The Great Hornswoggle

Recently the blogmaster observed a sign that announced the takeover of Montrose supermarket by behemoth Massy. A caller to a talk show asked what does it mean if all of our successful businesses are being ‘huffed’ by ‘outside’ interest? Education and health are the top two allocations in the national budget.

Minister of Youth Dwight Sutherland recently announced a $100,000 anti violence campaign targeting gangs. DLP candidate for St. George North Floyd Reifer responded with a counter-call to implement community sports programs targeting young men in order to arrest crime. The blogmaster was reminded to double check the definition of generational time which typically ranges from 22 to 33 years. 

On another blog a question was posted – why have successive Black governments failed to execute policies and programs to unlock the full potential of Black Barbadians? We forget that the relationship between political and economic classes is greatly influenced by the economic agenda of those who own capital.

Public outrage at the release of the Trojans Riddims video interpreted by many Barbadians as glorifying gun violence, mirrored similar outrage at the release of the Auditor General listing malfeasance and incompetent management of public finances. The blogmaster suspects similar outrage WHEN the next NIS actuarial report eventually is made public. The last actuarial review was in 2017 and dealt with the 2012-2014 period?

Great fanfare was made of the arrival of 10 new water trucks, this was followed by the news several BWA pumping stations were knocked offline by an electrically outage caused by a freak weather event. In the classroom we are still taught man’s basic needs are food, shelter and water. Have we missed the boat to innovate and aggressively integrate food production with the tourism sector? Mark Maloney delivered The GROTTO, Villages at Coverley and of recent there is HOPE at Chancery and Lancaster to satisfy high demand for housing solutions.

It does not matter if our trade unions go to sleep at the switch, in the adversarial form of government practised in Barbados, we are fortunate to have two Labour Parties. Barbadians on the tropical sunny isle are encouraged to protest the high price of imported commodities including gas at the pump and take consolation from the feedback of the IMF.

Barbados has made good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth…have helped rebuild confidence in the country’s macroeconomic framework. However, a virtual standstill in the tourism sector during the pandemic took a significant toll in 2020, with the economy contracting by 18 percent.

Fifth Review Under the Extended Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Barbados

79 comments

  • 18% —-WISHFUL PROPAGANDA, more like 180%.

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  • Laughable and then worth spitting at….DBLP have DONE NOTHING for their own people IN 54 YEARS worthy of praise, because they are intellectually barren and HAVE NOTHING TO OFFER…they only TAKE, TAKE, TAKE., tief, tief, tief, LIE, LIE, LIE…sellout, sellout, sellout

    …and even more ugly, PRETEND TO BE ELITE…jokers.

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  • One of the 10 largest shareholders in Massy is …. the NIS!!

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  • All the above stated policies in the article is deserving of an F
    The cart pulling the horse policies. landen with goodwill and empty promises
    As for the IMF a bearer big of gifts carrying a hangmans noose around the peoples neck

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  • But then again the.committees

    WE NEED A COMMITTEE ON COMMITTEES
    Sun, 06/20/2021 – 6:00am
    BY:
    R. E. GUYSON MAYERS
    “If you see a snake, just kill it – don’t appoint a committee on snakes.”

    – Ross Perot.

    “A committee is a group of people who individually can do nothing, but who, as a group, can meet and decide that nothing can be done.”

    – Fred Allen.

    The current Government came into office boasting of its knowledge of all things and its ability to solve all of this country’s problems. In opposition, they were fantastic at identifying problems and, according to some, creating problems. However, the plethora of advisers and consultants which they secured on assuming office should have alerted us that there would be problems.

    From the very beginning, just about everything was done questionably. Some put it down to newness but a solution had to be found. Committees!

    The idea to establish committees to make every decision was a boss move. If things go wrong, as they often seem to these days, blame the committee. If by accident something works well, forget the committee and take the credit. “After all, it was my idea to establish the committee in the first place.” A perfect political world.

    In a previous life I was told that a committee is what you set up when you want to disguise not working. That same person also told me that you can’t be in a meeting and work at the same time because meetings are not productive work: committees only meet.

    Even if one were to question the truth of these wise committee observations, a look at the Barbados situation would show that our recent committees are an admission. It would be totally illogical to resort to committees to develop programmes when Ministers, advisors, consultants and a body of public servants have responsibility for those issues and could work on them, if all of the above had not struggled.

    A committee has been set up to address Republicanism, but no reference is being made to the people of Barbados. The entire population of Barbados needs to be a committee on whether or not this country should become a republic.

    Before one can address the form of the republic, one has to answer the question of whether we should be a republic. And that is not the decision of 60 politicians and a committee. The people of Barbados should make that decision. The issue here is not what the big- ups think, but what system of governance under which the people of this country want to live.

    The popular thing to say is we are better than this and we are in this together, but none of that is true. We are not better than the elitism and the rich are not in the struggles of this country with the poor. The two Barbadoses are far and growing further apart.

    Since it now seems established that no good decisions can be made except by committee, we need a committee on how integrity may be brought to government and governance. We need a committee to set out how a Government may be held to its promises. We need a committee to tell us how to give the Auditor General the power to lock up people if they disregard this country’s financial rules. There needs to be a committee to help management there to stamp out any theft at the Queen Elizabeth Hospital.

    Another one is needed to tell the Government how to control crime andviolence in the country. An important committee is needed to remind us how to keep workers’ unions independent of Government.

    The resort to committees is a cry for help by the Government, but there is nothing wrong with asking for help if you do not know what to do. The bigger issue is that we continue to pay top dollar to too many people who seem not to be able to contribute anything positive to the development of our country

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  • “why have successive Black governments failed to execute policies and programs to unlock the full potential of Black Barbadians?”

    Can we come up with leaders or policies in the past that unlocked this potential???

    Education under the DLP (free education, SJPI, BCC) comes to mind.
    Owen Arthur and Tenantries Freehold Purchase Act is another.
    The Employment Rights Act (barely)
    Can’t think of much more.

    Our problem as a society is we are more worried about how things “look” rather than how things “are.” Like the Trojan Riddim, those lyrics, way of thinking and sub culture existed for at least 2 decades or more. The outrage only came because it “looked bad.”

    Nepotism, vindictiveness, cronyism and thievery occurs daily. But it only becomes a problem if word gets out and it “looks bad.”

    As long as we subscribe to a duopoly without accountability and hold our political leaders up to be gods then we will forever be subservient and dissatisfied when the real gods of capital dictate how the show goes.

    The people get the government they deserve. The inferiority complex didn’t disappear with Juneteenth .

    Just observing

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  • ObservingJune 20, 2021 8:09 AM

    “why have successive Black governments failed to execute policies and programs to unlock the full potential of Black Barbadians?”

    ++++++++++++++++++++++++++++++

    One of the top 10 shareholders is the NIS and the NIS is funded by “Barbadians” of all colours.

    Just hope it doesn’t turn out to be another CLICO!!

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  • @Observing

    We lack the will to make deep changes but the catch is that we need leadership to make it happen. Will the real leaders raise your hands please!

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  • David
    The talk of “outside interests” is backwardness that must be stamped out. We can’t continue to ignore reality. Companies like Massey, Sagicor, Grace Kennedy aren’t concerned with where their origins are but what defines HOME in the now. We as individuals need to adopt a similar perspective. It seems the former Montrose owners get it and I hope they took some of the purchase price in stocks.

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  • @enuff

    You point is understood BUT if our education system and leadership within the country is not facilitating the growth of domestic companies then it means we are doing something wrong. The companies you mentioned are at the behemoths, not good examples in the context of what has been tabled.

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  • NorthernObserver

    @enuff
    while conceptually sound to take shares, I would prefer Fx. The T&T exchange is no cakewalk to deal with, and the downside of the T&T$ is such that unless I got a very good deal with warrants/options, I would just tek de Fx and run.

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  • @enuff

    You also realize when we sell of our best domestic companies small medium and large it changes the culture of who we are as Bajans? What is the purpose of labeling yourself a Bajan if we surrender our identity?

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  • Ask yourself this question – $1 Barbados dollar is worth $3.36 TTD. $1 Barbados is equal to $74.48 JAM dollars. Now tell me, if so many successful Barbadian companies are falling prey to these two countries, what would befall us if the rate of exchange were reversed. Would there even be a country named Barbados?

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  • David
    How is it possible to KNOW these things about such chronic failings of the organizational principles that we live under.

    But yet BELIEVE so strongly in the devine immutability of said systems to serve us, if only.

    What would it take for you to stop your irrational religious-like belief in a dying system?

    Don’t you see internal contradictions here?

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  • @Pacha

    The caretaker of the systems iwill always be the people. A system is inanimate, the human is the civilized creature.

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  • Some people got to move on because any criticism level at govt there intent is to shoot the messenger and disregard the message
    Well done govt of Antigua

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  • We offshore a lot of our drugs to china and india and got a bit of an eyeopener when the chinese decided to play hardball over our arrest and possible extradite to the US . If all your food goes through or owned by trinidad companys what if they play hardball over fishing rights. Govt shouldnt have all there eggs in one basket no matter what it is and should have a say in market control . Or you may find companys do care where their origins are

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  • David
    Yours is an ontological argument long gone awry

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  • David
    I don’t see domestic as 166 sq miles. But if you do, how do ‘domestic’ firms survive if they remain insular and have a market of 280,000? Tdad has ~1.4 million and Jamaica ~3M.

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  • @Enuff

    They manage their domestic interest to be competitive and acquire other businesses offshore in the same way outside businesses have been acquiring ours.

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  • @Pacha

    Your reference to ontology is outside a lowly blogmaster’s pay grade.

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  • (Quote):
    Now tell me, if so many successful Barbadian companies are falling prey to these two countries, what would befall us if the rate of exchange were reversed. Would there even be a country named Barbados? (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++

    Don’t be surprised ‘when’ the operations of the BWA are ‘contracted-out’ to a foreign management outfit just like what was done with the Harrison’s Cave business.

    The GAIA might just be the model to follow.

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  • “The bigger issue is that we continue to pay top dollar to too many people who seem not to be able to contribute anything positive to the development of our country.”

    Says Guyson Mayers that got $300,000 for a 15-month.contract to produce nothing? Are we forgetting the former government appointed 30 committees of their supporters with 11 members each called Constituency Councils? The chairpersons got $200 and members $120 each every month? What did the CCs achieved? Certainly not fixing roofs after Tomas and according to the latest Aud Gen report bank account statements for fifteen (15) councils missing.🤭

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  • I thought this fraud fowl said only 2 weeks ago that the Auditor General is a drama queen.

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  • Stuupse! You really struggle to be relevant eh. Not today Satan. Next!

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  • Ya can’t catch a break, ya lie for and cover up corruption too much and ya OWN words now exposes you….

    ya think it’s bad now, wait until 2023….don’t even have to break a sweat…this is cruise control

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  • Response #2
    The D’s did it.

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  • David
    To suppose that there is an internal competitive business ethos in either Trinidad or Jamaica being unleashed on Barbados represents too narrow a view.

    A good doctoral dissertation should have been done on this. The research question being ” the role of Trinidadian and Jamaican capital in the Barbadian economy”.

    Not having this question answered our training and experience would tend to lead up to forces external to Trinidad and Jamaica as the underlying or primary sources of this now 25 year old phenomenon. Other forces would have to be considered as well.

    On the other side of the equation and given the recent economic history of these two countries we would see no internal competitive basis on which these surpluses could have been freed up for external investment, market domination.

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  • @Pacha

    Agree with your statement. We know the two markets generate excess capital to support external investment. Why local companies of recent vintage with the exception of a Goddards and Sagicor have not able to do the same it would be good to know.

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  • Same format used by Angela Cox’s response between 2008 and 2018.

    The Bees did it too, so what is your point????

    And here we have the reason why both Bees and Dees can continue to ignore the point being made.

    We continue to give space to shameless people to make the case knowing full well that, in a just world, they would be putting the noose around their own necks with every word written. I would ask the newspaper editor- so what is your point????

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  • Enuff all the consultants hired by past govt were local or home grown which meant that their earnings went back into the country development
    Now take a look at the top brass consultants in this govt and their earnings
    Also tell where their earnings are going
    Or being spent

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  • “A good doctoral dissertation should have been done on this. The research question being ” the role of Trinidadian and Jamaican capital in the Barbadian economy”.”

    everyone watched it evolve over decades, the physically and intellectually LAZY uppity colonial SLAVES from the parliament coming on down into mainstream society, who still believe they are super special allowed it to happen, now they own very little and the balance has deteriorated significantly, neglected by THEM..

    i remember people repeating what Owen said when the fool sold the national bank, only clown in the world who would be that and justified it with…”the bank is still here, it went no where” the brainwashed believed that shit, now it has a differnet name and no one can remember which Trinidad bank bought it…….AFTER fellow clown Thompson sold the remaining shares…it will never be locally owned again..

    should rename Barbados…The Slave Society that can keep, maintain or advance nothing Black. owned.

    ..i heard with my own ears…it was addressed to me drectly….. what their crooked minority partners said and think about them and their lack of any intelligent business skills or savvy, that’s why they ALWAYS NEED A MINORITY in everything they do….they are so dumb and can’t function singularly in any business environment….someone indian, syrian or white always gotta hold their hands …FRAUDS,,,……

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  • William Skinner

    @ Pacha

    “A good doctoral dissertation should have been done on this. The research question being ” the role of Trinidadian and Jamaican capital in the Barbadian economy”.”
    What would a “ good doctoral “ dissertation reveal that your basic common sense could not ?
    One of these days we should therefore write some “ good doctoral dissertations on the following:
    Why did BSand T sell out?
    How did Kiffin Simpson turn Suzuki and Schoda into billion dollar enterprises?
    How did the poor whites Goddard develop GEL?
    How did COW start out with a single second hand tractor and end up with a Marina
    Where the hell did Mark Maloney come from.
    Moving on: One day I was listening to Brasstacks a man called in and said that we can use more local produce. He said with great wisdom that we can make breadfruit chips and that they would take off because nobody else made them. I had to call and tell them that Grace Products( Jamaica) had breadfruit chips on the market for some time.
    2. About seven or so years ago another caller asked the moderator: You ever hear anybody mek money out of garbage? Again I had to call in and tell the joker that garbage is a multi billion dollar industry and that countries actually import garbage to convert into energy to power vast parts of their economies.

    Our problem is doctoral studies and the ability to mimic Latin phrases to rattle on that we are internationalists in outlook. These days we yarn about “ fit for purpose” and “ mission critical”.
    Other people just ….. ….. those who got eyes would get my ignorant , non doctoral drift.
    Certainly not a failed state but producing plenty Phds and have more graduates per square mile than most countries. Not a bad thing but what are the returns?
    Somebody ought to write a doctoral
    dissertation on that !

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  • William Skinner
    If you are unable to adequately measure phenomena how the hell will a deeper understanding be reached? How would you know how to respond to constantly changing or dynamic environments?

    We would wager that your perception of common sense should fill the void for knowledge.

    A number of the areas you have listed, but seemingly unknown to you have already been rigorously subjected to interrogation. This is how we know with certainty that the White corporate elites got that wealth as a result of government action. We can cite laws enacted to enrich them. How would it have been possible to make a case for the removal economic disparities unless we are aware of these circumstances?

    Your dominant man in the street proclivities will never be able to see causation of the systemic failures of generations of Black and small businesses and the incalculable damage such failures have wrought on society.

    Your predilection for the imprecise guessing games entirely based on emotionalism or responses located in a bygone era makes you a very dangerous man. It will be a blessing when the likes of you are uncentred from national equations.

    An example. We are leaving here today to meet with a physicist who controls patents with immense applications for industrial transformation, domination of markets and determination of the future. So while your head is firmly located in your ass as you assert your bits and pieces, dead-ended narrations the world you have known is long dead.

    In short anything or most things you represent as so based on unscientific methods is fucking foolishness.

    You may have the last word. We have to catch a plane.

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  • William Skinner

    @ Pacha
    I wish you a safe journey.
    Peace

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  • @Pacha

    Is it true to say that white privilege we acknowledge existing in developed societies like the US, UK and other places, we struggle with it in Barbados as well? White privilege is the result of many strands weaved into the establishment way of doing things where power structures are firmly embedded. This is not to negate your call for a scholarly review of current state. The blogmaster is anecdotally positing that COW, Kyffin et al benefited LOL.

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  • Guy Hewitt on Brasstacks pontificating.

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  • Fret not, William Skinner! Just join the club of cunts who know nothing and should always defer to the royal “We”.

    The Club of Cunts is very large. In fact there is none who can escape it.

    🤔

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  • William Skinner

    @ Donna
    Well, I have been cussed by @ Pacha before. @ Pacha has two standards. He knocks the system but then judges intellect/ academic achievement by who have doctorates which are the ultimate academic attainment of the system.
    I have only seen @Pacha disagree with one person on this blog without cussing him. He saw that person as his academic equal. He always reserved his best “ behaviour for that person.
    So, I’m amused when he can’t get you on his side a cussing or vulgarity begins.
    Then he defends vulgarity by claiming that he is not obliged to use the Queens English. However he always found the Queens language , Latin and all for that one particular person.
    I am not troubled by his response I expected it. That’s who he is. His way of defending exceedingly flawed reasoning.
    Highly intelligent , a very good writer but always angered by those who can challenge him or “ we”Lol.

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  • Can the over-ambitious yardfowls tell us why there are no tetanus shots on the island….

    they are busy accusing each other of disappearing millions into their personal bank accounts, after calling the Auditor General “a drama queen”

    they should have an answer for this..

    what if someone gets a bad cut, have a bad accident etc that requires TETANUS SHOTS…

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  • So government consultancies are to be determined based on whether the money stays in Bdos not value? Okay all yuh get through. 🤣🤣🤣

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  • 3.8 million already two million spent the stalls should look like penthouses but we know that wouldn’t happen as seen in the video I posted last week

    https://m.facebook.com/story.php?story_fbid=1242606282836729&id=100012621074104&sfnsn=mo

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  • Here is for some “context”

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  • Adequate fiscal space needed to plan for development – Adequate fiscal space needed to plan for development:

    https://barbadostoday.bb/2021/06/21/adequate-fiscal-space-needed-to-plan-for-development/

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  • Pacha
    The dissertation will simply tell you that what’s happening is par for the course with regional integration–amalgamation (via mergers and acquisitions) and expansion. The BS&Ts should have been consolidating years ago instead of continuing to function as all them disparate white-owned flyweights. In interviewing a Trini some years ago for some research I was doing, he said that the Trinidadian conglomerates don’t see themselves as trini but Pan-Caribbean businesses. Like I have said before on BU, though, the research of this “phenom” needs to focus on addressing/achieving territorial cohesion.

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  • White Privilege is Ignorance rising
    but check out White People’s take

    Robert Halfon, education select committee chairman, dismissed “divisive concepts like ‘white privilege’ that pit one group against another”.

    Mr Halfon described it as a “major social injustice” that so little attention had been paid to how white pupils on free school meals underachieved compared with free school meals pupils from most other ethnic groups.

    “If you think it’s about poverty, then it doesn’t explain why most other ethnic groups do much better,” he said.

    https://www.bbc.co.uk/news/education-57558746

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  • Everybody want to be a big, stink, bloated rotten fish, in tiny shallow ponds.

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  • Today’s Nation Editorial:

    Do more to retain firms

    THE NEWS THAT BARBADOS has lost a long-standing investor in TT Electronics is unfortunate. On the surface, it is not of the same magnitude as in the 1980s when United States technology company Intel shocked Barbados by closing its plant here and putting about 900 Barbadians on the breadline.
    TT Electronics’ job losses are 110, and in these times of high unemployment caused by the COVID-19 pandemic, that number of jobless people is still significant.
    In both instances, economic reasons are the chief cause of the closures, and in both cases other markets were affected. Intel’s closure of its Barbados factory, where semiconductor components for its computer chips were made, happened at the same time as the end of manufacturing operations in Puerto Rico. TT Electronics’ end of business here on June 1 after 41 unbroken years of investment comes as it cuts staff and closes some facilities in the United States and United Kingdom.
    Even though the circumstances that led Intel to close its plant here were different from TT Electronics’ move at this time, the two cases illustrate the challenges that Small Island Developing States like Barbados face in attracting and keeping investors.
    While international corporations contribute to the country, including via employment, the sourcing of goods and services locally, training, knowledge transfer and foreign exchange earnings, at the end of the day their profitability and general shareholder returns are most important.
    Barbados is competing for overseas business with other countries that have greater financial resources and hence the ability to offer potential investors more incentives. This does not mean that Barbados should get involved, or can afford to participate, in a so-called race to the bottom, where it tables unreasonable offers to investors in an effort to beat the competition.
    Barbados is still a good place to do business. If it wasn’t, more companies would have exited or would be preparing to do so. They have a readymade excuse in the form of the COVID-19 pandemic and the hammer blow it has delivered to corporations all over the world.
    TT Electronics’ exit highlights the need for the authorities to not merely focus on attracting new investment to these shores from traditional and new markets, but to also do everything that is reasonable to retain the companies that have already chosen to establish operations here, including those that have been here for many years.
    More work needs to be done to make this country a more attractive place to do business, including removing the bureaucratic
    bottlenecks that domestic enterprises complain daily about. Barbados cannot rely on visitor arrivals alone to get out of recession. We also need to attract more local and overseas investment, the kind that can develop and utilise the skills of Barbadians.
    Although the circumstances were out of our control, the departure of TT Electronics is a reminder of the challenges Barbados will continue to face as new avenues of economic development are sought.
    Barbados cannot rely on visitor arrivals alone to get out of recession.

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  • Vincent Codrington

    @ David BU

    The Electronics Industry is a dynamic one. Processes and products become obsolete. One expect closures of companies where their output is no longer relevant. We need to scan the world for industries that are on the upward side of the cusp. It is a new more dynamic world.

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  • @Vincent

    Do not disagree. We have to ensure we attract diverse businesses to mitigate risk of failure or poor performance. In much the same way it is recommended to diversify ones investment portfolio.

    Liked by 1 person

  • Steupes…if yall want to stay blind and dumb that’s your perogative…

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  • Vincent Codrington

    @ David Bu at 10 :24 Am

    I believe that you are aware that the diversification strategy does not always work

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  • @Vincent

    You are correct, it is a mitigation strategy. Once properly implemented we have to live with the results.

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  • CDB: Private sector must do more

    GREATER INVOLVEMENT from the private sector will be needed to help turn around Caribbean economies.
    And president of the Caribbean Development Bank (CDB), Dr Hyginus “Gene” Leon, believes that with more collaboration between government and the private sector, that can be achieved.
    “We do not have a sufficiently vibrant private sector that’s driving the region yet. So I think that would be one repositioning, pivoting point that I think the bank should look at closely.
    Build consensus
    “It’s important because it is not so much about government directing, neither is it about the private sector doing it alone but the point is to build that consensus across society beyond the political, beyond the private sector and the general public. He said the bank could help by being an incubator and help facilitate more innovation.
    “And it’s just not a matter of financing, but how do we encourage through policy, advice or through being an innovation incubator type. How can we help government shape the environment within which the private sector can function better?”
    he said. He made these comments yesterday during CDB’s
    President’s Chat,
    which was hosted by Professor Emeritus Andrew Downes. The bank’s past president Dr Compton Bourne, who served the Bank from 2001 to 2011, participated virtually.
    Leon also said resilience to climate change was another major issue affecting regional economies. He suggested that more proactive planning was needed to avoid reactive clean-up efforts.
    Bourne agreed and added that not enough had been done to improve building codes and other areas that would strengthen infrastructure so it could hold up during natural disasters.
    “I think that one would hope that when we look at the Caribbean in 20 to 30 years, it would be a region in which the economic growth trajectories are much higher. We know that for the last 30 years we’ve had slow or steady growth and sometimes prolonged economic decline.
    Can’t do much
    “In a way, we cannot do much about the external economic shocks in terms of preventing them, but we can build our economic structures in such a way that we can moderate the impact of those shocks.
    “With respect to the natural hazard shocks, I don’t think the region has done a good job. We are still too heavily focused on relief and recovery and not sufficiently focused on building structures that minimise our vulnerability to the shocks.
    “One has to think in terms of sea defences, our building codes, and land settlement patterns. We have really not significantly addressed those things and I hope that 30 years from now one would not be making the same kind of statement and going around the world seeking funds for disaster relief and recovery,” Bourne said.
    (TG)

    Source: Nation News

    Liked by 1 person

  • Public sector pension setback

    PUBLIC SECTOR PENSION reform has been delayed.
    Government had originally agreed to table a revised public pension law “to enhance the sustainability of the public sector pension scheme”, by the end of this month, but this has been pushed back to the end of December.
    This was communicated in the Mia Amor Mottley-led administration’s latest supplementary Memorandum of Economic and Financial Policies (MEFP) under its International Monetary Fund (IMF) Extended Fund Facility, which was published in the IMF’s new country report on Barbados.
    Government and the IMF said the six-month pension legislation delay was because “the necessary public consultations were not possible given the urgent challenges of the pandemic”.
    “Civil service pension reform aimed at ensuring that the system is sustainable in the long run is a priority. We will review the civil service pension scheme to address its long-run sustainability,” Government said in the MEFP.
    “To this end, we will table in Parliament a revised public pension law informed by the actuarial review that was completed in November 2020 and costed different pension systems for new entrants into the public service.”
    Government said it had completed a pension reform white paper which would be discussed in Cabinet, but that public consultation was necessary.
    “We will carefully weigh different options, with important considerations related to the earliest age of eligibility for new employees and the rate of benefit accrual for each year of service for new employees,” it added.

    Source: Nation

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  • Call for court action
    Toppin: Caribbean must fight EU, OECD impositions
    THE TIME HAS COME for Barbados and the rest of the Caribbean to consider taking the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) to the International Court of Justice over the continuous imposition of stifling regulations and restrictions related to international business.
    Advocating this in the House of Assembly yesterday, Minister of Industry and International Business Ronald Toppin said in frustration: “We have to fight back and I do believe that the way to resolve this issue, hopefully once and for all, is to recognise that there is an International Court of Justice to hear and determine these matters.
    Serious challenge
    “I believe that our time has to be well spent in time to come, ensuring that we can muster enough support regionally and internationally to mount a serious challenge in a court of law . . . . That is the direction that I believe ultimately sooner rather than later, we as a small developing island state will have to go to avoid being pushed around.” While introducing an amendment to legislation connected with a suite mandated by the EU to
    force compliance with its international business tax regulations, Toppin complained about the pressure constantly placed on Barbados and other small states, which made it difficult for those states to benefit from their tax regimes in place for international business operations.
    The Companies Economic Substance (Amendment) Bill, 2021, which Toppin introduced, requires, among other things, that companies carrying on certain activities conduct their core income-generating activities in Barbados if they are to benefit from the lower rate of tax Barbados offers.
    That rate is currently 5.5 per cent.
    Toppin said Barbados had already amended 14 pieces of legislation and converged all corporate tax rates downwards in accordance with EU and OECD requirements, thereby dismantling a 40-year tax structure that had originally been designed to carve out a niche for the island in the international business sector.
    Requirement
    He explained that Barbados was classified as a low-tax jurisdiction as a result, which triggered the requirement to enact economic substance legislation.
    “When we jumped through the hoop of converting our tax rate, we really thought that by and large
    the battle was over. It was not easy to dismantle something you had in place for 40 years,” he added.
    He said this country was being pushed to its limit with the EU’s demands, but stressed: “Barbados can’t do it alone, not in terms of voice, not in terms of financial resources that will be necessary to be expended to really assert our rights, but it has to be done.” (GC)

    Source: Nation

    Like

  • The ICC is also there to remedy small island crooks for lawyers, government ministers, dirty minorities TIEFING billions of dollars from the people for them and their friends and business partners too…it swings both ways..

    stop using loopholes to LAUNDER BILLIONS YA STEAL FROM BLACK PEOPLE..

    Like

  • ICJ…is also there for thieves who rob the treasury and pension fund of billions of dollars, launder the money everywhere and recklessly leave vulnerable populations in LONG TERM poverty.

    still gotta get all the names of those money laundering yardfowls/slaves who reside in countries like UK, US, Canada etc, just found out that there exists the BLACK SIDE of the family of crooked cow etc….too bad for them they like to boast and brag publicly about the THIEVES OWNING AND CONTROLLING the island…lawd…

    should be quite a show…

    Like

  • William…am sure they have not even thought of it, but since they “run things on the island” as they brag and boast that they are the owners…they also own the 5-6 billion dollar THEFT, the heist they carried out…..and ALL THE DEBT… for the next 50 plus years…

    Like

  • Call for fresh thinking in business
    By 2030, many businesses in Barbados will be no more if they continue to operate with outdated models.
    That prediction has come from business consultant and entrepreneur Greg Hoyos during a lunchtime presentation entitled The Way Forward, at the Barbados Yacht Club on Bay Street, St Michael, yesterday. He said the average local business owner had a narrowminded vision of commercialism which would be to his or her detriment.
    “Everything is changing, the world is changing.
    Nobody knew that you were going to have
    Facebook, nobody knew that things were going to go bad with hotels and Airbnb was going to come.
    “We were all very happy going along with what we thought was good and what we thought we were good at,” Hoyos said. “But behind the scenes changes were happening [with] technology, people, money and imagination – how can I do things differently and better?
    “And when that happens and that idea comes out, then all of a sudden you find you have no more business. So you are running an old type of business and the consumer has gone somewhere else.
    So it is important to think differently and broadly.”
    Failure to adapt
    He said this occurred over the years in Barbados, pointing to the closure
    of many stores in Bridgetown as many consumers were purchasing commodities on websites. He added the failure to adapt to e-commerce would have a negative impact on the growth of businesses in Barbados. “It is important to think outside the box; outside where you are comfortable.
    Quite often businesspeople, when you suggest ideas, say, ‘No, I’m good’ and they don’t want to hear because their approach is working. But things are changing that they don’t see and they don’t want to face that, and then they end up going out of business.
    They need to stop assuming they know everything because no one knows everything.
    They need to be more open to ideas and adapt to change.”
    Hoyos added: “People also say Barbados is a small market and they don’t have any more money to invest, but don’t always think about money.
    Think about alliances and partnering with likeminded people.”
    As it relates to the COVID-19 pandemic, he said consumers were thinking more before they spent their dollar, and in many instances were weighing needs against wants. Therefore, he stressed, business people had to be more mindful of this and get creative on how they go forward.
    (SB)


    Source: Nation

    Like

  • This comment is directed at those living in the great North American posting to BU.

    U.S. Unemployment Rescue Left at Least 9 Million Without Help

    https://flipboard.com/article/u-s-unemployment-rescue-left-at-least-9-million-without-help/f-bc783538cc%2Fbloomberg.com

    Like

  • Got it. Don’t know what to do with it.
    Expecting a PIIYPASI.

    Like

  • @ David.

    correction!

    ” This comment is directed at those living in the great” United States of America.

    Like

  • The big elephants in the room who have inacted such policies to block unemployment are Republicans
    Biden ushered millions of taxpayers dollars to every home in America
    The republican govts can implement policies when it comes to who receives the unemployment

    Like

  • Murdaaaah!

    Like

  • Derek Chauvin sentenced to 22.5 years for the murder of George Floyd

    Like

  • angela coxJune 25, 2021 3:59 PM

    The big elephants in the room who have inacted such policies to block unemployment are Republicans
    Biden ushered millions of taxpayers dollars to every home in America
    The republican govts can implement policies when it comes to who receives the unemployment

    Xxxxxxxxxxx

    Meanwhile in Barbados govt has handed out gift baskets and such a policy does not bother the intellectuals on bu
    However however these knucklehead got the audacity to pick at the USA govts policies
    Meanwhile the NIS is running on economic fumes and cannot pay thousands of barbadians who have paid into the system
    Also employees are left standing in the hot sun begging govt to intervene in helping them to get their severance pay from crooked employers

    Like

  • Govt to boost Unemployment Fund
    Cabinet has approved a plan to recapitalise the Unemployment Fund.
    This disclosure came on Friday from Minister in the Ministry of Finance Ryan Straughn, who said the plan was accepted on Thursday and involved discussions with the National Insurance Board.
    He explained that the Unemployment Fund had to borrow money from the National Insurance Fund to pay out a large number of claims that were made because of the COVID-19 pandemic.
    Speaking after the launch of the Clean And Green programme at Kingsland Drive, Kingsland, Christ Church, Straughn said: “The amount required to recapitalise the fund is $143 million, which is a lot of money. But you would appreciate that the fund did pay out $155 million last year. In a normal year, the unemployment fund would take in roughly $50 million and pay out about $37 million or so on average.
    “But obviously with the extraordinary claims last year, the fund was completely exhausted and obviously with lower levels of employment, it meant contributions going into the fund were lower during 2020 . . . . Over the next few fiscal years, we will see that fund being replenished, but as it stands at the moment, we will give to the National Insurance enough money to be able to ensure that persons can continue to receive benefits.”
    Straughn said Government was hopeful that more Barbadians would return to work as quickly as possible. He said about 11 000 unemployment claims were made because of the lockdown earlier this year, but those numbers were significantly less than last year’s.
    ‘Things look positive’
    He noted that the World Bank approved BDS$200 million last Thursday as part of the island’s budget support in response to the COVID-19 pandemic, which came on the heels of the IMF recognising that the country had met its targets under the revised BERT programme.
    He added that public health was being managed very well and urged Barbadians to continue following the protocols.
    “Things look positive for the country as we further accelerate Government’s capital works programme until such time as we can get the tourists to come back. With Barbados now on the green list for [United Kingdom] travel, I think we are in a good place right now . . . , knock on wood; everything appears to be coming together for us to be able to accelerate the recovery,” Straughn said. (BGIS)

    Like

  • Not just gift baskets, you LIAR! Financial support was also provided to many families.

    There will never be enough.

    Like

  • DonnaJune 27, 2021 6:55 AM

    Not just gift baskets, you LIAR! Financial support was also provided to many families.

    Xxxccccccc

    Explain to me how I am a liar when stating Mia gave out gift baskets
    Maybe I did not include what u wanted to hear
    However my saying gifts baskets were handed out is a truthful statement

    Like

  • Canadian investor remanded on drug charges

    A CANADIAN CITIZEN who was charged in Canada in 2008 with fraud in relation to millions of dollars was remanded to HMP Dodds when he appeared in court last Saturday on drug offences.
    Michael Namroud, 58, of No. 35 Apes Hill, St James, was charged in relation to three kilos of cocaine valued at $150 000, which was allegedly discovered in a Mercedes Benz vehicle during a police search on June 23.
    He was not required to plead to possession of the drug, having a traffickable quantity and having it with intent to supply. He was also not required to plead to having two rounds of ammunition.
    Namroud, who was represented by attorney Ryan Moseley, was remanded by Magistrate Christie Cuffy-Sargeant.
    A co-accused is expected to appear in court today with similar charges, including possession of a gun and ammunition.
    Namroud, a wealthy investor, who was born in France, has been living in Barbados
    for the past two years. In 2018, he and two partners registered a business, Canada Import Distribution Inc., in St Lucia. (MB)

    Source: Nation

    Like

  • Please give someone with a knowledge of law an opportunity to explain the consequences of

    “He was not required to plead to possession of the drug, having a traffickable quantity and having it with intent to supply.”

    Let’s first get an informed opinion. I am holding off on speculating, but I am ready

    Like

  • Former South African President Jacob Zuma sentenced to 15 months in prison for contempt of court

    https://www.cnn.com/2021/06/29/africa/jacob-zuma-contempt-sentencing-intl/index.html

    Like

  • Let me rephrase it for you. This time you were a deliberately misleading cherry picker. You were attempting to give the impression that gift baskets were the only help offered.

    But a liar you still are on almost every occasion!

    And that is a provable fact, ac, Mariposa, Angela Cox.

    Like

  • World Bank given credit for new stance on Barbados
    By Tony Best “Thank God they have seen the folly of their graduation policy” and have provided much needed financial resources to Barbados at a critical time.
    So said Winston Cox, a former executive director of the World Bank in Washington, who was once the Governor of Barbados’ Central Bank.
    When the Bajan used the word “they”, he had in mind the executive decision-makers at the global financial institution whose official name is the International Bank for Reconstruction and Development.
    And his reference to “graduation” pinpointed the World Bank policy that had barredBarbados for several decades from having access to lowinterest loans designed to finance infrastructural projects which upgrade or expanded health care and educational facilities and services, build bridges, roads, harbours and seaports that help kick-start moribund economies.
    Just last month, the World Bank decided to lend Barbados $200 million, earmarked to help it fight the highly infectious COVID-19 pandemic that has killed millions of people in almost every corner of the globe, 47 of them in Barbados. The disease and its impact also triggered one of the worst worldwide economic recessions in the 20th and 21st centuries.
    Cox lamented the bank’s graduation decision of the 1980s but hailed last month’s decision to provide a hefty loan.
    “It’s a policy we in Barbados have fought against since 1985 or even before then,” explained Cox.
    “It is a policy we have been fighting for almost 40 years and [sadly] it had to take a pandemic to bring them [World Bank] to the point where they realise the folly of graduating” vulnerable, small developing countries because of their upper middle incomes.
    “Barbados was graduated from the status of a borrowing member country in the 1980s,” added Cox. “We knew all along that a small open economy like Barbados really needs to have access to the resources of the World Bank.”
    The money is needed to help “support” Barbados’ COVID-19 relief efforts and promote a resilient economic recovery from the [health] crisis”, the World Bank explained. It is a “one-off loan to Barbados with a 19-year maturity, including a
    grace period of five years, and it is part of a coordinated assistance effort by international financial institutions during the pandemic”.
    Cox, who at different times also sat on the executive board of the Inter-American Development Bank (IDB) in Washington and later became the deputy Commonwealth secretary-general in London, said in an interview that the resumption of Barbados’ access to World Bank’s soft loan window couldn’t have come at a more challenging time.
    Without calling the names of specific nations, the Caribbean and European trained top economist complained that some rich countries had tried but failed to get regional financial institutions, including the Inter-American Development Bank, to adopt a similar graduation policy that would have blocked Barbados from qualifying for concessional financing.
    “Some countries have been trying to extend that (graduation) policy to the regional lending institutions, such as the IDB. But fortunately they have not succeeded in doing so up to now,” Cox said. Actually, the attempt “was aimed at Barbados and the Bahamas.”
    As he saw it, COVID-19 was something of a “silver-lining” for both Barbados and The Bahamas, meaning that it had contributed to a change of policy that recently benefited the two CARICOM states.
    “The pandemic and its economic impact have turned out to be a wakeup call for the World Bank,” Cox said.
    In the case of the IDB and the suggestion that it should establish a graduation policy several years ago, the former Barbados central banker said if the Western Hemisphere financial institution had followed the World Bank’s example, both Barbados and The Bahamas would have been the prime targets for graduation and could have been barred from getting low-interest IDB loans.
    “The countries that would have been immediately affected would have been Barbados and The Bahamas but some countries felt that at some point, graduation would have held for them as well,” he recalled. “That was why there has been a pretty solid effort by the (IDB’s) borrowing member countries against any graduation policy.”
    Indeed, if anything, the “pandemic has shown the vulnerability of small states like Barbados and
    its Caribbean neighbors and has underlined the need for support from the international financial institutions,” Cox said.
    “I would also say that on reflection the World Bank has shown a tremendous amount of flexibility, having first argued strongly for graduation, and its policy on Barbados has now shown that it recognises that a place such as Barbados has demonstrated a need for resources . . . .
    “I give them (World Bank) some brickbats and some credit. I give them brickbats for instituting the graduation policy in the first place and credit for exercising the flexibility” to change course,” he added.

    Source: Nation

    Like

  • As a child I felt a sense of financial empowerment when on Saturdays I took my little cooper’s and deposit them in a savings account having a purpose that in case of a rainy day I could withdraw that money which was all mine and used it for a set purpose
    The feeling of such accomplishment was great and real
    Fortunately I never encountered a rainy day but made further or any use for those savings to be spent during the holiday seasons without having to repay one dime to any financial institutions
    That money was all mine to do as I pleased
    Saying all that as Barbados economic gurus seem to have engaged in a hell bent policy of hand clapping borne on a policy of borrowing
    At the end of the day when this money is spent the borrowers has encouraged debt placed on the backs of the people
    It is past time that govt pursue a path of financial empowerment founded on sourcing what is theirs and not on what govt owes to people

    Like

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