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Fourth Review – IMF’s Extended Arrangement under the Extended Fund Facility for Barbados

Reproduced from the IMF Website – David, Blogmaster

December 9, 2020
  • The Executive Board of the IMF concluded the fourth review of the IMF’s extended arrangement under the Extended Fund Facility (EFF) for Barbados. The completion of the review allows the authorities to draw SDR 65 million (about US$94 million). Access under the extended arrangement has been augmented by SDR 48 million (51 percent of quota, or about US$69 million) to help accommodate the shock.
  • Despite the challenges posed on the economy by the pandemic, Barbados continues its strong implementation of the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability and increasing reserves and growth.
  • The prolonged global coronavirus pandemic poses a major challenge for the economy, which is heavily dependent on tourism, and is expected to have a large impact on the balance of payments and the fiscal accounts.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the fourth review of the IMF’s extended arrangement under the Extended Fund Facility (EFF) for Barbados. The completion of the review allows the authorities to draw the equivalent of SDR 65 million (about US$94 million), bringing total disbursements to the equivalent of SDR 271 million (about US$390 million).

The four-year extended arrangement under the EFF was approved on October 1, 2018 (see Press Release No. 18/370). Including the augmentation approved by the Executive Board today, the extended arrangement is for an amount equivalent of SDR 322 million (about US$464 million).

Barbados continues its strong implementation of the comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal and debt sustainability and increasing reserves and growth. The prolonged global coronavirus pandemic poses a major challenge for the economy, which is heavily dependent on tourism, and is expected to have a large impact on the balance of payments and the fiscal accounts.

Following the Executive Board discussion, Mr. Tao Zhang, Deputy Managing Director and Acting Chair said:

“The Barbadian authorities continue to make excellent progress in implementing their Fund-supported Economic Recovery and Transformation plan and have swiftly responded to address the impact of the pandemic . Prospects for continued strong program performance are good, but downside risks will continue to pose challenges in the period ahead.

“A primary balance target of minus 1 percent of GDP for fiscal year 2020/21, revised down from a surplus of 1 percent at the time of the third review, is appropriate to accommodate worse-than-anticipated revenue losses and support spending on public health and social protection. The new fiscal target is financed by additional resources from international financial institutions, including a second augmentation under the Extended Fund Facility.

“The fiscal accommodation will be compensated by higher primary surpluses in the medium term to ensure achievement of the long-term debt target of 60 percent of GDP. Medium-term fiscal adjustment will be supported by continued reform of state-owned enterprises (SOE) to secure space for investment in physical and human capital. Transfers to SOEs need to decline through a combination of stronger oversight, cost reduction, revenue enhancement, and mergers and divestment. Pension reform and introduction of a fiscal rule will also support medium-term fiscal sustainability.

“Progress in restoring fiscal sustainability will further be safeguarded by a new central bank law aimed at limiting financing of the government and strengthening the central bank’s mandate, autonomy, and decision-making structures.

“A strong recovery from the global pandemic will hinge on accelerating structural reform, including improving the business climate and promoting economic diversification. Strengthening resilience to natural disasters and climate change will be key to long-term sustained economic growth.”

252 responses to “Fourth Review – IMF’s Extended Arrangement under the Extended Fund Facility for Barbados”

  1. Pachamama Avatar
    Pachamama

    David

    All of these imf reports always present as being drawn from a narrow thinking, set of variables. Even in a pandemic with affects for the next 24 months at least. But still the same talk even while talking about the pandemic.
    Can we really rely on these people?

  2. David Avatar
    David

    @Pacha

    At minimum it should provoke critique of the current state of things affecting the economy. This is the hope of the blogmaster anyway.

  3. William Skinner Avatar
    William Skinner

    @ Pacha
    “ Can we really rely on these people ?”
    NO !!! NEVER !!!

  4. WURA-War-on-U Avatar
    WURA-War-on-U

    The 1 billion dollars in VAT they all STOLE from the Black population and their families and Mia wrote off as though it’s her money that she helped out her friends with so they don’t go to prison, has returned to BITE THEM…it’s called a deficit, and it never goes away, especially when it’s stolen by white and other thieves…aided by the wicked black face sellouts.

    https://www.nationnews.com/2020/12/10/imf-programme-nears-1-billion/

  5. WURA-War-on-U Avatar
    WURA-War-on-U

    These frauds rotating in and out of the parliament, have been taking black people’s money in salaries with perks for 54 straight years and CANNOTBE TRUSTED TO PROTECT OR DEFEND THEM FROM SLAVE MASTERS AND THIEVES….they can’t be trusted period, running out to do damage control and no one trusts them and never should.

  6. WURA-War-on-U Avatar
    WURA-War-on-U

    Pacha…they have no shame and will remain in the spotlight of public opinion for all they have done to sabotage Black people to enrich themselves and minority criminals for decades…leaving the population in poverty…..they will be running around putting out fires up until 2023…let’s see how much water they got.

  7. David Avatar
    David

    Well done, should have been grey from the start.

    Blacklist ease
    Barbados to be removed during EU review process
    BARBADOS HAS MADE a significant step towards being removed from the European Union’s (EU) controversial blacklist of noncooperative tax jurisdictions.
    But it will have to wait until February.
    Minister of International Business and Industry Ronald Toppin announced yesterday that Barbados’ application for a Supplementary Review from the Organisation for Economic Cooperation and Development (OECD) has been approved.
    He explained that this was significant because the EU list was linked to Barbados being given a Partially Compliant rating for its compliance with the OECD Global Forum’s Exchange of Information on Request (EOIR) standard.
    “I can tell you that Barbados’ application to the OECD for a Supplementary Review has been approved,” Toppin said.
    “You would recall that Barbados was assessed ultimately in April of this year in relation to the period that spanned July 2015 to June 2018 when Barbados had a number of things that it had to do, ten things to be specific, and failed to do more than seven.
    “Barbados was therefore adjudged to be only partially compliant, which then triggered automatic blacklisting by the European Union.”
    The minister reminded that “since the new administration took office, we have been working on this very, very tireless and really the efforts have paid off and the application for the Supplementary Review, the request has been approved”.
    “Now, according to the rules of the European Union, this means, and was stated by them in writing to us, once the OECD agrees to grant us that Supplementary Review then we are removed from the blacklist of the European Union and placed on the greylist, pending the outcome of that Supplementary Review,” he explained.
    “So, we have already sent off correspondence to the European Union indicating that the OECD has agreed to grant us the Supplementary Review. The formal communication from the OECD will follow.
    “So, this means that Barbados now will have to be removed from the European Union’s blacklist and that meeting of the European Union is scheduled to take place in February. So, Barbados will have to be removed from the blacklist at that time.”
    Speaking recently when the new ambassador of the EU, Malgorzata Wasilewska, paid her a courtesy call, Prime Minister Mia Mottley voiced concern about the blacklisting and she was prepared to travel to Europe and meet with high-level officials to deal with the issue.
    Headache
    The Prime Minister said the blacklisting issue was one of her biggest headaches, noting that Barbados had worked hard to bring the economy back on track.
    “This situation is wrong and is now having consequences for day-to-day living,” Mottley said.
    Central Bank Governor Cleviston Haynes said in his third-quarter economic review that the EU blacklisting threatened to “undermine the overall economic strategy which we have tried to build”.
    It could create “issues for some of those in the international business sector, not all but certainly those who are operating out of Europe”, he noted.
    “Because some of their transactions may be difficult to complete because you are now subject to enhanced due diligence and in some cases institutions don’t necessarily take the time to find out more about the particular country.”
    (SC)

  8. David Avatar
    David

    https://youtu.be/cmS2k9ObytM

    It shouldn’t take a crisis, says Mottley
    IT SHOULD NOT take a crisis before the Caribbean can see the level of cooperation as witnessed during the COVID-19 pandemic.
    This is the lament of Prime Minister Mia Amor Mottley, who was a panellist on the televised sixth Caribbean Economic Forum, hosted by the Central Bank of Barbados on Tuesday night.
    Mottley said it was concerning that the region, which is linked together by organisations such as CARICOM, opts not to be more proactive in planning for exogenous shocks, such as the current crisis that has resulted in double-digit declines in tourism-dependent economies.
    “This has been an extraordinarily difficult year for the region but, by the same token, we have seen the region excel in some clear areas. It is regrettable that we tend to do it when there is a crisis upon us rather than consistently planning and working forward in a coherent way,” she said.
    “I think we can all agree that the manner in which there has been cooperation with regards to how we have managed COVID-19 has been a credit to our region.”
    The Prime Minister pointed out that with the economies now proverbially in the same boat, it was once again necessary to apply this resilient spirit and ingenuity in crafting a way out of the economic quagmire.
    “We are now trying to see if we can work together on an economic recovery framework because, quite frankly, all of us are facing very similar issues in terms of things that we need to restructure, the problems that have put pressure on our central economy,” she said.
    Imploding
    “Currently, we all face a private economy that is imploding in the region, particularly those that are travel and tourism dependent. You would notice that in the tourism-dependent countries the decline this year is in double digits.”
    Mottley said that the implosion of the private economy immediately placed pressure on the governments, which have been forced to inject millions of dollars to prop up those sectors, in addition to hundreds of millions into job-saving programmes and unemployment insurance.
    Also participating in the discussion was Chairman of CARICOM, St Vincent and Grenadines’ Prime Minister Dr Ralph Gonsalves, who said the region was in dire straits and was need of new modalities and instruments from international financial institutions such as the International Monetary Fund (IMF) and the World Bank, to get through this period when government is required to take on more social responsibility.
    “All these things are up in the air and there is a period of great uncertainty, and during this period we have to be careful, we have to be prudent and we have to be sensible,” he said.
    Suffering
    “At the same time, we can’t have a situation where we say ‘operation successful, patient dead’. We can’t close our eyes to a number of things and say, ‘It is just too bad if you are suffering’ and government washes its hands. You can’t do that because you will have blood on the streets.
    “We are in an extremely difficult situation and it is good sense and support all around, including new instruments and new modalities from the financial institutions, to help us in this particular situation.”
    Gonsalves added that while some economic models showed a four per cent growth for the region next year, this was not enough to dig those economies out of the hole.
    He said the region could help itself by speeding up the integration mechanisms within the CARICOM Single Market and Economy, which has been languishing for years.
    Flexibility
    Director, Western Hemisphere Department, at the IMF, Alejandro Werner, noted that the IMF was already showing amenability with regards to Barbados’ structural adjustment programme.
    “The Caribbean is one of the hardest hit regions by the deepest crisis in a century. So, definitely, this is going to be a significantly challenging economic environment for the economies of the Caribbean in 2021 and 2022.
    “I can definitely agree that what financial institutions have done and what we have done is definitely insufficient,” he said.
    (CLM)

  9. David Avatar
    David

    Barbados advised to focus more on infrastructure
    THERE IS AN opportunity for the Barbados economy to grow, but it requires more and better infrastructure.
    While the country tops all others in Latin America and the Caribbean in universal access to electricity, it has to focus more on improving the overall service delivery associated with public investments.
    These were among the recommendations of Inter-American Development Bank (IDB) experts as they reported on the findings of the bank’s Development In The Americas Report 2020, titled From Structures To Services: The Path To Better Infrastructure In Barbados.
    The publication was the focus of a webinar yesterday, during which Andrew Powell, principal advisor in the IDB’s research department, said the underlying point from the research was “we are spending too little on infrastructure in Latin America and in the Caribbean”.
    At the same time, Eduardo Cavallo, principal economist in the IDB’s research department, said it was necessary to “shift the focus from structures to services”.
    ‘Spending too little’
    Powell said that “if you compare countries that look more like Latin America around the world that have been successful, especially in Asia, they spend more on infrastructure and all the estimates in the book…show that investing in infrastructure can boost growth and also boost equity. So, we are spending too little.”
    “The priorities change, I completely agree with that, but the bottom line is we are spending too little on infrastructure and we need to find ways to spend more and spend better on infrastructure,” he said.
    He said the problem was not due to the COVID-19, pointing out that when compared to East Asia, the Pacific, the Middle East and North Africa, the region’s infrastructure gap had been widening before the pandemic.
    Not only was infrastructure insufficient, but the quality of it was also low, Powell added.
    Cavallo said while the physical assets, including water treatment and sewerage plants, electric power plants and high voltage lines, and roads were essential, service delivery needed more attention.
    “Improving services can boost economic growth and reduce income inequality. This would be critical for our region, especially coming out of this COVID-19 pandemic where we need to grow but we need to grow also in a way that includes more people and helps reduce income inequality in the region,” he explained.
    “Shifting the focus to services involves analyzing complementary issues, which we call the software of the sector, such as, for example, consumer behaviour, the management of utility companies and their efficiency and the rules by which they operate.” (SC)

  10. David Avatar
    David

    Govts must keep hands off NIS
    AN ARTICLE in the December 6 SUNDAY SUN, under the caption Pay Warning, provokes me to disregard my reticence to comment on the views of contributors.
    In that article, two opposing views were expressed, one being a warning to Government by Dr Tennyson Joseph that its decision to pay protesting former hotel workers outstanding severance, through the National Insurance Scheme (NIS), is allowing employers to emerge unscathed despite flouting industrial relations expectations; and that the recent spate of wildcat strikes over the non-payment of severance points to an industrial relations system that needs tougher laws.
    The other view was advanced by Peter Wickham, who argued that both Government and the hotel sector are in an unprecedented situation and while he is sympathising with the workers, one could not force hoteliers to pay what they did not have.
    Professionals
    Both Joseph and Wickham are eminent political scientists, a discipline with which I have limited acquaintance, but I have been professionally involved in the business sector of this island for a significant period of time. I am also an insolvency practitioner and quite aware of the trauma experienced by both employers and employees in situations of business failure.
    In the normal course of events, an entrepreneur or group of persons form a company incorporated under the Companies Act, with limited liability, to undertake a commercial venture, be it a hotel, restaurant or any other form of business enterprise.
    Those who form the company usually become its shareholders and directors – having divested themselves of, and contributed to the company, an amount of cash or property. That is usually the extent of their liability.
    Those persons do not carry on the business, the company does and the company alone, unless fraud is proven, is legally liable and responsible for the debts and obligations it incurs in carrying on the business.
    Often, the company needs greater working capital than that which the shareholders were able to provide.
    Bank financing is therefore sought and as a condition of the loans offered by the bank, the company is required to pledge its assets to the bank as collateral for the loan.
    The company then begins business, employing people and paying them a wage or salary for their labour. If the business prospers, the company makes a profit and shareholders receive a dividend. If the business fails, the shareholders lose their capital and very often have to pay the bank any shortfall which it is unable to recover from the company, as the banks will normally have required the shareholders to also give personal guarantees for the loan it gave to the company.
    I have gone through the above scenario because it is important for employees and the general public to understand the mechanics of a business operation under domestic law. The salient point is that, with limited exception, in the absence of personal guarantees, directors and shareholders are not responsible for the debts of the company.
    Now the law imposes upon companies an obligation to collect from employees and also make a contribution to the NIS. It also imposes upon directors a personal liability for monies not remitted to the NIS. The purpose of those contributions is to provide a pension for employees, unemployment benefits when needed and the payment of severance to severed employees when the company is unable so to do.
    No apologist
    With great respect, Joseph errs when he states that non-payment of severance points to an industrial relations system that needs tougher laws. I am not an apologist for the business sector in Barbados. It is not without sin, but it must not be treated as the scapegoat for every conceivable shortcoming. May I be bold to assert that there is no need for tougher laws. What is needed is tougher administration of the laws that exist. I cite three facets: (i) A regime of closer monitoring by the NIS of the collection of contributions due from companies.
    The NIS has been far too lenient. It is my experience that it tarries until an enterprise becomes insolvent and then seeks to prove claims for arrears at a time when there is minimum hope of recovery. While highlighting this observation, it is, however, incumbent upon me to note that the lack of remittance to the NIS is often rooted in the status of poorly capitalised companies in Barbados which, in itself, is grounded in the lack of availability of appropriate equity capital for small and medium-sized enterprises in Barbados.
    (ii) There is the power in the act to hold directors liable for nonremittance of contributions. The NIS should use it, and politicians, who are guilty, should refrain from restraining the NIS in the exercise of their judicial authority. A more robust approach by the NIS would result in greater compliance.
    (iii) Finally, to the extent that the NIS is now in a tenuous situation by reason of having to meet unprecedented level claims, the fault is not all at the doorstep of the business and commercial sector.
    The fact is that the NIS has been subjected to fiscal raids by successive Governments in this country, who, instead of practising fiscal discipline, have looked upon the NIS as a cash cow to meet Government’s obligations that were not the remit of the NIS.
    Indeed, I have long thought that the use of NIS funds by successive Governments was in many cases a breach of trust, for in the final analysis the funds of the NIS are “trust funds” for specific, designated purposes.
    The Government may now find itself having to refund the NIS by assuming the burden of meeting some obligations that are rightly those of the NIS. That may be unfortunate because the burden will eventually be that of the taxpayers, but government must hereafter keep its hands out of the NIS till.

    Dr Grenville Phillips is a corporate and financial consultant and licensed trustee in insolvency and bankruptcy.

  11. David Avatar
    David

    Grenville Phillips snr makes the point of the blogmaster. Whither the inspectorate of the NIS?

  12. Wily Coyote Avatar
    Wily Coyote

    Barbados is a BLACK NATION, being BLACK LISTED is just part of the TURD WORLD deal, here comes Santa Claus.

  13. Mariposa Avatar
    Mariposa

    Tired of these long winded guru talking heads
    Lets face the reality barbados is heading down a narrow shit hole of being beggars
    The question which govt must ask itself who will pay back these loans
    Unless govt have a money tree somewhere taking root
    Barbadians a.ss is grass for the taking by the IMF

  14. Hal Austin Avatar
    Hal Austin

    @ Wily

    We now have the regional Bretton Wood bank recommending that Barbados should concentrate on infrastructural development. But I have been saying this since 2008, the global banking crisis – and in particular since May 2018. I suppose now they will listen.
    As to Barbados as a black nation, that is our problem. We want to join the global financial system, but we do not want to obey their rules.
    Barbados is like the UK: trust us, we are people of integrity, both nations claim, but when the EU or OECD or whoever tell them to put those promises in writing they run away.
    If they are people of integrity, instead of hiding behind claims of sovereignty and being a black nation, they will do the right thing. Or claim racism. They are con artists.

  15. WURA-War-on-U Avatar
    WURA-War-on-U

    “(ii) There is the power in the act to hold directors liable for nonremittance of contributions. The NIS should use it, and politicians, who are guilty, should refrain from restraining the NIS in the exercise of their judicial authority. A more robust approach by the NIS would result in greater compliance.”

    Translation:
    government covering up for thieves as usual, at the expense of the population who elected them.

    wuh they wrote of 1 billion iin VAT stolen by the same corrupt employers/businesses, so there is no way they will “exercise their judicial authority” to prosecute those robbing the NIS and workers..

  16. WURA-War-on-U Avatar
    WURA-War-on-U

    So every crook is now getting money by the millions of dollars, everyone except the black population whose unborn children are expected to pay back, soon to be, over 1 billion dollars in IMF loans, that they are not and will not benefit from, well, time for black people on the island to use their heads, make sure you and yours for the next 2 generations are not paying any of this back, make other plans, let Mia and her crooks find other ways to pay it, they are the ones with the big brain schemes and scams and who keep all the money to do as they like, Black people still get nothing, so let them figure it out…

    shut them down, let them explain that to IMF.

  17. 555dubstreet Avatar
    555dubstreet

    Bajans need to distinguish the different types of discrimination, as well as race there is class.
    The business class and professional class think they are better than others.
    The political class are there to serve everyone including lower class.
    System of Politics should not be the same as Capitalism.
    People must work within the system to fight injustice.

  18. David Avatar
    David

    @Kiki

    Excellent comment, some get confused with the blur which separate classism and so-called racism. Barbados is a class conscious society.

  19. TheoGAzerts Avatar
    TheoGAzerts

    A happy and great day to all of Barbados.

    May the Good Lord provide your leaders with courage, wisdom and the desire to care for the less fortunate.

  20. WURA-War-on-U Avatar
    WURA-War-on-U

    Barbados is full of shit, classism is a derivative of RACISM AND SLAVERY….none of which can be separated from each other…they are the engines that drive each other…a bunch of black ass nuisances pretending they are better than each other and another nest of vipers, the descendants of the slave patrol and a bunch of thieves and racists robbing the people….what class conscious what, pretenders and parasites.

  21. Pachamama Avatar
    Pachamama

    David
    Yuh present Mugabe talking about regional corporation levels currently. However, has that tempered here zeal to have the fake professor head the cdb?

    Another article talked about service delivery infrastructure build out. We were under the impression that this lurch has long shown its dead-endedness, a misdirection. What the region needs is not so much a concentration of services but a higher mix of home-grown industrial development.

    Like the imf the discourses in the region seem incoherent.

  22. Pachamama Avatar
    Pachamama

    Cooperation

  23. Tron Avatar
    Tron

    The report is an early Christmas present, so to speak. The IMF, and thus global finance capitalism, has high praise for our government. I share this opinion. Social transformation is advancing, workers’ rights are being dismantled, and companies are being strengthened. How wonderful.

    However, it is also clear that in the future we will have to retrain more academics from useless office work to profitable plantation work. It is up to the masses to tighten their belts so that our government will continue to win the IMF’s praise.

    Happy Advent to all concerned citizens on BU who are as neutral and unbiased as I am!

  24. David Avatar
    David

    @Pacha

    The Persaud sage seems to have been stymied for the moment. The other articles present the prevailing narratives for the BU family to critique to enlighten all concerned.

  25. Miller Avatar
    Miller

    @ David December 10, 2020 10:17 AM

    The (??) sage!!!

    Blogmaster, is that a deliberate (Freudian) slip of the tongue or a genuine typo error?

    Maybe it was the real academic doctor the Jamaican W. Smith who ‘evaluated’ the candidate and saw right through the bullshitter and said:
    ‘This CDB is not yet ready to be a business failure like the All Seasons scam.’

  26. WURA-War-on-U Avatar
    WURA-War-on-U

    Miller….it’s a good thing Barbados is not the only country in the world, it’s just one of the smallest. and others are already light years ahead in the marijuana trade.

    “The application fees for the laboratory licence are proposed at $9,900, while the research and development licence, retail distributor licence and processor licence are to cost $5,940 each. The others are priced at $1,980 each.

    Regarding the licensing fees, the proposed cost to cultivate will be $29,700 per acre. However, there are different levels established which carry different fees: a tier 2 cultivation licence is priced at $123,750 per acre; tier 3 at $99,000 per acre and tier 4 at $79,200 per acre.

    With regard to the processor’s licence, tier 1 goes for $148,500; tier 2 for $742,500 and tier 3 stands at $990,000.

    The fee for the retail distributor licence will be $148,500; the transport licence for a single vehicle $99,000, with the cost for each additional vehicle to be $14,850; export licence and import licence $5,940 each and laboratory licence and research and development licence will cost $74,250 each.”

  27. Wily Coyote Avatar
    Wily Coyote

    Unfortunately ALL THESE BORROWED FUNDS are REAL DEBT, unlike the local paper DEBT that was wrote off the 2018 Sovereign DEBT DEFAULT. BY the way that forgien DEBT that was to be repaid to Forgien DEBT holders within one year is still outstanding. This non payment should have STOPPED further IMF FUNDS. RTF.

  28. NorthernObserver Avatar
    NorthernObserver

    @Wily
    where did the info on that little nugget of debt repayment come from?

  29. Bajan in NY Avatar
    Bajan in NY

    https://www.barrons.com/articles/security-group-g4s-agrees-5-1-billion-takeover-bid-from-u-s-rival-allied-universal-51607515752

  30. NorthernObserver Avatar
    NorthernObserver

    The piece by Dr Phillips (GP1) should be preserved.
    Of note, is the warning to all those persons who accept directorships, of the NIS liability. This applies to ALL directors. Which is not limited to the private sector, but also public and quasi-public bodies which have employees.
    His comments on the rigor of the NIS collections department is also noted.

  31. Hants Avatar
    Hants

    Security Group G4S Agrees $5.1 Billion Takeover Bid From U.S. Rival Allied Universal

    FTSE 250-listed G4S, which runs prisons, detention centers for asylum seekers and Covid-19 test centers

  32. Pachamama Avatar
    Pachamama

    Northern
    When has that ever happened? Have not read what was written however we highly doubt any system anywhere would adhere to that standard, even if stated in law.

  33. TheOGazerts Avatar
    TheOGazerts

    The numbers provided only raise questions. Need to see whsy the different tiers are.

  34. WURA-War-on-U Avatar
    WURA-War-on-U

    Bottomline Theo…gangsters are putting the people to work for them, 75,000 out of work, can’t invest or find the money for start up even if they have access to acreage…they are taking the people’s money by the millions and hand it crooks who can pass it on to someone else as startup.

    they don’t want to start businesses to grow and develop, they are only interested in managing an empire off someone else’s sweat…and keep the Black population at the bottom.

    “Wow! Madness. When politicians and investors get together, this is the result. Here in Saint Lucia, we, the Cannabis Movement and the Iyanola Council for the Advancement of Rastafari were the driving force in designing our industry. Our co-op, THC, The Herbal Co-op, (we could not use the word cannabis) will be the central purchasing agency. License fees are as low as EC$500.00.”

  35. NorthernObserver Avatar
    NorthernObserver

    @Pacha
    first, in the same article posted above “May I be bold to assert that there is no need for tougher laws. What is needed is tougher administration of the laws that exist.” [quote] (‘administration’ means enforcement?}
    second, I am personally aware of two situations in Canada, where a similar law was enforced. One was a charity, and the second a private (and not publicly listed) corporation.
    This scenario (lack of enforcement) remains the #1 reason NOT to operate in a number of places. It creates a very uneven pitch. And it is rampant throughout many Caribbean nations.

  36. David Avatar
    David

    @Northern Observer

    You need to pop the cherry on top your comment. Why?

  37. Pachamama Avatar
    Pachamama

    Northern
    We are essentially talking about the rule of law.

    In those circumstances the expectation would be, given that more white collar crimes are committed, that all the jails and prisons would be fortresses of former directors. No such regimes exist.

    The cases suggested can therefore not even qualify as the exceptions to the rule because there is no rule widely recognized by corporate culture anywhere. Especially under capitalist countries where corporatists rule the ruse.

  38. TheOGazerts Avatar
    TheOGazerts

    @Wura
    Will look for the document.

    The fees mentioned put this out of the reach of many unless they pool their resources.
    https://www.michigan.gov/mra/0,9306,7-386-83746-516320–,00.html

  39. BAJE Avatar
    BAJE

    “Wow! Madness. When politicians and investors get together, this is the result. Here in Saint Lucia, we, the Cannabis Movement and the Iyanola Council for the Advancement of Rastafari were the driving force in designing our industry. Our co-op, THC, The Herbal Co-op, (we could not use the word cannabis) will be the central purchasing agency. License fees are as low as EC$500.00.”

    xxxxx

    The fees mentioned put this out of the reach of many unless they pool their resources.
    https://www.michigan.gov/mra/0,9306,7-386-83746-516320–,00.html

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    @ TheOGazerts

    THE EXORBITANT FEES PROPOSED BY THE BLP GOVERNMENT AS COMPARED TO WHAT YOU HAVE LISTED FOR MICHIGAN SHOWS ONE THING THAT IT IS NOT DESIGNED TO UPLIFT KEY BUSINESS OPPORTUNITIES FOR BLACK BAJANS MASSES (UNLESS BEING ONE OF THE 5 DRUG LORDS INVITED TO PARLIAMENT).

    LOCALS BLACK BAJANS ARE ONLY GOOD FOR FINES AND INCARCERATION BUT NOT THE WEALTH SEEMS TO BE THE OBJECTIVE OF THESE CANNABIS LICENCES ON THE 2 x 3 ISLAND.

  40. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    lost you on cherry bit

  41. WURA-War-on-U Avatar
    WURA-War-on-U

    “The fees mentioned put this out of the reach of many unless they pool their resources.”

    yep…they will have to co-op. Bushman and many others have spoken about co-ops for years, it certainly will cut costs and distribute them evenly..

  42. David Avatar
    David

    Just suggesting you should complete your comment by suggesting why the unwillingness to enforce in the region.

  43. John A Avatar
    John A

    IMF SUMMARY IN BAJAN TERMS

    The goverment been able to pelt enough taxation on the backs of de bajans dat we happy. Austerity and hardship inflicted we happy wid, but feel wunna could of tek more from them locals. So for all the pain and contraction wunna cause we give you an A. Now don’t mind the covid pain wunna must hold firm and brek it off in them, cause I went in pricemart this weekend and bajan trolleys was still full. Wunna must therefore impose more taxation and mek 2 families buy a ham and split it in 2! . If you do that next review we will give you an AA.

  44. David Avatar
    David

    @John A

    And all the Xmas trees sold out. How can this be?

  45. NorthernObserver Avatar
    NorthernObserver

    lol…I will leave that to others.

  46. John A Avatar
    John A

    @ David

    Too much liquidity we going tax them more from next month. From January we introducing a sea bathing tax which the life guards will collect at popular beaches. Tourist will be omitted once they present proof of being a visitor.

    The truth is every business or employee involved in tourism related business in pain. You ain’t see Seale at Bouganvilla say he losing $450,000 a month now.

  47. Wily Coyote Avatar
    Wily Coyote

    Northern Observer

    Little NUGGET came from the original debt repayment agreement with foreign debt holders (Mainly Canadian Banks) and IMF. Theses debts were scheduled for re-payment no later than June 2019;

  48. Wily Coyote Avatar
    Wily Coyote

    Norther Observer

    Take note, this is why Scotia Bank is still domiciled in BARBADOS, bank has not recovered their debt to date and has not proceeded with sale to Republic Bank.

  49. Tron Avatar
    Tron

    Wily!

    Currency devaluation is in the air – or in politically correct terms for all patriots: currency modernization.

    The only reasonable conclusion to be drawn from the demise of our no. 1 forex cash cow is that we must decouple the island from the U.S. dollar. We should peg the Barbados dollar to countries with comparable economic strength per capita.

    How about Mauritius, Gabon or Botswana?

  50. NorthernObserver Avatar
    NorthernObserver

    @Wily
    I never knew Scotiabank Barbados was to be purchased by Republic.

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