Report Card on State Owned Entities

It should be of interest to the BU family there is some attempt to arrest indiscipline financial management at State Owned Entities (SOEs). Runaway spending at SOEs contributed in large measure to the current debt spiral Barbados is now mired. There is much to be done given current state.

Relevant Link:

Financial Management Act

Here is the 30 minute financial statement by Minister Ryan Straughn on the 29 October 2019.

Barbados Today reported on the matter detailed below:

58 comments

  • fortyacresandamule

    What about the commercial operations of: Bridgetown port, GAIA, and BNOC.? are they a net contributor to the consolidated fund?

    Like

  • Minister Massaging the numbers verbally not good enough, need to see a forensic audit in tabular form to make any realistic comments on what maybe happening.

    Present mimister statement can best be described as VERBAL VOMIT.

    Liked by 1 person

  • @Wily

    You are aware if you reject the numbers shared by the minister you have rubbished the work of the Accountant General? Even before you see numbers you have closed your mind.

    Like

  • @ David November 1, 2019 9:50 AM

    But haven’t we been hearing the same crap since December 2013 and even before under the previous BLP administration?

    Why should we have faith, at this stage, in any thing either numerical or the residue of politically-induced verbal diarrhea when people have been waiting for the ‘many-times’ promised financials of an institution from which the average ‘greying’ Bajan is expecting an economic lifeline in their old age?

    Still can’t get a head around that $5 billion in savings over a 5 year period on the country’s national debt of approx $ 12.6 billion.

    Unless those tax-revenue dependants of social parasites called SOE’s are gotten rid of we cannot see how Barbados can meet its renegotiated future debt obligations.

    Liked by 1 person

  • @ David,
    Could you place this link in an appropriate post. I have known about this for years. Very disturbing.

    Perhaps GP could follow up on this story
    .
    https://www.bbc.co.uk/news/world-europe-50144261

    Liked by 1 person

  • @ Wily E. Coyote

    You have always been a gentleman

    And your wife nothing but a lady.

    So de ole man is not expecting you to respond to the Minister of Disinformation

    He said and I quote

    “…@Wily

    You are aware if you reject the numbers shared by the minister you have rubbished to work of the Accountant General?

    Even before you see numbers you have closed your mind…”

    You understand that reasoning?

    He is demanding that you Wily E accept that what HE HAS POSTED rather, what his boss has posted IS THE TRUTH, THE ABSOLUTE TRUTH AND NOTHING ELSE!!

    He then goes one step further to say that these figures ARE THOSE OF THE AUDITOR GENERAL’S, not Straughn’s AND THAT BY YOU EVEN SAYING THAT YOU WANT TO SEE THE NUMBERS IN A TABULAR FORMAT means that you have a closed King!

    You is nothing more than a heretic and financial blasphemer Wily E Coyote AND IN THE COMING YEARS, we the BLP, going deal wid wunna so.

    Heheheheh

    Liked by 2 people

  • Here we go again with the Anti. Carry on.

    Like

  • If a bus breaks down on Maxwell road and is towed to the Transport Board repair shop, how long should it take to repair the bus and have it back in service ?

    In my opinion it should not take more than 2 months.

    Similarly a Garbage truck should not take longer than 2 to 4 months to repair.

    I am a coward and frighten to write what I think about the extreme probability of the acquisition of material gain

    by commission and omission as the modus operandi of operatives.

    Hope nuff buses an garbage trucks wukkin in time fuh ” We Gatherin 2020 “

    Liked by 1 person

  • @Enuff
    it isn’t about pro or anti, it is about financial statements. The Minister seems very aware of their requirement, a good thing and a welcomed change. The elephant in the room is why more are not appearing.

    Like

  • Vincent Codrington

    @ David BU at 9 :15 AM

    I think that Wiley was on his best behaviour,. He was very polite.
    I will take my mother’s advice and shut up my mouth.

    Like

  • SirSimpleSimonPresidentForLife

    @TLSNNovember 1, 2019 10:32 AM “@ David, Could you place this link in an appropriate post. I have known about this for years. Very disturbing. Perhaps GP could follow up on this story https://www.bbc.co.uk/news/world-europe-50144261

    Perhaps Dr. Lucas can comment as well. Thanks.

    Liked by 1 person

  • Vincent Codrington

    What is the position of Barbados in these ratings? I am sure that similar studies have been done on Barbados. Are these some of the reports that were wantonly abandoned / thrown out with the garbage? What has been the effect of pesticides and weed killers on the water supplies in our aquifers ? Are the use of these connected with the high rates of cancers and other NCDs ?

    Like

  • @DAVID

    The last Account General’s Report Wily can find is 2015/16 on the government website. These present figures the minister is throwing around have obviously not been reported/documented in an official report.

    The numbers being thrown around by the MINISTER are nothing other than out of bounds ball, don’t count in the real world. Wily is continually amazed that supposedly intelligent educated individuals fall for this GARBAGE, even BLP YARD FOUL.

    Liked by 1 person

  • NO
    The Minister said “..great effort has been made to accelerate the completion of the outstanding Audited Financial Statements, with a majority of these now up to date.”

    Like

  • @Wily

    Like the poor skeptics, cynics and optimists will always be with us.

    Like

  • There seems to be some positive movement in relation to SOEs. Many of the issues have to do with a culture cultivated for forty plus years.

    Like

  • @ Enuff November 1, 2019 3:56 PM

    And this ‘continuing’ delay laden with empty promises is in a country with over 1,000 ICAB-registered accountants.

    One of the hallmarks of effective financial reporting is “Timeliness”.

    Why don’t you get to the meat of the matter and query why this ‘extended’ delay in issuing the audited financials for a going concern has been on an ongoing basis?

    Why not publish the financials for those years that have been audited?

    Is it that ‘technical’ concerns about significant financial transactions of an unexplainable nature might have been engaging the attention of the auditors?

    Liked by 1 person

  • Was the recent actuarial report for NIS laid in parliament? If yes why not make it public? Why the delay?

    Like

  • @ Wily E Coyote

    One notes that you were not even offered an apology when you debunked that incorrect comment about the Auditor General’s Reports being relied on by Minister Straughn.

    Heheheheh

    Like

  • @DAVID

    “Like the poor skeptics, cynics and optimists will always be with us.”

    Nice to see you’ve moved Wily into the OPTIMIST category, ha, ha.

    WilY still thinks the earth is FLAT, don’t believe these rounders, optimism rules.

    IF YOU EXIST AND DO NOT LEARN FROM THE PAST THEN YOU’LL SURLEY ENCOUNTER FAILURE TROUGH YOUR IGNORANCE.

    Liked by 1 person

  • @Wily

    One must not allow oneself to be trapped by the past when the future is pregnant with infinite possibilities.

    Earlier reference was made to the accountant general and not Auditor General.

    Like

  • @ wily.

    Trust me few people want to know the truth about our economic reality and in so doing question what they are fed. If you happen to be one then you are one of the following. Either Anti-Party, a pessimist, a troublemaker or a non-believer.

    Pick one and wear it with pride sir.

    Liked by 2 people

  • Hmmmmm.

    Who you are going to believe a man interacting with the common man daily or the one singing for his supper daily of misinformation?

    Government doing well and some workers not being paid from February close to a year.

    Politicians are full of lies and deception.

    Xxxxxxxxxx

    No economic gains for poor

    Despite the positive economic outlook presented in the Central Bank’s third quarter financial report, an outspoken labour leader says the gloomy realities of working-class citizens paint a totally different picture.

    According to General Secretary of the Unity Workers’ Union Caswell Franklyn heavy taxation policies and inconsistent payment for dozens of public servants were continuing to cripple the economic fortunes of “average” Barbadians and have totally reversed the five percent salary increase given to public servants over a year ago.

    Franklyn was reacting to a reported upswing in Barbados’ economic prospects over the first nine months of 2019, which was revealed earlier this week by Central Bank Governor, Cleviston Haynes.

    To the contrary, Franklyn told Barbados TODAY he has been swamped with complaints from his members and believes the only people seeing improvements are those who supported the current Government during its rise to power

    “I don’t know what figures the Central Bank’s employees were looking at… but let me tell you something, he [Governor Haynes] is not on the ground. I am not seeing any growth or any prospect of growth for the working man,” the straightforward union leader declared.

    For him, a clear indication of the inconsistency between the bank’s report and Barbadian reality is reflected in the number of civil servants, some in senior positions, being denied their salaries for months on end.

    “I was talking to a worker who was complaining that he wasn’t getting his full pay from government and he is quarreling with me for not being able to get him money from government. These are people working in the Drainage Division cleaning the drains and moving dead dogs and things out of the drains, who cannot get their allowances…. If things were improving, these guys would have been able to get their money. These are people working for minimum wage,” he argued.

    You have situations where nurses aren’t getting paid and I have nurses who are acting at the senior level who have not been paid since February. I don’t know what the governor is seeing, but he is probably seeing figures from someplace else, not Barbados. There is no positive outlook for anybody working in Barbados unless you are one of the party hacks that is getting these contracts.”

    In addition, Franklyn complained that Government in the form of taxation was still placing a heavy burden on those who could ill afford to pay. In fact, he said the five per cent salary increase given to workers when the Mia Mottley government first came into office was now virtually useless.

    “That increase has been wiped out and is now gone. I do not know what the Government is thinking…they are just hitting and missing and when it doesn’t work they are trying something else,” argued Franklyn.

    “I don’t know if they are practicing trickle down economics where, if you give tax breaks to the people at the top, it would trickle to the people at the bottom. No trickling has been happening,” he said.

    Instead he suggested Government sack some of its consultants and revert to professional civil servants.

    “They civil servants have been helping to run this country from Independence but they are bringing in a lot of people who have never managed an economy, know nothing about it, only know text book and are giving very bad advice.”

    Efforts to reach officials from the Barbados Workers’ Union and the National Union of Public Workers were unsuccessful.

    Meanwhile, President of the Small Business Association, Wayne Willock said while he was in no position to assess the Central Bank’s Report in the context of small enterprises in Barbados, he was hoping the positive outlook forecast by the governor would translate into positive things.

    “I think we will have to look further down the road into next year’s projections. Certainly manufacturing and construction are the areas that should see more growth based on what is being highlighted,” said Willock. kareemsmith@barbadostoday.bb

    https://barbadostoday.bb/2019/10/31/no-economic-gains-for-poor/

    Liked by 1 person

  • SirSimpleSimonPresidentForLife

    @DavidNovember 1, 2019 6:00 PM “when the future is pregnant with infinite possibilities.”

    David: I hope that you know that there is actually something called a false pregnancy. My mother told me of a case back in 1955, whee the lady was experiencing symptoms, and even called the midwife. The midwife as is her duty, went, but before she went she said “I know that there is no baby” and indeed there was no baby.
    https://en.wikipedia.org/wiki/False_pregnancy

    I trust that this is not a false economic pregnancy. Because every big belly does not bring forth a child.

    Liked by 1 person

  • @Enuff
    I am aware of what was SAID. So what, we should just all back off and wait, cause he is one of your boys? Didn’t Sealy and Sinckler tells us they would report on the status of Four Seasons “soon”? I know the current Minister isn’t either of them. In my world, you keep the feet to the fire, until the results are forthcoming.

    Liked by 1 person

  • Maybe the fowls can tell us if this is more GRAND THEFT of taxpayer’s money.

    “AN OPEN LETTER TO THE PRIME MINISTER. 60.000.000.00 for thirty five vehicles
    You really tek bajans for jacks asses Every move you make is intended to steal from the treasury. The country can’t pay its bills , And you come with this nonsense!!!
    If every vehicle cost one million dollars. That is thirty five million dollars. How you plan to spend the other twenty five million.

    Its getting to the point where you have become careless and indifferent to the plite of the people of this fair land.
    Would you treat your family like this. You are not a nice person.
    THE COW WOULD NEED HIS tail more than once.”

    Like

  • One must not allow oneself to be trapped by the past when the future is pregnant with infinite possibilities(Quote)

    What does this nonsense mean?

    @ William

    About 16 months in to a new government and still entire SOEs have not yet submitted audited figures. Clearly it is not important. When I say Barbados is a failed state you blame the duopoly, but the SOEs are led by some of our so-called brightest and best. Plse remind me who was(is) the chairman of the NIS?

    Liked by 1 person

  • @Hal

    “but the SOEs are led by some of our so-called brightest and best.”

    EXCELLENT STATEMENT, question is if these are the BRIGHTEST & BEST what does this say about Barbados future.

    FAILING STATE……………FAILED STATE………..OBILIVIAN………….???????

    Liked by 1 person

  • @Wily

    I could not have said it better myself. Our national disease is incompetence, not party affiliation or corruption. It is INCOMPETENCE.

    Liked by 1 person

  • Anything that is negative about Barbados you and some others will be present, this we know. Go and vote!

    Like

  • Baje

    After the koolaid the lies started
    Stay the course the poor was told tek what wunna can get cause it is gonna get better
    Even the gov.of the Central Bank could not maintain a straight face when delivering the Economic Review lies ! lies and dammed lies all wrapped up in smoke and mirror policies
    Most likely he was thinking who would belive him
    The head has gone from bad to rotten
    Barbados last leg is gangrene and must be removed
    God help us all

    Liked by 1 person

  • 🙂 Salemite 🙂
    Where is that letter.
    A statement is not enuff.
    Where is the ink

    Like

  • A happy good morning to all of Barbados.

    Watched some rugby this morning. Did not understand the game, but yet it was exciting., Surprising

    ‘Have a great day Barbados. Hope that your day is full of pleasant surprises (only),

    Like

  • @ Theo

    I also watched the game. You may remember in the early 1960s they tried establishing rugby union in Barbados – they used to play on the Garrison – whatever happened to that?

    Like

  • @Hal
    Been away too long to know what is happening/happened on some items.

    BTW: Some here seem to think you hplay a prominent role in Brexit and in the UK government.
    Should I say “Congratulations” or was I mislead?
    🙂
    Have a great day.

    Like

  • Not a B, D or Barbados thing…
    https://barbadostoday.bb/2019/11/02/seven-similarities-and-seven-peculiarities/

    “Governance is reasonably effective and trusted, corruption is uneven – from cesspools that will remain unnamed to success stories like Barbados or the considerable progress of Jamaica.”

    Like

  • @ Theo

    Never underestimate the appalling stupidity of some Bajans. Sometimes I have to pinch myself to make sure I am still alive, after reading their nonsense. Read BU and get a good picture; or better read Roy Morris’s account of a visit to the QEH accompanied by the prime minister.
    Are we now to assume that there will be a new and improved health policy announced soon? Will health education now form part of public education?

    Like

  • @ Hal
    It is a bit much to expect the culture almost inherent in the SOEs to disappear overnight. In our system when a government changes these boards undergo radical political party surgery and that takes about a year. Distributing the spoils of victory is a demanding and tedious task requiring serious political skill.
    Some people may be bright on paper but managing any institution which in many cases is under heavy political interference is difficult.
    That’s why I often say that we really don’t change governments; we just change parties.

    Liked by 1 person

  • @ William

    It is remarkable how much you learn about Barbadians, or in particular BU contributors, from just reading the site. There is a deep-seated culture of mediocrity, masked by an incredible arrogance.
    On BU it is now the form that if you agree with something someone says the vultures descend on you for supporting that person. Not even animals behave in that way in the wild. In other words, once they have ostracised someone no one should even acknowledge their existence. It is savagery.
    The intention, however, is to intimidate, to scare you off, to threaten, not debate. They have nothing of consequence to say.

    Liked by 1 person

  • Vincent Codrington

    @ David Bu

    It seems as though some persons have to spend the whole Xmas Holidays beating the books. None of the parents are satisfied by the Score Card. What says you?

    Like

  • @ Hal Austin

    @ William

    It is remarkable how much you learn about Barbadians, or in particular BU contributors, from just reading the site. There is a deep-seated culture of mediocrity, masked by an incredible arrogance.
    On BU it is now the form that if you agree with something someone says the vultures descend on you for supporting that person. Not even animals behave in that way in the wild. In other words, once they have ostracised someone no one should even acknowledge their existence. It is savagery.
    The intention, however, is to intimidate, to scare you off, to threaten, not debate. They have nothing of consequence to say.
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    YOU HAVED NAILED IT AND DEFINED ABOVE WHAT HAS BEEN GOING ON IN BARBADOS FOR YEARS.

    IT IS THE DIVIDE AND RULE.

    IT IS WHAT IS USED TO KEEP THE LOCALS IN CHECKED AND IN THEIR PLACES TO FELL INFERIOR AND MALIGNED.

    IT IS ALSO USED BY BU BLOGMASTER DAVID.

    Like

  • CORRECTION:

    FEEL INFERIOR

    Like

  • @ Hal
    @ Baje

    What we must guard against is this political polarization becoming a form of political cultism.
    We recall how in Jamaica ,how party garrisons evolved. I think we are a far way from such but polarization and cultism have to be nipped in the bud.
    Historically, I have not seen the passion that the people had for Barrow or Grantley Adams. I once thought that Owen Arthur was approaching Barrow status but in the end , he faltered considerably.
    There are some trends I am quietly observing but it is too early to offer reasonable comment.
    The price of freedom remains eternal vigilance.

    Like

  • @ William

    I hope you are right. I once said on BU that this Bajan aggression can easily turn to violence and the vultures came out as if in a storm. I stand by that view.
    It is the social and political void that is breeding this anger; young men and women leaving school, armed with qualifications, but not getting relevant jobs.
    What jobs they get are irrelevant to their training and qualifications IK see it every time I visit Massy stores and see young people packing shelves. Are they going to do these jobs for the next 40 years?
    The old escape route, to Canada, the UK and US, is slowly being closed off and a few traditional Bajan families, along with New Bajans, are cornering the produce of the nation.
    It will end in tears.

    Like

  • @Vincent

    Until this or any government bring some order to the NIS books they will get a F from this blogmaster.

    Liked by 2 people

  • Vincent Codrington

    @ David BU at 1:35 PM

    Yes . There is a tendency for governments to use the NIS as an ATM, behaving as if NIS funds are tax revenues in disguise. There ought to be a wider gap of control between the NIS and the MoF. The representatives of stake-holding bodies need to show some testetudinal fortitude.

    Like

  • @Vincent

    We have discussed on BU’s pages in the past the need to ‘ring fence’ the central bank and the NIS. We cannot have political stooges being rotated on Boards for example every time there is a change of minister or government. Then there is fitness for job.

    Let the record show this blogmaster inquired of the former Chairman the status of the financials – he kicked the can down the road. This was his curt reply:

    the cabinet will have to make a decision now >

    He has been given professorship at Cave Hill, no need for him to be that concerned these days.

    Like

  • Vincent Codrington

    @ David Bu at 1 :58 PM

    There is always need for the professional citizens of this country to be concerned, promoted or not. I believe the person under discussion deserves his elevation.
    More importantly , it is not an easy position to be in. For the conscientious ,it is usually a daily battle. One has to wear the shoes in order to appreciate the pinch.

    Like

  • Vincent Codrington

    @ David Bu

    I concur with your opinion that both institutions need to be ring-fenced. Much depends on the character of the incumbents. Managing one’s de jure superior calls for some special skills . Few are able to do this successfully. It is something one learns by osmosis…watching the master craftsmen. I was fortunate in this respect .

    Like

  • “Historically, I have not seen the passion that the people had for Barrow or Grantley Adams. I once thought that Owen Arthur…”

    the mistake each electorate make is putting any of these JOKERS on pedestals…ya have to pay them a salary with perks, why the hell ya putting them on pedestals for when NOTHING HAS CHANGED, they WORK FOR YOU…and are not your masters as many of them like to act with their upppity selves once they are elected to parliament ……….they stll sell you out and NEVER look out for the majority population who elected them…..which makes them all WORTHLESS….as long as they can only see themselves enriching others, but NEVER THEIR OWN PEOPLE…..just look around at the squalor on the island.

    Like

  • @Hal AustinNovember 2, 2019 1:17 PM

    @ William

    I hope you are right. I once said on BU that this Bajan aggression can easily turn to violence and the vultures came out as if in a storm. I stand by that view.

    I am putting it to you there is a stronger possibility of violence breaking out in the UK before it does in Bim, if the election fails to get Brexit done. When I hear Jeremy Corbyn talk about ex-soldiers sleeping on the streets, thousands turning up at soup kitchens daily, folks waiting forever to get medical appointments at NHS facilities, businesses boarded up all over the UK, overcrowded class rooms in school which are open less than 5 days per week etc. etc,. all I can say is he must be living in a different country to the Utopia you are living in.
    Mark my word, if the UK remains in the EU after the election, Nigel Farage and his Brexit followers will make the UK ungovernable.

    Like

  • Miller
    So taking 18 months to bring all the SOEs up to date with their audits is delaying because according to you there are 1,000 registered accountants in Barbados? Ok. You get through.

    Like

  • SirSimpleSimonPresidentForLife

    @Hal AustinNovember 2, 2019 1:17 PM “I hope you are right. I once said on BU that this Bajan aggression can easily turn to violence and the vultures came out.”

    Who do so contemptuously call vultures?

    Liked by 1 person

  • Tacky, lowlife Morris..

    Like

  • @ Enuff November 2, 2019 8:40 PM
    “So taking 18 months to bring all the SOEs up to date with their audits is delaying because according to you there are 1,000 registered accountants in Barbados? Ok. You get through.”
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Just came across your ‘limpidly’ limp response.

    You are talking about “18 months” while the LAW demands that they be produced no later than 3 months after the end of each financial year of each SOE.

    To be more focused we were referring to the financials for NIS.
    These financials were promised ad nauseam going back to the time when the ex-banker Marshall promised his deliverables within a stated timeframe.

    How long ago was that, “Enuff”? 18 months?

    Even his sidekick and replacement- a dean and financial guru at your prestigious school of management- could not keep his parroted promises in completing this Herculean task which any final year ACCA student could have done with distinction unless there is more to the accounting equation than some missing assets.

    Why not just admit that there is more in the NIS mortar than just a technically incompetent pestle?

    Now “enuff” of your lame-duck excuses full of partisan political BS!

    Like

  • Lol, lol..ah see the fowl continues to make an ass of itself in grand style.

    Like

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