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Open Letter to Financial Institutions – What is the COVID-19 Plan?

  As the COVID-19 cripples world transportation, many areas will be severely affected…. these include Food, the opportunity to work & earn money, etc…… I would like our PM & her Government to engage the business sector/others and begin planning on methods to reduce the economic impact on the population: Banks, Credit Unions, etc. to…

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As the COVID-19 cripples world transportation, many areas will be severely affected…. these include Food, the opportunity to work & earn money, etc…… I would like our PM & her Government to engage the business sector/others and begin planning on methods to reduce the economic impact on the population:

  1. Banks, Credit Unions, etc. to reduce/suspend for a period of time, Loans/Mortgages/etc. payments
  2. Credit Card companies to do similar
  3. Food Importers, Supermarkets, etc. to NOT increase prices

and other transactions/processes that ordinary people have to bear daily. We are not asking to ‘wipe-off’ these agreements ……. just suspend them until (we hope) the virus is under-control and the World begins to get back to normal.

ks, BU commenter

The comment quoted connected with an online article Caribbean Banking Association Says It Can’t Be Business as Usual as Coronavirus Spreads the blogmaster read yesterday. The impact COVID-19 is having on the world spans the gamut – Italy on lock down to other countries  at various stages of executing a containment strategy. Unfortunately it translates to the global economy projected to slip into a ‘recession’. This is not good news for Barbados given the current state of the local economy. There will be some more pain Barbadians have to endure bearing in mind it is a country already suffering from economic fatigue.

Why should the comment by ks be of interest to all of us?

We are observing local financial institutions mobilizing to protect the health of staff and customers. A good thing all agree. What we have not heard so far – is how financial institutions plan to react to rising unemployment because of the economic slowdown. Global commentators are ominously forecasting that this recession will be worse than 2008. How will financial institutions commit to foregoing revenue to support economies like Barbados about to crash and burn?

Many businesses in Barbados are experiencing a significant drop off in sales, especially in the hospitality sector. If Barbados has to move to stage 2 and 3 of the Covod-19 disaster plan the situation will get worse. The ‘haircut’ Barbadians had to suffer  would have been in vain. Barbadian households and businesses will default on loans. The government does not have a Stabilization Fund like Trinidad and Tobago or the capacity to print money for stimulus like the USA.  The greenback is still considered the world’s reserve currency.

The question for the financial institutions in Barbados is –  What is the plan? We are in this together right?

 

 

 

 

 

315 responses to “Open Letter to Financial Institutions – What is the COVID-19 Plan?”

  1. Hal Austin Avatar
    Hal Austin

    @ Wily

    Where is our political leadership at a time of crisis?

  2. Hal Austin Avatar
    Hal Austin

    @ John A

    Do you remember a couple weeks ago when the president led a horde of 37 on board a cruiser and declared it free of coronavirus? That alone should have been a capital offence.

  3. Hal Austin Avatar
    Hal Austin

    @ Vincent

    Most if not all of these measures that some of our commenters ,in the diaspora, are proposing have been and are being put in place .We have not exported all our brains……(Quote)

    Stop it and have a proper conversation. What nonsense about exporting brains. Who has ever said that? This is one of the worst features of the Bajan Condition. I once heard Owen Arthur used it.

  4. Dullard Avatar
    Dullard

    PAHO and other international agencies are supporting the government with policy formulation

    You mean the same WHO that the Chinese strong armed into downplaying the scale of the outbreak in the early stages? The same Who that hesitated in declaring a pandemic until only a couple of weeks ago when it was clear to any sensible person that were in the midst of one?

    The WHO is a political organization so it should not be assumed that they will always proffer the most sensible, impartial advice.

  5. Mariposa Avatar
    Mariposa

    Yes any govt that holds its citizens willfully and knowingly to dangers or hazard in times of crisis should be held on the account of criminality
    What govt has done is to knowingly with all evidence produce kept its borders open and with expectation in mind and reckless process activate a path by which 2 victims of Corona entered the country
    The jury is still out on what impact these two affected victims might have on the overall safety of the country and the people with whom they came in contact
    Mind boggling

  6. David Avatar
    David

    @Vincent

    Agree with your position. To use your word, it is an evolving situation. There is no blueprint.

  7. John A Avatar
    John A

    @ Hal

    I think our leader is stuck between a rock and a hard place here. On one side she has to try and maintain economic activity and on the other maintain a healthy country.

    The financial adjustment will be a nightmare here as we are already locked into an IMF program, so there is little wriggle room. While there is not much they can do they should at least instruct the banks that a 90 day freeze on repossession for none payments should be put in place. At the very least protect the vulnerable who may have their income affected. Companies are already looking at cutting back on hours and don’t be surprised if in the next 2 weeks we are back on an 8 to 4 day as in the 1970s. That will allow them to get back to a 40 hour one shift week. Of course this will lead to temporary lay offs during the period but if there is no business why would one have extended store hours?

  8. David Avatar
    David

    @John A

    You have moved to a dispassionate position. Already workers are being sent home. Pay cuts defaulting on loans etc. People who are retired with pensions have to walk the shoes of people with loans and children to feed. It is not the slam dunk black and white position some are making out. The government is riding in the edge. We will agree or disagree, no guaranteed approach here.

  9. Greene Avatar
    Greene

    @Hal,

    i like how Bostic was left by his lonesome to deliver the bad news that there are 2 confirmed COVID19 cases.

    you have to understand that MAM was not elected to deliver such news but rest assured that MAM got this

  10. David Avatar
    David

    @Greene

    An unfair comment.

    Bostic has been leading media briefings with the CMO and others in recent weeks.

  11. Hal Austin Avatar
    Hal Austin

    @ Greene

    This epidemic will change how we work and relate to each other going forward.

  12. John A Avatar
    John A

    @ David.

    This is not going to be about passion but economic survival. Remember that practically all of the major retail businesses are now foreign owned. They will be looking to protect their interest first. I can tell you of one big one that is looking at the 40 hour week as of April 1st already.

    That is why I agree with Hal, we are not spending enough time looking at the economic fallout. It is coming whether we like it or not so playing ostrich will not help.

  13. 555dubstreet Avatar
    555dubstreet

    Om Mantra
    People can get stuck in minute local details without stepping back to see global picture

  14. David Avatar
    David

    @John A

    This will be a battle between juggling public health priorities and understanding the dire economic state of the economy. You have mentioned Barbados does not have the means to match the one trillion dollar stimulus of the US. This is uncharted path being traveled.

  15. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @ David and @ Vincent…

    Gentlemen, you can’t be right in both instances of saying “… it is an evolving situation. There is no blueprint.”

    The hallmark of any leader according any wonderful book be it from Sun Tzu or Archie Browne’s ‘The Myth of the Strong Leader…’ is preparing for the unexpected.

    The higher up the leadership ladder you climb the more detailed must your preparation be.

    It seems incongruous to me that coming off serious epidemic outbreaks in the last 15 years that any leader in our dependent economies would not have subject matter experts update their modelling on various possible “evolving situations”.

    Barbados has never suffered an earthquake of devastating effect… So are you even suggesting that there are no detailed plans (blueprint) on how to act if such were to occur. I think not!

    No govt can get a pass based on your assertion … that would be just pure incompetence to even suggest that.

    “Know thy self, know thy enemy…. A thousand battles, a thousand victories.”

    You have to model the unknowns as a leader and create a workable “blueprint” from that strategic ‘what if’ analysis.

    That has been a foundational core of leadership since forever and with modern tech and immediacy of data/information there can be no excuse for being unprepared!

  16. David Avatar
    David

    @Dee Word

    There is no need to be unnecessarily prolix.

    There is a plan, with reported cases we moved to stage 1 of the plan.

    The point about blue print is that each country have different plants based on the our environment.

  17. Hants Avatar
    Hants

    shoulda woulda coulda but….

    Right now we are going to do the following…..

    We will react to situations which we did not expect…..

    Doan worry be happy.

  18. Hal Austin Avatar
    Hal Austin

    @ John A

    Money on the international capital markets is the cheapest it has ever been in modern history. The Mottley government has boxed itself in to a corner and cannot benefit from such cheap money. It has boxed itself in a corner.
    It is the government’s fault either because of bad advice from its economic advisers, or it has ignored their advice. Nearly every leading central bank has reduced interest rates to near zero, while Barbados is still trapped paying White Oaks Bds$170000 a month for what looks like nothing. When are we going to get the full and final settlement with the external creditors?
    It is all smoke and mirrors. The government is out of its league. Now we face the biggest unemployment rate since the abolition of slavery. We are on a precipice.
    We need emergency legislation to curb unnecessary imports. Long haul tourism is a luxury, so the UK market will be shut off. No Overseas Bajans will be Gatherin’; defined benefit ((and defined contribution) pensions will be hard hit.
    When is this government going to declare its emergency economic plans, bearing in mind the foreign-owned banks are not going to lend money unless forced to.

  19. Vincent Codrington Avatar
    Vincent Codrington

    @ John A
    @ David BU

    Barbados does not need a one trillion dollar stimulus. The USA went that route last time. Do you recall who benefited from that stimulus? Do you recall who paid for it? We certainly do not have the market size of the USA nor the political clout to do that level of bluffing. It is pure Quantitative Easing. I do not think Barbados has a liquidity problem…..yet! Nor do we need one. Small countries by definition should be easier to manage.

  20. David Avatar
    David

    Agreed Vincent.

    It is important we fashion a solution that is relevant to our space.

  21. David Avatar
    David

    @Greene

    You may be interested to know there will be a joint news conference with Mia and Bostic at 12:15PM.

  22. Freedom Crier Avatar
    Freedom Crier

    BARBADOS A TIME OF REFUGE…

    CORONA CRUISERS CARLISLE BAY – 18TH. MARCH 2020

    Apparently the Government is being Not Being Paid for Berthing Space, they said it’s a Gesture of Good Will.

    Images David Wyndoze

    https://www.facebook.com/photo.php?fbid=10158260191978169&set=pcb.10158260196993169&type=3&theater

    https://www.facebook.com/photo.php?fbid=10158260191993169&set=pcb.10158260196993169&type=3&theater

    https://www.facebook.com/photo.php?fbid=10158260192208169&set=pcb.10158260196993169&type=3&theater

    BRIDGETOWN PORT FULL OF CRUISERS!

    https://www.facebook.com/photo.php?fbid=10158260193603169&set=pcb.10158260196993169&type=3&theater

    https://www.facebook.com/photo.php?fbid=10158260192093169&set=pcb.10158260196993169&type=3&theater
    AZURA

    AIDA
    https://www.facebook.com/photo.php?fbid=10158260193538169&set=pcb.10158260196993169&type=3&theater

    MARELLA EXPLORER
    and MSC Preziosa

    https://www.facebook.com/photo.php?fbid=10158260194778169&set=pcb.10158260196993169&type=3&theater

    https://www.facebook.com/AboveBarbados/videos/644058566387884/

  23. Vincent Codrington Avatar
    Vincent Codrington

    @ dpD at 10 59 AM

    Do you read over what you write? How can one make a blue print of events which has not happened? And which is unknown? Stop playing the semantics game. It does not become you. You are being deliberately mischievous. David’s use of blue print is defined by its context.

    Please stop also your use of axioms. You start with some ancient philosophers statement and by deductive logic came to a conclusion. Although logically rigorous,it makes no contact with reality. Please wheel and come again.

  24. Wily Coyote Avatar
    Wily Coyote

    A note to all BU BLOOGERS, with respect to economy and financial controls, the bottom line is BARBADOS IS NOT AND CANNOT BE A PLAYER, case closed.

    Inempt financial management over recent times, 15+ years, has shown Barbados has at best been just treading water, it’s now evolved to SINKING without any form of life jacket. Bajans have no input or controls left, sit back and watch the the world go by.

  25. Freedom Crier Avatar
    Freedom Crier

    As the cruise ship business grinds to a temporary halt and vessels continue to be denied entry into several countries, Barbados could welcome more than 15 of them, bringing in thousands of crew members, which officials are hoping would help to provide some activity in the now struggling industry.

    Despite the earnings associated with this, however, the island is said to be losing hundreds of thousands of dollars as the global cruise industry comes to a standstill for several weeks in an attempt to help stop the spread of the deadly COVID-19 virus affecting the world.

    Chairperson of the Bridgetown Port Senator Lisa Cummins explained that while Barbados was accepting some of the cruise ships that had been turned away from other destinations, it was also a homeport, which meant several cruises “originate and end here”.

    However, without giving an exact figure, Cummins revealed that Government was sacrificing hundreds of thousands of dollars in fees and charges as it responded to a “humanitarian crisis” and deepen its partnership with cruise lines in the process.

    “We had approximately 98 ship calls remaining for the season. We expected by way of mooring fees, berthing charges, that we would have been able to calculate probably around $3,300 per ship, depending on the larger vessels, coming in for the rest of the season,” said Cummins.

    “We have for April alone about 158,000 passengers that were expected to disembark. That calculates into head tax revenue that has been loss. So we are talking about loss of berthing fees, loss of mooring fees as a result of the cancellation of the ships and with 158,000 passengers no longer coming here there is no head tax,” she said.

    Cummins said: “We have had the ships come in because we are dealing with the humanitarian crisis. We have received a request from the ships under those circumstances for discounting berthing fees and we have allowed them to do that for one reason – because there are crew members remaining on those ships”.

    She explained that the crew members had an opportunity to disembark the vessels and visit various locations and spend so that the now fighting tourism related businesses could still earn some revenue.

    “That doesn’t mean that we are not bleeding because if ships aren’t coming passengers aren’t coming and we absolutely foregone hundreds of thousands of dollars in revenue over the few weeks and we expect it to continue for a period we cannot specify,” she said.

    Several cruise ships have been turned away from other ports in the region out of fear of the coronavirus.

    While some of those ships that have docked in other countries have confirmed cases of coronavirus, local officials are giving the assurance that the ones off the coast of Barbados were free of the virus and only crew members were remaining on board.

    The passengers are being flown to their respective countries on chartered flights as countries seek to get their residents home, officials said.

    There were five chartered flights last night and another four on Tuesday, and officials are expecting those services to continue into next week as more ships come to the island.

    There are currently seven ships docked in the waters of Barbados, four of which are in the Bridgetown Port and others off the Carlisle Bay area.

    “As it stands, we expect between today and Monday just under about 11,000 passengers who we will be moving through the airport. We have a daily schedule and it changes rapidly. As it starts you will see ships in the Bridgetown Port, you will see ships in Carlisle Bay and you will see ships off shore as far north as Speightstown simply because we do not have a carrying capacity in the deep water harbour to accommodate all of them,” said Cummins.

    She gave the assurance that ample testing was being carried out, stating “We now receive, every 12 hours from the ship, a medical report, which says to port health what is happening on the ship.”

    In relation to cargo, Cummins said the Barbados Port was working closely with the Barbados Chamber of Commerce and Industry to expedite critical supplies out of the Bridgetown Port.

    Minister of Tourism Kerrie Symmonds urged tourism industry officials “not to be fainthearted in this difficult time”.

    Stating that the ships were not docked in Barbados by accident, Symmonds stressed that it was part of island’s efforts to deepen partnerships.

    “Because of that spirited partnership we have been able to be in a position where those ships that are now forced to go through a period of down time for a month or two are saying to us ‘we would like to do that down time in Barbados, would you accommodate us?’ and the answer is yes,” said Symmonds.

    “Each one of them that is anchored out there without any passengers on board, but with crew, and if we have 20 or 15 such ships and the average one is carrying 1,000 crew then you have between 15,000 and 20,000 people who need to be fed, watered, provided with some form of entertainment, relaxation and recreation,” he said.

    Symmonds gave the assurance officials were still maintaining the “strictest levels of diligence” and surveillance at the Port. “We will continue to maintain that because we have to make sure that we protect our citizens as best as we possibly can.”

    He said having the ships docked in Barbados’ waters was “a good thing, a useful thing and a helpful thing to our tourism sector.

    “And it is something that others will watch us from a distance with a degree of envy about because that 15,000 to 20,000 must now be encouraged by way of creative packages to be moving themselves around this island to experience the experiences in the tourism product to be found in [several parishes],” he said. marlonmadden@barbadostoday.bb

    https://barbadostoday.bb/wp-content/uploads/2020/03/IMG_5132-730×456.jpg

  26. Tron Avatar
    Tron

    Wily,

    The many DLP voters, DLP bureaucrats with their badges of honour on their nipples and their exams from the paper mill will not understand us.

    In the end Miller, Wily and Tron will be right: The BBD must be devalued.The Barbadian way of distributing as much as possible wealth to the naive masses by excessively taxing the remaining top performers is over. The Barbadian way of distributing as much as possible to the naive masses by excessively taxing the remaining top performers is over.

    They will scold us slave drivers instead of praising us as prophets. They will continue to insult us instead of admitting their categorical error.

    A prophet has no honor in his own country.

  27. David Avatar
    David

    Can we avoid the inclination to make this a political pow wow? We are here now. We have to deal with it.

  28. Tron Avatar
    Tron

    David,

    OK, noted, no “propaganda” for the next few days. But please note that BERT has failed through no fault of our government.

    BERT was a mixture of massive tax increases, but without structural reform in the public sector and without devaluation of the BBD.

    I say: There is no alternative to devaluing the BBD. We are currently not in a position to refinance foreign debt. Local productivity is not in a ratio of 1:2 to the US, but rather 1:4 or 1:5, and in terms of money supply even 1:7 to 1:10.

    As patriots, we should therefore support our government in implementing the above measures as quietly as possible.

  29. Hants Avatar
    Hants

    https://twitter.com/AirCanadaVac/status/1240412450593308672?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

  30. Wily Coyote Avatar
    Wily Coyote

    @David March 19, 2020 11:59 AM

    Unfortunately David Barbados had dealt itself a LOSING HAND, nothing left to deal.
    To use one of your favorite sayings SAME OLD SAME OLD, there will be lots of knee jerk announcements, lots of good feel good statements but bottom line is BARBADOS can only REACT in a limited way.
    Question, has Barbados got adequate body bags, adequate cold storage for bodies, adequate respirators etc. these are assessments and acquisitions being done in most countries.

    THESE ARE THE TYPE OF PREPARATIONS BARBADOS NEEDS TO BE DOING, NOW.

  31. Hal Austin Avatar
    Hal Austin

    @ Wily

    London has temporary morgues on Hyde Park just in case. London is the epicentre in the UK – most Barbadians in the UK live in London. How many ICU beds do we have? How many ventilators? What ab out staff?
    By the way, is there a CARICOM reaction? Are they sharing expertise?

  32. de pedantic Dribbler Avatar
    de pedantic Dribbler

    LOL 😂 @ Vincent… Give me a lil credit for being a BETTER debater than ur post suggest.

    Alas I will have to do some semantic parsing/debate riposte of ur commentary to show your glaring deficiencies.🙃

    Work with me on this…an example I believe of an issue which afflicts most modern discourse: YOU interpreted WHAT you wanted without ANY relation to context and complete THOUGHT.

    I said rather clearly that So are you even suggesting that there are no detailed plans (blueprint) on how to act if such were to occur. I think not!

    Blueprint was a synonym for detailed PLAN which I also described in clear project management speak as “modelling unknowns” and “what ifs”.

    You cannot be suggesting to me that your govt or corporate executive level management team did not have ‘blueprints’ of whatever trending ‘known unknowns’ were contemplated on the horizon of your day in the exec suite!

    That’s what management HAS TO DO…and if u don’t then you don’t stay in that position for very long!

    Yep, because David’s use of the term blueprint was aptly described by his context is the REASON I called him on it.

    It would be impossible as I noted for his assertion to be valid.

    I knew Col Bostic as a cadet eons ago seeing him at the Garrison twirling his mace and looking all drum major proper n thing… He went to war college in US or UK – I don’t recall – and fulfilled a career as a military officer…. Thus your argument seems to be that he would disavow a life time of training and MODELLING possible scenarios of the ‘war ahead’ in this very ‘war like’ scenario.

    And this was the laugh line when you said “you start with some ancient philosophers statement and by deductive logic came to a conclusion.”

    I very deliberately married the ancient philosopher to an Oxford prof of very current 2014 vintage (date of book published).

    Come now Vincent… you are shrewder than that!

    I showed quite explicitly I thought that whether one adored ancient (to use your term) leadership advice or modern analysis that it was crucial to be a strategic planner in order to be successful as a leader.

    Or to coin another modern ‘philosopher’ to have a plan ‘blueprint’ for known unknown and a structure of a plan to deal with unknown unknowns, so opined Donald Rumsfeld.

    Leadership has not changed at its core since ancient times bro… Although modern leaders or pundits would have us believe that!

    So senor I wheeled…hopefully again ‘logically rigorous… [that makes] contact with reality”.

    You certainly I hope can, in turn, ‘come again.”

  33. Baje Avatar
    Baje

    BARBADOS ONLY HAVE TWO CASES IS THAT THE TRUTH????
    XXXXXXX

    Passenger from Barbados has COVID-19 in Canada

    A traveller from Barbados is among three who tested positive for COVID-19 in Kingston, Ontario, Canada.

    Media reports from that community say the other passengers came from Spain and the United Kingdom. They are two women, age 44 and 62, and a 48-year-old man.

    https://www.nationnews.com/nationnews/news/244484/passenger-barbados-covid-19-canada

  34. Dullard Avatar
    Dullard

    BARBADOS ONLY HAVE TWO CASES IS THAT THE TRUTH????

    Maybe, maybe not. The headline figure of two is simply for confirmed tests. Any epidemiologist would tell you that the milder cases would not present themselves for testing so that the virus could be existing undetected within the community for days or even weeks. Epi 101.

    Not saying this is the case in Bim but given the lax approach I would be very surprised if there aren’t more cases.

  35. Mariposa Avatar
    Mariposa

    A friend of mine who worked at Miami International said a plane came from Canada empty except with crew and flight attendants
    Barbados is on a wing and a prey

  36. John A Avatar
    John A

    @ Vincent

    At this stage I agree that we don’t need a massive stimulus. What I want to see however is some loan protection legislated by government for the vulnerable. We at the minimum need a 90 day grace period.

  37. Tron Avatar
    Tron

    @Baje March 19, 2020 1:19 PM

    The person may have been infected when returning to Canada at the airport there or on the journey home between the airport and home.

    There is no evidence that more than two people are infected in Barbados. According to medical history to date, it is rather unlikely that diseases with symptoms similar to those of influenza will spread as quickly in the tropics as in the subtropics or in the temperate zone.

    I would also point out that in some countries the mortality rate is only 0.3% for the new disease. This is hardly higher than the flu.

  38. fortyacresandamule Avatar
    fortyacresandamule

    The situation unfolding at hand is unprecedented in our times. The financial carnage when this is over, will make the great recession of 2008 looks like an economic boom.

  39. Hal Austin Avatar
    Hal Austin

    @ John A

    Yes we do need a massive stimulus, investing in infrastructure and I have said on numerous occasions, but knocking down a public building to build a park, but housing, leisure and recreational, including a small theme park on Culpepper Island. I have mentioned a number of projects previously, including the site of the Transport Board and Nelson Street and its environs.
    This what the Mottley government should have done in May/June 2018, instead of defaulting on its debt. The Mottley government should have also printed money, not to pay salaries for top civil servants, but to keep ordinary people in jobs.
    The only fundamental risk was asset price inflation and that could be managed. We also need, urgently, a Barbados-domiciled balance sheet bank. Now more so than ever.

  40. John A Avatar
    John A

    @ Hal

    Yes there will be a barage of cheap money out there for those that can qualify. Banks will offer those they deem safe everything they want. The big players will be sitting down on the sidelines waiting on safe stocks like Coca-Cola to hit a big enough discount to buy. 18 months from now they will all be saying how they made 20% return on Corana in a single year. The hard part about it is that not one of the people or counties that need this money the most will qualify for a single cent of it for reasons as you outlined.

  41. Hal Austin Avatar
    Hal Austin

    The president will address the economic problems tomorrow, today is all about the medical problem. But all she is doing is giving a moral lecture, no policies have come from government. Why is Kerrie Symmonds there?

  42. Greene Avatar
    Greene

    @David,

    i am not surprised that she will be a part or the whole of the news conference later. now that the bad news has been delivered time to show face. MAM got this.

    prior to this i had no problem with how she was dealing with the matter but events are moving fast and we are not pivoting quickly enuff. plus that Minister of Education has me exasperated. she know not what she is doing.

    time that we should consider closing our borders and hunkering down until Covid 19 passes or until we see what we have to deal with.

    i wish Bim well.

  43. Lawson Avatar
    Lawson

    Well Antron that just about says s it all all rather than check out who they came in contact with where they stayed what tours they took. Go into spin hide your head in the sand like an osterich. Deny deny deny yup that’s a smart tourism plan

  44. John A Avatar
    John A

    @ Hal.

    We both know right now a massive stimulus is out of the question when this year we may well run a $500 billion dollar deficit. Plus any stimulus will require a portion of import related input and right now much of the world is on lock down.

    What we could use though is targeted financial assistance in areas of import substitution and food production. That way instead of throwing millions at the economy like was done in 2008 in the USA, only to never have it reach those it was intended for, we have targeted distribution of assistance in critical areas like food production and solar energy.

    If that is done we can slash our FX requirements for both of the above and that will help to soften the blow from falling tourism receipts.

    After all a USD saved is a USD earned.

  45. Silly Woman Avatar
    Silly Woman

    @Wily Coyote March 19, 2020 12:16 PM “Question, has Barbados got adequate body bags, adequate cold storage for bodies,”

    Why the p-huc-k would anybody need to put a body in cold storage? Are you planning to have it for dinner later?

    Stop being so backwards, and get into the 21st century now.

    All suspected COVID19 deaths be cremated immediately, regardless of what people believe their holy books say.

    Stupppssseee!!! Some people so backwards den!

    My old mother…may she rest in peace used to say that she didn’t want anybody come peeping in her face when she was dead. She would say to all, “if you want to see me come now that i am alive and well and can see you and enjoy your company.” Don’t wait until i am dead to come see me…and when I can’t see you.

    I would go further and say no funerals at all. Undertaker and crematoria operators only.

  46. Dullard Avatar
    Dullard

    @Tronesh

    Covid 19 is not like the flu. Yes it is a Corona virus like this flu but it is much more dangerous. Stop misleading the blog.
    Higher reproduce rate ie more contagious, no vaccine, more severe illness., etc.

  47. Silly Woman Avatar
    Silly Woman

    In England the Church of England has limited the number of people attending weddings to 5. I am not sure if that is 5 only, or 5 more in addition to the bride, groom [or bride/bride; groom/groom], the officiant, and 2 witnesses.

    If life has sent us this very bitter lemon, I would suggest to those people who ought to be marrying [not me] and who were scared off because of the cost of holding a “proper wedding” that now is a good time to marry. Save yourself $5,000 to $100,000 you were otherwise planning to spend on an elaborate reception, very expensive Instagram worthy pretty clothes etc. Marry, quick and sweet and go long to you home and let the sweetness of the honeymoon begin.

    Go into your marriage debt free.

  48. Dullard Avatar
    Dullard

    Plus the death rate for Covid 19 is yet unknown but will probably be higher than seasonal flu which has a mortality rate of about 0.1%.

  49. Silly Woman Avatar
    Silly Woman

    My parents married in 1940. Right in a time of a massive war and real-real hardship in Barbados. Between then they didn’t have 2 shillings to rub together. No photographs I was told, no fancy clothes, nothing so. The thing held together for more than 60 years and the successful raising of nuff, nuff children.

    In hard times people have to pull together.

  50. Hal Austin Avatar
    Hal Austin

    @ John A

    I am talking about policy before the misguided defaulting on our debt and the giving of tax breaks to the wealthy and well to do. We need to cut out the vacuous rhetoric and concentrate e of positive policy-making.

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