who we have appointed as our leaders
https://i.imgur.com/eyqhRY8.png
Remember dat de ole man know bout dese tings dem
-
They actually thought it would be easy, they actually thought after begging people for votes, telling lies and making false promises to be elected.. that everyone will just stand by as is the norm and watch them in less than 6 months ride roughshod over vulnerable people…and keep it a secret, as is the norm….oh really.
-
It is dread being a public servant today. The fear that has permeated the government service in today is unimaginable. Public servants who are appointed and have many years in the service are extremely scare and have great concern for their jobs.The Government Printing Department staff have been working in a state of fear for the last two months or so. The minister was scheduled to talk to the staff last Friday but that meeting was rescheduled for Monday last and the minister was a no show. The arrogant minister has not even had the decency to apologize to the staff about the no show. The Printery is in a state
-
Negroman
But I thought the Printery was to shut at the end of October – and you mean up to that time no body ent talk with the workers yet?
Man I can’t believe that. heh,heh.Steupes.
-
Piece
That is what the workers are doing.You remember that recording of Toppin and he arrogance ?
Now this woman at the Water Authority – she out there too.
permanent Secretary need to handle their situations.They will know how to do it.
All this going on in our Nation and the media hiding up.
-
What goes up must come down.
-
-
[@ Hal Austin-The economy is in recession. There has been no BLP bounce. No mad rush by foreign direct investors to splash out in Barbados. Local business people have not invested, nor indicated their intentions to invest, since May 24]
The platform promise was that pent up investments were at the gates impatient for the departure of the DLP. Its the biggest lie sold by Watch ma and her mouthpieces. The business elite prior to May boasted a mob a ton of investors couldn’t wait for change of government. Shockingly the investors haven’t come running. There’s been no bounce.
The new government is over excited at Sandals Beaches in Speightstown. Truth is the DLP delivered that mega project. In fact Mottley and her gang cursed Sandals presence up to election day. None of the quarter century plus one ministers and bus load of consultants endorsed Sandals. Lo and behold Butch’s sandal is now the best thing since slice bread.
The new government has brought no fresh FDI apart from Ross University. Dominicans insist RU was stolen from them. Bajans glad to have Ross at the same time down inside they know furious back stabbing occurred.
-
“Shockingly the investors haven’t come running. There’s been no bounce.”
Investors are not stupid, they know Mia is doing nothing meaningful to address the corruption in her government nor among the corrupt former DLP ministers , nor among the minorities who tief from the people and bribe governmen ministers.
.investors will not want to become tied up in that nastiness to have their names calling over social media and have International police watching them..
It is only the clowns of DBLP believe they are untouchable, sensible people understand how these things really work..
-
Here is a list of promises govt has done
Given tax waivers in tge millikns to tge rich
Stole retirees saving with a promise to give back in fifteen years
Tell retirees to go back to work
Offer loans to people would have no job as a way to start up their own business
Promised to disconnect water for citizens who refuse to pay their water levy
Send home 2500 hard working citizens
Wuhlosss and then their is more
Friends and consultants and ministers get pay increases
In the meanwhile govt goes cup in hand beggjng to international financial institutions -
http://www.nationnews.com/nationnews/news/210072/sir-roy-layoffs-handled
Veteran trade unionist and advisor to the general secretary of the Barbados Workers’ Union (BWU), Sir Roy Trotman, believes Government’s current retrenchment exercise could have been handled much better. -
Now we are left to wonderland exactly how many Judges sitting on the Supreme Court bench have offshore accounts…where they hide their laundered ill-gotten gains after helping lawyers and government minsters steal the estates of the elderly and take bribes to stop cases including personal injury claimants from being compensated, while they park their bribe money offshore..
A clear crime against the people of Barbados….here is Randall Worrel a high court Judge and his lawyer wife Leodean Chrysostum Worrell with the money laundering reputation.
-
That Blades & Williams address is where Leodean Worrell had or still has her law office in Tweedside Road, Carrington’s Village for many years…her reputation for money laundering spread far and wide long before we knew about these offshore accounts she has one herself and one with Justice Worrell..
That two faced liar Avinash Persaud is in the newspapers today gushing about there being so little money laundering in the region, a clear lie…but he got a lot more lies to tell.
-
@ David November 1, 2018 10:31 AM
“To be fair to the governor he indicated government is rolling out its plans so far so good. Once it continues to meet its IMF targets the expectIon is that it will sow the seeds of confidence to attract private invest to spur growth.”
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++Do ‘those seeds of confidence to attract private investment’ include the erection of the Hyatt hotel which used to be touted by the same guv as the economic game changer for Barbados and the spur to resurrection commercial life in Bridgetown?
Now that the proceeds from the selling of the BNTCL and Hilton hotel have been dropped, temporarily, from the magician’s bag of tricks to shore up the foreign reserves what else is there to bank on to keep Bajans living the import-dependent conspicuous consumption sweet life of Riley? IMF and other loans which have to be repaid?
Where are the forex-earning or forex-saving projects to save the Bajan dollar from devaluation?
The Hyatt has promised so much but has not lived up to the ‘raised’ (heightened) expectations of the people of the City with hundreds of jobs there for the taking.
Blogmaster, you ought to be much more strident in getting to the ‘real’ reason(s) why Hyatt has failed to ‘rise’ to the occasion, again?
Where is MAM and her investment Viagra.
-
Owen Arthur views on BERT
https://m.facebook.com/story.php?story_fbid=10155499501225989&id=270969375988
-
WARU
You asked why the highway was being resurfaced. The loan agreement is clear as to what roads are to be resurfaced under the loan. So once again you are proved to be uninformed, misinformed and misleading. #listenreadmoreandtalkless. -
IDB can’t guess which roads are to be resurfaced under the loan, they would approve the loan based on what INFORMATION they are given when requesting the loan, why would they approve resurfacing a Road…THAT DOES NOT NEED RESURFACING???…bankers are not that crazy and IDB bankers do not think like bajan bankers..
…have you ever taken out a loan from any bank, well if ya have not, you need to ask someone who has, I have and ah know ya talking yardfowl shit.
Besides…ya can’t discredit me, ya wasting ya time..Enuff in Wonderland.
yall got some kinda corruption going on with Cow Williams again and using the IDB loan as a blind….but it will all come out in the wash….it always does, .yall corrupt tiefing demons…
It appears Mia only CARES about the criminals with whom she surrounds herself.
-
I don’t listen to well known historically corrupt MINISTERS/LAWYERS/tiefing business people…
….keep in mind why BLP was kicked out of the parliament BY THE PEOPLE in 2008…it was because of the same CORRUPTION…..that STAIN and STENCH of corruption will NEVER move.
-
@ Mariposa November 2, 2018 8:34 AM
Owen Arthur views on BERT
+++++++++++++++++++++++++++++++++++++++Ms Many pussies ac, is that the same OSA whom you cussed left, right and centre for over 5 years on BU while blaming him for every economic sin he committed to cause the DLP to borrow over $8 million in trying to rescue the Bajan economy from total collapse started by the same OSA man?
Now Ms Maripokey, aka “ac” the accredited clown, who is wearing the top hat for the biggest prophet on BU preaching total doom and gloom and welcoming economic Armageddon for Barbados?
We have every contribution you made on BU to support your virulent attacks against the same frail man you are now trying to apotheosize into some economic god.
‘The faintest ink is greater than the sharpest mind.’
-
WARU
They can’t decide WHICH road but can stipulate WHAT TYPE would meet the objectives of the programme and the loan agreement is clear. Your lack of intellectual acuity is frightening, especially given your coveted BU award for Most Posts.🤣🤣🤣 -
Miller…it seems Enuff yardfowl has forgotten why the Owen BLP gang were kicked out of parliament by the people in 2008…looks like every time he comes spewing his yardfowl rhetoric…he needs to be reminded..,for the next 4 years 6 months.
tick, tock
-
Miller and u know what i have no apologizes
As a citizen he has a right to speak on govt issues
As a PM his policies of borrowing he should admit played a defining role on placing barbados on the default precipice
No if’s or and’s or but’s
There is no policy in OSA 14 year reign of goverence that anyone can point to which barbados economy would have been viable to withstand negative global economic fallout
The truth being he can spilled his guts to criticize
However he cannot dismiss his role in placing barbados on a economic path formulated by debt without having a growth path for econmic sustainability -
Isn’t the IDB loan to resurface that stretch a brought forward from the last government?
-
David
Since 2015/16!! I keep saying some should listen and research more and talk less. -
What type huh….so only roads that do not need resurfacing …falls under the category of getting remedial work…says you
..has Mia explained that yet to the PEOPLE who PAY her salary…so what about the roads that ACTUALLY NEED RESURFACING….were there not loans ALREADY APPROVED for those projects that DLP refused to draw down on…money that it was reported….IS STILL SITTING THERE…
So why would Mia rush to get a loan approved that does not address the dilapidated state of the island’s road people use everyday…
ya yardfowl logic can do with an upgrade.
and may I remind you…that:
I don’t listen to well known historically corrupt MINISTERS/LAWYERS/tiefing business people…AND THEIR DIMWITTED YARDFOWLS.
….keep in mind why BLP was kicked out of the parliament BY THE PEOPLE in 2008…it was because of the same CORRUPTION…..that STAIN and STENCH of corruption will NEVER move
-
Enuff…educate yaself..I already have that information…as you can see from the post above…yall are on shit and have to be watched carefully…ah bet ya that there is nothing in that loan agreement with IDB that says that the well known crook Cow Williams has to be the one to resurface that stretch of road or ANY other road on the island.
-
Yeah Enuff…tell me Mia did not insert Cow’s name in that loan agreement knowing he ripped off the Pension Fund, under the other DLP corrupt crooks, the same ones she promised the people she was going to pursue and punish..for ripping off the treasury..
-
“Arthur predicts SOEs will be hit next year
FORMER Prime Minister of Barbados Owen Arthur is calling for Government to put everything on the table and tell the country what to expect out of the
commitments made to the International Monetary Fund (IMF).” -
” “People who live here legitimately, who have legitimate businesses can’t even move their money around. So, who on earth would come and launder money here? Yet we are spending a fortune on compliance and process,” he pointed out”
Moreover, the FSC Chairman noted that this is the first time in history there is an increase in the number of unbanked people. He said that before anti-money laundering regulations, banking was almost a public service.
https://www.barbadosadvocate.com/news/fsc-chairman-threat-money-laundering-worse
-
These clowns in parliament believe they are dealing with and talking to idiots and got the NERVE to send their yardfowl on the blog to make themselves look even MORE corrupt…they still don’t get it, but they will….
-
He said while the IMF programme is likely to stabilise the economy, it is not a developmental institution. Arthur said there needs to be a growth strategy or a “grand design” to take the country forward.
https://www.barbadosadvocate.com/news/former-pm-prepare-barbadians-austerity
-
If you had the information as you are claiming you would not question where the work is being done….unless you have difficulties with reading and comprehension. So now Mia insert Cow name in the loan agreement? What is the IDB’s role in procurement process for the project?
-
FORMER PM: PREPARE BARBADIANS FOR AUSTERITY
Fri, 11/02/2018 – 12:00am
Arthur predicts SOEs will be hit next year
FORMER Prime Minister of Barbados Owen Arthur is calling for Government to put everything on the table and tell the country what to expect out of the
commitments made to the International Monetary Fund (IMF).“Prepare Barbados for austerity. Stop telling us how quickly this programme has been negotiated. How wonderful it is. Many difficult things still have to be done and the country must be prepared to accept that these things are being done as a necessity,” he exhorted.
In fact, Arthur says the Government has already made a commitment to the IMF to see the primary surplus increase to 6 per cent next year, which means a financial adjustment of a whopping $250 million in one year to realise that 2.5 per cent increase. He lamented that this does not augur well for State-Owned Enterprises (SOEs).
“…Most in this instance will not have to do with the Central Government, because that is already being addressed through retrenchment, but will have to take some radical measures to address the situation in statutory enterprises.
“The Barbados Government has 63 statutory enterprises. The next phases will be to address them,” he lamented.
His comments came on Wednesday night as a part of the public forum on the topic “Economic Challenges in Barbados and You”. However, the discussion at some points morphed into a debate on economic policy between himself and government’s Special Advisor on the Economy, Professor Avinash Persaud, who was one of the panellists.
According to Arthur, “What I am, is sensing the government is agreeing to do things and then when government comes under public pressure say ‘we may change what we need to’.”
He lamented that two successive governments in Barbados will still be affected by this IMF programme, estimating that it will take 15 years since at the core of the programme is the commitment to reduce the debt to GDP ratio from 157 per cent to 60 per cent.
He said while the IMF programme is likely to stabilise the economy, it is not a developmental institution. Arthur said there needs to be a growth strategy or a “grand design” to take the country forward.
“If the IMF programme is allowed to stand alone and nothing else is done, and urgently, to address the issues of growth, Barbados will either go into a depression or experience a quagmire – rates of growth that are so low that it can lead to the country stagnating.”
During the discussion, which was hosted by the Women & Development Unit of the UWI, Arthur urged Persaud, “not to put too much a strain on people’s savings”. He said by asking the National Insurance to make a contribution to help the stabilisation process could put the country in a position where it solves one problem but creates another one for the country.
He said that while the situation facing Barbados will be “very difficult”, it is manageable. “But only if we are prepared to take some of the long-standing things that you thought could not be done and put them on the table.”
During the discussion, the audience, which included several top economists as well as students from the University of the West Indies, received a free Economics lesson from Arthur who took to the whiteboard to explain by way of an economic formula the areas which needed to aided by government – namely investments and exports – in order to continue providing the goods and services to the Barbadian people.
(JH)Section:
NEWSClick here to read Barbados Advocate
-
“If the IMF programme is allowed to stand alone and nothing else is done, and urgently, to address the issues of growth, Barbados will either go into a depression or experience a quagmire – rates of growth that are so low that it can lead to the country stagnating.”
I don’t know why Owen is still talking about goods to the island, under such a stifling scenario ,…IMPORTS SHOULD BE SIGNIFICANTLY REDUCED…to save foreign exchange, that is the crap got them into financial trouble in the first place…wasting money on unnecessary imports with that huge 6 or 700 million dollar annual food import bill…and all the other useless garage they so love to import…that they do not need.
-
Enuff idiot….this is the information below I was referring to…it was ALL OVER THE NEWS just before the election and if I remember clearly they said there were quite a few hundred millions sitting there to be drawn down in tranches from IDB that DLP never drew down on,….it’s only after I posted I noticed the Blogmaster had also mentioned it…so get over yaself..
Check what I posted…
What type huh….so only roads that do not need resurfacing …falls under the category of getting remedial work…says you
..has Mia explained that yet to the PEOPLE who PAY her salary…so what about the roads that ACTUALLY NEED RESURFACING….were there not loans ALREADY APPROVED for those projects that DLP refused to draw down on…money that it was reported….IS STILL SITTING THERE……
-
Ah go make ya lose ya yardfowl job, ya too dizzy..
-
“WARU November 1, 2018 11:56 AM
People are asking why the Mia government gave Cow Williams a contract to resurface a part of the highway above the Hothersal Turning roundabout that is one of the better roads in Barbados and in THEIR opinion, did NOT need resurfacing, when there are so many deplorable roads on the island needing remedial work..” -
Go right ahead, you can’t lose what you don’t have. Silly woman. Uninformed and misinformed. Who is your MP, not the candidate?
-
@ David
According to Arthur, “What I am, is sensing the government is agreeing to do things and then when government comes under public pressure say ‘we may change what we need to’.”
@ David et al“He lamented that two successive governments in Barbados will still be affected by this IMF programme, estimating that it will take 15 years since at the core of the programme is the commitment to reduce the debt to GDP ratio from 157 per cent to 60 per cent.”
Former PM & M O F. Owen ArthurNow you can say that Arthur does not know what he is saying as you told me when I said almost the same thing about two weeks ago.
-
Owen Arthur will never learn. He sold the BNB and it is now valued three times what it was worth and employs a lot more people. Hooray, victory fore Mr Arthur. In fact, the fire sale of the BNB was anything but planned. Staff at the Fairchild Street branch herd of the sale when it was reported from London by CBC; Mr Greenidge, the then manager, was running around like a headless chicken during and after the meeting at Lambeth Town Hall when Mr Arthur made the announcement and, apparently, had no meetings arranged in London to discuss the sale. In fact, I was asked to give Mr Greenidge a lift back to his hotel after the meeting.
The decision to sell BNB was the worst economic decision made by any BARBADOS GOVERNMENT SINCE INDEPENDENCE, AND REMAINS SO – FOR NOW.
Our economic growth must be built on financialisation, the most important (if not the only one) is a domiciled balance sheet bank. The easy way is to turn the 18 post offices in to post office banks, or a joint post office/credit union bank. As long as key economic decisions are made in head office in Port of Spain, Toronto or Ottawa, we will always be on the back foot. -
Enuff November 2, 2018 11:21 AM
“WARU November 1, 2018 11:56 AM
People are asking why the Mia government gave Cow Williams a contract to resurface a part of the highway above the Hothersal Turning roundabout that is one of the better roads in Barbados and in THEIR opinion, did NOT need resurfacing, when there are so many deplorable roads on the island needing remedial work..”…..That was my ORIGINAL question…so how come YOU cannot answer it…ya trying to carry me around the world like if it is IDB SAID…Mia give the road works contract to Cow Williams…we are ordering you to, it is one of the terms of the contracts to draw down the loan…never mind that you know Cow ripped off the Pension Fund with the help of corrupt DLP ministers that YOU Mia said you were going to pursue for ripping off the treasury…robbing the people of Barbados….billions of dollars and got the island in this economic mess, but never mind still give Cow money the victimized population will have to pay back….
that is how you sounded Enuff 68, ya still to answer the original question, we know from the Ryan Brathwaite cockup that you are one of Cow’s little black boys, but please do not insult my intelligence..
The blogmaster invites you to join the discussion.