Did We Listen to Mia?

Submitted by Kemar J. Stuart, Banking and Finance Student, University of the West Indies

My fascination with finance and budgetary analysis started started at secondary school because of the late PM David Thompson and with my persistence, I annoyed a UWI student at the time to tell me everything he could about finance.

In 2018 I am a benefactor of a Banking and finance education where conversations surrounded the policies of last MOF Chris Sinckler and his perceived financial mismanagement. The highlight being then opposition leader Mia Mottley going as far as no confidence motions, marches and even offering a sound economic point in which I will address.

Most notably in the 2016-2017 Official Budgetary Reply delivered by then opposition leader Mia Mottley on August 17 2016, where she offered a stellar point to then MOF Chris Sinckler. I quote “there is something called a Government Sinking Fund for foreign debt” ‘established under the External loans Act’ “which makes it absolutely clear that proceeds of the Government sinking fund for foreign debt can only be used to service foreign debt”. She highlighted this figure for this facility to be $322 million. She went on to say “the reason why this parliament passed a sinking fund for foreign debt is to make sure that when foreign debt becomes due and payable that the Government of Barbados is in a position to be able to pay because every year it puts aside 2 1/2% of whatever the foreign debt is.”

After such a beautifully orated economic and fact based solution Barbados received it’s first credit default on foreign debt courtesy of ‘I am not sure who’ since there are 3 Finance Ministers and 2 special economic advisors.

For clarity and to give the financial community some sense of stability, can any of the five economic wizards provide a financial analysis of the default with an explanation if the above recommended advice by then opposition leader Mia Mottley was considered before default, the gain/loss on the country’s international debt portfolio and derived benefits from defaulting ,lastly the financial projection of the debt portfolio given that we did not default and gain/loss Associated. Given the butchered approach to financing our interactional debt obligations what if the international community does not take any debt restructuring offers ? Is our special drawing rights going to be sold under the IMF condition to provide balance of payments support if the BERT plan fails?

Through the five of you one of you need to be man/woman enough to face the many possibilities that our financial fortune faces and gives us the raw deal surrounding our international capital market capacity

122 comments

  • So who are these White Oak people and exactly how much of taxpayer’s money are paying them, they seem to be another recently created fly by night operation in London.., but we shall see if they are credible or are just a scam.. at some point.

    Like

  • http://www.nationnews.com/nationnews/news/216682/central-bank-repaying-pensioners

    Enuff 68…yall still playing cruel mind games with the pensioners for their money.

    How many technical and other issues real or imagined are yall having, .how many news dates will we hear about before these people get their money, if ever….

    Like

  • Salemite why you don’t go and take your medication?

    Like

  • New sewage plant in the works

    Back to the drawing board

    Thank God its Friday

    “The most recent efforts to fix the three-and-a-half year-long south coast sewage crisis has received a major blow, forcing Government to decide to build a new waste plant within the next 18 months, Minister of Energy and Water Resources Wilfred Abrahams has revealed”

    https://barbadostoday.bb/2018/11/23/south-coast-to-get-new-sewage-plant/

    Like

  • This sewage plant thing reminds me of George Bush declaring the Irag war over. I remember some jokers on BU a little while back hailing the solving of the sewage problems. I read story after story in the press saying the problems will soon be a thing of the past.
    Not a failed state yet but………….

    Like

  • Sargeant
    November 23, 2018 11:44 PM

    New sewage plant in the works
    Back to the drawing board
    Thank God its Friday

    ++++++++++++++++++++

    Hopefully this time it will get proper, diligent oversight!!

    These clowns … well these clowns have already shown themselves incapable.

    So whoever the lender is better make sure it is built to specification!!

    Like

  • This govt was told by a leading World Envirolmentalist group that under no circumstances should the outflow be disharged into the sea and the Graeme Hall swamp
    This warning was given to them months ago
    A read of the article also states that govt did their own environmental testing
    It is obvious that the results might have been negative and gave a hastened reason for Govt to come clean on a decision to replace the plant

    Like

  • “Enuff November 23, 2018 10:02 PM

    Salemite why you don’t go and take your medication?”

    Wuh happen, ya ran out of big talk?

    No more big boasting, everything is turning too real right, ah know…lol

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  • So…Enuff 68…when were yall planning to have me committed, wuh ya want to bet many of you will be committed to Jenkins, Black Rock instead by the time all is SAID and DONE….

    Watch muh nuh!!

    Like

  • pieceuhderockyeahright

    @ Brother Hants

    De ole man was did get de video with the homecoming by the Witch of Endor

    Dat was all over de place for months

    You ent see de tickets?

    Like

  • It is a dam shame that it took outside interference to make govt come to an understanding that destroying of the enviroment all in the name of politics would not sit well with international Environmentalist groups
    Isnt barbados govt signed on to agreements that have agreed to protection of the enviroment
    This govt has set this country on a path of self destruction economically and environmentally
    This asinine govt group thought it best to appease the political noise makers by litteraly poisioning our undeground water system by pumping toxins in our bodies of water that should remain absolutely free of pollutants
    This 8 month exercise of pumping toxins in the swamp and ocean would one day come back to bit barbadians in the a.ss
    Not nice to fool with mother Nature

    Like

  • So David what fo u have to say .now present govt has admitted that they have no quick fix or solution to the Sewer plant
    Another broken promise and bold faced lie told to the people to win an election
    David u can use the Spinning Top as a logo when u submit an article

    Like

  • France fuel protests

    ” the protesters oppose an increase in fuel duty on diesel.”

    https://www.bbc.com/news/world-europe-46328439

    Like

  • Well I listened to Mia Mottley quite well !

    She said the retrenchment plan is not working properly because of ” SABOTAGE ”

    Sadly to admit , I believe her !

    The retrenchment plan is being sabotaged by her own Ministers of government and Permanent Secretaries !

    Case in point Minister Lucille Moe & Permanent Secretary, Cheryl Alleyne – doan know one RH what they doing about the merger of CBC , GIS & Government Printing Department ( GPD )

    Take for example the GPD , I am reliably informed by someone from the Accountant General Office that Minister Moe and PS Alleyne has ” okayed ” the closure of the GPD – so that Ministries & Departments will have to go to private printeries across the island to pay 💰 out millions of dollars to get work done that was previously printed by the GPD – for FREE !

    If that is true , can that make sense to anyone ?

    The Mia Mottley administration says it is broke – so it has decided to send home 2.3 million dollars WORTH of wages & salaries ( per annum ) from the GPD ………to pay between COT , COLES , Acute Vision & Primt Max printeries ……..4.9 million per annum for printing services .

    Who do you believe will split this WINDFALL amongst them ??

    Also to give out all the Official emblems & documents of government into the hands of private printeries .

    So NATIONAL SECURITY don’t matter no more…….under the MIA Mottley administration ???

    But PS Alleyne behaving like a FRIZZLE FOWL in this matter ……and allowing Minister Moe and others to make a bad decision on the GPD .

    But leh they lone ……time always longer than twine !!!!

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  • “The Mia Mottley administration says it is broke – so it has decided to send home 2.3 million dollars WORTH of wages & salaries ( per annum ) from the GPD ………to pay between COT , COLES , Acute Vision & Primt Max printeries ……..4.9 million per annum for printing services .”

    No surprise there…we already know that there are NO GENUISES in the Mia Borrows government.

    From Enuff jumped out to support the government, we knew they were all dumb as shite.

    Like

  • Is this the same Ron Sanders who introduced and edited the book “Inseparable Humanity – An Anthology of Reflections of Shridath Ramphal? I have been reading and rereading this treasure chest for months and months. It so clearly defines what we are up against with these world organisations and what arguments need to be made to fight them.

    Don’t see how Sanders could be dismissed as a BLP mouthpiece after making this work a priority.

    Like

  • Donna

    Oh please !

    Lay off the sleeping 😌 pills !

    And stay awake !!!

    Like

  • And you, Fractured BLP grow a brain and age it to adulthood!

    Like

  • Donna

    Please go and grow up !

    Like

  • Fractured BLP,

    Is that the best your brain cavity can come up with? Sad!

    Like

  • NAME AND SHAME THESE LANDLORDS.

    “People taking houses that should really accommodate one person and trying to put in ten and 15 and asking people to share one kitchen or one bathroom. It is not right,” said the minister during debate on a Resolution for the vesting of land in Cluffs, St Lucy, this morning in Parliament.

    https://barbadostoday.bb/2018/11/20/blame-landlord-cartel-for-the-way-we-live-now/

    Like

  • WARU

    But I know the difference between a candidate and an MP though.

    Like

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