This report out of the Virgin Islands identifies Barbados, Bermuda and The Bahamas in the top 5 most expensive countries to live in the WORLD. Allow the blogmaster to ask a silly question, is this reality reversible?
Barbados One of the Most Expensive Countries to Live in the Region
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215 responses to “Barbados One of the Most Expensive Countries to Live in the Region”
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The stinging B’s.. Barbados, Bermuda and the Bahamas
This has long been trending this way, in all three.
At the height of the OSA regime. Barbados had more expensive real estate than Tokyo, Dubai, the most expensive places on earth.
All three got a certain Britishness to them. Even as death comes with silence – the inability to muster an effective strategic response And as nation states have no right to be, it’s just a matter of time before the unthinkable happens. Unless, debt burdens are removed.
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Cost of living is overly expensive on these islands BY DESIGN, a lot of inferior quality imported junk is deliberately overpriced….and they take great pleasure in overpricing the little that is grown or made locally
..and with the scam of charging excessively more to travel between the Caribbean islands than to travel to large countries…..get used to generational poverty in real time.
“All three got a certain Britishness to them. Even as death comes with silence – the inability to muster an effective strategic response And as nation states have no right to be, it’s just a matter of time before the unthinkable happens. Unless, debt burdens are removed.”
they all disgust me….and newer parasitic politicians are calling this travesty, this disenfranchisement and oppression on slave society islands….”mighty nations”…..the eternal slave and shitehound.
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$1.8b boost
Govt banking on capital projects to drive economy
by SHAWN CUMBERBATCH
shawncumberbatch@nationnews.com
GOVERNMENT IS BANKING on the economy getting a big boost from more than $1.8 billion in infrastructural projects, some already under way and others being planned.
This is what the Mia Amor Mottley administration outlined in the Barbados Fiscal Framework 2023/2024 to 2025/2026, which was recently laid in Parliament as required by the Public Finance Management Act since 2019.
While stating that the economy “has shown promising signs of recovery following the fallout from the pandemic and natural disasters in 2020 and 2021”, the authorities said “risks of a protracted global economic downturn and elevated global inflation”
were a threat to the rebound.
They believed some of the risk would be “mitigated by the economic benefits to be derived from the commencement and continuation of several public and private sector capital projects and public private partnerships (PPPs).
Master plan
“These include a multimillion-dollar master plan for the modernisation of the ports of entry over the next ten years, the construction of a cruise terminal at Speightstown, redevelopment of the Shallow Draught Marina; development of a local yachting industry, and expansion and enhancement of the operations of the Grantley Adams International Airport,” the 30-page fiscal report stated.
“Additional projects valued at over $1.8 billion include the construction of a new Geriatric Hospital; the conversion of the Treasury building into commercial and residential
units; the redevelopment of the Glendairy Prison as a tourist attraction; the redevelopment of Sam Lord’s Castle into a 422-room hotel to be managed by Wyndham Corporation; Hotel Ziva; [and] Pierhead redevelopment (a 300-400 room hotel with additional condos and retail space).”
This was in addition to redevelopment of Fort Willoughby and the Screw Dock in The City, and the old Caribbee hotel in Christ Church; building a hotel in Holetown, as well as Discovery Bay Hotel, both in St James.
Government also informed Parliament that it had secured more than $860 million in international funding for road resilience programmes.
It said that while capital investments were essential in facilitating growth, the ceiling for capital expenditure needed to match with available financing.
“Capital spend over the next three fiscal years averages 3.1 per cent of GDP (gross domestic product) and will include off-budget expenditure (Housing Credit Fund, Industrial Credit Fund and the Catastrophe Fund), PPPs and the facilitation of local and foreign investment,” said the Fiscal Framework prepared by the Ministry of Finance.
It explained that public investment projects were selected based on how closely they align to prioritised infrastructural needs, particularly for sewage, sanitation, road repairs and green energy.
“Some of the capital investments planned over the medium term include upgrading the South Coast Wastewater Treatment Plants, the Scotland District Road Rehabilitation Project, the Barbados Water Infrastructure Rehabilitation
Project, the Sustainable Energy Investment Programme, airport/seaport upgrades, digitisation, agricultural projects, Barbados Heritage District, Belle tenantry road rehabilitation, Licorish Village and housing industrial estates,” the report said.
Government said that in addition to PPP arrangements, it would “implement non-fiscal tools, such as continued regulatory reform, improved public sector service delivery, domestic and foreign investment mobilisation, facilitation of economic diversification and strengthened climate resiliency”.
The risks to Barbados’ economic recovery detailed in the report included “weak tourist arrivals, depleted foreign reserves, high unemployment and a widening of the current account deficit due to higher global commodity prices”.
Other negative spillover effects mentioned were “inflationary pressures, higher borrowing costs
with related increases in domestic debt burdens, and reduced fiscal space even as the Government implements measures to cushion the impact of sharp increases in energy and food prices, particularly on the most vulnerable”.
“The Barbados economy has shown promising signs of recovery following the fallout from the pandemic and natural disasters in 2020 and 2021, with tourism arrivals nearing pre-pandemic levels, business activities generally returning to a state of normalcy and the unemployment rate nearing 2019 levels,” the report said.
“However, global supply chain disruptions, surging food and energy prices, the protracted military conflict in Ukraine and prolonged restrictions on movement in China, as well as the likelihood of global recession and stagflation, could imperil Barbados’ economic recovery.”Source: Nation
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Thanks for the video John A. Given that we are net importers especially of food and fuel it is difficult to see where significant attempts can be made to reduce cost of living.For many years many have been saying that as a country we have been living about what we can afford, however, with easy access to credit on capital markets it is easy for governments to sustain an unrealistic lifestyle by pandering to the conspicuous habits of citizens who have become addicted to popular culture.
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Push for more natural gas
Govt to invite foreign companies to explore zone
by CARLOS ATWELL carlosatwell@nationnews.com
GOVERNMENT is actively seeking to expand its gasproducing capabilities in light of uncertain global fuel prices.
Minister of Energy Kerrie Symmonds told the
DAILY NATION over the weekend that the Mia Amor Mottley administration was poised to invite foreign companies to explore what was possible.
“[This] week the Barbados Government will announce – in Houston, Texas – its international licensing round for the exploration of the offshore maritime space with a view of securing expressions of interest to [discover] natural gas. Natural gas is a virgin fuel, so it is completely in keeping with the green energy efforts of the country.
Seismic data
“We have had a lot of preliminary seismic data and it is reading very positively. We expect in short order to make a more substantial report to the country,” he said.
As for gasoline and diesel, Symmonds said the prices may soon rise again but Government was determined to keep Barbadians shielded.
Last Monday, Prime Minister Mottley told the nation that from August 19, the price of gasoline would be capped at $4.48 per litre and diesel at $4.08 until January 31, 2023.
This was after it was reported on August 5 that Barbados had the fourth-highest gasoline
price in the world. A week later, after a further 81 cents increase, it went to third. However, from last Thursday, the retail price of gasoline dropped to $4.39 per litre and diesel to $3.85 per litre.
“The cap introduced by the Prime Minister is intended to shield consumers from the escalating prices. While we have seen a dip in prices, we are also seeing signs they are starting to rise again but with the cap, consumers will continue to be shielded for the next six months,” Symmonds said. “This has the benefit of having a knock-on effect for the economy because ground transportation is a major overhead for the distributive sector, but we have to keep monitoring what is happening overseas, especially in the Ukraine, to see what the long-term effects will be.”
The minister said that in addition to the price cap, the VAT cap will continue until next year.
“There will be a review of the cost of petroleum every two weeks so in the event prices fall, there will be a faster pass-through to consumers.
“One of the challenges we had was that the review was taking place on a monthly basis and while prices are rising, that shields the consumer for 30 days. However, if prices are falling, the monthly review then works to the detriment of consumers because it then took a month to get the benefits.”
This means rising prices will be passed on more quickly but this was the purpose of the cap is for, he explained.
Symmonds said he remained optimistic about the future and will hope gasoline falls below $4 this year, which would be “wonderful”.
Source: Nation -
PM warns of more food supply issues
PRIME MINISTER Mia Amor Mottley has warned of more disruption to the food supply into next year as a result of droughts in North America, China and other parts of the world.
Speaking to the in-person and virtual audience attending to the Agri-Investment Forum and Expo II at the Queen’s Park Savannah on Friday, Mottley stressed that a reorganisation of plans beyond the medium term, is imperative.
“It therefore means that our plans cannot only be medium term plans to substitute feed, which we must do, as Guyana is planning to do under the distinguished leadership of my brother, President [Dr Irfaan] Ali by 2025, with corn and soya production being ramped up to scale,” she said.
“We don’t have the luxury of that. Because we have a population that is feeling the vagaries and the negative consequences of rampant inflation. But inflation is going to also reinforce the fact that the lack of access is going to be there because of these droughts.”
Given this expectation, Mottley repeated the urgency for regional farmers to grow six and 12 weeks’ crops and suggested that
they also focus on rearing six-weeks’ livestock to meet the needs of the region.
“None of us can avoid the reality that our people must eat. And the reality is, that there are things that we can do and that we have done in our past to ensure survival.
“And we are there again. Whether it is rabbits or chickens, whether it is fishing, whether it is new forays as we are doing in Barbados in aquaculture, we have the responsibility for urgent action today,” the Prime Minister added.
Since the hosting of the Guyana forum, Mottley shared that regional heads had been asked to formulate a framework for financing. She added that Barbados had worked assiduously with the financiers as well as with regional and international organisations to effect this.
“We’ve written every Minister of Agriculture asking for the projects. Some have started to come in already and they’ll be loaded on the electronic dashboard that will be available for heads to see today. Also on that dashboard will be training support from CARDI (Caribbean Agricultural Research and Development
Institute)…,” The Prime Minister also reiterated the importance of tackling the issue of air and maritime transportation, pointing out that regional heads were working on these areas, which she emphasised was a work in progress.Source: Nation
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@ David
I know the cost of living is extremely high in Bermuda, Cayman Islands as well.
Barbados’ import duties and taxes are high and are passed on to the consumer along with mark-up prices, therefore resulting in a significant increase in retail prices.
A vehicle, for example, attracts over 200% in duties and taxes.Additionally, VAT is paid on imported products, which is obviously passed on to the consumer…… and on the retail price, which is paid by the consumer.
And, we have some very unscrupulous business people.
This is currently playing out in the construction industry.
The cost of construction is increasing on a daily basis.
A few months ago the ‘sand hole’ in St. Andrew was closed, which adversely affected the production of cement blocks.
Blocks became ‘scarce’ as a result, were withheld by suppliers…… and subsequently ‘released’ along with an increase in the price. -
@Artax
What is the other variables on the other side of the equation? What is our per capita income? What are the public services delivered free to other jurisdictions? We have to compare infrastructure here to infrastructure over there?
This is not to say we can’t do better but will it create a material difference given the flexibility on offer.
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Can we really revive agriculture without a progressive land use policy?How can we seriously reduce the cost of living without knowing what we actually produce ?
Is it really possible to control construction cost if we don’t have a basic understanding of how to build with our environment in mind ?
Our problems are structural and systemic , always putting new plaster over old sores.
It is obvious we have settled for economic policies that bear no resemblance to reality and our limited resources.
Is our high cost of living driven by only rampant consumerism or is it not also driven by bad economic policies.
We are still trying our best to avoid the radical , revolutionary overhaul of an economy that is riddled with debt and cannot accept that once we continue on this path , nothing outside the cosmetic will be achieved.
Don’t care how much artificial accessories we use , the ball is really over and Mary is simply being exposed for what she really is.
No wonder then that the gloom and doom response to critics by Sandiford years ago, is now being used by his identical twin.
Same shit different day.
Peace. -
I am not disputing the COL in Barbados is high but a simple comparison is silly. For example Bahamas and Barbados are also the highest ranked within the region on the UN HDI and Bermuda also boasts a high standard of living. But look at the source, Numbeo.
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@ David
A country is no different to a company.
If you run a company with massive inefficiences the cost of doing business is high when compared to one run efficielty. We have major problems with tax collection from customs to the vat office. We have a water system that loses 40% between pump and household and thr list goes on and on. We also have massive amounts of land laying idle that should be put to use growing food for import substitution. We should not have to eat florida tomatoes everytime the rain fall. We also are blessed with the perfect climate for a massive solar based project. The facts are out cost of living is high because we have made it that way due to our inneficiences and basic lasiness. Who is offended by that wunna got my condolences.
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@John A
What you outlined is the case but the blogmaster submits although there is room to eradicate wastage and revenue leakage our cost base will remain relatively high. Again we have to work harder to do better.
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@Enuff
Does it matter the source if the reality of what is being stated is accepted to be true?
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There is nothing inherently wrong with having a high cost of living.
Indeed, under the RIGHT circumstances, it would be reflective of having the highest QUALITY of life available on the planet.Unfortunately for us, the OTHER circumstance is the one perfectly outlined by John A, where that high COL is reflective of inefficiency, lack of vision and plain brassbowlery.
So, ranting about the COL per se is therefore not the ROOT issue…
It is the brassbowlery – which we seem to accept as UNAVOIDABLE, while somehow expecting quality results, that NEEDS to be the focus.So instead of identifying our BEST resources in business and leadership to steer us to HIGH PRICE QUALITY, we accept, condone and even encourage REPEAT FAILURES, shiite leaders, and poor decision makers, based ONLY on their personal malleability and political polarity…. and then we talk shiite about high COL….
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I agree one hundred percent that there should be more farming done especially all the wasted land that’s all over Barbados needs to used up
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@ David
The faithfuls will find every excuse why we are so expensive, but ask yourself this question. If what they say is true why isnt Grenada, St Lucia, St Vincent, Dominica and Antigua not next to us in the top places? After all they are major importers and their currency is 30% weaker than ours. By the argument of the faithfuls there cost of living should be way higher than ours for sure.
I will also say the pain to the Bajan is way worst than the Bahamian and Bermudan as well. Why some may ask, well both the Bermudan and Bahamian have a currency that is 1 to 1 on the USD. I have been to the Bahamas several times and have never seen a bahamian dollar. Its all about the USD. So although they have their own currency they are basically dollarised.
So in summary we are in the top 3 with a currency that is worth 50 cents to their dollar and an average sallary in bajan dollars that is way below that of the other 2 countries.
Wunna understand when a bajan say he “smelling hell” why that is now?
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@John A
This is the point isn’t it, the islands you identified have a lower standard of living than Barbados? Will Barbadians be prepared to make the adjustment in pay and related? Especially the middleclass?
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“We are still trying our best to avoid the radical , revolutionary overhaul of an economy that is riddled with debt and cannot accept that once we continue on this path , nothing outside the cosmetic will be achieved.”
trapped and enslaved to GREEDY business people and consumerism…but pretending they are first world and not 3rd and 4th……and nauseatingly UNDERDEVELOPED as designed…
William…the other islands GROW THEIR FOOD RELIGIOUSLY…they live off the ground…their primary source of nutrition and not the salt and sugar poisoned unhealthy garbage in the supermarkets….so of course they have a much HEALTHIER and energetic population who do not rely only on tourism, tourism, tourism to SURVIVE…
bullshit and thin air gets no one anywhere..
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@ David
The decision will be made for them. When you money cant reach you needs you priortise.
Also let me tell you the standard of living in some of those islands is not as bad as you think now either. Go into any leading supermarket in Antigua and you will be shocked at what you see trust me. Items are on their shelves that we dont have here. This idea of the islands being way behind us as a standard of living died decades ago.
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Barbados is expensive.
What can be done to change that ?
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John A
You are perfectly correct. Reason is not a very prime resource these days. Here we are trying to convince ourselves that we are better off than others and attempting to brag about the same high cost of living that we are apparently trying to bring down.
Hear the argument : our cost of living may be high but we have a higher standard of living than those with whom we are being compared . Classical response. I have said a million times as far as we Bajans are concerned nothing is really wrong with us when compared to others. The leaders spout it and their minions follow calling it reasonable argument.
Pure baloney.
Peace. -
@John A
Unfortunately your reply was anticipated.
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@John A
This is the point isn’t it, the islands you identified have a lower standard of living than Barbados? Will Barbadians be prepared to make the adjustment in pay and related? Especially the middleclass?
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I HAVE BEEN TO Grenada, St Lucia (PREVIOUS BUSINESS LOCATION 3 YEARS}, St Vincent, Dominica and Antigua SO I KNOW THAT YOU ARE TALKING SHIT AND NOT FACT.
ST. LUCIA I WAS VERY IMPRESSED WITH INFRASTUCTURE AND STANDARD OF LIVING, GRENADA AFTER THE HURRICANE THAT DEVASTED IT REBUILT AND WAS WAY MORE DEVELOPED IN ITS CAPITAL THAN BRIDGETOWN,. ANTIGUA ALSO IS WELL DEVELOPED.
YOUR COMMENT WOULD MAKE SENSE 20 TO 30 YEARS AGO.
THE ONLY PLACE I WOULD AGREE WITH YOUR COMMENT IS DOMINICA HOWEVER THEY HAVE PLENTY LAND FOR SUCH A SMALL POPULATION AND GROW A LOT OF FOOD SO WOULD NOT STARVED LIKE THE 2 X 3 ISLAND.
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@ David
I was only examining the cost of living.
However, when compared with Bermuda, Barbados’ salaries and wages are much lower.
And, we have to examine the relationship between wage growth and inflation.
I’m sure you’re aware salaries/wages have not remained on a par with or even risen above previous or current levels of inflation, which would obviously result in a weakening of consumer purchasing power.We must also look at the relationship between productivity and wages as well. Some economists are of the opinion if wages increase faster than productivity, firms would pass on the wage increases to the consumer in the form of higher prices.
As such, any changes in productivity adjusted wages are believed to be a main indicator of future inflation.You seem to be suggesting the delivery of social services and infrastructure justify the high level of taxation.
The onus is on the state to develop and
maintain a country’s infrastructure.
Recall, from July 1, 2018, ‘government’ replaced the annual road tax for private and commercial vehicles…… with a fuel tax.
However, owners of commercial vehicles are required to pay an annual registration fee, which is 50% of the existing road tax.
Revenue from the fuel tax should be used for infrastructural development purposes.
The reality is, the system by which Barbados’
social services are delivered is unsustainable.
Perhaps ‘means testing’ should be introduced.Bermudians do not pay personal income taxes, but a payroll tax is levied on employers and self-employed individuals.
Education is ‘free,’ so too are social services such as daycare services, care and protection services for children, and residential and counseling services for adolescents.
Although health care facilities are privately owned and services are paid by citizens and through health insurance, government aldo provides some public health services. -
@ David
Also remember for the lost decade as some refer to the Sinkyuh years as, raises were not paid for 10 years while inflation averaged 3%. So at the end of that decaded a workers salary say of $1500 was really only worth around $1000 in real term buying power. You then throw the fall out from covid in the formula and a bout of inflation not seen for 20 years and the average Bajan ” brek as ass” in real terms. In the mean time the coss of living has galloped ahead and we are as inefficient as ever, forgiving $500 million in BRA receivable here and writing off $1billion dollars in NIS assets there.
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@Artax
Agreed. What is being suggested is that successive governments have not been energetic and intelligent enough to mitigate against exogenous impacts.
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@John A
What you say cannot be refuted, however, it does not address the root matter- our ability to earn our way.
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Listening to Down to Brasstacks.
First topic. Bajans complaining.
Government taking long to pay judgements.
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Skinner 09 50
Me thinks yuh pun yuh finger on an enduring Bajan malady.
There is nothing wrong with us which we are willing to publicly accept and embrace. Take assertive sections about. As a shared national project.
Skinner, this is the classical paling psychosis. Erecting mental fences to hide what must never be seen.
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I thank our beloved government for the high food prices! This is the best programme to reduce body fat and strengthen public health.
Two litres of water, a handful of rice, a piece of bread and a banana per day are enough.
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David
“Does it matter the source if the reality of what is being stated is accepted to be true?”
Ok, you get through.
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Seems to me that $1.8 billion will go mainly to expand the dying tourist industry. A new cruise port, new hotels, a yachting marina, etc. Bajans don’t need these. The island needs to up it agricultural output and start manufacturing products for export.
When I visit the world foods isle in my supermarket, most of the islands are there with several products. Not one item from Bim. Same with the produce section.
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Correction….I used to see Shirley biscuits but lately none when I visit.
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@ David
How can we ever earn our way when we throw away $500M here and 1 billion there?
Our collection agencies barely function, with God alone knows how much slipping through the net. We dont want to touch ther poor man as he is the vote, so we cripple the middle class with the burden of carrying the country. The rich we say can afford it so it dont matter to them. We have a middle class that is slipping back into the lower income class daily. We as a country will never be able to earn our way if we cant collect what is due to us. ALL must therefore contribute going forward. The holes in the revenue nets also need to be fixed as well. How can you have people renting a space in a mall in town for $3000 a month, yet they are not vat registered? The holes need to be plugged by customs at the airport and seaport. I had a barrel trader tell me he can fit$20,000 worth of saleables in a barrel and pay $100in duty. All this is why we have the highest cost of living in the region. We lose so much that we must increase our cost to the hilt so as to function on the little we collect.
Barbados equates to a businness who losing nuff in thiefing but rather than address their problems, they keep carrying up their prices to exist. We truly are in a bad place for sure.
Which party it was that said you cant tax you way out of a rwcession again?.lol
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@John A
The implementation of BRA was to arrest revenue leakage.
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@ Dame+Bajans,
I bought Shirley biscuits at Walmart yesterday.
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We have a middle class that is slipping back into the lower income class daily. We as a country will never be able to earn our way if we cant collect what is due to us. ALL must therefore contribute going forward. The holes in the revenue nets also need to be fixed as well. How can you have people renting a space in a mall in town for $3000 a month, yet they are not vat registered?
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SAY IT AINT SO ON THE DEVELOPED 2 X 3 PARADISE ISLAND BETTER THAN ALL THE OTHER ISLANDS.
ONE THING I LIKE ABOUT YOU IS THAT YOU SPEAK THE TRUTH AND NOT THE BULLSHIT.
THE NOT LIVING IN REALITY ON THE 2 X 3 ISLAND BY NOW SHOULD BE ENUFF.
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@ David
And how has that worked for us? Not too good seeing we forgave $500M of their receivables recently. What do you think the value of what is slipping through the BRA and Customs net is?
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@John A
Given the inefficiencies highlighted by the auditor general for example, one would have to surmise the amount is significant.
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@ John A
Right again :
Can you imagine that in the Auditor General report it was stated that a couple of million dollars could not be found. / accounted for that belong to BRA.
Imagine the money was in Oistins or someplace else where it should not have been. It was found !
Is this 2022?
Peace. -
@Maria. Wilson August 22, 2022 8:55 AM “I agree one hundred percent that there should be more farming done especially all the wasted land that’s all over Barbados needs to used up.”
Are you willing to jump in and do some farming Maria? Or do you want somebody else to do it for you?
I farm, as did my parents and grandparents. At nearly 70 I’ve never been hungry a day in my life. I don’t worry about the cost of food. Certainly during the pandemic I have had enough to eat, to sell, and to give away. I gave away some up to this morning.
Made myself some cassava flour last week. I Can’t wait on Ukranian or Canadian farmer to grow my carbohydrates for me. Won’t do it.
23 years ago I decided that I don’t need 1/2 ton of metal, plastic, glass and fossil fuels to carry around my beautiful 135 pound body. Haven’t bought a car since. I walk, a lot. I can’t think of any disadvantages. Advantages? Blood pressure 117/72.
I good.
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@ William
That is exaclty the issue we have. We are so incompetent in our checks and balances that its unreal. Does no one check the balances on a days take at BRA and reconcile it? Cud dear every shopkeeper does that. Plus we aint talking $500 dollars here but millions. We could never tax our way out of our inefficiences. After all we at number 3 now what is the plan to try for no 1?
I would love if the auditor general, based on what he has seen year after year could give us a value for all of our inefficiencies and lack of controls and collections. Wonder if we would be like the BWA with 40% going through the holes!
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@Tron August 22, 2022 10:26 AM “Two litres of water, a handful of rice, a piece of bread”
Bad advice as usual. Don’t listen to Tron.
Neither wheat or rice grow in Barbados so why would he have us eat bread and rice.
Me?
I eat cassava, an indigenous crop very easy to grow, drought and pest resistant.
I east yam a traditional West African crop. The advantage to us women who are consistent yam eaters is that it both increases fertility, increases natural lubrication [my chief thanks me] I’ve never bought or used KY Jelly and delays menopause. I didn’t hit menopause until the month I turned 55. No hot flashes. What are hot flashes? Women who go into menopause late tend to live longer and healthier lives. Any disadvantages? Hope that the NIS can still fix me up when I am 95.
I eat sweet potato. Easy to grow too. They love the hot sun and plentiful rain.
We need to wean ourselves off our love affair with crops which do not grow well here, or do not grow here at all.
I eat FREE breadfruit. In my natal village so many breadfruits grow on “wasted” land. Mangoes too. I haven’t eaten a peach or a strawberry in more than 3 decades…unless I happen to be visiting the great white north.
Don’t mind Tron.
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“Imagine the money was in Oistins or someplace else where it should not have been. It was found !
Is this 2022?”too much heat, it magically appeared.
the MISSING BILLIONS is however quite a different story, happened over DECADES when no one was paying attention and still believing POLITICIANS LIES AND FRAUD..
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@John A
All agree we need to trap the revenue leakage BUT even if this is done efficiently, there is still a problem to fix re foreign exchange, productivity etc.
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Here I was thinking that the error was on the Audit Office:
“The Authority kindly asked that the Barbados Audit Office team liaise with the Authority to verify the
difference as the Authority’s records do not reflect additional variances for September 22, 2020.
reconciliation of the collections and postings in ledger are being conducted daily. The transaction referred to was entered at the Oistins location and not at the Bridge Street Mall location. The amount under review of $6.7M can therefore be found in the Oistins Cashiers Report which reconciled to the Oistins Central Bank Cheque listing dated September 21, 2020 and not September 22, 2020. Therefore, there is no unreconciled difference in this regard and all cheques were accounted for, and all funds deposited. The consolidated information from the Cashiers Reports and the combined Central Bank Cheque listings across all locations reveal that all balances for the dates noted reconciled and no discrepancies were found.”But some have a way of reading everything to suit their agenda.
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@ David
Its a self righting boat. If you trap the revenue leakage it removes that untaxed illegal liquidity from the system, hence softens the demand on Fx. Less bajan dollars chasing the Fx dollar in simple terms.
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@John A
Making the point it is an operational/maintenance issue. It does not address organic or real growth.
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@ David
No it does not you are correct. What is does do is bring balance between the correct post taxed liquidity and fx supply.
Growth is another issue, but until systems that work are implemented any growth in the economy will suffer the same fate in that little will reach the treasury.
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Oh…we are reading right….billions missing from the economy….6 million nearly gone…but somehow it’s the fault of the Auditor General’s office….
can’t wait to hear who wunnah gine blame for the missing billions….
..if the corrupt politicians were a quarter as intelligent as they pretend…they will make sure the cult fowls get charged for all the missing money…
The blogmaster invites you to join the discussion.