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:
@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.
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.
“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
🙂
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?
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.🤣🤣
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
WHEN HE TRIES TO CEREBRATE, HE DEFAECATES
@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?
HAL, ENUFF GOT MUSCLE TISSUE INSTEAD OF NEURAL TISSUE IN HIS BRAIN TOO!.
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
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?
@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.
And don’t forget over 2/3 of the debt is domestic!
@enuff
This tru but our foreign reserves level and anemic earning capacity in recent years make flattening foreign debt servicing a priority.
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
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.
Just read in this thread:
“ Sometimes we get so caught up beating ‘transparency’ that we loss all sense of pragmatism “
William Skinner no wonder you lost your deposit. When last you even set foot in Bim? Just a talker.
@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.
_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)
@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.
@ Bajan in NY
I trust that you and yours are doing well, Comrade.
@Comrade Skinner
My family and I are doing well, thanks you.
@ 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.
@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.
No they will not because further comments about Trump will be deleted from this particular 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…
https://www.facebook.com/1767331239973521/videos/372301970279538/?t=98
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…
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..
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…
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
“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.
@ 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.
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.
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.
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
@ 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.
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
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.
“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.
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
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.
Wages are five percent higher than under the previous administration. This means that under DLP the wages were under neckskin to nutten ?
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
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?
@ 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.
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
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.
*If they had imported only one garbage truck they would have done something the DLP could NOT do in ten years.
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
The blogmaster invites you to join the discussion.