The latest chatter on the local newsfeed is about Barbados’ scheduled repayment of $928 million dollars by end of 2029. To avoid attracting the wrath of government’s senior economic advisor Dr. Kevin Greenidge, Barbados borrowed $870 million since 2018, the difference of $58 million is interest due supporting Greenidge’s argument that IMF money is the cheapest in town if compared to what is available on the open capital market.
The blogmaster is happy to observe the concern being expressed by all and sundry about the accumulation of the public debt- foreign and local- by the BLP government since 2018. However, we should not forget how we got here.
Successive governments have been responsible for our current debt level which is reported to be about $13 billion. Barbadians have been reassured by Greenidge the $870 millions borrowed from the IMF represents a small 6.4% of total debt. Wonderful. The government has stoutly defended the borrowing by reminding the debt level was 18 billion when the Mottley government took office in 2018. Ideally if the pay down was from earnings, we could be satisfied the country was positively addressing repayment BUT it was largely due to a debt restructure.
We read retired professor UWI Michael Howard skepticism presented in the press this week and Dr. Robinson had his say in today’s Nation. The debt is too high. However given the design and current state of the local economy it is a problem we will have to tolerate for a generation or two IF corrective measures are taken now.
A more immediate concern is protecting the health of the foreign reserves. The longer the conflict between Ukraine and Russia continues and serves to undermine the global financial market and disrupt global supplies to small island developing states, there is a chance of foreign reserves being compromised. It was reported the increase in import cost of fuel for Q1’22 compared to last year was significant. The the root of the debt accumulated is successive governments lazily satisfying the conspicuous consumption behaviour of citizens. Citizens have skin in this game.
The crisis that is unfolding in Sri Lanka should remind small developing countries like Barbados what is possible. This week the government of Sri Lanka banned the sale of fuel for two weeks. A person does not have to be ‘smart’ to understand the implications of making such a drastic decision.
Sri Lanka suspends fuel sales for two weeks as economic crisis worsens
Ban on sales to everything except essential services comes as nation tries to conserve fuel supplies that are barely enough to last a single day
A Sri Lankan security official stands guard outside a fuel station that ran out of petrol in Colombo, Sri Lanka on Monday. Photograph: AFP/Getty Images
Agence France-PresseTue 28 Jun 2022 01.30 BSTLast modified on Wed 29 Jun 2022 05.10 BST
Cash-strapped Sri Lanka has announced a two-week halt to all fuel sales except for essential services and called for a partial shutdown as its unprecedented economic crisis deepened.
The south Asian nation is facing its worst economic meltdown since gaining independence from Britain in 1948, and has been unable to finance even the imports of essentials since late last year.
As fuel reserves hit rock bottom with supplies barely enough for just one more day, government spokesperson Bandula Gunawardana said the sales ban was to save petrol and diesel for emergencies.
He urged the private sector to let employees work from home as public transport ground to a halt.
“From midnight today, no fuel will be sold except for essential services like the health sector, because we want to conserve the little reserves we have,” Gunawardana said in a prerecorded statement.
He apologised to consumers for the shortages: “We regret the inconvenience caused to the people.”
I am scratching my head as to why so many here are annoyed with the “temerity” of this “white guy”. He is is fully cognisant of how our governments since independence have generously assisted minority companies to get ahead and thrive. He has witnessed how public monies have been diverted to these businesses and how Barbados governments have consistently given public projects to white-owned companies. All of this has been done without a murmur from our fourth estate.
I admire his bold-faced approach to Mia’s government: keep funding us with public monies until we make profits and then piss off. This is what he is saying. We all know that Mia does not understand detail too well. Least we forget, as well as being the prime Minister, she also holds the position as Minister of Finance. I would say that this mzungu stands a good chance of receiving all the cash he desires especially with Mia’s shadow – the Indian, Persaud – hovering around in the background.
It is only a matter of time before these minority boys push out the ignorant black skinned politicians and proceed to manage the country. The great John Okello would have known how to have dealt with these blood sucking parasites.
@ Waru,
Hers’s one for your collection.
@ TLSN; @ Donna
The reason they can be so bold faced is that we have refused to go after our own private sector moguls, who fleece us the taxpayers , with the assistance of our own black governments.
There are apparently billions of dollars sitting in the banks and our private sector is still being allowed to get away with not paying taxes.
Our own dog is biting us. Who will be surprised if outsiders exploit us the same way we are exploited daily by our own.
Thousands of acres of land allowed to remain idle while we have to push agriculture via Guyana.
The BS apparently has no ending. Don’t be surprised if the so-called investors get everything they want and more.
Thanks..TLSN.
“It is only a matter of time before these minority boys push out the ignorant black skinned politicians and proceed to manage the country. The great John Okello would have known how to have dealt with these blood sucking parasites.”
i see one telling them they have the money to invest in their ferry dream, new face, can’t say i know that one, new frontman, or now visible frontman…..but regulations will have to be upgraded to more positive business models he said…..and the government can’t act like they are doing them any favors either when they do it…
…happy to see their fellow parasites mean business with them….they will get the boot up their Judas asses yet..
“The reason they can be so bold faced is that we have refused to go after our own private sector moguls, who fleece us the taxpayers , with the assistance of our own black governments.”
collaborators and conspirators, both OWE the Afrikan population reparations for ALL THOSE THEFTS, over 100 YEARS worth…
but instead of paying they are ALL LOOKING at Europe and UK their fellow collaborators and co-conspirators in the systemic socio-economic take down of Afrikans….and got the GALL to attempt to EXTORT BILLIONS FROM THEM for themselves ONLY..
…an OVERABUNDANCE OF NERVE they all got…..and who actually believe they will GET AWAY WITH THIS….no wonder they can OPEN their mouth for the government who can’t do shit…
Pacha…these are popping up all over the place, but once backed by gold, stands a chance….someone just brought this one to my attention….have you heard anythign about it yet? Know you are well familiar with these areas.
July. 2, 2022 / PRZen / BANGUI, Central African Republic — Following the government’s landmark cryptocurrency legislation and initiative, Central African Development Company has launched the African Resources Coin (AFRE). The initial coin offering went online (ico.centralafrican.co) Friday morning in the Central African Republic.”
BT
“He also suggested that while the service would be private sector operated, governments could be an initial investor to get it started and then back out once it starts to become profitable.”
This is a way of removing all the risk of being a businessman. Are there other ventures where the government removes the risks, subsidizes or reimburses businessmen when sales are not as projected?
Besides the ferry, are there upcoming ventures where a businessman can expect government to take/minimize the initial risk.
This is the whole link…apparently it launched last Friday….2 days…the Afrikan continent is the only area with vast resources to make it successful.
https://www.digitaljournal.com/pr/new-african-cryptocurrency-fulfills-gaddafis-vision
“Trillions of dollars in natural resources such as gold are digitized as the Central African Republic government begins a “Crypto-Initiative”
Jul. 2, 2022 / PRZen / BANGUI, Central African Republic — Following the government’s landmark cryptocurrency legislation and initiative, Central African Development Company has launched the African Resources Coin (AFRE). The initial coin offering went online (ico.centralafrican.co) Friday morning in the Central African Republic.”
Afrikan Proverb about Fowls.
https://www.blaqsbi.com/41Ow-Post-Words-of-my-Africanrbs-Africanproverb
Would urge caution on cryptocurrencies.
Not knowledgeable on these matters but observation and tingling spider senses puts me on alert.
Why are we surprised that the man is being so honest.
This is the HISTORY of how the Barbados government (and the white private sector) does business.
Practically every foreign owned business in Barbados started as a local entity, BUILT BY TAXPAYERS, and was then turned over to foreigners for a song and a wink.
The open secret among the albino vultures is how to ‘wink’
This poor chap probably assumes that all brass bowls know this already….
LOL … he probably don’t understand how much brass bowls hate themselves.
Pach…your lap puppy axed you a question, answer it hunny
“Would urge caution on cryptocurrencies.
Not knowledgeable on these matters but observation and tingling spider senses puts me on alert.”
definitely, if it’s not backed by the tangible and cannot be switched at a moment’s request to hard currencies….scam..
“Why are we surprised that the man is being so honest.
This is the HISTORY of how the Barbados government (and the white private sector) does business.”
he has no fear of being HUNG for PIRACY or THEFT…like in the 1920-30s when they started tiefing from EVERYONE…their trademark 100-year-old history and their judases have more to lose than them…so he can be brutally honest…wuh dey cahn touch dem..they know too much…
I asked Pacha the question but it seems you are the one who is most desperate to hear the answer ….he can email me the answer and you won’t see or know shit…unless ya do ya own research..
Dear Waru
Not about that one specifically but am in on several others. The dominate currencies of the immediate future will be backed by provable minerals for which they could be exchanged. Those currencies will also include electronic or crypto versions.
@Pacha
You have gotten rid of your fiat denominated wealth?
Yes Pacha…there are quite a few around…and backed by raw minerals….once ya can switch to other currencies…it’s safer than what now obtains, backed by BS, thin air and CRASHING everywhere……
Perhaps, research is being done, but I have not reached the point where I consider myself an expert/authority.
Still in the learning stage. Let’s keep it at this level.
Hopefully…these ferry investors have background checks done on them to find out WHERE THEY GOT THEIR MILLIONS…..hopefully not from VAT, the treasury or pension fund…
when ya see new faces…..new people fronting WITH the people’s decades of stolen assets has to be taken into consideration…
Waru
The voice of Creator!
https://youtu.be/Ig91Z0-rBfo
Thanks Pacha…thoroughly enjoyable..
Like if we did not know that all they do is tell LIES…
“Well as we been telling ya
What an admission of truth.
John Swinton, former Chief of Staff of the most powerful and prestigious newspaper on earth, The New York Times, when asked to give a toast to the “free press” at the New York Press Club stated:
“There is no such thing, at this date of the world’s history, in America, as an independent press. You know it and I know it. There is not one of you who dares to write your honest opinions, and if you did, you know beforehand that it would never appear in print. I am paid weekly for keeping my honest opinion out of the paper I am connected with.
Others of you are paid similar salaries for similar things, and any of you who would be so foolish as to write honest opinions would be out on the streets looking for another job. If I allowed my honest opinions to appear in one issue of my paper, before twenty-four hours my occupation would be gone.
The business of the journalists is to destroy the truth; to lie outright; to pervert; to vilify; to fawn at the feet of mammon, and to sell his country and his race for his daily bread. You know it and I know it and what folly is this toasting an independent press? We are the tools and vassals of rich men behind the scenes. We are the jumping jacks, they pull the strings and we dance. Our talents, our possibilities and our lives are all the property of other men.
“We are intellectual prostitutes.”
Theo..yes, one must always be on the lookout for the crypto scum artist, this one’s face is plastered everywhere…..when you know people are SCAMMERS BY NATURE you do NOT invest anything in or with them..
“$4bn “Cryptoqueen” Fraudster on FBI Most Wanted List
Ruja Ignatova has been placed on the FBI’s 10 Most Wanted list after allegedly defrauding investors out of $4bn in a fake cryptocurrency scam called OneCoin.
The Bulgarian-German hasn’t been seen since fleeing in 2017 after discovering her American boyfriend was cooperating with authorities.
The FBI is offering a $100,000 reward for information that leads to her capture.
Outsourcing dirty work to citizens for cash sounds like a reliable policy.”
First bit of transparency was one big lie, or was it?
Do the Chinese get the seaport and airport if we default?
Is the female minister a liar?
Was the former Minister of Tourism document manufactured or is it the truth. Nothing fAlls off a truck.
Thought this story had staying power, but it disappeared into the ether.
Source: Nation
The majority need to REMOVE THEMSELVES FROM THE COLONIAL SYSTEM….let it COLLAPSE on itself…..all the parasites will have to look for NEW HOLES to live in…that;s the whole point..
Order of Caricom!
For Billie Miller, Vic Richards and David Rudder.
Honestly, this writer has always had more than a modicum of ‘respect’ for Richards and Rudder. Even Billie matured to become unlike the younger version of herself. However, as compared with each of the two others, the equation seems lopsided.
The Bajan respectability ethos has been finally exported. We see the fingerprints of Mottley all over this. Let us see if the trade imbalance will now balance😍
What else are we producing but form without substance?
Is there anywhere else on Earth or Mars with such a fixation on honoraria?
This is who we are ?
https://www.nationnews.com/2022/07/03/cook-like-bajan-season-4-episode-two/
Expect less tourists from the UK.
https://www.barbadosadvocate.com/news/expect-less-tourists-uk
People in Barbados and the Caribbean can continue sitting and waiting on powerless politicians…who have NO CONTROL OVER ANY OF THIS…
“Americans lost $1.4 trillion in their 401(k) accounts and another $2 trillion in IRAs.
As stocks somersault this year, trillions of dollars have been scrubbed from Americans’ retirement savings.
This year, the S&P 500 has slumped over 20%, the Dow Jones Industrial Average has fallen close to 16%, and the Nasdaq Composite has dropped more than 28%. As a result, Americans lost $1.4 trillion in their 401(k) accounts and another $2 trillion in IRAs, according to Alicia Munnell, director of the Center for Retirement Research at Boston College.”
Pacha….it’s going into the negative..info is trickling out..
Apparently something is going on in Europe…and some people say a collapse is imminent.
Just the fact that the continent has started up their resource backed currencies should give Afrikan people pause and tell them they need to FIX THEIR BUSINESS…and start preparing to HELP THEMSELVES..
politicians have NO CLUE….and will LIE TO YOU…
https://youtu.be/WODJBHeaMM
David
Is this what your “democracy” has descended to?
Is it not time to clean the slate and b unlearn everything Westminster has taught us?
Could there be clearer proof that dystopia awaits us?
Unable to watch the video.
David
If you click the little arrow in lower right corner when YouTube fails to load, it opens you tube in a new tab and you can see the video clip
The following graph shared by John A re: tourism stats.
https://barbadosunderground.files.wordpress.com/2022/07/tourism_stats.png
Sri Lanka energy minister warns petrol stocks about to run dry
https://www.bbc.co.uk/news/business-62032542
“Is there anywhere else on Earth or Mars with such a fixation on honoraria?”
should be more fixated with competency in management of the country and intelligence…since they have no creative skills…
the first two have natural skills….don’t know what they are honoring the third for….. not worth the 8 letters in the word…
TINGS BROWN
” In the face of the Russian war, climate change and the global pandemic, Barbadians are being urged to economize more.
That plea has come from Senior Minister and Minister of Energy and Business, Kerrie Symmonds, who spoke at the Calvary Temple Community Church on Sunday.
The special service was in tandem with the Occupational Outreach for all Six Roads Small Business Entrepreneurs, at its Groves, Six Roads, St. Philip location.
Minister Symmonds warned that life as many knew it is no more and that not only households must be conservative with their finances, but businesses as well.
“It cannot be business as usual … because the world is in a state of crisis and quite frankly the world is bordering on war,” he said.”
they always find a way to make sure they are the ones benefiting and the customers get SUCKED DRY….vampires…
“Readers who saw our recent article Read Letter Detailing Misconduct at Barbados Light and Power, learnt that the shareholders of BLP reportedly received distributions of dividends of $25m, alleged to be a sum higher than the net profits of the utility, which exists solely to serve the Bajan public. Whilst dividends, based upon profits, are expected, this extraordinary, and even obscene amount, was paid notwithstanding that BLP has reneged on its repeated promises to purchase new generation equipment with its revenue, which runs into the millions of dollars.”
from the perspective of a young person…let’s hope he becomes the exception….Caribbean leaders like to talk too much and ACT VERY LITTLE…
“PARAMARIBO, Suriname – The newly elected Prime Minister of Grenada, Dickon Mitchell, on Sunday warned the Caribbean Community (CARICOM) against being viewed as a “talk” shop and urged Caribbean leaders to do more to foster greater regional unity and socio-economic development.
Mitchell, who came to office after leading his National Democratic Congress (NDC) to victory in the June 23 general election, told the opening ceremony of the 43rd CARICOM Summit that for too long “this Caribbean Community that we all love has been seen and viewed as a place where we talk, and talk, and talk and then we talk some more, and to what end Mr Chairman?
“No Sir, this is a time colleagues, my friends and to all the young people across the Caribbean Community – this is indeed our moment, this is your moment, where it is a Time for Action and a Time of Choosing.”
Are they still share holders of bl&p?
Didn’t emera buy out all the local shares?
Whistles.
David thank you for posting ALL the numbers and not just some.
Jan to March period:
Year 2022 open 114457
Year 2021 covid. 9061
Year 2020. Open. 153848
Year 2019 open. 208774
So folks them is the numbers. Now some bragging hard bout how much arrivals was up in 2022 winter over 2021 but cuhdear the place did shut in 2021. LOL. So why they didnt compare it with 2020 when de place was open then? After all covid shut we down hard in april 2020 remember? Had me shopping by name and thing!
So where we is today then? Well we arrivals a little over half those of 2019, they lower than 2020 too for the record, but we spending like if it was 2019. Dont worry though the IMF money cheap and we got them number on speed dial.
That is why i say you can use some numbers to play politics wid, but when you put ALL the numbers together you still always get the truth!
LMAO! Sir, covid got into full swing after March 2020. Your own stats demonstrates that–look at the dramatic fall off from April 2020. That’s exactly why you conveniently chose Jan-March to do a comparison, knowing very well that including April and May would make 2022 stronger than 2020, hence nullifying your argument. To fairly and sensibly analyse these numbers, the factor of time in relation to the severity of covid can’t be ignored. This is why Jan-March 2020 is stronger than Jan-March 2022, with the reverse for April-May ie 2022 being stronger. The spinnnnn eh, like a washing machine.🤣🤣
enuf you showing yourself for what you are.
First of all the primary rule for comparing data is to use identical periods where circumstances are the same. You should not therefore include data that skews the outcome. Although politiicans and their followers love to do this it is not a basis for comparison.
So let me put it real simple for you and all like you. It would be like comparing the sales for a store in september of one year, with sales of december for the other year. Or sales for a Saturday when the store is open to a Sunday when it is closed. You wid me so far? Hope this help you.
The numbers are factual the periods compared identical, hence the data is not skewed manipulated. If you dont like the numbers you and the others go cluck over them. They are real and taking from the same publication your buddy chose to use. Just a page further down that speaks to the total numbers.
What happen the truth burst your bubble? The fact that the 2022 jan -march you brag bout was lower than 2020 upset you Lol. Also dont forget 2022 period had reduced protocols in the source markets so that should of work in you favour.
Anyhow wunna try to play with them but they accurate and compare data that is relative. i have nothing further to say on the subject i will leave the free thinkers to form their own opinions and the fowls to cluck over the outcome. Lol
Wait i got a closing question for wunna.
With tourism arrivals still just over 50% of 2019’s and we spending more than in 2019 where the money coming from to pay de imports and bills?
That is my final question all at wunna now LOL
Gave enuff a point a few days ago. Going to give the win to John A. The inclusion of 20 and 21… game, set match
John A
You convieniently forgot that is you the started the comparison between 2022 and 2021
Xxxxxxxxxxxxxxxxxxxcxxxxxxx
I would like to tell the same fowl this now, based on the bookings so far summer looking bleak, ***so he can expect 2022 arrivals to be down on 2021. *** So ask you people this for me please. “How come in 2022 when covid restrictions globally have been nearly done away with, we cant get 2021 numbers beat?”
Xxxxxxxxxxxxxxxxxx
I have no problem accepting the figures for 2020. .
Continue ur spin or is it slugging and missing the ball.? Ur forth attempt
John2 July 2, 2022 12:55 PM
John A
I would like to tell the same fowl this now, based on the bookings so far summer looking bleak, so he can expect 2022 arrivals to be down on 2021. So ask you people this for me please. “How come in 2022 when covid restrictions globally have been nearly done away with, we cant get 2021 numbers beat?”
Xxxxxxxxxxxxxxx
Are u referring to summer figures only ?
If so , isn’t it better to wait until the figures are out?
If you referring to total then for the q1 of 2022 showed an increase over 2021
Xxxxxxxxxxxxxxxxxxx
Better yet – my initial response to you
Too bad you had to go all around the world hunting and then come back home when from the start u could have said you meant 2020 / 2019
TheO
Enuff is absolutely right
2020 Jan Feb and mar. We had a normal winter season. Covid was now taking over the world
The figure show that we are down 22 over 2020 in those three months. But as the same John A does preach – u have to factor in the conditions
He is lost
I am surprised in this entire thread, no discussion of the perilous cash flow situation in 2018 (recall they did the highly unusual and grabbed TBill holders), and what these new short term Bond holders, plus all the low interest JBond holders mean for repayment.
These are not all Debt holders one may reasonably expect to ‘roll over’ at maturity. So while the servicing costs are low, ‘soon from now’, the GoB will need real cash to fulfill those principal obligations.
The bulk of the newer debt, is low interest (cost) money from the Bi/Multi lateral agencies. Rolling them over is more likely, except rates ‘could be’ higher.
The island is now fully addicted to debt.
Lol…@JohnA you think revenue will guide the elected? Did you see Sinck cut back…and now you expekking Ms ‘all hands pun deck’, to know when there is a leak below?
@Northern
Yes you are right the faithfuls will tap dance around our reality and try to deflect but they will all have to face the reality none the less.
My question to them all remains this “with your arrival only at roughly half of 2019 and your expenses higher than 2019, how do you plan to finance the difference?” Where with our recently outlined debt burden will you find the cash and cashflow to plug a hole this big?
The loyalist of course have no answer just efforts of deflection.
I really have no interest in the BS of political slide of hand, what i want to know is simply where will the money come from thats all? With a company were it a short term issue, you could extend your overdraft but not for a prolonged period. 2019 was 3 years ago and our reality is we are still struggling to get past 50% of our 2019 arrivals. Surely even a 11 plus child would understand the problem we face.
But dont worry Cropover soon here and we could wuk up all we want this year.
JohnA
I really don’t intend to waste my time. You said “First of all the primary rule for comparing data is to use identical periods where circumstances are the same.” Given the timeline of the covid pandemic, the circumstances between Jan-Mar 2020 and Jan-Mar 2022 are disimilar. Similarly, April-May 2022 and the same period in 2020 aren’t identical regarding curcunstances. But tell me why you used Jan-March, even though data is available up to May? What led you to determine that the circumstances were not identical? Or you just wanted to skew the numbers?
The undeniable fact is that numbers Jan-May 2022 are above both 2020 and 2021 (no bragging), as Covid is the key contributing factor in both instances. Context sir context!
Yawnnn
Mr gloom and doom
Where are ur figures tat we are spending more than 2019?
Didn’t Mia present a budget in March ?
Isn’t it better to want and see how things are trending ( according to the numbers ) ?
The only person in here that is deflecting is you. Grabbing at straws
Forgot
With over a billion of FX. = how many months of imports?
Lol all borrowed money that must be paid back in fx which we bleeding monthy in reduced tourist arrivals.
Yes man we sitting good!
Continue with what u want to say.
You transparent
As a numbers man can you tell us how much fixes leaking per month?
I would be interested to know how big of. Hole we have to plug
John 2 my points and concerns are these and whether you B or D they should be yours too.
A. It is a fact that our tourist arrivals are way off 2019 still. That is evident from the imformation you so kindly provided. FACT 1.
B. We have not been able to trim our expenses since 2019 in any real way, or to try and reduce them and our demand for fx. Check budget figures for last 3 years. FACT 2.
C. We have borrowed heavily As has been confirmed and highlighted in the press recently. I believe some said it was a total of $800M or their abouts, but I dont have the exact number. FACT3
D. Every single cent we borrowed from the IMF and others has to be repaid in fx. FACT4
E. They are only 2 ways to get fx to repay debt owed by these loans, we either have to genuinely earn it or borrow more FX to pay debt due, hence creating a debt pyramid. FACT 5
So we can pick nit over April 20this and march 20 that, but there is a way bigger issue brewing here and that is this. How we going service all these loans with fx when we fx receipts from tourism way down because we arrivals still way off 2019 levels 3 years later yet we spending like nothing change?
That my friend is the lion we must wrestle with.
@JohnA
Don’t ask where the revenue is coming from. It doesn’t matter.
The key is maintenance. Spending doesn’t matter either, once you can find a willing lender.
Tourism will not bounce back soon to lofty levels. Maybe it can make steady gains, but COVID isn’t over, and the airlift is currently in a mess. The cruise lines are giving incentives like never before, and still can’t fill them.
@ Northern
Yes i have seen some of the cruise ship ads and still they cant get the loads up on the ships. Airlines say it may be 2 years before they can get the crew for the flight demand up to scratch. We do have major challenges in the short to medium term with our tourism.
Question is how many years will it be before we get back to the 2019 levels of revenue on which our expenses as a country seem to be based ?
Mr gloom and doom
Let this yard fowl go back to those statistics that u alleged i spinning for political reason.
So from Jan – March 2020 is more the the same period in 2022
Ur figures – 22 = 11457
20 – 153848
Yet u disregarding the facts the for the year so far from Jan – may the 2022 (181 284) surpassed 2020 (154 330) .
Talk about someone spinning for political reasons ?
No back to ur question
Is the fx debt all gotta be repaid on the same day or is it spread out?
When the economy grows what does happen to government revenue?
Wait did I read some place that real estate market is picking up?
Did I read the cement maker can’t keep up with the order for blocks?
Isn’t it wise to wait for the numbers to see how we are threading ?
Mr doom and gloom
Let me help yuh out !
U spinning the tourism numbers to say that we ain’t doing well so that u can den switch to ur diversifying / solar / agriculture so you can score BU point with ur independent thinkers friends
I don’t know why yo didn’t jumó straight to it instead of screw up the tourism numbers/ yrs
We all know and expected the tourism numbers to not get back to 2019 level this year
@John2
Can I put you down for $500,000 in series J Bonds? I have a few people who will accept 75c on the dollah, you stand to make a healthy return.
NO
I don’t deal with bonds. I invest in stocks that pay 3+ % dividends and cover them with options . Options are my main trading tool
Try to get sleep but the fireworks…..
Barbados signs agreements with Guyana and Suriname
David
What are your thoughts?
A new regional carrier is urgently being discussed between Guyana and the Caribbean Community (CARICOM), according to Prime Minister Ralph Gonsalves.
He made the announcement at a press conference following the 43rd meeting of CARICOM heads in Suriname.
Prime Minister Gonsalves said the establishment of this new regional carrier is “a matter of urgency”, especially with renewed efforts to facilitate free movement within CARICOM.
It may well be a revival of LIAT in some form or another, Gonsalves said.
To establish a framework for the new regional airline, however, an aviation consultant will be needed, according to the Prime Minister.
“… but it has to be done quickly,” he added.
Antigua and Barbuda, Grenada, St. Vincent and the Grenadines, St. Lucia, Barbados, Dominica and Guyana will lead discussions on the new airline. [St. Vincent Times]
~~~~~~~~~~
Perhaps the Mia Mottley administration should learn from the mistakes made by previous BLP & DLP administrations, and consult with Barbadians before investing taxpayers money into another regional airline.
@Artax
Are you excited by the talk?
The blogmaster is in wait and see mode. HoGs have done nothing in recent memory to inspire confidence.
Source: Nation
‘Government’ could find the resources to establish and fund an unnecessary ‘Public Affairs Department’……
…… but cannot fulfill the Auditor General’s requests for additional staff.
David
Am I “excited by the talk?”
Far from it, my friend.
The manner in which regional governments have dealt with issues concerning LIAT, UWI, CARICOM, regional integration, West Indies cricket…… and how they allow the US government to manipulate regional unity, by ‘picking and choosing’ which Caribbean leaders with whom they want to meet, rather than remaining united……
……. do not inspire excitement or confidence.
David
I found this article in the Antigua ‘Observer’ very interesting.
“New plans drawn up for LIAT expansion – including making all destinations serviced buy shares.”
7 July 2022
“New expansion plans for LIAT have been proposed, to build on the optimism of a small operating profit recorded over the past 20 months.”
By Orville Williams
Efforts to save and revitalise the embattled LIAT could get a massive boost within months, as new plans for the airline’s expansion are drawn up.
This week’s post-Cabinet report revealed that three officials from the carrier’s administrative office were present at the weekly Cabinet meeting on Wednesday, with a proposal that includes several operational changes that could be realised in six months’ time.
Among the proposed adjustments is that “any destination requiring more flights than has been deemed necessary would make a special payment to realise its ambition”.
A minimum revenue guarantee would be applied in order to determine what that cost would be, the notes added.
That change could be read as a direct response to reports of some countries requesting and benefitting from largely unprofitable routes, to the detriment of the carrier’s finances.
Information Minister Melford Nicholas confirmed that presumption, while noting that it is not an uncommon practice within the region.
“In the past, many states would have required and demanded certain flight schedules that made it uneconomic. I think, in this new arrangement, they will be proposing a minimal number of flight operations.”
“And where member states would want to go beyond that, then they will be asked to supplement that operation with minimum rates guaranteed – much like the North American carriers would have done in the Caribbean,” Nicholas explained.
In the proposed ‘new LIAT’ as well, “salaries, wages and other emoluments will take up a smaller part of its cost of operations” and it is likely the carrier will continue to operate with a reduced fleet – three aircraft are being utilised currently, compared to 10 aircraft prior to its collapse.
In the proposed ‘new LIAT’ as well, “salaries, wages and other emoluments will take up a smaller part of its cost of operations” and it is likely the carrier will continue to operate with a reduced fleet – three aircraft are being utilised currently, compared to 10 aircraft prior to its collapse.
Another forthcoming adjustment, according to the report, is expanding the responsibilities to LIAT, as well as the rewards from the carrier to include all benefitting countries.
“Every territory to which LIAT flies will be asked to purchase shares so that the burdens and the benefits can be equitably shared,” the report stated.
That for certain is an example of ‘learning from your mistakes’, as LIAT’s current shareholder governments continue to debate the future of the airline, and their financial obligations to former staff who were severed when the airline ceased operations back in 2020.
While the airline remains in administration at this point, it is operating on a small scale with only a fraction of the routes and active staff compared to its heyday. But despite those limitations, the report revealed that “the revenue earned by LIAT over these past 20 months shows a small operating profit”.
It was reported in 2018 that the carrier had only previously made a profit once in its decades-long history – in 2009.
This latest profit has bolstered the government’s optimism about LIAT’s future and is spurring the much-touted expansion.
“The 139 staff that are [at] LIAT as well, they have asked for an increased number of staff to be able to cope with the growing demand that they’re seeing.
“I think, based on those discussions, we are satisfied that LIAT 2020 has a very good potential of rising from the ashes of LIAT 1974 Ltd, meeting and going beyond the expectations that currently exist for intraregional travel,” Nicholas said.
The Information Minister reiterated that there remains suppressed demand for air travel services across the sub-region and he asserted that this demand could encourage investment from other Caribbean countries.
@Artax
Under 1974 wasn’t the contribution to the financial plan now proposed also tabled to which St. Lucia and others refused.
Maybe it was they objected to 1974 debt burden? It seems a little unethical for Caricom to be looking to float a new airline with so many lose ends shrouding 1974.
David
Seems as though the government of Antigua & Barbuda is taking the lead in formulating plans for the revitalization of LIAT.
Remember, in December 2020, Browne accused Mottley and Gonsalves of “discriminating against LIAT” and engaging in a ‘deliberate effort to undermine the work ahead to have a successful return of the regional carrier.’
In March 2021, during a radio broadcast, he told listeners that the ‘former Barbados-based LIAT pilots are rotten elements responsible for the demise of the carrier.’
“You see those very pilots, especially those in Barbados, I’m told that they are some rotten elements, and one of the reasons why LIAT collapsed is not so much because of COVID you know, it’s because of the behaviour of them rotten elements within LIAT…”
Browne is prepared to blamed everyone, except himself, for the demise of LIAT.
Now, it appears as though the underlying expectation is that, those three PMs should ‘kiss and make up,’ in the interest regional travel.
But, lessons should also be learnt from what occurred under Antigua’s Prime Minister Gaston Browne and the Antiguan Court appointed administrator, Cleveland Seaforth, especially as it relates to amending the law thereby preventing former LIAT employees from filing civil suits against the airline or the Antiguan government for severance payments due to them.
Further, LIAT all will agree was grossly mismanaged with Antigua government a big contributor. A new airline with LIAT in the lead is madness.
David
Especially with Gaston Browne at the ‘spearhead.’
Browne believes LIAT belongs to Antigua, but knows the island is not in a position to fully finance its operations.
So, talk about difficulties people are experiencing with regional travel, in addition to very few airline options…… to build a case for the revitalization of LIAT……
…… an airline based in Antigua, managed and operated by personnel chosen by the Antiguan government….. with operations financed and airfares subsidised by regional taxpayers.
‘Sounds’ like a good plan.
$6 MILLION HOLE
AUDITOR GENERAL WANTS URGENT PROBE INTO BRA COLLECTION DISCREPANCIES
Auditor General Leigh Trotman has chastised the Barbados Revenue Authority (BRA) for failing to do spot checks at its cash collection points across the island, as required by law, and identified discrepancies amounting to millions of dollars for which no explanations have yet been given.
In his latest report covering the year ended March 31, 2021, Trotman called for investigations and swift action to address the inconsistencies.
The Government’s auditor, whose position is legally protected from political interference, raised specific questions about a more than $6 million difference between what the cashier’s report at one BRA collection point stated and what the Central Bank indicated was collected.
According to that September 22, 2020 cashier report for the Treasury Office in Bridge Street Mall, Bridgetown, cheques totalling $10.19 million were collected. However, there was a massive $6.62 million difference between that report and what the Central Bank listed as the amount received.
Trotman said the agency’s reported cheque amount “did not agree to the Central Bank listing which recorded $3,536,006.77, resulting in a difference of $6,662,541.31”.
He, therefore, called for swift action, adding: “No explanation was presented for this significant difference which should be investigated as a matter of urgency.”
Addressing the specific issue of surprise cash inspections, the Office of the Auditor General said it was not provided with any evidence to suggest that cash points were inspected during the review period.
He said he was less than pleased with this state of affairs at a revenue collecting agency that raked in more than $1.5 billion on behalf of the country.
“No documentation was presented to verify that cash inspections were carried out for the financial year ended 31 March 2021 as required by Financial Rule 116. With revenue collections of over $1.5 billion, the Authority should ensure that this control procedure is carried out, thereby ensuring that the funds collected on behalf of the Government are safeguarded and accurately recorded,” Trotman said.
In response, the BRA blamed the situation on “restricted movement across locations as a result of COVID-19” which it said, “impacted this process”.
The Auditor General also lashed the agency for its failure to submit financial statements on time.
He said the Public Finance Management Act 2019-1 Section 88 mandated that financial statements be submitted by collectors of revenue, such as the BRA, to the Auditor General and the Accountant General within two months after the close of each financial year.
He said the BRA had not complied with the requirement to also include information on receipts, revenue, refunds, waivers, remittances and receivables.
Trotman said the financial statement was submitted some seven months after the specified period, and his office had not yet received statements on the waivers that BRA granted, or remittances for the period.
He went further to describe what his office regarded as “major discrepancies, errors, and omissions related to receivables”. These included contradicting Value Added tax (VAT) receivable balances, with an $84.86 million difference between what was stated as VAT receivable and the receivables schedule.
“As a result, the VAT receivable could not be verified,” Trotman stated in his Auditor General’s Report which was submitted to Parliament on July 1, 2022.
In response, the BRA wrote: “This matter will be investigated.” (IMC1)
@ac
Nice.
What about the REAL money items in the Report?
The multiple government agencies where the AudG has nothing to audit because they are now 5-10 years behind.
Clearwater Bay where they found evidence in the land registry the land (4 Seasons) had been sold, BUT there was no corresponding record of RECEIVING any payment. (Pharliciple?)
The School Meals project begun in 2010 for 2012 completion is still not finished, and will now cost taxpayers an added +/- $6M
On and on as per usual
She wouldn’t care that financial mismanagement and seemingly malfeasance is a brought forward.
In case you were away for a few years, here is all you need to know
Conversation 1,
Poopy pants
Who are you calling poopy pants. You pooped your pants too.
But I pooped my pants before 2018. My pants dry your pants is still wet. Poopy pants
Who are you calling poopy pants. You pooped your pants too.
Conversation 2.
Boy we are facing some real problems
Not only we. The UK, US, France Germany, they all have problems.
Boy the crime about here really scaring me.
There is crime all over the world, even in the USA.
And some people are not getting an adequate daily water supply
it could be worse. I know they don’t want to be in Flint, Michigan
Man, what about our rising debt.
Imagine you talking about debt when Japan has much more debt than we.
Japan, UK, USA, France Germany. Are you certain we are in that weight class. You have a plaster for every sore.
Talking about sores. Monkey Pox! We don’t have that here. Go check out the UK
How many times can we have the same conversation and act as if it is a new conversation?
NorthernObserverJuly 9, 2022 10:54 AM
@ac
Nice.
What about the REAL money items in the Report?
Xxxxcc
Why is Mia Red bag no where to be found in this investigation
DavidJuly 9, 2022 10:57 AM
She wouldn’t care that financial mismanagement and seemingly malfeasance is a brought forward.
Xxxxxx
Shouldn’t 60-0 at least make a difference ?
Asking for a friend
It should make a difference with opposition voices seeing a need to step up to fill the vacuum.
Now if you want to talk about punching above their weight…
AC…
I like how this woman takes on all comers, sometimes 3 or 4 at a time. Where a brave man would hesitate, she pushes on.
Can you image the size of her heart? Wow!
I wonder if it is just blood that runs in her veins. Perhaps, it is some strange mixture of fire, iron and the stuff that one finds in the veins of superheroes.
Now, I am not saying that she is perfect. I know that she has made some mistakes in the past but when one is attacked by several opponents at the same time and attempts to fight back, then a few punches may be misguided.
You go, girl . (back on board the ac train)
DavidJuly 9, 2022 12:30 PM
It should make a difference with opposition voices seeing a need to step up to fill the vacuum
Xxxx
According to the voice of the PM she said her party can become the voice of the opposition and fill the vacuum
Haven’t you heard
Isn’t 60- 0 enough
Ok, then no need for the DLP. We got this.
Face it David
It is not so much that there is no need for the DLP ….as it is that the DLP is even more clueless than the damn BLP.
Angela c has come to accept this REALITY, even as she persists with the party shiite-spin like the faithful yard fowl that she is.
(Three is more under that weave than itch, David….just no brain…)
ac KNOWS that the very worse thing that could happen to the DLP now, would be to regain power… they would just make Wilfred look palatable.
So ac’s game is to ‘snipe’ and seek to remind us that the BLP just as bad as the DLP was…
Which brings us to YOUR problem…. Mr ‘we can find a way’ David
Here is what you have….
DLP hopeless
BLP just as clueless- (just more cuntsultants and ministers)
Atherley / Caswell gone fishing
Economy busted
Tourism gone
Sugar dead
Agriculture buried
Prices gone UP ….with seats and moving…
Wages stuck at 2014….
who YOU GONNA call…????
brass busters….???
@Bushie
History has taught us leaders emerge even if we are unsure of the timing.
And when hope is at its lowest there is the fable of a phoenix rising from the ashes.
Boss
You may need to extend your ‘history’ sources…
The problem with ‘history’ is that it usually ONLY ‘exists’ for those who managed to survive to write it….
The HOARDS of brass bowls who disappeared from existence through idiocy, have no stories of any phoenix, only of ashes and regrets.
It is why we know so little about Pacha’s ‘ancients’ who allowed themselves to be decimated via brassbowlery….
and so much about the albino-centrics who we have been facilitating, supporting and blindly worshiping, ever since…
DavidJuly 9, 2022 1:09 PM
Ok, then no need for the DLP. We got this
Xxxcc
Then keep it in yuh back pocket and see what the voters decide
Next election
IMF or DLP
@ Bush Tea
Page 10 of BarbadosToday online. Celebrating Canada. A deputy essential to the visual acuity of real men. lol
@ac
Fully agree, maybe the red bag was just smoke and mirrors?
It obviously had in nothing about Pornville? Nor anybody or anything else. Just a red hot air bag.
NorthernObserverJuly 9, 2022 4:50 PM
@ac
Fully agree, maybe the red bag was just smoke and mirrors?
It obviously had in nothing about Pornville? Nor anybody or anything else. Just a red hot air bag.
Ccccccc
But get this
This bag might be even bigger after all 6 million smackeroos missing
After all.porniville was a measley 15 thousand in chump change
6 million a whole lot of goodies lurking in that red bag to be found
Maybe u can help the PM in the lost and found dept
Lol…you conveniently forgot Clearwater Bay was $124,000,000, that’s 40x larger. Plus Pharliciple paid (US$36M) $72M and they can’t find the money!!!
But see I look at it from a taxpayer/investor viewpoint, I don’t care B or D, cause to me the only difference is whether you or Lorenzo is happy. The results otherwise are similar.
So the BRA issue is serious, just another in a long, long line.
And for the record, Pornville was $0. That was private company footing the bill. The same company was sold, to a ferner who promptly saw profits increase bigly. But he knew the solution, all you have to do is stop de teefing and financial abuse.