The following is a short discussion with President of the Barbados Association of Medical Practitioners (BAMP) Dr. Linda Williams (Epidemiologist). Dr. Natasha Sobers ( Epidemiologist) from the UWI, Cave Hill and Senior Economic Advisor to the government Dr. Kevin Greenidge – Head of the CBC TV 8 Sanka Price lead the discussion supported by Head of News at Voice of Barbados Stetson Babb.
Discussion re COVID 19 and the Economy
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265 responses to “Discussion re COVID 19 and the Economy”
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Critical AnalyzerAugust 5, 2021 6:00 AM
What can you expect when our own CMO saying Bridgetown is a COVID hotspot.
(https://barbadostoday.bb/2021/08/05/cmo-bridgetown-a-covid-19-hot-spot/)++++++++++++++++++++++++++++++++++++++
TheOGazertsAugust 5, 2021 6:14 AM@Critical
Did you read? I thought he was open.My little city with a fraction of the population of Barbados has a similar number of cases and many more deaths than Barbados has. (We count a death once)
++++++++++++++++++++++++++CA
I don’t know of Grasshopper’s little city but Bridgetown can be explained by the desal plant!!
Grasshopper
How is your little city supplied with water?
What sort of water treatment?
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On the other side of the economy
Money in the bank
DEPOSITS INCREASING BUT MORE PEOPLE DEFAULTING ON MORTGAGES
By Marlon Madden
Barbadians are continuing to save more despite the economic challenges, with domestic currency deposits reaching a record high of just over $12.4 billion at the end of June, according to the latest Central Bank report.
However, more people defaulted on their mortgage payments and financial institutions tightened lending criteria and focused new lending on supporting existing clients.
The Central Bank report noted that domestic currency deposits increased by some 5.1 per cent in January to June this year, to reach $12.5 billion, up from just over $11.9 billion for the same period last year. The total domestic currency deposit for the review period represents a 1.7 per cent increase over the $12.3 billion for all of 2020. Domestic currency deposits averaged just over $11 billion between 2017 and 2019.
Meanwhile, foreign currency deposits totalled $713.1 million for the review period, compared to $774.7 million at the end of June 2020, which represented an 8.6 per cent increase. This also means that foreign currency deposits for the first half of this year outgrew the $693 million for 2020.
Delivering his economic review recently, Governor of the Central Bank of Barbados Cleviston Haynes noted that the climb in domestic currency deposits was due to the “combined effect of Government’s fiscal stimulus and higher personal savings by individuals”.
The increase in foreign currency balances, he said, reflected growth in balances of the personal and non-financial business sector.
“The expansion of foreign currency deposits of these corporations was driven by activity in the legal services and purchases of luxury properties in the real estate sector,” Haynes explained.
However, while savings continued to rise, so did non-performing loans, raising the credit risks in the banking system.
Haynes gave the assurance, however, that the financial system remained stable, with “manageable” credit risks.
“During the January to June period this year, deposit-taking institutions remained highly liquid and well capitalized, with buffers well in excess of the statutory requirements.
In addition, profitability for banks improved mainly as a result of lower provision expenses compared to the prior year when financial institutions raised provisions as a precaution against COVID-19-related credit losses. Interest rates remained at historically low levels,” the Central Bank Governor reported.
During the review period, it was noted that activity in the credit market remained weak as financial institutions, which were confronted by uncertain economic conditions, tightened their lending criteria and focused new lending on existing clients.
Haynes pointed out that the moratoria programmes that dominated 2020, as a result of the COVID-19 pandemic which resulted in major job losses, have largely come to an end.
However, he said, some borrowers, mainly in the hotel and restaurant sectors, continued to benefit from extended moratoria arrangements.
The Central Bank Governor has urged individual borrowers to speak with their financial institutions if they continue to face hardship and have difficulty repaying their loans.
“I would encourage persons, if that is their situation, to have a word with their bank and indicate the challenges they may be facing and discuss how their situation can be ameliorated,” he said.
“Generally, all institutions are offering their customers a menu of assistance via restructuring, debt consolidation, refinancing of loans and case-by-case extensions of moratoria.
Several borrowers have consolidated and restructured their outstanding loans to make repayment plans more manageable in the face of lower income.”
Non-performing loans as a percentage of total loans trended upwards during the review period, largely due to the increased classification of loans to the tourism, real estate and personal sectors.
While mortgage-related non-performing loans registered a modest increase during the period, driven by personal mortgages, these remained below the levels for the corresponding period of 2020, partly due to recoveries.
Meanwhile, credit to the non-financial private sector by deposit-taking institutions contracted by 1.1 per cent during the first half of the year.
Haynes said this decline was driven largely by a reduction in loan balances of individuals which outweighed loan growth to utilities and other sectors.
“The decline in lending to individuals was driven by mortgages and credit cards, which accounted for more than half of the overall reduction for the sector,” he said.
The Central Bank is expected to release the 2020 Financial Stability Report in the coming weeks. This is expected to shed more light on the health of the local banking system. marlonmadden@barbadostoday.bb -
In the early days of COVID I clearly remembering saying that one the borders are opened the Virus will spread and would be very hard to contain
Fla govt committed the citizens to more of the same policy and is reaping high hospitalization of its people amongst the vaccinated and unvaccinated -
City – nuff nuff people in small small spaces. Accustomed to being up in one anudder faces. Difficult to physical distance. Difficult to even remember to try.
My neighbour seems to have moved his bar next door.
Nuff nuff space and OUTDOOR SEATING.
Most St. Philip bars take advantage of outdoor space.
Not available in Bridgetown and its environs.
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Govt has a huge problem on its hands not going to be easy to solve
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US advises citizens to reconsider travel to Barbados. Will the British and Canadians be next?
P.S. No, not at all. I admitted to being wrong about the initial covid warnings of Angela Cox. Called her Henny Penny.
I had and have absolutely no problem bringing that up, even though Angela Cox never did.
Now you have a go! It is truly liberating! The other way is a drag!
P.S. I see my point has yet eluded you. That pesky comprehension problem! I do not think we speak the same language.
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Wait! Score 2 for TheO!
Made me laugh for the second time in one day! After all these years of failure we have a tremendous breakthrough!
Never give up!
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We are having breakthrough COVID 19 infections so why not.
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@John A
Your friend.
Worrell: Ramp up COVID-19 tests, jabs
https://barbadostoday.bb/2021/08/05/worrell-ramp-up-covid-19-tests-jabs/
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Do you realise that the USA was giving out these advisories from time to time? Do you comprehend that this advisory put barbados in a better light that the previous on ( level 3 instead of 4).
Did you not see the tourist still coming under a level 4 – and increasing every month? what do you THINK will happen under a better advisory – more lock downs?
You are so lost . -
With vaccinated people able to spread the Delta virus
Mia should be worried
The virus does not sleep.and the portocols only serves limited purposes
Human beings are social and like to touch
There is no jab to control the emotions of human beings
Reason why small islands should have steered clear of the virus and worked in a unified manner amongst themselves -
The whole world should be worried. It is why we refer to it as a pandemic.
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David,
Why are you worried? We have it on good authority that covid is in our rearview mirror.
Travel advisories matter not, red zones and green zones matter not, new variants matter not. All shall return to 2019 normal since the only thing in its way is lockdowns which will not be happening. The world has the technology to adapt vaccines to new variants and they can be manufactured purchased, delivered and administered in two shakes of a lamb’s tail. If necessary, all the people of the world will line up and be vaccinated…and vaccinated…and vaccinated… and vaccinated…
There shall be no further disruptions.
Sit back and relax! Tourism will be back in time to save our economy!
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DavidAugust 5, 2021 11:11 AM
The whole world should be worried. It is why we refer to it as a pandemic
Xxxxxxxxxx
It is clear that with any issue that affects govt negatively who are willing to use your cloud of asinine defense to protect govt
Did not this govt allowed social engagement by way of parties jam packed bus rides amongst an overseas Travel group called Haywire on Barbados shores recently in the midst of a pandemic
Did u not hear the silence of govt response
So how you can make a charge with your nimble response of wanting to show that Mia is worried
Given the numerous photo pics of the Haywire group maskless and enjoying themselves -
Why you donât give the advice to Ron DeSantis.
#steuspe
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Came across this regarding media bias in the BBC.
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Who ever Said lockdowns Will not be happening?
Ur last comment is full of IT
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“Do you realise that the USA was giving out these advisories from time to time?”
Indeed, there was a time the US was warning about going to Barbados and yet the US was handling Covidi worse than Barbados was.
At that time I was thinking ‘I would rather be there than here’. I never said it to the lobby.
The Barbados team has done a wonderful job managing Covid-19. Mia chose wisely.
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DavidAugust 5, 2021 12:57 PM
Why you donât give the advice to Ron DeSantis.
#steuspe
No I am telling u so u can give the advice to Mia
Better yet tell her to stop blaming and shaming the people
When she like DeSantis allowed people from hot spots to enter their countries -
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You did mention it.
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I Said
We Will not be going back to 2020 lock downs. There Will be flare ups But they Will be handle differently now that we have vaccines.
Not going back to. ** 2020.** Lockdowns
Not going back to 2020. Type / kind of lockdowns
2020 is there for a reason
comprehension skills???
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re The whole world should be worried. It is why we refer to it as a pandemic.
The whole world DONT HAVE TO be worried YET.
CAUSE IF WE ARE TO BELIEVE WHAT JESUS SAID IN MATHEW 24:4-8 WE AINT SEE REAL PANDEMIC YET.
AND IF WE ARE TO BELIEVE WHAT THE SPIRIT SAYS THROUGH JOHN IN REVELATION 6 WE CAN SEE THAT THIS CORROBORATES MATHEW 24:4-8, UH LIE?
AND THE ECONOMIC HAVOC ACOMPANYING COVID TELLS ME THAT THE EVENTS PPREDICTED IN REVELATION 18 WILL OCCUR JUST AS PROMISED THERE.
NOW COME ON AND MOCK GP BUT BEFORE YOU DO, READ 2 PETER CHAPTER 3 ESPECIALLY VERSE 9
This second epistle, beloved, I now write unto you; in both which I stir up your pure minds by way of remembrance:
2 That ye may be mindful of the words which were spoken before by the holy prophets, and of the commandment of us the apostles of the Lord and Saviour:
3 Knowing this first, that there shall come in the last days scoffers, walking after their own lusts,
4 And saying, Where is the promise of his coming? for since the fathers fell asleep, all things continue as they were from the beginning of the creation.
5 For this they willingly are ignorant of, that by the word of God the heavens were of old, and the earth standing out of the water and in the water:
6 Whereby the world that then was, being overflowed with water, perished:
7 But the heavens and the earth, which are now, by the same word are kept in store, reserved unto fire against the day of judgment and perdition of ungodly men.
8 But, beloved, be not ignorant of this one thing, that one day is with the Lord as a thousand years, and a thousand years as one day.
9 The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
10 But the day of the Lord will come as a thief in the night; in the which the heavens shall pass away with a great noise, and the elements shall melt with fervent heat, the earth also and the works that are therein shall be burned up.
11 Seeing then that all these things shall be dissolved, what manner of persons ought ye to be in all holy conversation and godliness,
12 Looking for and hasting unto the coming of the day of God, wherein the heavens being on fire shall be dissolved, and the elements shall melt with fervent heat?
13 Nevertheless we, according to his promise, look for new heavens and a new earth, wherein dwelleth righteousness.
14 Wherefore, beloved, seeing that ye look for such things, be diligent that ye may be found of him in peace, without spot, and blameless.
15 And account that the longsuffering of our Lord is salvation; even as our beloved brother Paul also according to the wisdom given unto him hath written unto you;
16 As also in all his epistles, speaking in them of these things; in which are some things hard to be understood, which they that are unlearned and unstable wrest, as they do also the other scriptures, unto their own destruction.
17 Ye therefore, beloved, seeing ye know these things before, beware lest ye also, being led away with the error of the wicked, fall from your own stedfastness.
18 But grow in grace, and in the knowledge of our Lord and Saviour Jesus Christ. To him be glory both now and for ever. Amen.
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Somebody bust open the PM of St. Vincent head with a rock outside Parliament
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#BREAKING- Vincentian PM Dr Ralph Gonsalves injured outside of Parliament during protests in Kingstown; persons are protesting Public Health Amendment Bill – which requires certain categories of state employees to take COVID-19 vaccine in order to work in specified frontline jobs
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Q. WHO WILL SOLVE ALL THE CHAOS EVERYWHERE IN THE WORLD?
A. HE IS CALLED THE LAWLESS ONE, OR THE MAN OF SIN OR ANTICHRISTQ WHEN WILL HE COME TO SOLVE ALL THE PROBLEMS OF THE WORLD?
A HE IS SCHEDULED TO APPEAR AFTER THE RAPTURE OF THE CHURCH HE WILL EMERGE FROM THE ONE WORLD GOVERNMENT WELL DESCRIBED IN DANIEL 9.Q. WHEN WILL THE RAPTURE HAPPEN?
A. NO ONE KNOWS “THE DAY OR HOUR”…….BUT THE SAME PASSAGE THAT SAYS THAT WE CAN NOT KNOW “THE DAY OR HOUR” IN MATHEW 24, TELLS US THAT WE CAN KNOW THE GENERAL TIME.
MOCK GP …BUT BEFORE YOU DO READ MATTHEW 24 AND ASK THE SPIRIT TO HELP YOU TO SEE.IT SEEMS THAT A PLAN IS COMING TOGETHER.
DONT YOU LIKE IT WHEN A PLAN COMES TOGETHER?
I NOW UNDERSTAND WHAT IS MEANT BY ” MEN’S HEARTS WILL FAIL THEM FOR FEAR” -
RE Somebody bust open the PM of St. Vincent head with a rock outside Parliament
WAS THE ROCK INJURED IN ANYWAY? -
https://newsroom.gy/2021/08/05/st-vincents-pm-gonsalves-injured-during-protest-in-kingstown/
“Around 7:30 p.m., some protesters celebrated the prime minister’s injury, beating drums and chanting, “The World Boss head buss!”
In the campaign for the November 2020 general elections, the prime minister declared himself “World Boss”, having led the country to a non-permanent seat on the United Nations Security Council.”
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I wonder how you recognised the comment was meant for you. Was it because it was full of IT? IT of course being the opinions you were expressing.
My point remains that none of us, INCLUDING DONNA, knows what will happen with this pandemic. We can express our opinions but WE do not KNOW. We can only HOPE.
I repeat, I HOPE you are correct to be HOPEFUL. (You stupidly called that trying to save face, so I guess I HOPE the pandemic runs rampant and wipes us all out, thereby proving me right.)
So to finish my point, we cannot depend almost totally on tourism to provide for us in the manner to which we have become accustomed. We have to do SOMETHING differently.
Now… what are our points of disagreement again?
Over and out!
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This is crazy.
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John2 July 31, 2021 1:23 PM
Donna
We have a vaccine and the techonology to make a new one to adjust to the mutants when needed. We – as In the world is not going back to early COVID-19 lockdown etc
We Will live with covid ad adjust to suit But not going back to those days
XxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxJohn2 August 3, 2021 9:48 AM
Didnt god give us brains to think?
Neither fauci or Said we are 100% certain that we are are not going back into lockdown
We Said we dont THINK we Will go back into lock Down
I have no argument just opinions
My opinion is that we are over the worst But we must still be on Guard. There Will be flare ups But there Will not be the lockdowns like In 2020
The vaccines are working
The Numbers show it.
We have the ability to use booster if necessary
We have the Technology to adjust the vaccine to the DNA of the virus (if needed) according to how they evolve .Maybe another novel virus But not covid 19 or it mutants
XxxxxxxxxxxxxxxxxxxxxxxxxxxxSeverely Challenge at comprehension!
Do not pay attention to details!
Poor memory ! -
I repeat, I HOPE you are correct to be HOPEFUL. (You stupidly called that trying to save face, so I guess I HOPE the pandemic runs rampant and wipes us all out, thereby proving me right.)
Xxxxxxxxxxxxxxxxxxxx
Talk about stupid?
Why would i or anyone Else Think that of anyone for any reason farless just to be right? -
I wonder how you recognised the comment was meant for you. Was it because it was full of IT? IT of course being the opinions you were expressing.
Xxxxxxxxxxxxxxxxxxxxxxxx
Because i am not as stupid as tou would like me to be
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If tou have an opinion on what we should be doing differently. Why dont u Express it instead of trying to lead Down ur Rabbits hole?
This is like Miller trying to g’et me to say something about the hyatt / malmoney situation
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For the foreseeable future tourism will gradual come back to play a great role In our economy – unless we find Oil
The us no greater fx Earner and employer that tourism.
Other sectors Will grow But none of them has the potential as tourism ( fx and jobs)
Growth In tourism Will also cause growth In other sectors like agricultureWe all know and agree that diversisity is best
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That should be – “severely CHALLENGED at comprehension, DOES not pay attention to detail.”
I see grammar is also a problem.
Silly man, I ask again – what is our disagreement?
Oh lord, give me faith!
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By the way, if I was trying to save face by saying that I hoped you were right, it suggests I did not mean it.
THEREFORE, I must have HOPED you were wrong.
SMH. Images of the 3 yr olds again! Never, never did I have this problem!
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“. rather than .”
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If you are referring to this prolonged and seemingly pointless exchange, yes, it IS crazy! Or it is driving me crazy. I cannot get this man to understand what I am saying. We seem to speak different languages. I cannot accept it and so I persist.
You and I disagree on almost everything but I do not think we misunderstand what is being said.
This is the second time I have bashed my head against the brick wall. The first time was to do with the St. George bi-election. ( So, my memory is actually very good.)
On that occasion, I gave up. Now again, I admit defeat.
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You cannot THINK what our disgreement is?
The last disagreement i Can REMEMBER is
U implying that i Said lock Down are over withAfter u realised ur mistake You tried tiu ile trick of savning face by takling about diversfying the economy
Before that i was pointing Out that people dont normally follow the advisories and that the last advisory by the usa was and improvement – You n the other had seemed to Think it was an indikation of bad thing to come ( for our tourism)
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PM
By the way, if I was trying to save face by saying that I hoped you were right, it suggests I did not mean it.
THEREFORE, I must have HOPED you were wrong.
SMH. Images of the 3 yr olds again! Never, never did I have this problem!
Xxxxxxxxxxxxxxxxxxxxxxxxam not surprised at your reaction. After trying on two occasions to BS my opinion on two occasions and probably realising how stupid you fauci/god response was you tried to save face by HOPING i am right. then tried to lead me down a rabit hole and i refused to follow.
XxxxxxxxxxxxxxxxxxxMaybe i give You to much credit In understanding
Maybe i should have sad – You tried to save face by pretending you hope i was right
Hoping was put In caps for a reason
How Can u hoping that that we all g’et wiped out (or whatever it is u Said) be face for u after u realised u fauci/god comment was stupid?
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Face saving
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@John2
Is your role to deliberately baffle the blog with bullshit?
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No stopping tourism show
By Barry Alleyne barryalleyne@nationnews.com
The show will go on!
That was the feeling across Barbados’ tourism landscape yesterday after the United States government advised its citizens not to take non-essential trips to the island in the sun.
Players in the sector say they are not expecting the US advisory to significantly impact winter tourist arrivals, with bookings having already significantly increased since Barbados was placed on the green list of the United Kingdom (UK), the country’s main source of tourism revenue.
Roseanne Myers, chairman of the Barbados Tourism Marketing Inc. (BTMI), the entity entrusted with promoting Barbados’ image to the world, said the advisory was not surprising. “It’s just the way the world is forced to operate in these times (of COVID-19),” she told the Weekend Nation.
“Barbados continues to perform extremely well regarding the management of COVID-19 with a positivity rate below two per cent. It is well recognised that the Ministry of Health continues to manage the situation very well, has not relaxed vigilance and makes the results of testing known daily,” she added.
Myers noted that since the reopening of the US market on May 8, which targets vaccinated travellers, they had seen an excellent increase in airline loads into Barbados, week to week, and the last quarter of 2021 was already quite strong.
“We acknowledge the recent US advisory but the Barbados record speaks for itself, and discerning travellers will continue to judge based on the COVID-19 mandates and the data that Barbados has not dropped its guard and remains an excellent choice for a safe and rejuvenating vacation.”
Protocols
She said BTMI would continue to highlight the protocols established to keep everyone safe and inform potential guests, airlines and trade partners of the relatively low number of virus cases being experienced.
“Our travel partners continue to express their confidence in Barbados and remain committed to recommending and selling the island as a destination of choice for their clients. The only way to respond to such advisories is to keep the scourge of COVID-19 under control for our own safety as residents here and that of visitors. The BTMI must ensure the results are known to all and to let the travellers judge the actual data for themselves.”
Chairman of the Barbados Hotel & Tourism Association, Geoffrey Roach, said the advisory might not even affect hotel bookings in the short term.
“It’s too early to say how this would affect us. Most of the bookings we are seeing are out of the UK market. From what we’re seeing out of the US market, I’m not convinced that advisory is going to stop those people who want to travel from travelling.”
Roach said they anticipated that as the months go by, UK arrivals would outstrip American visitors anyway.
“From our discussions with tour operators, the signal is the demand from out of the UK for Barbados has remained high. Since we’ve been placed on the green list, the interest remains high and we expect that is going to continue,” he said.
Minister of Tourism Senator Lisa Cummins said countries across the world were faced with making decisions to safeguard their citizens.
“As we continue to face the COVID-19 pandemic, countries continue to make decisions that they consider best for their citizens, Barbados included. We are confident Barbados remains safe for Barbadians and visitors alike,” she said moments after exiting a Cabinet meeting.
Advisory
Cummins said it was noteworthy that many countries had also been issued similar Level 3 advisories. The United States Centres for Disease Control issued the Level 3 advisory yesterday, encouraging its citizens to avoid travelling to Barbados because of its current struggles with COVID-19.
In the past six weeks, Barbados’ virus numbers have dipped and risen from week to week, as public health authorities have attempted to contain several clusters. Local transmission also forced Government to re-institute an 11 p.m. to 5 a.m. curfew since last month. That curfew is set to be reviewed by August 8.
In the advisory, Americans were warned against coming here for non-essential travel, and to vaccinate should they decide to visit. Unvaccinated Americans were encouraged to stay at home.
“Your risk of contracting COVID-19 and developing severe symptoms may be lower if you are fully vaccinated with an authorised vaccine. Before planning any international travel, please review the CDC’s specific recommendations for vaccinated and unvaccinated travellers,” it added.Source: Nation
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so I guess I HOPE the pandemic runs rampant and wipes us all out, thereby proving me right.)
Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
That thought never once entred my mind ,
You May have a hard head. But i dont Think any person would hope the pandemic would run rampant ( and just to Prove a point or be correct).We both may Think the other one is stupid But……….not that low/ crazy
If i had thought that is what u meant then i would have been calling You Out on where your Heart isIt never one entered my mind until You Said it
Just saying. Thats my last on that part
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Uh-oh! BY NOT BI
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Exactly! That is why your “saving face” response was absurd. The comment was obviously a genuine sentiment. I am not the self-destructive kind. I was simply urging caution in the midst of hope.
And advocating that we change our mindset towards tourism as our one and only saviour. It has proven to be a fickle saviour.
As the cliche goes, “It cannot be business as usual.” We must turn our thoughts to “business unusual”.
That was all I was saying even from the Central Bank review blog.
A mere five percent growth after a shutdown and reopening shows us how dependent on tourism we are. It is therefore not good news.
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If thats directed at me then tou lost me
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8:04am
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Correcting an error.
The blogmaster invites you to join the discussion.