2018 CDB Economic Review – Vote of Confidence?

The Caribbean Development Bank in its 2018 economic review supports the economic approach the Barbados government has taken.  The optimism is ‘premised’ on a favourable tourism performance, the opening of Ross University School of Medicine (RUSM), continued implementation of BERT supported by private sector projects in the pipeline – the possibility of external shocks a possibility.

See report:

Screenshot 2019-03-18 at 05.18.29

2018 CDB Economic Report

101 comments

  • peterlawrencethompson

    “On the downside, tensions in the United States of America and Europe (BREXIT) could dampen growth prospects.”
    ++++++++++++++++++++++

    The CDB is radically understating the external risks. The US commercial real estate market could well be on the edge of a precipice… the iconic Chrysler Building in New York just sold at an 80% discount. https://edition.cnn.com/2019/03/08/business/chrysler-building-sale/index.html The collapse of US commercial real estate values will wipe trillions of dollars off of corporate balance sheets and severely impede their ability to invest. It will also have the effect of contagion in Europe and Asia.

    Our most significant single tourist market is the UK, but their asinine self-inflicted BREXIT delusions are certainly going to cause huge damage to their economy. It is not unreasonable to expect that our British tourist arrivals will be cut in half.

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  • Peter the 18 people killed this year may also have a negative effect

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  • According to the engagement letter available on Parliament’s website, Government has agreed to pay White Oak Advisory Ltd US$85 000 (BDS$170 000) per month to help Barbados navigate the situation.

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  • Many factors influence the level of crime in the country, the blogmaster decided to highlight the CDB report to bring some focus on the importance of creating a stable economy. Where the hopes and aspirations of Barbadians can be satisfactorily addressed.

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  • RE According to the engagement letter available on Parliament’s website, Government has agreed to pay White Oak Advisory Ltd US$85 000 (BDS$170 000) per month to help Barbados navigate the situation.

    SO THEN WHAT IS THE PURPOSE OF THE PRIMEWICKER, AND HER CABINET OF MINISTERS AND ALL THEIR CONSULTANTS? WHAT DO THE PEOPLE PAY ALL THESE JOKERS FOR?

    SO THE DUCHESS OF YORK MARCHED THE PEOPLE OF BARBADOS UP AND DOWN TO BECOME THE PRIMEWICKER …………….AND NOW SHE AND HER FORTY THIEVES DONT HAVE A CLUE OF HOW TO PUT HUMPTY DUMPTY TOGETHER AGAIN?

    WUH LOOKA WUH BUHBADOS COME TO LORD!

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  • Sunshine Sunny Shine

    Georgie Porgie

    Really makes you wonder why the bloated cabinet and extra consultants.

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  • @GP

    The official position is that restructuring debt- especially external- is highly specialized. Do we agree?

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  • The last huge global collapse of the economy lasted 16 years, from 1929 to 1945, so we still have 5 years of misery ahead of us. At least. Or in biblical sizes: 14 golden OSA years and 14 hunger years. This shortens the dry season until 2022. 3 years left.

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  • MR KING SIR
    Man I only know bout cricket, Bible and medicine, man……..and a few other things that I can see and understand.
    Is why you want to hurt my poor old head wid hard questions like how to spell cow; you mean you could not give me a likkle word like mosquito?

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  • Good sense seem to dictate that debt restructuring is a highly specialized area especially foreign debt. The more important question is whether the exercise was successfully completed and whether there was transparency in the selection.

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  • Come on man
    Another set of smoke and mirrors talking points hoisted on vodoo economic
    The realities lies with the evidence happening on the ground
    Not Good

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  • Imagine we had about seven years of LOCAL RECESSION under the last government and not a peep out of the economists etc…and now it seems they have all awaken.

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  • Sunshine Sunny Shine

    David

    It’s a wait and see ain’t it. Wait to determine if White Oaks was worth it and see if the heavy price we shall pay for all of this measures up to the sacrifices of those who are now on the breadline.

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  • Sunshine Sunny Shine

    Did you get what I sent you, David?

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  • NorthernObserver

    “The official position is that restructuring debt- especially external- is highly specialized. Do we agree?”
    No. At least not as specialized as it is being made out to be.
    The REVENUE side of the CBD report raises questions, attributed to ‘several new offshore companies reporting for the first time’ amidst taxation rate changes compliments of the OECD. IBC’s will come and go, it is the total which is relevant.
    Govt’s always SPEND well, it is their revenue which frequently falls short of projections.

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  • The forecast predicates a working BLP doing what is necessary to provide deliverables. Person such as SSS and Georgie Porgie would do well to speak the truth.

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  • @SSS

    Yes!

    @All

    Mia says to judge her by what her very large team will be able to save and being able to haul the economy back on an even keel.

    We will see.

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  • PM Mottley and her misguided economic advisors taking BDS $ 185,000.00 a month to pay White Oak ( or is it Old Oak …..sounds like drunkenness ) …….to tell her government how NOT to pay the creditors ALL THEIR MONEY her government legitimately owes them !!

    Can FRAUD…..be so legitimise ???

    Oh yes……when there is a DESPOT in control !!!!

    Barbados deserves better !!!

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  • hastag Sir
    here is the truth……………………the whole truth……………………and nuttin but de truth Sir

    SO THE DUCHESS OF YORK (i.e MIA MUGABE MUTTLEY) MARCHED THE PEOPLE OF BARBADOS UP AND DOWN TO BECOME THE PRIMEWICKER …………….AND NOW SHE AND HER FORTY THIEVES DONT HAVE A CLUE OF HOW TO PUT HUMPTY DUMPTY TOGETHER AGAIN?

    WUH LOOKA WUH BUHBADOS COME TO LORD!
    THE WRITING IS ON DE WALL
    AND IT AINT GRAFITTI

    LORD FORGIVE MIA MUGABE MUTTLEY
    FOR SHE KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

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  • Sunshine Sunny Shine

    SSS

    Thank you David. More coming.

    Hashtag

    What is the truth? To not see Barbados do well again? All I want from Rogue-Works is openness, transparency and fairness. Not onesided servings. Not taking care of her family needs so they can be exalted Not changing the constitution for her good pleasure. And not flipping-well giving people tax breaks so her father can get out of a bind. So continue on your way mister mister or misses misses. The SSS already got one preying sweetie, and he is puff enuff.

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  • SirFuzzy (Former Sheep)

    @ Tron March 18, 2019 8:51 AM

    It took a world War started in Europe to end the 1929 economic depression. Maybe we need something on that scale to speed the end of this one? From my viewpoint the limp away from the car crash will take much longer than the 16 years it took back in 1929. Maybe we need another major conflict where you pick sides or end up dead?

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  • Good sense seem to dictate that debt restructuring is a highly specialized area especially foreign debt. The more important question is whether the exercise was successfully completed and whether there was transparency in the selection.(Quote)

    ????????? Words of wisdom.

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  • SSS and Georgie Porgie

    You both have no respect for the efforts of Prime Minister Mottley. There is more in achievement in her so far than what the DLP purported to be good economic management. We are better of for what Miss Mottley has done so far and she deserves a chance to be proven otherwise. The nonsense that passes for intelligence coming from you both is reprehensible and demeaning. You may not have to like Miss Mottley but you can be respectful and present some truths once in awhile. The BLP can be blamed for many things, but they are putting plans in motion to right the wrongs. Give her a break and stop spreading propaganda and conjecture. SSS, your posters are pathetic.

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  • @Norther Observer

    Is there a best practice a government should follow regarding how to manage debt restructure when SD is triggered?

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  • SirFuzzy (Former Sheep)

    “The official position is that restructuring debt- especially external- is highly specialized. Do we agree?” Thus the need for White Oak Advisory Inc and preferably not Angustora “Old Oak Distilleries Ltd”?

    My basis question is this. Suppose White Oak Advisory Inc, cannot ink a deal. As far is i know the vulture capitalist like Morgan Stanley specialise in “Just Saying No”. As they are holding all the debt cards;

    Look at how Argentina feared against those of that ilk when they were confront those that wanted back all their money as they were not interested in no haircut or barbering expeditions on offer.

    So are we prepared as a country if these foreign debt holders just say “No”? Then we will more than like need the “Old Oak” by the barrel to drown or sorrows and face whatever reality comes next?

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  • SirFuzzy (Former Sheep)

    (quote)
    Is there a best practice a government should follow regarding how to manage debt restructure when SD is triggered?(quote)

    Is Old Oak Advisory Inc(OOAI) considered an experienced firm? What is the reputation of the organisation? What is the track record? Who were the other contenders that the MAM administration considered before awarding “OOAI the contract?

    As they are authorising spending the ppls money we the ppl would like those small questions answered.

    Just asking

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  • Does gov’t need the help of White Oak to shaft creditors and default on obligations of up to $1 billion?

    Of course not.

    But if White Oak helps govt to sell and manage the shafting of creditors and bring some closure to the issue then the White Oak fees are but a small price to pay, from the govt’s perspective.

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  • @sirFuzzy

    We have two issues with this White Oakes issue then?

    • Are they competent to do the job read track record aka 3S?

    -Was the selection process transparent?

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  • Greece used specialists in their restructure, Grenada, Belize, St.Kitts and many others; but Barbados should turn to BU consultants, who specialise in everything, to renegotiate the debt payments. Sigh.

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  • @enuff

    Responsible to the valid and legit concerns I.e. transparency and track record.

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  • @ Dullard,

    There are a number of unanswered questions. The White Oaks agreement is dated May 30, the election results were declared on May 25. Was the BLP in talks with White Oaks prior to the general election? Who made the introduction and was an introductory fee paid to that person? Did Prof Persaud have any professional contact with White Oaks prior to May 25? If so what? Why is the agreement written under the law of England and Wales and in US dollars?

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  • i aint no economist but dis is what I know YA DONT DEFAULT ON YOUR BILLS……..YA DOES PAY DEM DE BEST WAY YOU CAN!

    IF YOU OWE A MAN 1$, AND ANOTHER 2$, AND ANOTHER 3$ AND ANOTHER STILL 4$ AND YET ANOTHER 20$………..AND SOME HOW YA GET 10$ PAY DE FELLAS YA OWE 1$, 2$, 3$ 4$ TO, MEK THE 20$ FELLA WAIT, NOW YA GOT 4 FELLAS OFF YA TAIL INSTEAD OF 5 AND ONLY ONE MORE TO PAY. IT WORKED FOR ME. BUT AS I SAID i aint no economist

    AS A DULLARD SAYS
    Does gov’t need the help of White Oak to shaft creditors and default on obligations of up to $1 billion?

    Of course not.

    THE WRITING IS ON DE WALL
    AND IT AINT GRAFITTI

    LORD FORGIVE MIA MUGABE MUTTLEY
    FOR SHE KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

    LIKE HAL AUSTIN, MIA HAS MUSCLE IN HER BRAIN
    WHEN MIA RECIEVES A STIMULUS INSTEAD OF FIRING A NERAL RESPONSE VIA A LONG TRACT, SHE CONTRACTS A MUSCLE……………AND BITES! mURDER!

    WHEN HAL AUSTIN RECIEVES A STIMULUS INSTEAD OF FIRING A NERAL RESPONSE VIA A LONG TRACT,HE SHITES

    MIA BITES
    AND AUSTIN SHITES

    MURDAH WUHLOSS
    TWO PEES IN THE SAME POD

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  • SirFuzzy (Former Sheep)

    The below is taken from their website.

    Principals
    Sebastian Espinosa, Managing Director

    Sebastian has more than 20 years’ experience advising governments and central banks around the world on complex financial matters, and has led teams advising the sovereign debtor on many of the sovereign debt workouts taking place in the emerging markets in recent years. His clients have ranged from Ecuador to the Dominican Republic, Grenada to Iceland, and Pakistan to Seychelles. Prior to co-founding White Oak Advisory, Sebastian was a Managing Director with Houlihan Lokey’s sovereign advisory team and, before that, a senior member of UBS Warburg’s sovereign advisory practice. Sebastian started his career with The Economist Intelligence Unit and Fitch IBCA.
    David Nagoski, Executive Director

    David has provided advice to a host of sovereigns, ranging from Serbia and Jordan, to Iceland, St Kitts and Nevis, and Belize. A former official of the US Treasury and the European Bank for Reconstruction and Development, David is a co-founder of White Oak Advisory and has developed an unrivalled expertise in debt sustainability analyses and the execution aspects of complex sovereign bond restructuring operations. David holds graduate degrees from Harvard University and Dartmouth College.

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  • Enuff March 18, 2019 12:07 PM

    Greece used specialists in their restructure, Grenada, Belize, St.Kitts and many others; but Barbados should turn to BU consultants, who specialise in everything, to renegotiate the debt payments.
    OFF COURSE NOT ENUFF
    BUT ARE YOU SAYING DAT WE SHOULDA FOLLOW OTHER PEOPLES FASHION?
    WE COULDA DO DIFERENTLY SINCE WE DOES PUNCH ABOVE WE WEIGHT, ah lie? .

    enuff THE WRITING IS ON DE WALL
    AND IT AINT GRAFITTI

    LORD FORGIVE MIA MUGABE MUTTLEY
    FOR SHE KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO
    LIKE SHE NEEDS VOO DOO
    LIKE SHE EATING AT LOU LOU
    AND DE PEEPLE GOING BOO HOO

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  • @ Hal Austin March 18, 2019 12:10 PM

    It is obvious that all these plans were worked out long before the election – under the direction of the then Minister of Finance, Chris S. You don’t start such a big action from one day to the next.

    The old government had exactly this plan – or even a combination of haircut and devaluation. We shouldn’t be taken for fools. Those who are now yelling on BU against the government have been working towards that. Or who do you think Freundel S. always visited when he was in the USA? Certainly not his aunts, but the IMF and other institutions.

    If we tortured and tickled Mariposa on the rack with rum, she would confess exactly that. Wouldn’t you, Mariposa?

    In any case, the few cents for the aid are very well invested in the negotiations for billions. Compare this amount with the idiotically high interest on the CS loan.

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  • @ Tron,

    You may say that, I couldn’t possibly.

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  • RE Hashtag March 18, 2019 11:34 AM

    SSS and Georgie Porgie

    You both have no respect for the efforts of Prime Minister Mottley.

    THAT IS VERY VERY TRUE

    There is more in achievement in her so far than what the DLP purported to be good economic management.
    SEEMS YOU COMPARING GOAT SHIT WID SHEEP SHIT
    WHATS THE DIFFERENCE?BOTH ARE SHIT!

    MIA MUGABE MUTTLEY SHE KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

    We are better of for what Miss Mottley has done so far and she deserves a chance to be proven otherwise.

    MIA MUGABE MUTTLEY HAS DONE NOTHING SO FAR BUT POO POO
    WE GONE FROM THE FRYING PAN INTO THE FIRE
    DLP OR BLP SAME TRICKERY SAME POVERTY OF IDEAS

    The nonsense that passes for intelligence coming from you both is reprehensible and demeaning.
    DEMEANING IS THE TRUTH
    I HEY HAVING FUN DOING IT
    BUT MIA MUGABE MUTTLEY NOT HAVING FUN——–SHE DOING SERIOUS SHIT!
    SHE IS A MIS FIT IN FASHION AND IN FUNCTION!

    HEAR THE CHORUS
    MIA MUGABE MUTTLEY KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

    You may not have to like Miss Mottley but you can be respectful and present some truths once in awhile.
    POOR YOU
    I AM VERY PRESENTING THE TRUTH ALL DE TIME
    HEAR IT AGAIN
    MIA MUGABE MUTTLEY SHE KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

    The BLP can be blamed for many things, but they are putting plans in motion to right the wrongs. Give her a break and stop spreading propaganda and conjecture.

    HEAR THE CHORUS NE MORE TIME
    MIA MUGABE MUTTLEY KNOWS NOT WHAT TO DO
    EXCEPT POO POO
    SHE IS BARE BOO

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  • SirFuzzy (Former Sheep)

    @ evaone?

    What is the guarantee that we will have these loans renegotiated. The debt holders have al the cards. Also who says that the original debt holders have not sold their debt to other parties etc. They having purchased the debt at a discount have less motivation on accepting a haircut. Remember what happen to Argentina and some of it debtors??

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  • The new government has done nothing but hire a debt counselor. In addition, this advisor should restore the confidence of the international financial market, which had been destroyed by the previous government.

    We needed such an advisor already in 2013, when the parliament approved the usurious credit of CS and FCIB. In 2013, amateur actors from Barbados were involved, who knew as much about finances as the dog about cooking and hardly had enough money to buy toilet paper. Now at least we have professional external consultants.

    Simply view it as a ticket to the international financial market or as a legalized form of corruption. The end justifies the means here.

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  • Smoke and mirrors eventually turning into a towering inferno

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  • @ Hal Austin March 18, 2019 12:42 PM

    The same was true of the almost 30 downgrades by the rating agencies. These ratings are communicated to the affected parties in advance. And afterwards everyone pretends to be totally surprised.

    Or why did Chris S. always say that he had ” anticipated ” a downgrade? There is more truth in it than mere rhetoric.

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  • re Simply view it as a ticket to the international financial market or as a legalized form of corruption

    ok TRON WE ACTUALLY GOING WID a legalized form of corruption

    WHAT ELSE CAN YOU EXPECT OF MIA MAO MUGABE MUTTLEY THE PRIMEWICKER AND DICTATOR

    . The end justifies the means here. WHY SHOULD THE END JUSTIFY THE RACE SIR?

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  • Sunshine Sunny Shine

    Hashtag

    You got to be smoking a joint from Mia. You want me to respect this rogue? She showed no respect to the Barbadian people when she said, Daddy must be exalted and mommy must follow. Show me where her father deserves a frigging knighthood. Show me his contribution to Barbados besides being a popular, controversial family? Respect what. The moment she did that shite, pardon debts, and left the DLP who she accused of corrupt unscathed, she went from perhaps a change in my heart as a hopeful, to the stinking piece of work I know that she is. For your sake, I hope she turns around the economy because the first charge of thieving, skulduggery, cost overruns and controversy coming out of her camp, I coming with guns blazing. Tired of these politicians taking advantage of the people the moment they beg for ya vote. Why the ass you do not go and ask her what happen to looking into the DLP bad financial management ya pooch licker. You mean them gone clear with the people money. Thank God for the USA at least we got one and can feel happy.

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  • If it was not serious- the external debt restructure – it would be funny to know that former Governor DeLisle Worrell is representing the bondholders.

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  • The creditors follow the standard procedure for such cases. Only on the island this has not yet spread. They have bought the experts with the deepest insight into the local finances. It is now impossible for the government to lie to the creditors in any way.

    And you know what: Worrel’s dismissal was therefore a huge mistake. If the man were still head of the central bank, you couldn’t just buy him.

    Every five-year-old knows how to proceed here, but not Chris S. from Black Rock. It is his fault that the creditors are now at an advantage. That’s the way it is when you operate on the international stage. You always hire several law firms and consultants from different corners to torch them for the other side. And vice versa you hire all insiders from the opposite side if possible.

    This is not the usual chatter in front of the unsuspecting voters or in the church. This is the bloody reality when you challenge the international financial market. We need expertise on the side of Barbados and not chatterers and braggarts who just ventilate hot air as usual.

    That is why the current government’s approach is good and correct.

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  • What is the guarantee that we will have these loans renegotiated. The debt holders have al the cards

    There isn’t.

    There is no guarantee that any international creditor will accept the terms offered by the B’dos government and not pursue whatever is contractually owed to them in an international court.

    In fact, the Dullard would be very surprised if this is not the course of action taken given the ultra low interest, high volatility environment currently.

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  • We were told weeks ago by the prime minister and minister Caddle that the negotiation with external bondholders was advances. We look forward to an update on Wednesday.

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  • David
    The government made that decision to suspend payments and appoint White Oak in about a week. Should they have gone to tender? Sometimes we get so caught up beating ‘transparency’ that we loss all sense of pragmatism. The transparency on this instance is the laying of the agreement in Parliament and making it available on the website. Track record? WO represented St.Kitts and Grenada our neighbours. Pick sense from nonsense.

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  • SirFuzzy (Former Sheep)

    The ship is the ARA Libertad, a training ship owned by the Argentine navy.

    And now it’s been seized. By a hedge fund. While it was docked in Ghana.

    Why? Because Argentina is in a long legal battle with the hedge fund Elliott Capital Management, which has been trying for years and years to get Argentina to pay a 2001 bond it owes in full. Because recently won a court judgment saying that Argentina owes it money, it was able to get an injunction from the government of Ghana saying it’s entitled to take the ship.

    The above happened to Argentina. However when u apparently owe debts to the Chinese they just come in and get you to lease away the property? I am wondering if any part of the silk road passes trhu the Caribbean especially Barbados.

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  • @enuff

    Have no problem with the process and pragmatism you mentioned. The issue is assuring the public adequate due diligence was done on the vendor.

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  • @Blogmaster

    What are your thoughts on the latest EU blacklist of Bdos?

    The corp tax rate was lowered to nothing by the govt to avoid a blacklist and Bdos still ends up on one.

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  • Apparently this matter will be addressed on Wednesday during the Budget speech. Those who should know suggest Barbados should not have changed our tax regime to conform with EU and other offshore jurisdictions because tax policy is a sovereign matter.

    The pragmatic view held by the blogmaster is that the North will continue to squeeze islands like Barbados given the push to trap southbound flows.

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  • “Greece used specialists in their restructure, Grenada, Belize, St.Kitts and many others; but Barbados should turn to BU consultants, who specialise in everything, to renegotiate the debt payments. Sigh.”

    ______X——–Forgive me———X____________
    Man, me and a couple of fellas could google some restructuring plans, cut and paste a document and give you a deliverable for some “old oak” and a monthly fee. We would be faster. cheaper and more accurate.

    My dream team 🙂
    PLT on the financials
    Jeff on the law
    Hal on the high sounding BS (i like the man.. just a cheap joke)
    Piece on the graphics
    DpD to confuse the hell out of everybody
    Enuff and Artax to review

    No place on this team for Lexicon or Lawson
    🙂

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  • THE MIA MOTTLEY ADMINISTRATION will save more than a billion dollars in principal and interest savings in its restructuring of Barbados’ debt, but it is paying a high price for the advice to achieve it.
    According to the engagement letter available on Parliament’s website, Government has agreed to pay White Oak Advisory Ltd US$85 000 (BDS$170 000) per month to help Barbados navigate the situation.
    The engagement letter, dated last May 30, between the globally-recognised company and Government was laid in Parliament at the start of the recently concluded annual Estimates Debate on February 18. It was laid by Minister in the Ministry of Finance Ryan Straughn, for public record in response to Opposition Leader Bishop Joseph Atherley’s request for information about it. (Quote)

    Here is the kind of nonsense that passes as serious discussion by our politicians (or is it another case of bad reporting, since the minster has a high professional reputation?).
    How would he know the outcome of the debt restructuring when the talks are still ongoing? If he knows then there is no need to pay the British company US$85000 a month. And the nonsense of saving Billions in principal and interest. Where are the facts? Who are they negotiating with? Why would creditors sell Barbados debt at a discount when they could get more by selling it to the vulture funds?

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  • Maybe that’s why the figure is an approximation and not definitive. Not to mention they have already concluded the local component of the debt. Keep up.🤣🤣

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  • RE How would he know the outcome of the debt restructuring when the talks are still ongoing? If he knows then there is no need to pay the British company US$85000 a month. And the nonsense of saving Billions in principal and interest. Where are the facts? Who are they negotiating with? Why would creditors sell Barbados debt at a discount when they could get more by selling it to the vulture funds?

    EASY QUESTIONS MAN. EASY.
    THE ANSWER IS SIMPLY THAT, LIKE YOU, HIS BRAINS IS COMPOSED OF MUSCLE TISSUE INSTEAD OF NEURAL TISSUE.
    SO WHEN HE TRIES TO CEREBRATE, HE EFFLUXES FROM DOWN BY HIS SHELVES OF HOUSTON

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  • WHEN HE TRIES TO CEREBRATE, HE DEFAECATES

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  • @enuff

    Not so fast.

    Closing the deal with external bondholders is key to restoring confidence and stabilizing foreign debt serving. The difference between the external and local is that they maybe prepared to dig in?

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  • HAL, ENUFF GOT MUSCLE TISSUE INSTEAD OF NEURAL TISSUE IN HIS BRAIN TOO!.

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  • RE The difference between the external and local is that they maybe prepared to dig in?
    MISTER KING YOU SOUND LIKE YOU IS A TENNIS PLAYER MAN
    BILLIE JEAN KING TEACHES THAT YOU HAVE NOT BROKEN YOUR OPPONENT UNLESS YOU HOLD YOUR OWN SERVE

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  • David
    Yes, but that wasn’t the thrust of my comment. The salient point I was making is that the government must have an idea of what interest was saved from the local debt restructure and a range for the foreign element. Hal just thinks that Bajans living in Barbados are intellectually inferior, even in the face of the “constitutional chaos” (according to the Solicitor General) in the UK.
    By the way, if you and your two neighbours owned car x, and you witnessed theirs brekdown and get fixed properly by mechanic Tim. When yours brekdown wouldn’t you ask them right away how was Tim and how to contact Tim?

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  • @enuff

    In a basic RFP the customer track record is asked for, we accept that point. The problem is that the selection of White Oakes was not a transparent process and given the climate of perceived corruption there is public distrust. It is commonsense that the government must factor this variable when making decisions to assure optimal buyin.

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  • And don’t forget over 2/3 of the debt is domestic!

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  • @enuff

    This tru but our foreign reserves level and anemic earning capacity in recent years make flattening foreign debt servicing a priority.

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  • In the upcoming budget it would be of interest how much or if any money would be allocated to the nation security via survellience or any other technological advancement

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  • How many Ministers of Finance (galore) & consultants ($21M) does it take to run this country?
    Ans: none.
    Ya need a white man ( $US 85000 per month) to run this island.
    This is Barbados circa 2019.
    LORDY LORDY.

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  • William Skinner

    Just read in this thread:
    “ Sometimes we get so caught up beating ‘transparency’ that we loss all sense of pragmatism “

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  • William Skinner no wonder you lost your deposit. When last you even set foot in Bim? Just a talker.

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  • @Enuff March 18, 2019 6:52 PM
    Hal just thinks that Bajans living in Barbados are intellectually inferior, even in the face of the “constitutional chaos” (according to the Solicitor General) in the UK.

    You can poke until the cow come home, you are not going to get the bullshitter for the Ivy, Hal Austin, to unpick he teet about the comess that is Brexit. Speaker of the House of Common had to inform Therea she can’t bring the same motion that was rejected last week to be voted on again.

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  • _10:00p.m. ET ramble-
    I got lost along the way.
    We need consultants to get us in debt so that we can get out of debt?
    Or are they just to get us out of debt?

    —Job Application–
    Name: Theophilius Gazerts
    Required post: Minister of something or a minor consultancy
    Qualifications: Sometimes

    I know white oaks is going to give you some fancy words “restructuring”, “recapitalization” , “debt to something ratio”, “range of the foreign element”… and wunna (all 30 ministers and the consultants) will pretend to understand even though we know the emperor has no clothes.

    Lucky wunna, I am here. I gun put it in language wunna can understand,

    I am a practical man. Not smart but practical. Fire the cuntsultants and white oaks (($3M save by just that stroke).
    If you get into debt by spending and borrowing, then you ease up on the borrowing and spending, put a few notches in your belt and pull in your guts. Slam on the spending brakes. Slam on the consultant brakes. Slam on the number of ministers brakes

    Forget all that stuff about Grenada, St Kitts and Greece,. You are no comparison to Greece, so let us get that out of the way. Lately, every shit is Grease> Got me wondering if that guy loves vaseline.
    Forget grease and really and truly you are following two smaller islands. Look like we punching below our weight….

    So many UWI econ graduates and according to Redman we have to run to a “white man” to help us the island.
    I am here. I can be white if you want me to be.

    (Wondering if Enuff will give in my job application)

    Like

  • @Enuff March 18, 2019 8:54 PM
    William Skinner no wonder you lost your deposit. When last you even set foot in Bim? Just a talker.

    I didn’t know Comrade William is living in foreign…I thought he was in Bim.

    Like

  • @ Bajan in NY

    I trust that you and yours are doing well, Comrade.

    Like

  • @Comrade Skinner

    My family and I are doing well, thanks you.

    Like

  • @ Bajan n New York,

    Let us do a deal: I ty to explain Brexit again and you try to explain Trump. But first explain bullshitter. I can’t reply until I know what you are talking about.

    Like

  • peterlawrencethompson

    @Hal Austin
    “I ty to explain Brexit again and you try to explain Trump.”
    +++++++++
    I’ll explain them both in four words: backlash of the racists.

    No doubt the usual racists (Freedom Crier, GP, John, etc.) will chime in here to prove me correct.

    Like

  • No they will not because further comments about Trump will be deleted from this particular blog.

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    Glad to see the young people are watching and paying attention to see their black governments giving away their money and not try to recover any of it….Mia is not even trying to recover all the money stolen by ministers, government officials and those who BRIBE THEM in the minority community…that Southern Golf or some crap…that is a Peter Harris scam with the DPP deceased etc…and the skunks in parliament…

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    Glad to see the young are voicing that they know their black leaders have been selling them out and stealing their money for decades…they stole from their grandparents, their parents and now they have stolen the young black people’s futures…

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    I feel so good, so proud of the young black people in Barbados….put Mia in her goddamn place she is part of the goddamn problem she and her disgraceful family, she will never be part of the solution to fast track progress and productivity in the majority population…..she is OWNED by the corrupt, tiefing minorities..

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    These interviewed people highlights the failures of the education system on the island…the ignorance and backwardness that still prevails in the existing slave mind…and to make matters worse and totally embarrassing one of these black bajans, the dude…is the PRINCIPAL OF COMBERMERE high school…a well known goddamn idiot…

    https://barbadostoday.bb/2019/03/19/mixed-views-2/

    Like

  • William Skinner

    From the video:

    “All de fetes at voting time
    need serious discussion
    dese tings happening in both parties
    $300 million plus owed
    digging into pensioners pockets
    tired of the nonsense
    both parties guilty”

    Let the party hacks deal wid dat !!!!

    Those who apologizing and grandstanding should be ashamed. BLPDLP = same shark………pot and kettle….six and half dozen.
    One day coming soon/ de people will wake up and when they do/it will be heat on the tormentors feet/I can see dem running / I could see dem / crawling ………running fanning hiding begging we to ease the weight but it will be too late
    They can’t see the cold in dem own eyes/dey cant help but tell de people lies…
    one day coming soon ……working hard against the people in their political cathedral

    Mighty Gabby, pull it up on youtube : One Day coming soon

    Those living near Lionel C Hill Supermarket and St Cyprian Church BEWARE….cant hide forever

    Like

  • “Those who apologizing and grandstanding should be ashamed. BLPDLP = same shark………pot and kettle….six and half dozen.”

    Mr. Skinner

    I’ll remind you to be a bit careful and that your partner in profit wrote blaming the DLP and BLP for our demise is rum shop talk.

    Like

  • William Skinner

    @ Artax
    ““Those who apologizing and grandstanding should be ashamed. BLPDLP = same shark………pot and kettle….six and half dozen.”

    Mr. Skinner

    I’ll remind you to be a bit careful and that your partner in profit wrote blaming the DLP and BLP for our demise is rum shop talk.”

    Respeckfully Suh

    Sometimes one partna don’t always read de cards like de edah partna…..yuh know ’bout dominoes rite.

    Like

  • NorthernObserver

    WO is more than “advisory”, for their compensation (don’t have time to research the document today) included commission payments based on performance in the restructure.
    Since the foreign debt holders, like the local ones have no security, no claim on the assets of the issuer/loan holder, this is open season negotiation. The time it has taken, suggests these folks are not folding like the local individuals, and will not accept some formula where if x% settle, then it is settlement for all. Nor does the settlement with each have to be the same.

    Like

  • I can’t imagine that the local total losers in FCIB’s management would negotiate for the bank. It was a huge mistake to give the government the credit in 2013, because it was already clear to everyone that the money would only be used to feed the civil servants. The Canadians could just as easily have burned the money or given it to beggars in Toronto.

    I guess the Canadians are leading the negotiations themselves, otherwise they run the risk of the local management fraternising with their fellow countrymen once again to the detriment of the shareholders.

    Once again the greed for high returns (note the 10% interest on the loan per year) was greater than common sense … On the other hand … If the Canadians now only get back the net loan amount, they will still have earned very well after 5 years of criminally high interest rates. So there’s no need to cry!

    I’d like to know if Chris Sinckler was under the influence of drugs in 2013 when he made this deal. Any cleaning lady would have negotiated that better. LOL. Imagine Chris Sinckler still being MoF. Then we would not be paying 1% interest now, but 10%. A crime against the people.

    All those who are always picking on PM MAM should keep this fact in mind.

    Like

  • Cant wait to hear from govt in tommorows budget where and how govt will find financial resources to keep the social programs like health and education in good standing
    Bostick outbursts bodes well to say that the financial support necessary from govt is slow in coming from govt
    Also serves well to say that his level of frustration is over the top in so much that he gives his constituents a tongue lashing

    Like

  • @ Mariposa March 19, 2019 12:00 PM

    You seem to be as dependent on state aid as a drug addict is on drugs.

    It is not the job of the state to feed people who do not want to work. Our Preminier minister now has to show harshness and cut social programmes. I really hope that she will not listen to the crying of the old political caste, but that she will shrink the public sector and strengthen the private sector.

    We need some kind of spiritual liberation from the welfare state in Barbados. Those who continue to cry over superfluous social programs still have iron chains in their heads.

    Like

  • Tron but speaking of Welfare how about corporate Barbados are they among your list of welfare recipients
    Or do they get a vote of approval
    Fact being corporate barbados collectively over the years have received more welfare than anyone individual house hold in barbados
    The fact that barbadians have or had to resort welfare for help is not entirely their own fault or doing when govts over the years have not found a sustainable formula for productivity
    Which means joblessness and added to the problem is a country whose wages cannot keep up with an expensive economy

    Like

  • Mariposa,

    As you know, I try to be impartial.

    And that is why I tell you that you are absolutely right here. The local tycoons, who are always so cocky, have burned more taxpayers’ money than many others on the island through public and overpriced construction contracts.

    The construction of the plantation house on the monkey hill plantation (the so-called clubhouse) was an economic crime against the NIS payers. Many infrastructure items could also be mentioned here, which COW and their associates built with poor quality and at inflated prices.

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    “The construction of the plantation house on the monkey hill plantation (the so-called clubhouse) was an economic crime against the NIS payers.”

    The photos are something to see, Justine Robinson, Cow and all the other criminals involved in the theft of pensioners money to build that insult and disrespect to black people should be in prison…forever…

    Let them prance and stay brazen it out, wait until the black population who are suffering because of all of them sees those photos…of where their money went…thanks to the parliamentary pond scum.

    Liked by 1 person

  • Yet corporate barbados in this past year have been giving tax cuts by govtb
    While barbadians continue to be put on the breadline and wages remain neckskin to nothing
    All when said and done. govt actions are dead set formulas for creating and expanding a welfare state

    Like

  • Banks in Barbados have indicated that they will be sending home workers and that decision is in direct response to the government’s action that cost the banks to suffer over a million dollars in losses after defaulting on it’s bonds.

    Like

  • Wages are five percent higher than under the previous administration. This means that under DLP the wages were under neckskin to nutten ?

    Like

  • The fact remains that the wages are insufficient to accommodate an expensive economy plus help pay govt debt while corporate barbados continues to eat from govt trough in the form of concessions and lower taxes while bajan households are given pink slips
    Much more of the same which will be handed out in tommorows budget
    That u cannot dispute

    Like

  • There is only one thing there that you mentioned that didn’t happened under the DLP and that is the lowering of taxes for corporate Barbados. DLP were in the process of doing then samething but were kicked out of office before they got it done.
    Wages were even more insufficient to accommodate an expensive economy, 5 % less
    Remember the concessions to sandals?
    Remember the pink slips to NCC, Drainage unit, and others, over 3000?

    All we got from the exercise were downgrades and negative economic growth over ten year of DLP.

    In less than one year BLP got one upgrade, 4/5 garbage trucks, roadworks started, Bridgetown sewage plant brought back from the brinks of disaster, the leak on the south coast fixed

    Can you dispute any of that?

    Like

  • @ Mariposa March 19, 2019 9:13 PM

    Your own MoF, your demigod, whom still many brain-amputated DLP followers in the bureaucracy worship like the followers of a cult or the house servants on the plantations, the poster face of a failed national education, has forced the banks to buy more and more government securities. Now we’ve got the mess. I warned about it right away.

    So don’t tell us any fairy tales!

    The new Prime Minister is now cleaning up, even though there is still a lot to do and I disagree with some of her economic decisions.

    Like

  • The fact remains that the economic policies of pain and suffering which occured under the dlp was to become null and void under present govt . Do you remember that?
    Fact now stands as evidence is that the pain and suffering of the people has become worsened with more lay offs .more govt spending. Higher food prices. Higher energy prices which include . gas .water .and electricity and more layoffs
    Nothing said above can be disputed
    Awaiting to hear the rest of the story today as govt present more smoke and mirrors policies with an intent to hoodwinked the masses into a false sense of security

    Like

  • Facts remain the while there was only pain and suffering under the DLP we saw absolutely nothing at all beside downgrades, degradation and destruction of finances and infrastructure.

    The pain and suffer continues under the BLP but less than a year there is more positive than ten years under the DLP.

    If they had imported only one garbage truck they would have done something the DLP could do in ten years.

    Remember in 2008 the DLP came to power with smoke and mirrors about lowering the cost of living?
    How did that work?

    Newsflash for you.
    In 2023 the price of everything you mentioned will be even higher so you can keep campaigning on that fact.

    Like

  • *If they had imported only one garbage truck they would have done something the DLP could NOT do in ten years.

    Like

  • News flash for you pain and economic suffering under present govt( a promise made) did not decreased or go away because of one garbage truck
    Wheel and come again if you want to be more convincing that this govt best interest for its people (said )during election campagaing has seen the light of day

    Like

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