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IMF Staff Pleased with Barbados so far

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September 6, 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. This mission will not result in a Board meeting.
  • 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 September 3–6, to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). A concluding meeting was held with Prime Minister Mottley on September 6, 2019. To summarize the mission’s findings, Mr. van Selm made the following statement:

“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.

“All indicative targets for end-June under the EFF have been met. The target for the government’s primary surplus was met with a wide margin, with the government running a primary surplus of 2½ percent of (annual) GDP in the first quarter of FY2019/20. This bodes well for achieving the government’s primary surplus target of 6 percent of GDP for FY2019/20. International reserves were also well over program targets at end-June.

“Good progress has been made in implementing end-June and July 2019 structural benchmarks under the EFF. The authorities have completed a review of the tax system and the Governor General has proclaimed the recently enacted Financial Management and Audit Act.

“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 is looking forward to return to Barbados in November to conduct the discussions for the Article IV and second review under the EFF and 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
@IMFSpokesperson

 

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211 responses to “IMF Staff Pleased with Barbados so far”

  1. Tron Avatar
    Tron

    Another good day for Barbados. Our Most Honourable Prime Minister is gradually pulling the country out of the blue mess. The loud screams of the opposition prove that we are on the right track.

    If the numbers are not right for the IMF, I propose a special tax for all members of the DLP, especially civil servants and QCs. They have been plundering the country, raping it and sending their children to white people’s schools and universities in Canada and England for 10 years. The black masses, on the other hand, suffered for 10 years and had to listen to the insane Barrow propaganda.

  2. Pachamama Avatar
    Pachamama

    We wonder when the time will come for the trinkets of neoliberalism to loose meanings.

    The world is a deep mess but yet what one of the chief architects of this state of affairs has to say will continue to exercise their loyal and feckless subjects.

    Jesus Christ man, what has to happen for blind mice to see.

    Separately

    We also see that the perennial cunt, Boris Johnson, is outdoing Theresa May in breaking all the so-called Westminster ‘traditions’.

  3. David Avatar
    David

    It could be about what the IMF have to say about the economy as well as the opposite- what others have to say.

  4. Tron Avatar
    Tron

    @ Pachamama September 6, 2019 8:44 PM

    Pacha,

    Of course, neoliberalism is not a universal remedy, especially not tax increases and spending cuts. But I’ll draw a comparison: You can’t revive a dead cat. And Sinckler dropped the cat called Barbados from a very high earth orbit. What you perceive as life signs are only the vibrations from the last fall.

    Just go to any government agency. The same picture everywhere: 50 percent of the public servants sleep, doze off, eat or talk. Work is done elsewhere. With 25 percent, you don’t even know where the front, back, top or bottom is. They’ve already grown on their chair. We urgently need a slimming cure, a radical diet. For half a century, civil servants had a stress-free life without pressure to perform and with salaries far above their productivity and only due to political opportunism. That will change, postcolonial theories, liberalism, communism or not. I know of no country that in the long run like Barbados would have such a mismanagement without a total collapse.

    Without the IMF, the island would have long since become bankrupt and the public servants would have to sell their bodies to the rich Guyanese for prostitution. Don’t forget that. The IMF allows the natives at least to preserve their dignity so that they can continue to dream that independence from Britain has brought them progress and prosperity. If you look closely, you will see that the wealth is as unequally distributed as it was in 1965.

  5. Pachamama Avatar
    Pachamama

    Really!!!!!!!

    Do you really think that the IMF will ever say anything they have not been repeating ad nauseum for seven decades.

    And they still can’t stop, or reverse, this at least decade old austerity existence which has become normalized.

  6. Tron Avatar
    Tron

    @ Pachamama September 6, 2019 9:31 PM

    Pacha,

    You’re right that IMF medicine rarely works. Only idiots believe that the IMF can compensate for national mismanagement.

    But I have two limitations:

    1) The IMF has learned a little after bombing Greece back to African level. Not much, but at least …

    2) IMF members regularly call for help far too late. Barbados would have needed a recapitalisation by 2010 at the latest. False national pride has prevented this. An IMF loan should have been accompanied 10 years ago by a moderate reform of the civil service. I deliberately say “moderate”. If the government had stopped 10 years ago to use the civil service as a garbage collection service for surplus personnel, we would not be where we are today.

    No country can oppose the IMF. Not even the USA. Argentina has done it. The IMF has released them for firing, the creditors have subsequently successfully sued Argentina. As long as Barbados is under the IMF umbrella, no creditor will dare to take legal action against Barbados.

    Probably we will be lost … Maybe not. Maybe one day we will find gas or oil. Guyna had to go through the Valley of Death for 40 years before the country went up again. So there is hope for the middle of the 21st century. The mistakes made between 2008 and 2018, plus the wrong decisions made under OSA from the mid-1990s onwards, cannot be corrected within a few years. They became part of the national DNA. Just as Burnham the Slayer became the dark shadow of Guyana’s history, OSA’s belief in the bloated civil service and Frundel’s idleness became part of our history.

  7. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    “Jesus Christ man, what has to happen for blind mice to see.”

    shackles and chains my friend…shackles and chains…and even then…some will never see

    …remember it happened before and still…90% learned NOTHING..

  8. Tron Avatar
    Tron

    The IMF is like the Godfather Death in fairy tale. The IMF only comes when you are incurably ill. You must not expect a cure from IMF.

    Now the IMF is coming to Barbados for the fourth time. The success of the previous programs has been very modest …

    On the other hand … the IMF comes for the fourth time and the patient still thinks he is in good health. There is no such fairy tale. That’s probably because the characters in these fairy tales aren’t so amusing … But then it wouldn’t be a fairy tale at all, but a comedy.

  9. Enuff Avatar
    Enuff

    “Shackles and chains my friend….remember it happened before and still 90% learned nothing.”. LMBAO. The one trick pony strikes again.

  10. Mariposa Avatar
    Mariposa

    The IMF does not monitor the barbadian household
    These slick economic barons are happy because they have found a method by which to laugh all the way to the bank while using govts to whip the. citizens into submission with austerity policies to pay debt

  11. Mariposa Avatar
    Mariposa

    Still waiting for Mia to deliver a sustainable growth plan
    So far all that have been said from Mia mouth is unsustainable empty promises resulting in hot air
    Now she has become a media celebrity dabbling in meteorology

  12. David Avatar
    David

    These slick economic barons- your words- are in our households because successive governments governed the country like they managed respective premises at Roebuck Street and George Street.

  13. WURA-War-on-U Avatar
    WURA-War-on-U

    Enuff…like ya had a good night, Mama Mia should take ya down to Abaco with her on her next trip…but knowing yall SHORT MEMORIES….nothing will stay longer than 15 seconds in that empty head…lol

  14. SuckaBubby Avatar
    SuckaBubby

    Of course they are pleased.Barbados is heading to an apartheid state.

  15. David Avatar
    David

    What is an apartheid state?

  16. David Avatar
    David

    Was any mention made about the state of the negotiations with external creditors?

  17. Pachamama Avatar
    Pachamama

    Tron

    Your suggestions are well intended but wholly insufficient to make significant contact with the enormity of the economic problems faced. Those problems are destined to persist for a seeming eternity, until something breaks!

  18. Mariposa Avatar
    Mariposa

    David yuh might be right but because of govt past economic failures
    Is it now right and pleasing for present govt to make barbadians households suffer to please those economic barons
    Fuh God sake have a heart
    Presently govt policies are only tied to these economic Barons of retrieving all for themselves
    What about the barbadian household
    How long must they suffer
    When is Mia going to deliver an economic growth plan

  19. Hal Austin Avatar
    Hal Austin

    @Mari[posa

    BERT is the growth plan. Watch um grow.

  20. Hants Avatar
    Hants

    The IMF must be very pleased.

    ” It surrounds the recent decision by BRA to require self-employed persons to make pre-payments on their personal income tax.”

    https://barbadostoday.bb/2019/09/07/bra-policy-nothing-new/

    Hopefully those self employed persons who pre-pay their personal income tax will get at least prompt payment when government owes them a rebate.

  21. SuckaBubby Avatar
    SuckaBubby

    @ David. 653am

    An apartheid state you can pretty much find the definition for yourself.What I can tell you financial freedoms of the majority of workers in Barbados will be reduced to labouring almost for free.Only when the poor non blacks start a noise people will take note.

  22. David Avatar
    David

    How is Barbados an apartheid state and has a black government with 90+ Black population? Anyway you are entitled to an opinion.

  23. Hants Avatar
    Hants

    @ David,

    What do you think re. my post above ? September 7, 2019 8:13 AM

  24. TheOGazerts Avatar
    TheOGazerts

    An interesting question.
    Yet when I sit and sees what goes on with the majority black population, it is very reminiscent of old South Africa.
    I suspect the black government ministers would be honorary whites in South Africa

  25. David Avatar
    David

    @Hants

    The last government (Sinckler) had essayed a plan to identify self employed who have been avoiding the tax net. It is an immoral practice by some that avail themselves of the facilities of the country. Have no problem with the provision to make it easy for this category of worker.

  26. David Avatar
    David

    The issues to be solved in Barbados are rooted in incompetence cloaked in a lethargy born of a lack of entrepreneurial spirit.

    Please translate for Hal Austin, he has a problem keeping up with 101 stuff.

  27. Hants Avatar
    Hants

    @ David,

    Will self employed Lawyers and Doctors be required to make pre-payments on their personal income tax.” ?

    I just want to know if the paying field is level.

  28. David Avatar
    David

    @Hants

    The professions you identified fall into self employed category. We will have to wait to see if implementation is better than how we did VAT to use one example..

  29. Mariposa Avatar
    Mariposa

    Hal i will be watching as of today her main interest has been on Dorian so much so she has asked barbadians to make another sacrifice of 500hundred thousand dollars to aid the govt of the Bahamas in their recovery effort which in my mind is an insentive ploy solely built around political theatrics with an obvious play to boost her image
    In my mind all Mia needed to ask was for bajans to give what they can afford
    Cant understand this woman at all at all

  30. David Avatar
    David

    You with these nonsense again. People have been asked to donate to a worthy cause, a horrific tragedy, hundreds of people dead so far. People will contribute what they think they can afford.Mia cannot make us do anything. She can on;y ask. Why dont you go and contribute a few windows to the DLP HQ in George Street?

  31. Hal Austin Avatar
    Hal Austin

    @Marposa

    The president has one tool in her box – what passes as oratorical skills in Barbados, flaying of hands and a lot of jargon. She obviously does not do details and policy is a blind spot.
    She thinks loyalty to friends surpasses competence. It can’t last.

  32. David Avatar
    David

    Why did you not take her to task at the London town hall on many of your concerns about her policies etc?

    You are all huff and Rh puff.

  33. Hants Avatar
    Hants

    ” Canada stands ready to help the Bahamian people and communities affected by this disaster and has pledged $500,000 in INITIAL emergency assistance.”

    A team of seven with the Toronto-based non-profit GlobalMedic arrived in the Bahamas on Wednesday. Their cargo included two water purification units along with 1,016 family emergency kits filled with hygiene items, a solar light, and water-cleaning packets.

    GlobalMedic provides short-term, immediate support following disasters around the world.

  34. Lorenzo Avatar
    Lorenzo

    David BU you have seen through the joker Hal Austin .He is just another know all bellyacher on here. He complains about everything Ms Mottley does in conjunction with the Dem lackey Mariposa.Ms Mottley has gone to the Bahamas with Mr Chastanet to show concern for Bahamian people and they and others have a problem unbeleivable.I suppose they prefered the laidback style of Mr Stuart but leaders lead from the front not the back.

  35. Mariposa Avatar
    Mariposa

    Hal what i cant understand is her constant running to media to speak on policies that should be debated in parliament with out having an interst in finding solutions for barbados and its economy
    Her constant incestuous of delivering political jargon to the people is madness

  36. David Avatar
    David

    It is called communication ng with your publics. Something the previous government didn’t care to do and was dubbed the government of silence. What civic minded Barbadians must do is hold the Mottley government accountable. Next time get your group think buddy to ask Mottley some questions at the London town hall.

  37. William Skinner Avatar
    William Skinner

    Were it not so serious , I would be laughing loudly. Suddenly we are now hearing that the IMF is not the savior . Just a few hours from here, a country with more resources , has found itself in the grips of the international loan sharks for forty two years. We have now made our third trip to the IMF. None of the previous two has brought any significant change to our economic maladies . From the outset of this third trip, it was clearly stated that we would achieve its goals by 2033. Of course, those who know all said this was nonsense until Owen Arthur said the same thing.
    Now I’m hearing from the big man , David. that they , meaning the Duopoly , has managed the country like how they manage “George “and “Roebuck Streets”.
    The conversation is taking a different direction and hopefully, impending reality will take care of the rest.
    I have stated , on numerous occasions that even if the IMF medicine works the patient is often cold in the morgue.
    Patriotic citizens always wish the best for their country. From Errol Barrow to all the rest , there was always the fear of tackling such basic issues as : distribution of wealth, land reform and an educational system that is not in concord with the fundamental needs of the country. Parading a half dozen “bright” children while thousands fall through the cracks .
    We diversified the economy and apparently ended up with one viable industry.
    Would medical marijuana be the savior ?
    Let’s cut to the chase and become realists for a change. Our economic plans are on based not on policy but on a single Hope: we hope the tourist industry never falters.
    But like the learned gentleman said, the Duopoly runs the country the same way it runs George and Roebuck Streets.
    He really meant , The Duopoly Rules.
    Welcome to reality.

  38. WURA-War-on-U Avatar
    WURA-War-on-U

    It is INSTRUCTIVE…that despite Bahamas being a LEADING tourist hotspot in the Caribbean, it is reported that the island/government…WAS BROKE…BEFORE DORIAN….continuing the trend…that Caribbean leaders….WILL NEVER LEARN.

    So though the island needs money…AND LOTS IF IT…and will get international aid….the immediate needs of the human suffering…is food, wster and BASIC NECESSITIES…money can do nothing for these people right now and they HAVE TO BE EVACUATED…from those two islands.

  39. Hal Austin Avatar
    Hal Austin

    @ Mariposa

    It is government by PR. You know what they say about empty vessels? What serous people want is detailed policy – economic, social and economic.
    Not smoke and mirrors, but detailed, clear, comprehensible policies, starting with the end game for BERT. Where is that policy of austerity leading to? Can austerity be expansionary? If so, show us the roadmap to such growth. She must take the nation in to her confidence.
    @Mariposa, ignore the hysterics and aggression, the Bajan Condition, and stick to the substance.

  40. Sargeant Avatar
    Sargeant

    Could anyone provide an update on the areas affected by water outages today? Taps running low then off, no announcement,nada,nothing, BWA? Halliday? GIS? Minister?Jong?Enuff?

  41. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    Some so called heights and terraces have had no running water since around 6 oclock this morning…

    president Enuff should tell us when water will return.

  42. David Avatar
    David

    @Sargeant

    Wiley was off a couple hours ago. Just read that the Water Warriors had to cancel their road show tomorrow because Barbadians have not been as forthcoming as in the past.

    Sign of the times?

  43. Mariposa Avatar
    Mariposa

    David it seems your job is to standby ready and prepared to protect Mia nonsense
    What windows have to do with Mia political grandstanding at every nook and cranny talking about Dorian
    Barbadians know and have seen the devastation certainly at this point and time does not need a political game of one man showmanship place in their faces for information
    Most would give with earnest
    Seeing how quick u close the blog when crticisms where heralded at Mia tells what kind of yardfowl u are

  44. David Avatar
    David

    Barbados water problems will continue because we do not capture the run off efficiently. We have not developed alternative strategies to store and distribute water. Our people do not engage in the best water conservation behaviour etc. We need to get serious. the problem is that we politicize every possible issue instead of working as a team – government and others in civil society – to create a plan and executing on it.

  45. David Avatar
    David

    My job is to expose the political rabble you spout on the alter of political expediency. Mottley is sayin g and doing some positive thoings after l;ess that 18 months in office. In fact some will argue this government has done more than the 10 the previous governmenbt was jn office. She has made some mistakes all recorded on. BU’s pages. What is farcical is the cabal you have joined here and on Facebook to criticized every thing because of lilliputian political interest. Ask “Spot on” why he did not raise his concerns at the London Town hall. One suspects Mia would have gobbled him out and spat out the remains right there. Make constructive criticism to help the effort to rebuild Barbados. God knows you left the country literally on its knees, no wonder if you remove Stephen Lashley the former MPs have retreated from the public space. No damn credibility.

    Is the bogmaster happy with everything, no.

  46. Mariposa Avatar
    Mariposa

    Btw Lorenzo Stuart ego was not as big as Mia reason why he avoided the spotlight of photo opps and “me me look at me” publicity stunts when Haiti was devastated Stuart was PM and barbadians did what was right
    Stuart did not have to be a go between the people and media attention for the people to react with charitable hearts
    Presently barbadians are seeing a PM with an ego the size of Mt Rushmore

  47. Sargeant Avatar
    Sargeant

    @David

    We know there is a problem but why no announcements or updates? Some people seem to have gotten lost on the road to transparency

    Wasn’t there a story of a 3 week “burst” pipe in yesterday’s paper? It wasn’t fixed despite calls to the BWA yuh can’t blame the “people” for that.

  48. Mariposa Avatar
    Mariposa

    Ahh
    What good things has Mottley done for the people of Barbados
    All by itself it took Mia six months to respond to the cries of retirees suffering in broad daylight
    Give me a f.king break
    Enough is enough

  49. David Avatar
    David

    See if this helps.

    https://www.facebook.com/bwa.bb/

  50. David Avatar
    David

    She is a better MOF than Sinckler.

    She is a better than PM than Stuart.

    Let us start there.

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