IMF Staff gives Barbados Thumbs Up

IMF Reaches Staff Level Agreement on the First Review of Barbados’ Economic Program under the Extended Fund Facility

May 17, 2019
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

A staff-level agreement was reached between the IMF staff and the Barbadian authorities on the First review of Barbados’ Economic Recovery and Transformation program (BERT) supported by the Extended Fund Facility.
Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.

At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown from May 7–17, 2019 to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). To summarize the mission’s findings, Mr. van Selm made the following statement:

“Following productive discussions, the IMF team and the Barbadian authorities reached staff-level agreement on the completion of the first review under the EFF arrangement. The agreement is subject to approval by the IMF Executive Board, which is expected to consider the review in June. Upon completion of the review, SDR 35 million (about US$49 million) will be made available to Barbados, bringing the total disbursement to SDR 70 million.

“Barbados continues to make strong progress in implementing its ambitious and comprehensive economic reform program. International reserves, which reached a low of US$220 million (5–6 weeks of import coverage) at end-May 2018, have more than doubled since then. The rapid completion of the domestic part of a debt restructuring has been very helpful in reducing economic uncertainty, and the new terms agreed with creditors have put debt on a clear downward trajectory. The authorities have started the reform of State-Owned Enterprises (SOEs) by tightening reporting requirements and shedding excess staff.

“All program targets for end-March under the EFF have been met. The program target for Net International Reserves was met by a wide margin, as was the target for the Central Bank of Barbados’ Net Domestic Assets (NDA). The targets for the primary surplus, central government grants to SOEs, central government domestic arrears, and social spending were also met.

“In March, parliament adopted a budget FY2019/20 targeting a primary surplus of 6 percent of GDP. Full year effects of reforms set in motion during FY2018/19, including the introduction of several new taxes (an airline travel fee, room levies, a new fuel tax, and a new health service contribution), should help achieve this target. A broadening of the base of the VAT and the land tax, adopted in March 2019 in the context of the FY2019/20 budget, will help support revenue. The budget approved for FY2019/20 provides a solid basis for the targeted fiscal consolidation; the authorities stand ready to take additional measures if necessary to reach the targeted 6 percent primary surplus.

“The Barbadian authorities continue to make good progress in implementing structural benchmarks under the EFF, including those that contribute to an improved business climate such as a new Planning and Development Act passed in January 2019 and a Sandbox regime to regulate fintech start-ups set up in October 2018. A new Public Financial Management Act passed in January 2019 introduced wide-ranging measures to strengthen fiscal transparency and accountability. The government has also introduced a system for monitoring SOE arrears on an ongoing basis and has submitted a consolidated report on the performance of SOEs to parliament.

“Progress being made by the authorities in furthering good-faith discussions with external creditors is welcome. Continuing open dialogue and sharing of information will remain important in concluding an orderly debt restructuring process.

“The team would like to thank the authorities and the technical team for their openness and candid discussions.”
IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

Phone: +1 202 623-7100Email: MEDIA@IMF.org

197 comments

  • Coming out of the press conference (seen in the video) the Prime. Minister stated there is the possibility of Cahill suing Barbados under the contingent liability.

    Like

  • The other observation is the paucity of questions which came from the press corp.

    Liked by 1 person

  • David

    Why you did not grace the press conference with your presence and pose your questions ?

    Or is it – that White Oak is no longer an issue for you – even as the IMF team noted that negotiations with the external creditors – should be done in open dialogue & sharing of information ( i.e) transparent !

    Like

  • @Fractured BLP

    The blogmaster is still focused on Cahill.

    Like

  • Well at the same time David

    The PM can revisit Greenland & Veco , Dodds Prison !

    They both predated Cahill.

    Like

  • Fractured BLP

    Your statement on what the IMF team said is misleading.

    Like

  • @Fractured BLP

    Did the DLP made those agreements available during its 10 years in office?

    Like

  • The IMF praising the progress the government is making… but what is the destination? I suggest you read, with a critical eye, the IMF Executive Board’s statement of 1 october 2018 on the Extended Fund Facility for Barbados.

    Like

  • To quote the prime minister, we have to stay the course.

    Like

  • It is illadvised for us to put so much truck in the mouthings of the imf as though manna from heaven.

    Like

  • @Pachamama

    Is appears to be the only game in town now that we have decided to drown in debt to support our conspicuous consumption habit.

    Like

  • @David
    The problem is that we the ordinary ctizen don’t know why we drowning in debt. Is it because we have a “conspicuous consumption habit” or for some other reason? Without a clear public breakdown of this debt, identifying what was borrowed, when, from who, what it was used for, what interest the loans came at, how much we’ve repaid so far and what is still owing, we’ll still be in the dark. All we hearing is take the bitter medicine and shut up. Don’t ask why you have to be losing your job or your pension get put in jeopardy.

    Liked by 1 person

  • The IMF is a body of self serving leeches who couldn’t give a dam about the small islands social enviroment
    Their means to and end by any mean necessary is to collect
    Govt does the dirty work of collecting and in return the IMF pat govt on the shoulders like a master rewarding a dog for good behaviour
    Govt ought to be ashamed to mouth the recignition of the IMF towards them
    Meanwhile the criminal enviroment takes root
    Unemployment escalate and barbados poverty level increase
    All which adds up to disguting

    Like

  • Always google for yourself. The picture is not as clear as described above
    You are in the spin zone

    “Bermuda and Barbados have committed to addressing EU concerns and have therefore been moved to a so-called grey list of countries still under EU scrutiny for their tax practices, the statement said, effectively giving them more time to be fully compliant.

    Bermuda’s Finance Minister Curtis Dickinson welcomed the EU decision. He said there was still work to be done to improve the island’s tax legislation on collective investment funds, about which the EU had still concerns.

    “EU governments have once again let some of the world’s worst tax havens off the hook,” said Chiara Putaturo, of the anti-poverty group Oxfam.

    “The reforms agreed by Bermuda, Barbados and Aruba will not stop them operating as tax havens,” she added, calling on the EU to blacklist all jurisdictions that offer very low or zero corporate tax rates”

    Liked by 1 person

  • @Tee White

    Should we go back to a basic assumption that the economy and society is a composite of the households existing within?

    Should we assume that individual behaviours are shaped/influenced by personal values? How are these values nurtured and stoked? How do the values change across segments in the population?

    We seem to be touching a chicken and the egg debate.

    Like

  • @David
    I think before we start assuming anything, we should get accurate information about the thing we’re dealing with. Once we’ve got the information, we can analyse it and draw our conclusions.

    Liked by 1 person

  • @Tee White

    Why do we need stats if we import everything under the Sun?

    You need reminding we do not produce very much for export?

    Like

  • @David
    The other observation is the paucity of questions which came from the press corp.
    ++++++++++
    What are you trying to say? Are you intimating the journalists at the Press Conference weren’t up to the task? The PM used the word “esoteric” in her lead up , yuh think she was speaking about the reporters? In fairness to them the PM tends to wander off in her responses and by my reckoning it took approx. 9 minutes to answer the two questions and I noticed the IMF rep started to fidget as local politics is not on his plate.

    Among the other things I heard was that everything that went wrong in Barbados started in the last decade, the phrases “punching above our weight” is now mandatory and ”many hands make light work” is standard fare in Bim.

    A bright note is the promise to reform the “unfair” Common Entrance Exam, that should bring out the traditionalists.

    Like

  • @ David,

    Interested in discussing ? You may want to consider buying a whole house water filtering system.

    https://barbadostoday.bb/2019/05/17/change-of-use/

    Liked by 1 person

  • Some ‘black market’ drug dealers in Barbados have expressed an interest in getting involved in the medicinal cannabis industry.

    And according to Sarah Seale, the president and managing partner of Canadian company Cannabis Management Resources Inc, that interest should be seen in a positive light.

    https://barbadostoday.bb/2019/05/17/count-us-in-2/

    Like

  • SirSimpleSimonPresidentForLife

    This is not a political DLP/BLP thing, although we may be led to believe so.

    The technical work for the current zones was done in 1962.

    Much has changed since 1962, including better equipment with which to do hydrological mapping.

    This change should have been recommended and IMPLEMENTED 25 or 30 years ago.

    Like

  • SirSimpleSimonPresidentForLife

    In 1962 I had not yet written the 11+

    Barack Obama was in diapers.

    Justin Trudeau’s parents had not yet met.

    Mia Mottley was a toddler.

    Rihanna’s parents were little children.

    Oprah was

    Bill Gates, Steve Jobs and Oprah were in grade 2 or 3/Infants B, or Class 1.

    Teresa May was in Infants A/grade 1.

    Donald Trump was a virginal teenager.

    Most of our current Parliamentarians and some of their parents were not yet born, and some were in diapers or in elementary school.

    The question is why do we take so long, to decide, and then to act?

    Why were we still working with early 60’s legislation?

    Like

  • No longer will visas be required for nationals of the following African countries to enter Barbados: Cameroon, Ethiopia, Ghana, Liberia, Morocco, Senegal, Rwanda and Burkina Faso.

    Visa waivers have also been granted to the Gulf States of Bahrain, Jordan, Oman and Qatar as well as the Asian countries of Indonesia, Vietnam, Thailand and India. In addition, Barbados has an honorary consul present in Monaco and visa requirements have also been lifted for that nation.

    Liked by 1 person

  • Can Barbadians enter those countries without a visa?

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    “The question is why do we take so long, to decide, and then to act?

    Why were we still working with early 60’s legislation?”

    tunnel vision..

    dumb as rocks…

    too busy tiefing..

    too uppity and arrogant….

    they still think Bajans are to be robbed, disenfranchised, marginalized and kept in a perpetual slave society…while they fill their pockets …AT YOUR EXPENSE…

    bottomline…ya leaders are shite and remain lowlife shite.

    Like

  • Who can remember this young man?

    Like

  • No longer will visas be required for nationals of the following African countries to enter Barbados: Cameroon, Ethiopia, Ghana, Liberia, Morocco, Senegal, Rwanda and Burkina Faso.
    Visa waivers have also been granted to the Gulf States of Bahrain, Jordan, Oman and Qatar as well as the Asian countries of Indonesia, Vietnam, Thailand and India. In addition, Barbados has an honorary consul present in Monaco and visa requirements have also been lifted for that nation.(Quote)

    Heather Cole
    May 18, 2019 2:43 AM

    Can Barbadians enter those countries without a visa?(Quote)

    What is the answer? Can Barbadians enter India without a visa? Remember when Brian Lara, at the height of his fame, was prevented from entering India without a visa?

    Liked by 1 person

  • Talking Loud Saying Nothing

    @ Waru,

    The Atlantic slave trade was founded on the principle that a slave and their descendants status would always remain enslaved.

    Our colonial masters gave us our “independence”, however, we are all aware that our independence is a “quasi” one.

    The old boy colonial network – the IMF – is instructing our Prime Minister into how she should govern the country. They say “Jump!” and she replies “How high!”.

    Take a look at the soon to be burgeoning marijuana industry. Do you believe that Barbados will be allowed to develop and profit from this industry?

    And whilst you are figuring out the above point take a look at how the country of Guyana and its people will never be allowed to benefit from their huge reserves of oil.

    https://www.bbc.co.uk/programmes/w3csy81f

    https://www.bbc.co.uk/programmes/w3csy5cd

    Liked by 1 person

  • If you borrow the people money you dance to the music they play. Show we are an educated people by efficiently managing the country.

    Like

  • You know when your playing poker, your making a big bluff and everyone at the table is reading your face to see what hand you really have….,take a good look at their picture

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    Talking Loud…another crime of the century which WE…unlike or ancestors…HAVE TO STOP..

    make no mistake …we are fighting SPIRITUAL WICKEDNESS IN THE HIGHEST AND LOWEST OF PLACES..

    Females worldwide are now fighting the demons who are legislating to unleash their RAPIST DEMONS on us…using the supreme court..

    No one can stop any of them…BUT US..

    the battles are for the STRONG……NOT FOR THE MENTALLY WEAK…

    Like

  • waru …self medicating again are we

    Liked by 1 person

  • David

    What if capitalism has past the point of being managed well, as you say?

    Like

  • I have said on BU on numerous occasions that the major problem with the public sector in Barbados is not corruption (there are not that many Donvilles around), but incompetence. There is a belief that to have a qualification equips one to do the job; so to get a PhD in law means one can become chief justice.
    Clico is aa good example of this. After about ten years, both DLP and BLP incompetents have been unable to resolve this matter. During that period, thousands of banks in the US, and a huge number of insurance companies and banks in the UK and Europe have got in to trouble and the resulting mess has been sorted out (see Northern Rock, Midland , etc)
    But after a judicial review, volumes of words and shouting, we are no further with resolving the Clico debacle than we were ten years ago.
    See below for another example of gross incompetence, of Mr Straughn, again (I am told he has a MPhil in economics; if so Lord in Heaven forgive us). Is this part of BERT?

    Government had no choice but to dissolve Resolution Life Assurance Company Limited (ResLife), the court-sanctioned successor of CLICO, claims Minister of Finance Ryan Straughn.
    Straughn told a town hall meeting at the Lloyd Erskine Sandiford Centre last night that contrary to what some financial pundits have argued, the decision to close the company was not a matter of trying to find the easiest way out and that all options were considered.
    According to the Minister, the closure was the only option that ensured the investors got back some return on their investment without burdening the taxpayers with a private debt for generations to come.
    Straughn said: “All of the claims from persons in Barbados and potentially those in the Eastern Caribbean, significantly exceeded the money or assets available to balance that liability. As a result, the previous government would have issued $600 million in debt to plug that hole.
    “The reality is that as we came to office and as we restructured the debt, the existing burden of financing that debt so that the company can remain solvent did not make sense.
    “If the company on its own could not manage its liabilities, the Government itself, given our debt profile up until a year ago, was also insolvent.
    “Therefore, it was impossible for the Government to continue maintaining payments under that arrangement and at the same time continue to put money into the company to keep it going.”
    The Finance Minister argued that not only was the structure of the company unsound but it threatened to derail progress of the Government’s economic restructuring programme, BERT.
    “Many of you were promised that you would be paid, and the reality is that the inability of the company to pay you as promised suggested that the structure and the nature of it did not add up.
    “So, we took a long hard look at what we were doing in the context of the total restructuring of Barbados’ debt and what Government was doing with respect to public financing.
    “The reality is that under the Barbados Economic Recovery and Transformation (BERT) plan, we have committed to reducing our debt to GDP to 60 percent by 2033 and this debt that would have been issued to Resolution Life formed part of that,” The minister told the audience.
    In Straughn’s estimation, given that policyholders had waited ten years for a definitive solution to the CLICO fiasco, it was unfair to leave these persons clinging only to hope. He argued therefore that it was kinder to devise a payout structure by which these policyholders and investors would be allowed to move on with their lives.
    He said: “I would imagine that after 10 years, most persons owed by the company would feel much more relieved to be able to make their own plans going forward rather than hoping that this company would mature to the point where it is actually generating new business.
    “So it is our considered view that given Government’s fiscal circumstances at the moment and the lack of confidence in the company to take on new business, the only logical conclusion would be to wind the company up and make payments in a manner that allow these persons to manage their affairs.”(Quote)

    Liked by 1 person

  • It is not a tad ………………….. dishonest?

    Bordering on the height of intellectual dishonesty.

    For people who have multiple passports

    Those who could reside in any of the European countries

    Travel to maybe 170 countries without visas.

    On the one hand

    And on the other

    Trying to present as conservator of what Barbados’ emigration policy should be.

    Where other Bajans should be able to go and who should come into Barbados.

    The insistence on a dated notion of sovereignty, nationality, from a fractured ‘broughtupsy’.

    Like

  • But looka muh crosses, the Senior Editor is seeking to compare the “sorting” of Northern Rock etc with Clico/Reslife. Why not tell BU how many people lost their jobs, life savings and shares in Northern Rock. Also tell the blog what was done and how that was possible. Then tell us what is being done to Clico/ResLife, why and how because I don’t know how you arrived at “we are no further with resolving Clico”.
    I just googled Straughn, it is an MSc in Econometrics from the University of Manchester, one of the Russell Group universities you often promoted on BU as superior to UWI. SMFH!

    Liked by 1 person

  • @Pacha

    If you have just a cursory look at the global performance indicators/trendline there is a positive relations isn’t there. Remove the war option and control of financial markets/speculation and what would we have?

    Like

  • this BLP administration is using this initial period in office to pull the wool over bajans’s eyes whilst we are still cussing the last ten years but fail to take into account that the leader of the BLP and most of the ministers have a history in government that can be viewed between 1994 and 2008.

    it must be said the BLP has done a great job in encapsulating all political failures (including theirs it seems) in the years between 2008 and 2018 and bajans appear to so believe.

    so the $40 mil port scammers recently reduced was a misspeak and hasnt happen yet, the $27 mil White Oaks nonsense is money well spent, the removal of the NRSL reduced commodity prices, the south coast sewage has been solved, the fuel taxes saved bajans from paying road taxes, firing bottom line public servants saved the economy, 30 cabinet ministers is v necessary to repair the DLP mess up, hiring a plethora of consultants at a cost that far eclipses money saved form firing low level civil servants is no big deal, the hiring of Czars we can overlook, hiring an ex soldier to set up a police organization makes perfect sense and Barbados hitting IMF imposed financial targets means the economy is now sound.

    @Hal
    i am now forced to say you are correct, Bim is a failed state

    Liked by 1 person

  • <

    blockquote>

    Ian D. Bourneto The Bajan Reporter

    11 hrs ·

    The Barbados Labour Party will be celebrating its 1st Anniversary as the Government of Barbados on May 25, 2019.

    To commemorate this occasion a Church Service is being held on Sunday, May 19, 2019 at the James Street Methodist Church, James Street, Bridgetown at 9.00 a.m.

    Prime Minister and Political Leader of the Barbados Labour Party Hon Mia Amor Mottley will be addressing the gathering.

    Image may contain: 19 people, including Sandra Husbands, Mia Amor Mottley and William Duguid, people smiling, people standing and text

    Like

  • William Skinner

    @ Hal

    This is pure bait and switch.: Wind up Reslife; give the policy holders almost nothing; sell the health policies to the highest bidder and then put their claws in CLICO assets. Pretend that that the CLICO assets are useless. Then enter big legal fees while disposing the assets and like magic the lawyers feeding for years off the CLICO ill-gotten gains. Pure bait and switch.
    Both parties, BLPDLP, were in bed with Parris and CLICO. Just like in Trinidad, the political class was in bed with Dupre and CLICO.
    Remember what Leroy Parris said openly and in public to Prime MInister Arthur:

    “I have given you what you want now give me what I want”. The End result: CLICO was allowed to do as it pleased.

    This is another story about the corruption of both Roebuck and George Streets. Once more ordinary citizens are the victims of pure BLPDLP corruption.

    Liked by 1 person

  • @ Enuff

    I am not in the habit of calling people liars. But if someone repeats something they know is incorrect then the intention is malicious. You are not the only one.
    Plse give the blog one example of my promoting Russell Group universities, and where I have said they are superior/better than UWI?
    I shall ignore the rest of your appalling ignorance.

    Like

  • The Barbados Labour Party will be celebrating its 1st Anniversary as the Government of Barbados on May 25, 2019.
    To commemorate this occasion a Church Service is being held on Sunday, May 19, 2019 at the James Street Methodist Church, James Street, Bridgetown at 9.00 a.m.
    ++++++++++++++
    What fortuitous timing! Frenduel is scheduled to speak to the DLP faithful on that date and Mia will also be addressing the red shirt brigade. That should allay the fears of the blogmaster who expressed consternation at the notion of the DLP allowing Stuart near a microphone again. This is no clash of the titans, it ensures that Stuart will not receive any coverage.

    BTW since actual date of the Election was May 24 does this kick off a week of celebrations?

    Liked by 1 person

  • @Hal without reciprocity little has been achieved by this exercise but it is a step in the right direction.

    Like

  • Enuff,

    If Cahill successfully sues Barbados, we want blood on the scaffold. It cannot be that Chris Sinckler spends his retirement as a free man, while the Barbadian taxpayer has to bleed for his economic terror and his personal “challenges”.

    Enuff, it is time to replace the heads of the prosecution unit and of the police so that justice can finally be done. We need to bring to justice all those who signed blood to Cahill. In any case, I am not paying a higher land tax in order to continue to feed former ministers like sheep and servants.

    The criticism against the new government is completely unjustified. Here the DLP robots and their supporters at the twisted UWI economics faculty shoot at the financial service provider White Oak and deliberately remain silent about the crimes of the old government, which did no fake damage, but real damage.

    Like

  • there should no issues with a criminal review of Bim Govt contracts from 1994 to now

    Like

  • @approx 13 minutes into the news conference the PM said words to the effect that the removal from the black list means Insurance Companies that would have “left us” will now be staying. Did Sagicor complete its move? Are there other Insurance companies that signaled their intention to move?

    Liked by 1 person

  • Tron @ 9.26 am
    You have me full support.

    Like

  • @Greene

    Are you a political simpleton to expect a BLP government would investigate contracts issued dated to 1994?

    Like

  • yes i suppose i would have to be if i believe that political thievery began in 2008 like what is peddled by you and others ent?

    Like

  • @ David ,

    will you be creating a report card for the BLP 1st Anniversary as the Government?

    Liked by 1 person

  • Who believes corruption started in 2008? Corruption has been a political platform issue on since 76. All the BLP is doing is what every political party does on attaining office, rig a communications strategy to fashion an image that favours.

    Like

  • @Hants

    There is no need for a scorecard. This government has taken several measures to stabilize the economy, however, it becomes a manufactured exercise unless there is real growth in the economy, improve infrastructure, a better feel in the social and happiness index. You get the drift. One year cannot realize the incremental improvements required given the state of play as at 24 May 2018.

    Liked by 1 person

  • well that is something on which we can agreed. you should aim to be more balanced without being forced so to do.

    Like

  • You can believe what the hell you want.

    Liked by 1 person

  • I wonder how come the news breaker has not rrported on the IMF giving Barbados a passing grade and the news we are off the black list.Wiat i forgot that is positive news and should not be highlighted by him or the other bajan canadian.After all the ranting and raving about White Oak the IMF who would have srutinized that deal along with all otbers concluded that the country was headed in the right direction.Congratulations to Ms Mottley and her team for taking the hard decisions wbich has unfortunately hurt some persons but which could not be avoided.Barbados will benefit in the long run in my opinion.

    Like

  • i most assuredly do

    Like

  • This government has taken several measures to stabilize the economy, however, it becomes a manufactured exercise unless there is real growth in the economy, improve infrastructure, a better feel in the social and happiness index.(Quote)

    List these measures, start from one to two in sequence. The first anniversary of the Mottley-led government is one of the worst moments in the mismanagement of the nation’s economy since 1966 – a period of failure.
    The period 1951 (Grantley Adams) to the first DLP government (1961-66) remains the high-water mark in our economic history. We are terrified of big projects.

    Liked by 1 person

  • Hal the Senior Editor

    So I am a liar for saying that you repeatedly berated UWI, its graduates and lecturers but bigged up British universities? Ok…I’ll leave that for BU regulars to decide who is the liar.
    But you can still tell us about Northern Rock and how it was solved.

    Liked by 1 person

  • Sargeant
    Are you sure Freundel is still speaking or is it now Guyson Mayers?🤣🤣🤣

    Like

  • @ William Skinner May 18, 2019 8:42 AM
    Your comments are spot on the ball. One thing I have been wondering about:why where the assets not sold off in the first place with out all the hassle that subsequently went down?

    Liked by 1 person

  • @Dr. Lucas

    How would the assets have been sold if the matter was trapped in the court system?

    Liked by 1 person

  • While “corruption” keeps creeping into the conversation I don’t believe that the focus on the decade starting in 2008 by the BLP Gov’t is corruption, the PM is targeting what she sees as mismanagement of the country by the DLP. Corruption alone can’t generate low FX reserves; Public Debt to GDP, Economic stagnation, NIS incompetence etc. We can debate about the genesis of the issues and whether it was made worse by the DLP or whether external or internal factors contributed to the disintegration of the economy.

    Corruption is an easy target but it is not at the core of our problems.

    @Enuff

    Don’t know that they changed the headliner

    Liked by 1 person

  • David
    How much of the “assets” actually exist and what is their worth? You remember the Judicial Report?#justasking

    Liked by 1 person

  • @Sergeant

    Corruption is a sexy issue that resonates on platforms be it hardwood, the Clico cheque etc.

    @enuff

    There was a big hole in the asset register found by the forensic audit if memory serves.

    Liked by 1 person

  • Apologists is what got us where we are today.

    Everything, the good and the bad, can be explained away.

    Moving from a black list to a grey list is heralded as a success.

    Shuffling to get US $49M, meanwhile it’s US $27M here and $40M there. It’s three cards monte. Do you know where the money is going.

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    “and the news we are off the black list”

    you were MOVED TO A GREY LIST…where ya were before for all of 2 months before being moved back to the black list…

    Aruba was REMOVED from the black list…you and Bermuda were not.

    stop lying..

    ya haven’t even started working yet though drawing a salary each m onth, but the back patting continues…carry on smartly.

    Like

  • @David
    At some point, the assets would not have been trapped in a legal quagmire. All of the clients could have gotten together and brought a class action suit and then divided the spoils. Wouldn’t the quagmire come about if there were more than one lien on the assets held by different entities who couldn’t agree on a common course of action? Wasn’t there some talk about the assets not being enough to cover the creditors demands? Shouldn’t the assets have been sold even if the creditors only realized forty cents on the dollar? The latter course of action is what the government is doing now with it local and international creditors. I have always held that the assets should have been sold and not one penny of tax payers money be used.

    Like

  • @ Hal Austin May 18, 2019 4:35 AM
    I have some trepidations about this visa thing. Our security service hopefully will rise to the challenge.

    Liked by 1 person

  • BU can trust the schemers and the uninformed armchair political neophytes like ASSTIN,SKINNOUT and PEE GEE to ask stupid questions and makes JA’s of themselves.
    Keep it up fools!

    Like

  • @Dr. Lucas

    Once the government went the route of appointing judicial managers the matter followed a certain path. What cannot be refuted and so that an audit of the assets revealed a big hole compared to what was booked.

    Like

  • @ Enuff

    I just googled Straughn, it is an MSc in Econometrics from the University of Manchester, one of the Russell Group universities you often promoted on BU as superior to UWI. SMFH!(Quote)

    Plse give the blog one example of my promoting Russell Group universities, and where I have said they are superior/better than UWI?(Quote)

    So I am a liar for saying that you repeatedly berated UWI, its graduates and lecturers but bigged up British universities? Ok…I’ll leave that for BU regulars to decide who is the liar.
    But you can still tell us about Northern Rock and how it was solved.(Quote)

    Plse produce the evidence. Which Russell Group universities have I promoted. This is not the first time you have said that. I am not surprised you hide your putrid lying behind a mask.
    I have condemned UWI lecturers, but what has that got to do with Russell Group universities being better than UWU. I condemn people for talking nonsense, like the political scientist who said in the Nation there is only one form of capitalism, without a single voce correcting him.
    I have questioned what has Frank Alleyne contributed to development economics after 50 years; these are all people who have entered public debate, nothing to do with the university. I deal with ideas, not institutions.
    As you are on about it let me help you: where does UWI (Cave Hill, Mona and St Augustine) come on the Shenzhen University rankings? Has the economics curriculum at Cave Hill changed since 2008? If so, what are the changes?
    For the record, since 2008, of the hundreds of higher education institutions in the UK (not all Russell Group), only two are on record as having changed their curricula in response to the global financial crisis.
    Which British university have I bigged up? Do you mean the institutions that marginalise young black people? You are a putrid, verminous liar. Go and swim in your swill.

    Like

  • While we can speculate over Clico, I for one am longing to see what the foreign debt restructuring is going to look like and what effect it will have on our billion dollars in reserves. Will we have to make immediate bullet payments followed by a longer payment period at a reduced interest rate? Will some creditors ask for part payment of the loans and then refinance the balance over longer periods? We need to now focus on the foreign debt restructuring and start looking at what it may mean to the reserves as a matter of priority. Remember we have 1 billion in reserves only because we have not paid any foreign debt payments for the last 12 months! The default gave us valuable breathing space, but the question we should now be asking is how much of the billion will be wiped out once debt service resumes, especially if creditors ask for lump sum payments up front seeing that they have not received a cent for 12 months and white oak has stated nor will they receive payment for the next 12 either. How big a dent will that place on our reserves?

    We need to start looking at that dark cloud moving in called ” foreign creditors” as anyone not being paid for 24 months on an outstanding loan, will expect some form of lump sum payment to lodge against the 24 months of nothing being paid, prior to discussing an extension of an already defaulted debt.

    Like

  • @ Hal Austin May 18, 2019 1:01 PM
    “I have condemned UWI lecturers…”
    I have to agree with you on this point. I can only speak from the science aspect. As a matter of fact there was a letter in the press of the 6th.May 2016( Nation) captioned “Push scientific research more” by Mr. Wade Williams. Williams laments the lack of interest by UWI in promoting science and concludes that lip service is being promulgated by lecturers. I can speak from personal experience, All of my degrees up to PH.D have been done at UWI albeit in different faculties ( Agriculture and Chemical Engineering Department). There isn’t a thing wrong with UWI as an institution. There is however, in some instances some members of staff who leave a lot to be desired. For example ,there have been instances of lecturers supervising graduate students in area where they have no expertise what so ever. There have been instances where students have spent up to ten years ( not fooling around) in a graduate program. The supervisor keeps on changing the research focus. What seems to be the case in most instances is the fact that, the graduate student is seen as a cheap source of labor and the supervisor gets research done which may or may not have anything to do with the research program..This practice is common at a lot of universities but in a small society excess can occur. What I can say again speaking from a personal view point,when I did my studies any graduate of UWI could more than hold their own at universities overseas. I don’t know about now, but I doubt things have deteriorate to any great extent.

    Liked by 1 person

  • SirSimpleSimonPresidentForLife
    May 18, 2019 12:04 AM

    This is not a political DLP/BLP thing, although we may be led to believe so.
    The technical work for the current zones was done in 1962.
    Much has changed since 1962, including better equipment with which to do hydrological mapping.
    This change should have been recommended and IMPLEMENTED 25 or 30 years ago.

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

    There was a recommendation for the rezoning in the 1978 Water Resources Study.

    My understanding was that it was combat chemical as well as bacteriological contamination in the water wells.

    The concentration of bacteria once it gets into the water headed to the well decay.

    Living bacteria dies off with time.

    Tullstrom’s work from the early 60’s was targeted at giving a travel time of 300 days (may be wrong on this number) to any public water supply well.

    It addressed solely bacteriological contamination.

    It would be interesting to know what the new proposed zones are and indeed if they are different from those proposed in 1978.

    I’ll see what I can find from my data on the “new” (1978 vintage) proposal!!

    Liked by 1 person

  • @ David May 18, 2019 12:55 PM
    After discovery of some theft of assets, what remained could have been sold pending investigations into the missing assets.

    Like

  • @Dr.Lucas

    If only how we manage our affairs were so simple.

    Like

  • @Sargeant,
    What fortuitous timing! Frenduel is scheduled to speak to the DLP faithful on that date and Mia will also be addressing the red shirt brigade. That should allay the fears of the blogmaster who expressed consternation at the notion of the DLP allowing Stuart near a microphone again. This is no clash of the titans, it ensures that Stuart will not receive any coverage.

    In case you didn’t hear, Frenduel will not be speaking at the branch meeting on May 19. The general secretary of the DLP will be make the address.

    Like

  • The diagrams I have from 1978 suggest the opposite of what is being claimed, ie, there would be more stringent regulation of more land!!

    Liked by 1 person

  • In the 1978 proposal there were only 3 control zones as opposed to 5 from Tullstrom.

    Liked by 1 person

  • @Hal, why don’t you spend your time worrying about your adopted country which seems to be on auto-pilot. The UK is so well governed that a political blowhard like Nigel Farage is set to lead a party, which is less than 3 months old, to victory in next Thursday’s EU election.

    Like

  • @Bajan in NY

    Thanks for the update

    Liked by 1 person

  • @Hal A
    You are a putrid, verminous liar. Go and swim in your swill.
    ++++++++++++
    Weren’t you critical of the blogmaster for allowing unseemly language?

    Liked by 1 person

  • @ Sargeant,

    Obscenities.

    Like

  • peterlawrencethompson

    @John
    “I’ll see what I can find from my data on the “new” (1978 vintage) proposal!”
    +++++++++++
    I’m looking at the 2008 “Road Map Towards Integrated Water Resources Management Planning for Barbados.”
    http://cep.unep.org/iwcam/documents/iwrm-roadmaps/draft-iwrm-roadmap-barbados/at_download/file

    It references Tullstrom but not the 1978 proposal. I’d be interested in your data from the 1978 proposal.

    Liked by 1 person

  • @ Sargeant

    In case you have not realized, Hal Austin is MR. PERFECT.

    He does not do anything wrong, he is always right and others are always wrong, he has never told a lie, never made a mistake, he is the wisest man in BU. To him there is a big difference between using obscenities to insult people and not using them.

    Liked by 1 person

  • Hal Austin
    I stand by my statement, and as I said BU readers can determine who is the “putrid, verminous liar”.
    Your problem is that you take yourself so seriously that you think you’re an expert on everything. You’re not, and you do not impress me! No expert would make such a comment: “A top end hotel is not – cannot – be in the public interest; in fact, in an over-crowded hotel accommodation market in Barbados, it cannot even logically be said to contribute to our tourism sector.”

    Liked by 1 person

  • peterlawrencethompson
    May 18, 2019 4:21 PM

    @John
    “I’ll see what I can find from my data on the “new” (1978 vintage) proposal!”
    +++++++++++
    I’m looking at the 2008 “Road Map Towards Integrated Water Resources Management Planning for Barbados.”
    http://cep.unep.org/iwcam/documents/iwrm-roadmaps/draft-iwrm-roadmap-barbados/at_download/file
    It references Tullstrom but not the 1978 proposal. I’d be interested in your data from the 1978 proposal.

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

    Check Public Library, upstairs, reference section.

    Opposite Independence Square.

    Ask for Stanley Report, Volume V, on Quality.

    1977 Figure 5.4.2

    1978 proposal Figure 5.6.1

    Liked by 1 person

  • @Sargeant

    It appears from a distance that the hierarchy of the DLP have exercised some commonsense that should not have had to be exercised in the first place.

    Like

  • An obscenity as far as this simple blogmaster is aware is any utterance that may offend based on some prevailing moral standard in play. On a blog rum shop language is used in the same way some may use it in a brick and mortar rum shop. It is part of the lexicon and colloquial speak. Who don’t like could rh lump it!

    Like

  • IMF out of Latin America and the Caribbean

    Like

  • William Skinner

    @ David

    You are displaying a high level of ignorance when it comes to the rum shop culture. I drank almost daily in a run shop for donkey years and I can’t recall any obscenities. Quite frankly it was a meeting place of people mainly men who enjoyed pleasant back and forth without calling each other as you do RH and JA. You middle class frauds believe that wherever poor people gathered there was cussing and vulgarity. I brought water from a stand pipe for the first sixteen years of my existence and never saw or heard cussing and fighting.
    You just can’t help your pretentious snobbish selves.
    Many shopkeepers never encouraged bad behavior in their places of business.
    Many refused to sell another rum to anybody that was drunk. When women entered they were treated with the greatest respect.
    Stop comparing the excessive obscenities on BU with rum shops.
    You delinquent social climbers always expose your profound ignorance when you attempt to expound on our culture!

    Like

  • Speak for the rumshop you are familiar William.

    Allow the blogmaster to do same.

    Now have the last word.

    Like

  • Dependable and efficient delivery of safe water is one of the main goals of the WSRN S-Barbados Project. Through the accredited entity Caribbean Community Climate Change Centre (5Cs), the project was submitted to the Green Climate Fund (GCF), and received a mix of grant funding from the GCF totalling US$27.6 million and an additional US$17.6 as in-kind contribution.

    https://www.cbc.bb/index.php/news/barbados-news/item/9269-repainting-the-water-resource-landscape-in-barbados

    Liked by 1 person

  • SirSimpleSimonPresidentForLife

    I beleive that i was the first one to use the rum shop analogy with reference to BU; and in truth I did not mean cussing etc. I meant the sort of vigorous, circular discussions that occur in rum shops.

    I have to declare my hand. My mother’s father was a rum shop keeper. The shop was right next to an elementary school. Some fellas may have stopped for a drop during school hours,, but I don’t recall any bad behaviour during school hours, nothing to disturb we diligent little ones. My mother worked in the shop on Friday evenings, a shop keepers busiest time. So yes I saw drunkenness, but even so an elementary aged child was safe in that shop, even on Fridays.

    A cousin was also a grocery and bar keeper. Of course the shop had a side door which gave adults entrance to the bar. But even if a drunken man came around to the front, he moderated his behaviour. The shop keeper and the other drinkers saw to that.

    Liked by 1 person

  • coming out about fetal alcohol syndrome is very brave good luck on your journey

    Like

  • “Your problem is that you take yourself so seriously that you think you’re an expert on everything. You’re not, and you do not impress me! ”

    Enuff

    Spot on!

    You are correct!!!

    Keep digging.

    Liked by 1 person

  • David

    Are you saying that political corruption, or the discussion of it, in Barbados started in (19)76, as above?

    Sir William Skinner

    It is certainly a profanity, to the sacred temple, to drink as much rum as you evidently did.

    It is certainly a profanity to promote and participate in a wider culture where large numbers of men would have become addicted to alcohol and might not have been then able to provide for more primary accountabilities.

    It is certainly a profanity to be so proud of what you see as culture when the medical costs of such will be ultimately borne by a public, the majority of whom do not so participate.

    It is indeed a profanity to engage in the transfer of resources from small village shops to Roebuck Street rum barons.

    Your continuing and misguided critiques of David are petty and unworthy of you. Do you have any such examination of your own standards, as you see them? Or are you going to be insistent that the you, and you alone, are to be some standard of ‘respectability’ on which a perverse Bajanism is to be maintained..

    Yours is a false ‘respectability’ around which palings are constructed to hide a nakedness of ideas.

    Liked by 1 person

  • @Pacha

    No!

    Suggesting that it became fashionable from around that time as a sexy talking point by politicians to stoke the adversarial debate.

    Like

  • @ William,

    You are showing your age. I have never used obscenities in front of my parents, grand parents, aunts, uncles or the elderly of the Ivy or neighbours in London.in fact, very few of my peers have ever heard me used obscenities, although I have done and still do. The thought has never crossed my mind, and I am not an angel.
    The other thing is that my peers never called older people by their first (Christian) names. It is now common, for both black and white people; I used to order reporters on my team to address people properly; they thought I was old fashioned.
    As I have said on a number of occasions, I was brought up in rum shops on both sides of my family, and your recall is correct. There were always children around the shops. People behaved badly in the streets, never in the shops.
    In fact, if anyone got drunk and misbehaved my mother on her own would remove them. She was fearless.
    By the way, ignoring this conversation, @William, I have just read your tribute to Leroy Harewood in the Nation in 1994 and it was wonderful. That, along with the one by Calvin Alleyne, should stand as historical appreciations of an exceptional man.

    Like

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