IMF Makes USD21 Million Available to Barbados
The following is the latest IMF Update – Blogmaster
May 7, 2021 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
- IMF team reaches a staff level agreement with the Barbadian authorities on the fifth review of Barbados’ Economic Recovery and Transformation program (BERT) supported by the Extended Fund Facility.
- In this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.
Washington, DC: At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm conducted a virtual mission between May 3-7, 2021 to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). To summarize the mission’s findings, Mr. van Selm made the following statement:
“Following productive discussions, the IMF team and the Barbadian authorities reached staff-level agreement on the completion of the fifth review under the EFF arrangement (Press Release 18/370). The agreement is subject to approval by the IMF Executive Board, which is expected to consider the review in June. Upon completion of the review, SDR 17 million (or about US$24 million) will be made available to Barbados.
“Barbados’ economy remains severely depressed by the ongoing global pandemic. Tourism came to a virtual standstill from April 2020 onwards and remains at a fraction of normal levels. Economic growth for 2021 is premised on a modest recovery of tourism in the second half of 2021. Risks remain elevated, including in light of the impact of recent volcanic activity in neighboring St Vincent.
“In this very challenging environment, Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program. A new central bank law was adopted by parliament in December 2020—a critical safeguard for continued prudent macroeconomic policy. International reserves, which reached a low of US$220 million (5-6 weeks of import coverage) in May 2018, are now at a comfortable level of US$1.3 billion. Quantitative targets for end-March under the EFF were met except for the performance criterion on central government transfers and grants to public institutions, which was exceeded owing to measures to address the COVID-19 health crisis (including the vaccination program executed by the national hospital).
“The Government of Barbados is targeting a zero percent of GDP primary balance for FY2021/22 (compared to a deficit of 1 percent of GDP in FY2020/21). This fiscal stance reflects a projected modest recovery in tourism and facilitates COVID-related emergency outlays on health facilities, medical supplies, and income support to the most vulnerable. The authorities’ long-term debt target of 60 percent of GDP will be pushed out by two years (from FY2033/34 to FY 2035/36) to reflect the impact of the pandemic on the economy; the authorities remain firmly committed to reducing public debt over time.
“The team would like to thank the authorities and the technical team for their openness and candid discussions.”
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: David Sharrock
Phone: +1 202 623-7100Email: MEDIA@IMF.org
I like to have the first post on a new page because I am a boss setting the tone with the flavour for your ear. This is a plate from the crate of old school dancehall roots called “Money Move” to get you in the groove by a man called B.Levy.
Money is a zero sum game where the winners net the losers out. When someone makes some, somebody else loses it.
Just like the Military Industrial Complex dubious wars and rumours of wars where scammer jammers want profits from the under pretence of false evidence false flags false propaganda and alleged biowarfare with alleged antidotes for world domination like satan
LikeLike
I thought that the economy was supposed to be on a growth trajectory by now and tourism was supposed to be in rude health given the “pent up demand”?
Traditional tourism is gone forever both in scale and scope. As the Dullard said last year, Barbados tourism in the short to mid term will be dictated by public health mandates in London, Washington and Ottawa. There is nothing the local bureaucracy can do about it.
PS: Where is Hal Austin?
LikeLike
If you continue to mention a name that is being moderated what does it say about your cognitive dissonance.
LikeLike
DavidMay 10, 2021 4:02 PM
If you continue to mention a name that is being moderated what does it say about your cognitive dissonance.
Xxxxxxccccccc
Two of BU brightest has been moderated for almost a month
What am I missing in the interpretation of the word moderation
Words must match the story being told
Too long to be called moderation
Seems like the appropriate word should be ban
Cuhdear
LikeLike
“If you continue to mention a name that is being moderated what does it say about your cognitive dissonance.”
Nah, no CD on my part just testing your filter…lol
But why are you moderating the man, David? What has he said that is so offensive to you?
I thought you appreciated opposing views and robust debate.
LikeLike
Dullard
But why are you moderating the man, David? What has he said that is so offensive to you?
I thought you appreciated opposing views and robust debate.
Xxxxxxxccccccxc
Answer the question David ?
LikeLike
@Dullard
All those who post to the blog in possession of basic reasoning skills know the reason the blogmaster exercised his discretion. John continues to post and his comments are released.
LikeLike
@ David
I guess I lack reasoning skills then. The blog should not be an echo chamber.
LikeLike
@Dullard
#exactly!
LikeLike
“All those who post to the blog in possession of basic reasoning skills know the reason the blogmaster exercised his discretion. John continues to post and his comments are released.”
@ David
Actually, I remember reading the following:
“Hal Austin September 4, 2020 4:45 PM #: Don’t take BU too seriously. I use my lap top, so can multi-task when doing other things. I have an escape – we have literally scores of televisions stations, 18 national newspapers, hundreds of magazine and journals and nice, cheap restaurants in which to relax. I enjoy my own company.”
…….. and thought he was busy with either one or all of the above.
I never gave a thought to him being ‘banned,’ ‘moderated’ or you had reason to “exercise your discretion.”
LikeLike
Ok New David
#hashtagwhenthereisnorebuttal
LikeLike
From our interaction, you wouldn’t believe it, but I am a great fan of HaHa
I suspect if he submitted new posts, they will get through the filter.
Voluntary and involuntary exile on display. Pride and egos are in play.
LikeLike
TheOGazertsMay 10, 2021 6:50 PM
From our interaction, you wouldn’t believe it, but I am a great fan of HaHa
I suspect if he submitted new posts, they will get through the filter.
Voluntary and involuntary exile on display. Pride and egos are in play
Xxxxxccccccccccccccc
Hal is a free speech thinker
A journalist to the bone
I suspect he has tried to post comments and they were not released
Not smart David
Yuh can fool some of the people some of the time but not all of the people all of the time
LikeLike
On the subject of the damaged reefs
I take note of the steam rolling where citizens voces via local media editorial are asking for accountability and rightfully so
The life line which sources our very existence is attached to our ecosystem and those who prefer to put self interest over the interest of the environment should be held accountable also tarred and feathered in the public square at high noon
LikeLike
Source: Nation
LikeLike
Mottley has promised plenty in the 10 year banishment in the wilderness
Three years after a 30-0 victory govt yet to deliver
Funny but true
LikeLike
Letter to the Nation
LikeLike
All of the DLP talking points being taken away except the economy and crime. Pick sense from that!
LikeLike
@9:56
How does this help St. Lucy.
Is the North being neglected under both administrations?
Why is this?
LikeLike
Call to speed up switch to smart grid power network: https://barbadostoday.bb/2021/05/11/call-to-speed-up-switch-to-smart-grid-power-network/
LikeLike
DavidMay 10, 2021 7:45 AM
Good one Artax. Cahill was a company setup to fleece Barbados if you check the date it was
Xxxxxcc
So in turn Govt brought in the silent one armed bandits
Call WO
Barbados prides itself on education
However govt couldn’t find a reputable accounting firm within the small island nations
No Barbadian taxpayers are paying an unknown group of so called consultants for doing nothing
I remember Atherly asking Mottley for him to have face to face meeting with WO which so far has turned out to be an up in your faced unkempt promise
LikeLike
We agree then, the political class is what it is. Next!
LikeLike
David when are u going to heed the call in allowing the erudite journalist to have is say on Bu
How can u forget that in the early days of BU his articles made the top post and help to maintain audience participation
I know u might be an old foggy but uh memory not that short
LikeLike
angela cox, why you don’t create your own blog and invite the journalist to have his say on it?
Then you could write more shite and he could inflate your ego by giving you some spot ons and telling you are correct when he knows you don’t be, and say how much more intelligent you are than the average BU blogger.
I say good riddance to bad rubbish.
LikeLike
Today I almost fell off my chair when I heard a local moderator on a local radio station telling a lady not to say ash was in her water
This moderator a know all sits behind his desk has not done any firsthand investigation into what the lady told him but can openly tells the woman she should not say ash is in her water
The lady tells her story as clear as can be saying the grey particles coming from her pipe inside the water flow happened after the ash fall
Pray tell without firsthand investigation how can this moderator even give any advice pro or con as to what the lady had related to him
Until their is an investigation from the proper authorities who after three weeks of not responding to the lady concerns / problems
She is entitled to give an assessment as to what she sees coming from the water flow
Well the moderator seems to be a know it all anyway
LikeLike
FrankMay 11, 2021 3:54 PM
angela cox, why you don’t create your own blog and invite the journalist to have his say on it?
Then you could write more shite and he could inflate your ego by giving you some spot ons and telling you are correct when he knows you don’t be, and say how much more intelligent you are than the average BU blogger.
I say good riddance to bad
Xxxccccccccccccc
A whole load of s.htt
LikeLike
New approach for corporate innovators: https://barbadostoday.bb/2021/05/11/new-approach-for-corporate-innovators/
LikeLike
You’re essentially contradicting yourself.
How can the lady be “entitled to give an assessment as to what she (saw) coming from the water flow” is ash, when there WASN’T “an investigation from the proper authorities” to determine whether or not what she actually saw was ash.
And, by your admission, neither she nor the moderator “have not done any firsthand investigation into” the matter.
Hence, perhaps the reason why the moderator told her “not to say ash was in her water.”
NEXT!!!
LikeLike
ArtaxMay 11, 2021 8:35 PM
You’re essentially contradicting yourself.
How can the lady be “entitled to give an assessment as to what she (saw) coming from the water flow” is ash, when there WASN’T “an investigation from the proper authorities” to determine whether or not what she actually saw was ash.
And, by your admission, neither she nor the moderator “have not done any firsthand investigation into” the matter.
Hence, perhaps the reason why the moderator told her “not to say ash was in her water.”
NEXT!!
Xxxccccccccccccc
U know what my assessment of your comment is balderdash
Stupse
LikeLike
“In the abundance of water the fool is thirsty.”
“Where ignorance is bliss, ’tis folly to be wise.”
“Trickery and treachery are the practices of fools that have not the wits enough to be honest.”
“The fool wonders, the wise man asks.”
You have an uncanny ability to COMPLICATE trivial issues in an attempt to ‘score cheap political points.’
We call both you and Enuff yard-fowls. However, whether one agrees with him or not, Enuff is always able to present supporting documentation to substantiate his arguments, while your perspective on issues seems incredibly naive and parochial.
Have a peaceful rest and pleasant dreams.
LikeLike
Rolling my eyes
U can have the last word
But look my crosses a simple assessment of a caller comment on a local.radio show has brought out anxiety in one of BU ” know it all” bloggers
Peace bro don’t ever say I gave u high blood pressure
LikeLike
The AG says the RBPF is doing a good job in tackling crime
Yuh wonder which rock he living under
Crime and violence has escalated in the past two years
Criminals are now longer afraid to commit crime wherever and whenever
Recently during broad daylight a person carried out fearlessly a criminal act where several people were injured
Have yet to hear the AG views on this kind of violence that creates terror
The AG got to be living in wonderland
LikeLike
@ David
I’ve just read COP Griffith may retire at month-end, after 46 years in the service.
We have to thank him for the dedication he gave to RBPF and wish him good health and all the joy and happiness retirement can bring.
LikeLike
@Artax
He appears to be a trooper. The blogmaster has a feeling we needed a more active COP in the period served but you cannot blame him entirely, he did not appoint himself.
LikeLike
@ David
I agree with you. Seems as though he was ‘marching time’ until retirement.
If we’re honest, we’ll acknowledge the fact Griffith’s appointment came at a time when the former administration used their goon, Guyson Mayers, to politicized the RBPF.
I’m sure you recall, for example, the Court case involving the ‘squashing’ of promotions, which is now set to be heard by the CCJ.
RBPF should be an independent organisation, free of political involvement by both the BLP and DLP…… or any other political administration.
LikeLike
@Artax
We have paid a sorry price. Do not forget the case pending re promotions.
LikeLike
@ David May 12, 2021 9:27 AM
It is recommended the post of CoP- in keeping with the current administration’s proposed policy on senior public sector jobs- be put up for tender on a 3 to 5 year renewable contract basis and applications for the job be open to ‘trained’ police officers from other regional and Commonwealth countries.
This might just be the panacea for the incestuously political disease ‘rumoured’ to be affecting that organization.
The re-branding of that ‘Force’ will involve a tidy sum of the recently borrowed IMF money along with a total makeover of the existing Constitutional arrangements governing its operational and reporting structures.
What do you think, Sir Blogmaster, KCMG?
LikeLike
@Jamal Miller
The post of COP{ is a critical one like that of the DPP, the blogmaster maybe sentimental but is of the view it should be homegrown.
LikeLike
@ David May 12, 2021 5:37 PM
Doesn’t the post of ‘Permanent’ Secretary carry similar ‘weight’; at least on the pay scale?
Should this post be also reserved for a “home-grown” politically-manipulated lackey?
How about that of Auditor General which carries similar insulation from political machinations as enshrined in the Constitution?
Aren’t the recommendations from that “apolitical” office treated like the barking of a toothless Bajan salmon tot retriever?
LikeLike
@Miller
The two positions are different based on blogmasters weighting. It is a subjective thing maybe.
LikeLike
Source: Nation
LikeLike
Source: Nation
LikeLike
Wonder how many small businesses can that 1 million help out of the economic doldrums
If what has been happening with the number of small business closures daily
It begs to ask how many business has this well intention plan helped in the past two years
LikeLike
Barbados Advocate
LikeLike
Source: Barbados Advocate
LikeLike
The above analysis give sufficient food for thought sufficient and enough to ask govt what are govt plans to take favourable control of Barbados economy
First priority one of increasing employment levels
Right now the tax burden is back breaking barbadian households suffers in silence
LikeLike
Another loan.
Source: Nation
LikeLike