est. 2007

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Government Jettisoned Sinking Fund Arrangement for 2018 Restructured Bonds

The quoted comment was posted to the blog From Private to Public – Cinnamon 88 to CLEARWATER BAY, a concern for taxpayers. It is a nugget of information – see blogmaster’s highlighted text – that has not registered in the BU space, however at this seemingly late stage it is a matter ripe for discussion.…

The quoted comment was posted to the blog From Private to Public – Cinnamon 88 to CLEARWATER BAY, a concern for taxpayers. It is a nugget of information – see blogmaster’s highlighted text – that has not registered in the BU space, however at this seemingly late stage it is a matter ripe for discussion. To be fair to government the amendment occurred in the light of day however …

The Government response has ‘promise’, and certain bodies, like the Accountant General have much on their plate. Of news to me, was “following the debt restructuring exercise in 2018, the Local Loans Act was amended to remove the 2% sinking fund requirement in respect of the restructured Series Bonds. The sinking funds were then transferred to the Consolidated Fund…”

This was yet another step to aid in the cash crunch, and gave the GoB cash. It also means there is no provision to periodically set aside money (sinking fund) for repayment of the ‘restructured Series Bonds’.

NorthernObserver

The common explanation for the purpose of a Sinking Fund is “a fund containing money set aside or saved to pay off a debt or bond. A company [government] that issues debt will need to pay that debt off in the future, and the sinking fund helps to soften the hardship of a large outlay of revenue. A sinking fund is established so the company can contribute to the fund in the years leading up to the bond’s maturity”.

The obvious explanation to which NorthernObserver alludes is that the government because it is broke ignored the importance of a good financial rule i.e. creating a sinking fund to make paying at maturity of the bonds easier. In other words to mitigate against a default. The biggest irony in this case is that a selected default by the Mottley government in 2018 must have informed the decision to jettison the sinking fund arrangement. Oh what a tangled weave when first we practice to …

The decision to do away with the sinking fund arrangement obviously had the approval of government’s banker. Four years later the government feels confident enough to issue bonds. In the prevailing climate stoked by NIS fear, 2018 restructure and a hostile economic climate, it will be a hard task for the government to convince the most patriotic Bajan to buy government bonds. There is the reminder every decision has consequences.

Here is a copy of the Local Loans (Amendment) Bill, 2018 passed in our parliament on the 24/10/2018.

the-loan-act_24-10-2018Download

172 responses to “Government Jettisoned Sinking Fund Arrangement for 2018 Restructured Bonds”

  1. David Avatar
    David

    Further comments about black centered or whatever that means will be deleted. Those who have a problem with BU, leave.

  2. dullard Avatar
    dullard

    Touche Kiki…lol..
    🤡 🤡 🤡

    Looking forward to that bhangra and chutney music and recommended reading on Indian anti-racist freedom fighters.. lolol

  3. 555dubstreet Avatar
    555dubstreet

    Shame on you
    I’ve neva been taken out by a nigga who couldn’t figga how to pull a gun trigga
    The Natives are getting restless tonight. They must need Some Jungle Music.

    Brooklyn Zoo / Ol’ Dirty Bastard
    Shit
    Word, I’ll bust that nigga ass right now
    Ain’t no, none of them niggas can’t fuck with me
    What? Nigga, you could never fuck with me, my nigga
    I’ll fuck you up right now, what? What? What? (Fuck you niggas)
    Bust your motherfucking ass, boy
    I ain’t no motherfucking joke
    You know who you talking to? (Yo, word up, bust that nigga ass, word up)
    Ol’ Dirty Bastard, you know what I’m sayin’?
    I’ll fuck you up right now
    Yeah, what? What? What? (Serve that nigga, yo)
    He ain’t sayin’ nothin’, fuck him (he ain’t sayin’ nothin’, fuck him)

    I’m the one-man army, Ason
    I never been tooken out, I keep MC’s looking out
    I drop science like Cosby dropping babies
    Enough to make a nigga go crazy
    In the G building, taking all types of medicines
    Your ass thought you were better than
    Ason, I keep planets in orbit
    While I be coming with deeper and more shit
    Enough to make you break and shake your ass
    As I create rhymes good as a Tastycake makes
    This style, I’m mastered in
    Niggas catching headaches, what? What? You need Aspirin?
    This type of pain you couldn’t even kill with Midol
    Fuck around, get sprayed with Lysol
    In your face like a can of mace, baby
    Is it burning? Well, fuck it, now you’re learning
    How I don’t even like your motherfucking profile
    Give me my fucking shit, ch-ch-blaow
    Not seen and heard, no one knows
    You forget niggas be quiet as kept
    Now you know nothing
    Before you knew a whole fucking lot
    Your ass don’t wanna get shot (shot)
    A lot of MC’s came to my showdown
    And watched me put your fucking ass low down
    As you can go, below zero
    Without a doubt I never been tooken out
    By a nigga, who couldn’t figure
    Yo, by a nigga, who couldn’t figure
    Yo, by a nigga, who couldn’t figure (Brooklyn Zoo)
    How to pull a fucking gun trigger
    I said, “Get the fuck outta here”
    Nigga wanna get too close, do the utmost
    But I got stacks that’ll attack any wack host
    Introducing, yo, fuck that nigga’s name
    My Hip Hop drops on your head like rain
    And when it rains it pours, ’cause my rhymes hardcore
    That’s why I give you more of the raw
    Talent that I got will riz-ock the spot
    Mc’s I’ll be burning, burning hot
    Whoa-hoa-hoa, let me, like, slow up with the flow
    If I move too quick, oh, you just won’t know
    I’m homicidal when you enter the target
    Nigga get up, act like a pig trying to hog shit
    So I take yo’ ass out quick
    The mics, I’ve had it my nigga, you can suck my dick (dick)
    If you wanna step to my motherfucking rep
    Ch-ch-bloaw-blaow-blaow, blown to death
    You got shot ’cause you knock, knock, knock
    “Who’s there?” Another motherfucking hard rock
    Slacking on your macking ’cause raw’s what you lack
    You wanna react? Bring it on back (back)

    Shame on you, when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo
    Shame on you, when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo
    Brooklyn Zoo (what?)
    Shame on you, when you step through to (my nigga)
    The Ol’ Dirty Bastard, Brooklyn Zoo
    Shame on you, when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo
    Shame on you, when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo

    What? My nigga
    Shame on you
    Shame-
    Shame on you when you step through to
    Shame on, shame on, shame on you when you step through to
    Shame on you when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo
    Shame on you when you step through to
    The Ol’ Dirty Bastard, Brooklyn Zoo
    What? My nigga

  4. Dullard Avatar
    Dullard

    “Further comments about black centered or whatever that means”

    It means nothing to you, we know. That’s why your positions lack context, grounding and a correct perspective within the context of the 2×3 island.

    ” will be deleted…”
    ..But I thought u banned when you felt like it a la ac, Hal and GP?

    “Those who have a problem with BU leave.”

    Whoa boss. Don’t let hubris get the better of you. Remember BFP?

  5. David Avatar
    David

    @Dullard

    You mean that white centered blog that is often quoted by those pulling down BU? One does not have to pull down what others have built in order to promote what you are doing. Crabs in a barrel.

    BU has had a good run. What will be will be.

  6. dullard Avatar
    dullard

    “You mean that white centered blog that is often quoted by those pulling down BU?”

    Sorry don’t know what you mean. You will have to educate me.

    But who is pulling down BU? Name one.

    I have time this morning. Let’s go.

  7. David Avatar
    David

    Let’s close this matter as earlier directed.

  8. TheOGazerts Avatar
    TheOGazerts

    Last/last
    I am always surprise or amazed.
    Why would frequent contributors want to see the daeth of BU
    That is like cutting off your nose to spite your face.
    I may disagree with the blogmaster on some things but I appreciate what he has done here.
    I will pick a side here.
    If you cannot say thank you then STFU and find a next topic or a next combatant.

  9. dullard Avatar
    dullard

    cool

  10. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    ironically, it was not BU made a certain decision for me yesterday, it was the FAKE local media yall got that REFUSED to publish what MAINSTREAM MEDIA in metropolis countries and everywhere else are circulating ….so that their people will KNOW WHAT TO EXPECT and PREPARE….and don’t get caught unaware..

    apparently, that is not what ya judases want for their people, they don’t want them to know…which means something EVEN MORE SINISTER IS AT PLAY which they cannot hide for very long.

    in saying that….it makes SENSE not to let THE ENEMY know what’s happening going forward….so they can prepare to CIRCUMVENT…meaning, everything now has to be distilled differently and in other places where it will do the most good..

  11. Enuff Avatar
    Enuff

    David
    You haven’t removed enough. Just like the whole Daisley blog was removed, there are some contributions all over by BU by the serial liar that shouldn’t see the light of day here.

  12. David Avatar
    David

    The blogmaster gives more weight and take more responsibility gor blogs versus comments.

  13. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    fowl…ya know you have NO CREDIBILITY whatsoever….no one takes you seriously…

  14. BAJE Avatar
    BAJE

    Indians opened car parts outlet in Black Rock and Tweedside Road, areas that are predominantly ‘Black.’
    So, you can guess the ethnicity of their customers.

    Let a Black man open a bread shop in Belleville and see if patronage by the Indian and Pakistani communities therein is equally reciprocal.

    Xxxxxxxxxxxx

    QUESTION SHOULD BE WHO ARE THE SMART ONES AND WHO ARE THE IDIOTS WHO KEEP DIGGING A DEEPER HOLE TO JUMP IN ECONOMICALLY AND MENTALLY.

    CAN’T BLAME THE INDIANS OR THE WHITES HAVE TO BLAME THE MAJORITY BLACKS WHO LIKE TO COMPLAIN AND ENJOY SUFFERATION.AND LACK OF PROGRESS AS A WHOLE.

  15. Enuff Avatar
    Enuff

    Mam
    I am delighted that is my BU lot. I won’t tell lies to make the blog interesting though.

  16. TLSN Avatar
    TLSN

    @ ArtaxAugust 26, 2022 9:25 AM,

    I fail to understand why the Caribbean’s black majority populations refuse to make a stand on those communities and countries who discriminate against their black citizens. We tend to forget that the Caribbean and her environs were built on the backs of our African ancestors. Caricom and the Caribbean black diaspora should have called out Guyana and Trinidad at least 30 years ago. We are all fully cognisant of the endemic racism that exists in these two countries and their mistreatment of their black populations.

    In spite of this, our governments allowed the government of Trinidad and her business communities to purchase Bajan owned businesses, land, the media, and nearly everything that was not locked down on the island. We anticipate that Guyana will soon be coming to the table. This can only end one way. Barbados black majority population will collapse at every level. They will be completely marginalised at every level. How many Indians do you see encircling M.I.A when business is discussed in the media. Sadly, she is already in their pockets. Check out the name of our ambassador for the UAE.

    Caribbean governments should be prepared to offer tacit support to their brethren in South, North and Central America. Whilst engaging in talks with those countries who are oppressing them. Our leaders have no influence on the leadership of these countries. However we can address the horrors of racism in Barbados. Our governments should adopt policies which prevents racist minorities from gaining a foothold in our country. They could and should develop policies which will severely undermine our existing minority groups who in my opinion are up to no good.

    The tragedy for Barbadians is that they have always been led by two governments who have always been anti-black. You and your people will only survive if you frog march your useless leadership to the slaughter house along with the pigs and the cattle.

  17. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    “CAN’T BLAME THE INDIANS OR THE WHITES HAVE TO BLAME THE MAJORITY BLACKS WHO LIKE TO COMPLAIN AND ENJOY SUFFERATION.AND LACK OF PROGRESS AS A WHOLE.”

    a lot of them suffer with the SNSindrome……wasting years of their lives, time and energy attacking each other STUPIDLY and then are too worn out to do anything uplifting for themselves and families…..too busy FIGHTING DOWN EACH OTHER from moving upward..

    “This can only end one way. Barbados black majority population will collapse at every level. They will be completely marginalised at every level. How many Indians do you see encircling M.I.A when business is discussed in the media. Sadly, she is already in their pockets. Check out the name of our ambassador for the UAE.”

    let them lose another generation listening to the CORRUPT….maybe they will learn…but i give them 3 more generations of suffering, oppression, bondage and thefts from themselves before they do..

    “However we can address the horrors of racism in Barbados. Our governments should adopt policies which prevents racist minorities from gaining a foothold in our country. They could and should develop policies which will severely undermine our existing minority groups who in my opinion are up to no good.”

    collaborators and CO-CONSIPIRATORS will never address anything that will slow down their high speed BRIBERY train..

    “The tragedy for Barbadians is that they have always been led by two governments who have always been anti-black. You and your people will only survive if you frog march your useless leadership to the slaughter house along with the pigs and the cattle.”

    the final solution..

    the fowl says “I won’t tell lies to make the blog interesting though.”

    but YA TELL LIES FOR NO GOOD REASON THO….ya so small weak and inconsequential i left ya for last….notice that not a fella pays attention to you anymore…don’t forget to check the back page of October’s Kush Quarterly to see yaself…

  18. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    btw…wonder if the fowl heard the new song circulating EVERYWHERE….”enuff is enuff”…sounds real good too…

  19. 555dubstreet Avatar
    555dubstreet

    Black is not a Qualification
    nor should White or Brown or Yellow be one for Politics or Business
    If White Brown or Yellow are truly better in Business than Black
    then Black should become White Brown and Yellow in Business

    to quote Bob quoting His Imperial Majesty in league of nations

    ““Until the philosophy which holds one race superior and another inferior is finally and permanently discredited and abandoned, everywhere is war. And until there are no longer first-class and second-class citizens of any nation, until the colour of a man’s skin is of no more significance than the colour of his eyes. And until the basic human rights are equally guaranteed to all without regard to race, there is war. And until that day, the dream of lasting peace, world citizenship, rule of international morality, will remain but a fleeting illusion to be pursued, but never attained… now everywhere is war.”

  20. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    notwithstanding that it’s our AFRIKAN ANCESTORS created the concept of BUSINESS and trading……..it’s in our DNA….

    but “the wicked and malicous negro” – Marcus Garvey……

    aka politicians….work overtime to take away that embedded truth…

  21. African Online Publishing Copyright ⓒ 2022. All Rights Reserved Avatar
    African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    so you see Kiki….we DON’T need to be like anyone EXCEPT our ANCESTORS and OURSELVES…

    that’s the lying scam they have ALWAYS USED to keep Afrikans in the diaspora SUPPRESSED, in poverty and OPPRESSED….pushing FRAUD minorities to the front as business leaders….and promoting the centuries old LIE that Afrikans know nothing about business..

    when weeee have all the ancestral information WE NEED TO BE SUCCESSFUL…handed down and passed on….but SUPPRESSED by “the wicked and malicious NEGRO.”…aka lying corrupt politicians..

  22. TheOGazerts Avatar
    TheOGazerts

    @ac
    Come on.. Time to exit the pity party and knotted knickers.

    The field has been a paradise for your type of bowling, and you are out there with your feeling hurts and crying in your tea.

    How could you withdraw at the very moment your country needs you? How could you allow a few blocked contributions to throw you off your game.

    You are not a person who has a limited amount of material, in fact you are the very opposite – a prodigious fount of ideas. You can easily ignore blocked or ‘tek dung’ comments and post others.

    Man up, stop sniffling and get back in the fight.

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