Today Ends Barbados’ Lesson on the IMF

Submitted by Kemar J.D Stuart, Director Business Development , Finance and Investment Stuart & Perkins Caribbean

However On September 28th 2022 the Prime Minister of Barbados announced the details in regards to signing another IMF program. Included in this new IMF program is pension reform and reform to state owned enterprises

In the press conference earlier this month the Prime Minister when asked by a reporter she venomously denied that pension reform will be included in this new IMF program but it will be done in the old program which ends september 30th today .

The mention of the credit rating agencies, keeping Barbados’ credit rating at stable is nonsensical as Moody’s already indicated publicly in a release that Barbados will not be downgraded as long as it signs another IMF program. Barbados has not regained access to international capital markets after the voluntary default in 2018.

Prime Minister Mottley said it was difficult to say how deep state owned enterprises reforms would be under the new program . This is a confusing statement as the government circulated a survey previously under the first program asking citizens which SOE’s should or should not be privatized.

The strategy to cut as many SOE’s from government funding is still in place. The strategy is to fund them via a tax or levy or privatization . The PM made reference to urban and rural development which will be merged into one department, she made mentioned of CBC which will be privatized , the BWA will be privatized as the first hint of this plan was when former Water Resources Minister Charles Griffith indicated that government is appointing a 20 man water committee to tackle the water woes. The committee is made up of a list of wealthy businessmen , BWU leader Toni Moore , Director of Finance Ian Carrington who was the IMF press conference , Dr. Clyde Mascoll, as quizzed by myself, admitted on Brasstacks that the government is now seeking to find the right price for water. The IMF in 2007 recommended that to achieve savings and to reduce the amount money government spends on BWA that automatic price increases will address the cost prices imbalance in deliver of water to Barbadians

The PM hinted that she provided an additional 30 Million to BWA instead of increasing prices , as this program progresses the BWA will face a price increase in water rates once the electricity rate increases. Transfer funding to entities such BWA are to be cut as part of the IMF deal and in observation of other countries worldwide under IMF programs saw private water companies emerging when the conditions took their toll on governments , the GAIA is still in negotiations to be leased out

The new IMF program will continue to focus on digitization of the public service as the impact of Covid-19 pushed many economies to focus on delivering services online. The government declared that their policy is to take Barbados into fully digital and cashless society under the original BERT plan

The recent tongue lashing and attack by the Acting PM Santia Bradshaw on government workers who are attached to economic programs such as the Ash program is a bluff to create reasons for the cutting of these programs as a condition of the new IMF program. The programs were always intended to be temporary but were used as tools to hand out jobs for election purposes. That vile tongue lashing was unnecessary when the truth could have been told. In order to bring improvement in the government’s fiscal position all covid related expenses and ash expenses will go. The implementation of a fiscal rule to limit domestic deficit financing will tighten in.

The writing is on the wall as further expenditures cuts in government will see some thousands of government workers laid off under the new program. The wage bill of government which stood around $850million is the one of the main consumers of government funds and the IMF recommended that it should be cut.

As the PM spoke about the UK’s currency devaluation as a reference to Barbados not being as bad as other however the continued borrowing of foreign debt to keep the 2:1 peg avoiding external devaluation comes with measures to implement an internal devaluation which is one of main reasons why prices are so high in Barbados. The internal devaluation comes in the form of government laying off workers and cutting the wage bill, reducing funds allocated to Ministries , reducing and cutting pension monies , placing caps on capital expenditures and overall cutting government provided income. Dr. Kevin spoke of how government is going about the internal devaluation while speaking with Lisa Lord on CBC tv in an interview.

The mention of Barbados having 17 Billion in debt in 2018 vs 13 Billion today is numerically true but disingenuous and misleading because the government simply wrote off $4billion in debt overnight owed to Barbadians overnight in a very draconian debt restructuring and still has not repaid those debt. The CBB lost $1B and still needs to be recapitalized and this is another missed target under the first IMF program , the NIS lost close to $1B , treasury bills were cut to the value of $1B causing Barbados to make world economic history as this action only ever occurred in Russia 1998, Ukraine 1998 and Uruguay 2003 . The last $1B were in overdrafts , government guarantees, SOE debt and arrears. The danger that locals face moving forward is that there is a high chance of another debt restructurìng and reprofiling happening where the bond payments that government promised these creditors are postponed. The likelihood of local creditors being repaid in cash is extremely low and precedence has shown that government can abuse it’s parliamentary majority by using the clause included in the debt restructuring bill which states that only 75% of creditors need to agree to any changes for new debt restructurings.

One last potential abuse of power is the government’s new thirst for compulsory acquisitions of land. Under the government’s passage of the debt settlement bill in parliament persons whose land has been taken under the Land Acquisition Act, section 4 made provision for those persons whose land was acquired by the government to be paid in bonds, this provision also covers all legal claims or outstanding liabilities.

So the question must be asked of government , once they compulsory acquire the properties in St Lawrence Gap will the property owners be paid in bonds according to the law passed via the Debt settlement bill?

198 thoughts on “Today Ends Barbados’ Lesson on the IMF

  1. William Skinner October 1, 2022 5:26 PM #: “We have been an overpriced destination since the 80s. And they knew it!”

    Mr. Skinner

    That’s a fact!

    I’m sure you’re aware ‘price theory’ is an economic principle that simply states the price of goods and services are essentially determined by the market forces of demand and supply.

    We seem to have developed a new ‘price theory,’ that tourism activity increases the overall price of goods and services.

    Oistins Bay Gardens, for example, where the overheads are at minimum cost, (stall rent is at least $150 per month, inclusive of electricity, water and natural gas)…… is considered to be a tourist attraction.

    The increasing demand by tourists for food and beverages caused an increase in prices, which has negatively impacted ordinary Barbadians, because there hasn’t been any propotional increases in their income over the past few years.

    The same plate of fish, chips and salad that is sold in Baxter’s Road for $20, is sold in Oistins for $45.
    I’ve seen flying fish dishes being sold for $50.

  2. Mottley Gas (×2 vs St Lucia).
    60 love tek dat !
    Hold Tight Lol
    Red T-Shirt & a Grantley ?
    We got this.
    Hold Tight.

  3. @ Artax
    You said:” I’ve seen flying fish dishes being sold for $50.“
    I ran into a bit of trouble when I was invited to a meeting to discuss the cost of meals to tourists in some restaurants back in the 80s.
    I said that the price of basic meals such as peas and rice with flying fish was way too expensive and it did not go down too well with the gathering.
    I have heard plenty complaints about the food prices in Oistins from locals and visitors.
    I have nothing against developing Oistins but it is far from the glory days of Baxter’s Road. If that entire area was properly developed years ago at least some areas of Bridgetown will not now be so dismal at night.
    It was an amazing experience and back then the hotel workers used to spend thousands , now worth millions , down there. And that money remained in the country.
    Connect the dots: remember we recently talked about a wage increase benefitting the local economy. Well back then , as you asserted earlier , those workers were getting very good salaries/ wages and then they turned around and marketed Baxter’s road all day at their hotels and the tourist had to go to what they( tourists) called Baxter’s Street. And that’s how you build growth and an industry.

    • @William

      Who are the people charging high prices for a plate? Locals know where to go in the area for reasonably priced plates.

      Also there is an opportunity for enterprising locals to create a niche targeting locals. The blogmaster does not frequent Oistins to buy fish.

  4. there should have been no mention of some probably nonexistent letter from 2004, it was ignorance at best, the topic should be WHY they did not receive any letter NOW……especially since they NEVER INFORMED THE PEOPLE, dropped it in the media and people knew about this and were discussing for a WHILE….it was a topic of discussion for quite some time..

    so much can happen in 18 years, including many passing away, properties changing hands, descents taking over….all types of changes…..that was not the place to talk shite…

  5. William….they should change the name of the island to MEDIOCRITY..

    ….it’s so acceptable, and admired no one should mind the name change..

  6. Don’t know how people could be so callous. The people who are impacted DID NOT KNOW….and still don’t know a lot. Adrian Donovan is usually plugged into to certain things, and he DID NOT KNOW.

    can you imagine other people are talking about you losing your properties for that LENGTH OF TIME AND you don’t know..

    make that make sense.

  7. @ WURA
    Don’t you realise there is an attempt by the apologists to polish up this obvious insult directed at a gathering of citizens ?
    Have you already forgotten, that at a Town ( Tongue) Hall meeting during COVID, it was said that some citizens were talking about things they could not pronounce or spell?
    Don’t you see that @Artax, who is often , and deservedly so , praised for his facts and bringing clarity was literally asked if he knew all the facts when he meticulously exposed an MP for treating his constituents rather poorly ?
    Don’t you realise that some went to great lengths to ascertain if he was actually accurate in his expose of Mr. Layne?
    Didn’t you see the almost unbelievable attempt to get @ Artax to involve a third party to save face for Mr. Layne ?
    Now they will try to rescue MPs who went before citizens and pretended that they knew nothing?
    Don’t you see that some apologists are already trying to save their (MPs) pathetic backsides from the scolding these clowns deserve ?
    Didn’t you witness how their twin tried to defend the Speaker when he refused to give a client his money?
    Didn’t you notice how they defended Mottley with the speed dial call ?
    Do you really think it’s necessary to waste time engaging these BLPDLP minions?
    More to come .

    • @William

      Your problem is that you cannot accept that there is another side to the issue. The blogmaster investigated the matter and is happy an appointment to see Mr. Layne can be made by visiting the constituency office. You are free to believe what you want and also have the last rh word.

    • To add final comment on this matter- Corey Layne has been working to help vulnerable and at risk people all his life, the blogmaster will not hasten to toss him under the bus by joining with basement dwellers whose only job is to identify every I’ll in the Barbados society.

  8. @ David
    I said that Mr. Layne, had demonstrated that he had some community skills.
    I also said he should put such skills first and not getting into “ political masquerading “
    I also said that he should see @ Artax post as beneficial and expressed the hope he will do better in the future.
    . I did not bring anything to BU concerning Mr. Layne
    and how he managed his constituency office
    At no time did I attempt to throw anybody under any bus.
    However, if he has not done so yet; I would suggest he has a chat with Sir Henry or Mr. Hamilton Lashley on the
    matter of constituency representation. I also think that Ralph Thorne has a pretty good grasp of what it takes.

  9. David

    According to the old Bajan saying, ‘I know Corey Layne before he was born.’
    We both grew up in the same neighbourhood.

    I was a youngster when his father and late mother used to work at the Transport Board.
    His uncle Sammy and I played basketball together at UWI court and the court in Rock Gap, Free Hill.
    I know his many of his relatives, one or two of whom are my personal mates.

    And, I’m also aware “he has been working to help vulnerable and at risk people.”
    That’s one of the reasons why I was surprised Layne was the Candidate for the City, when he was more suitable for St. Michael North West….. a constituency in which he grew up and is well known.

    As such, EXPRESSING my DISAPPOINTMENT at the situation, DOESN’T ’t mean I’ve “hastened to toss him under the bus.”

    The lady in question called the Constituency Office and the Assistant said that, to meet Mr. Layne, she would have to send a message to their mobile number, via WhatsApp, requesting the Google Forms link, which must be completed, with name, address and the reason for wanting to see him.

    The Assistant was clear in her explanation of the procedures and there wasn’t any mention of walk-in visits.

    The piece of information I purposely withheld is the lady used MY mobile phone to request the link, and completed and sent the Google Form.
    That is why I could give an accurate and precise account of what occurred.
    The office mobile number is still in my WhatsApp message list, without any activity, since September 5.

    I stand firmly by my comments on that issue.

  10. “@ WURA
    Don’t you realise there is an attempt by the apologists to polish up this obvious insult directed at a gathering of citizens ?”

    they are the ones already put their reputation on the line.

    I could swear just recently there was a video circulating, but it was SHARED WIDELY, with a lady a strong supporter of BLP all her life she said, canvassed for them when no one wanted to vote for them in her constituency and since then she LOST HER LEG, and that is the name she kept calling who was supposed to help her and never even returned to do so….destitute and now disabled.

    I think the video did make it here, maybe not by me, but there was a discussion about the NEGLECT of this staunch BLPite…. i even asked where was her disability check, ya don’t have to be no damn 70 years old to get a disability check when ya DISABLED, that should be processed within weeks of a disability ,….where was her pension, she is 65 YEARS OLD….ya can take 3/4 of a pension BEFORE you reach pensionable age, at least that’s what happens IN THE REAL WORLD….as i know it..

    so let the apologists apologize, they must know why they do it…..minions impress NO ONE…

  11. William….i notice many have MEMORY PROBLEMS….no one could pretend that well that they don’t remember things that happened weeks before… is a trend…..short memory syndrome..

    that’s why i see people posting totally inaccurate information these days, really often too, and i will not correct them, because what’s the damn excuse for not remembering…people are not here to correct grown people….,i personally don’t have the time unless am discoursing with those i usually share info with..

  12. I believe anyone who knowingly presents false or misleading representations of information to BU, should be ‘called out.’

    There is only one individual who I can think of at this time who, more often than not, posts inaccurate information to this forum……. and would comment thereafter as though it is fact.

    Even when corrected and presented with verifiable facts to substantiate the corrections, that person would become angry and abusive.

    But, based on that their ‘track record,’ I’m sure anyone who’s not deceitful, would readily agree they don’t have the moral authority to correct anyone.
    And, to ‘say’ they won’t, is perhaps an attempt to discourage other persons from correcting them.

  13. Mixed views on new IMF deal
    By Colville Mounsey

    Barbadians are being cautioned that the primary surplus conditionalities under the International Monetary Fund’s (IMF) Extended Fund Facility could have the potential for austerity measures.
    This is according to pro-vice-chancellor of the Board for Undergraduate Studies at the University of the West Indies, Professor Justin Robinson. He contends that in order to move from running a deficit of 0.9 per cent to achieving a gradually climbing fiscal surplus capped at 4.5 per cent over the next three years, the Mia Amor Mottley administration faces the binary choice of achieving strong economic growth versus putting Barbadians through the hardship of cost cuts and revenueraising measures.
    Major investment
    However, Government’s senior economic advisor, Dr Kevin Greenidge, told the Sunday Sun that the nature of the newly minted arrangement, which is based on the Barbados Economic Recovery and Transformation 2022 (BERT 22), allows for major investment in the country’s expansion of growth.
    He added: “It is a very comfortable primary balance plan. It is not a contractionary fiscal stance but in fact one that is expansionary; there is no austerity in this programme. The word austerity applies to when you are trying to cut this and cut that.
    This is not that; this is a growth plan. In fact, if we get the private sector to step up their investment, which is on average $1.3 billion per year, to a stage where it is at $2 billion per year, we won’t be able to recognise Barbados in terms of the growth.”
    Under the three-year EFF/ RSF, Barbados will be given special drawing rights (SDRs) equivalent to US$293 million. Government is expected to carry a two per cent surplus in the programme’s first year, which would gradually climb to 4.5 per cent by fiscal year 2025/26 with the ultimate aim
    of bringing the country’s debt down to 60 per cent of GDP.
    Robinson pointed out that having achieved a six per cent surplus under the previous BERT programme, Government had certainly demonstrated that 4.5 per cent could be achieved, though challenging. According to the economics professor, the only question that lingered was whether Government could achieve this surplus through growth, given the pitfalls that exist within the economic environment.
    “The great unknown at this time is how much of the required improvements in the primary surplus will come from improved Government revenues due to strong economic growth versus austerity measures such as new revenue-raising measures and/or further expenditure reductions, as we move from -0.9 per cent in 2021 to 4.5 per cent over the course of the programme. The level of economic growth and its sustainability will depend heavily on the external environment and the implementation capacity of the Government and private sector.
    On the other hand, austerity measures are within the control of the Government,” said Robinson.
    However, Greenidge said such considerations were already baked into the new EFF arrangement.
    “The 4.5 per cent that creeps up over the medium term and then comes back down was calibrated in such a manner that it gives us space for Government to invest on average $500 million per year going forward in terms of capital investment.
    This is designed to boost the capital-to-GDP ratio to about to five per cent per annum. This would be the highest public investment ratio that we have ever had and that is what we believe is consistent and has given us a very strong growth projection. So, the point being that this primary balance path is consistent with our growth path. The arrangement has given us enough space to invest in public projects to get the growth we need,” Greenidge explained.
    He argued that under the previous BERT programme, during a time when the country’s economic prognosis was “far worse,” Government was able to significantly limit any potential fallout, and therefore notions that Barbadians could face hardship due to the current IMF programme were far-fetched.

    Source: Nation

  14. Govt addresses marina criticisms
    A proposal by developer Mark Maloney for a marina in the St Lawrence area of Christ Church is a concept, nothing more, nothing less.
    This assurance came from Minister of Housing Dwight Sutherland and Member of Parliament for Christ Church South Ralph Thorne amid a torrent of criticism from residents at a town hall meeting Friday at the St Lawrence Primary school in Christ Church.
    Conservationists also called for development to focus on a wetland in the area and rejected plans by developer Maloney carried in the Weekend Nation newspaper for a twoisland marina.
    Environmentalist Robin Mahon gave a thumbs down to suggestions for “turning it (the wetland) into a marina, “It has value as a wetland,” he said.
    Mahon continued “It has value as a wetland if it is properly maintained. We have systematically destroyed [the] coastal habitat,” he remarked.
    Conservationist Carla Daniel said in considering development of St Lawrence a question was “What exactly do these tourists want”. She suggested tourists were looking for culture, peace and security.
    “There are 20 mangrove
    trees left on the entire west coast,” she noted.
    Daniel said: “We are completely destroying the few green areas that we have left which is what the marina would do.”
    The parliamentarians sought to assure residents that any development of the St Lawrence area was in the early days and would involve residents.
    On Maloney’s plans for a marina, Thorne said: “It has been described as a concept.”
    Sutherland insisted there were no plans, while the parliamentarians including acting Minister of Tourism Kerrie Symmonds said there should be a meeting of the developer and residents of the area.
    “The Ministry has received a proposal. The Cabinet has not decided what will be done,” said Sutherland.
    The Town Hall meeting was organised by long-standing resident Loretta Duffy-Mayers and Thorne following social media concerns over advertising in the media of land acquisition notices prior to any attempt to inform the land holders.
    Duffy-Mayers said the meeting was called to discuss the concerns.
    More than a dozen residents raised repeated concerns about issues in the St Lawrence area including crime and noise pollution, with some residents saying they could not sleep.
    There were also concerns over a lack of car parking and street lights.
    Renee Coppin, a hotel owner who is also Chairman of the Barbados Hotel and Tourism Association (BHTA), said : “I have huge concerns about the proposal.” Anglican Reverend Sandra Hazell repeatedly queried the ministers on details associated with proposed development in the St Lawrence area.
    “I am trying to understand what are Government’s intentions and what are the developer’s intentions,” she said.
    While apologising for failure to communicate with residents Sutherland said letters would be sent to them this week.

    Source: Nation

  15. William…only a concept now it GET EXPOSED…

    wuhloss….i take it there will be YEARS AND YEARS ahead before the IMF MONEY can get SKIMMED….murdahhhh!!!!!

  16. I asked Artax to confirm that Corey’s actual message stated that he would not promise to meet because “A promise is comfort for a fool”.

    That was because I found it to be highly arrogant and insulting.

    If he meant that he wouldn’t promise because urgent matters can sometimes intervene, causing a postponement, then he should have simply said so instead of trying to be flippant.

    Strictly speaking, NO-ONE can PROMISE ANYONE that they will definitely meet with ANYONE at a particular time. So there is really no need to state such as long as you follow the rules of etiquette, by allowing only urgent matters to intervene, relaying a timely message of postponement, an apology for the inconvenience and rescheduling for the not too distant future.

    • @Donna

      The blogmaster indicated it is a clumsy message to send because the intent will be misinterpreted. Again the blogmaster is satisfied any person walking in or calling into the constituency office will be scheduled and it is not dependent on submitting a request via the Google link. His argument is that automating the process builds accountability into it. The blogmaster agrees.

    • A definition the blogmaster agrees.

      “I guess the answer hinges on who is making the promise. If it is being made by a person of integrity who has respect for his fellow human beings, then the promise made will reflect this and it will be kept, because the said person would not make a promise if he had no intentions of keeping it.
      On the other hand if it is made by someone who does not act from a place of integrity, then the chances are it will be broken, and the said person in this case is just making the promise in order to have his own desires met and will more than likely not follow through with his promise – in this case the promise would be “comfort for a fool.”
      So the meaning contained within the promise is totally dependent on the integrity of the person making it.”

  17. On a brighter note, I have it on good authoritiy that Adrian “Medic” Forde is always available to his constituents, answering his phone when not engaged and replying at the earliest possible opportunity when engaged.

    Seems like a no nonsense sort of guy whose assistance comes with the caveat that one must, from that point on, understand and fulfil one’s responsibility as a citizen.

    If that is so, we need more like him.

    • @Donna

      The size of the Cabinet and half size ministerial portfolios some of them are responsible means they have time to respond to the needs of the constituents.

  18. Ne Te Fâches Pas
    Do not be mad
    Bosq Meets Poly Rythmo Uptown

    🇧🇧 Barbados Little Island
    Should link up with and become part of African Union
    so they are not too harsh on themselves for going to IMF
    for funds required to develop infrastructure and debt management programs

    🇩🇿 🇦🇴 🇧🇯 🇧🇼 🇧🇫 🇧🇮 🇨🇻 🇨🇲 🇨🇫 🇹🇩 🇰🇲 🇨🇩 🇨🇬 🇨🇮 🇩🇯 🇪🇬 🇬🇶 🇪🇷 🇸🇿 🇪🇹 🇬🇦 🇬🇲 🇬🇭 🇬🇳 🇬🇼 🇰🇪 🇱🇸 🇱🇷 🇱🇾 🇲🇬 🇲🇼 🇲🇱 🇲🇷 🇲🇺 🇲🇦 🇲🇿 🇳🇦 🇳🇪 🇳🇬 🇷🇼 🇸🇹 🇸🇳 🇸🇨 🇸🇱 🇸🇴 🇿🇦 🇸🇸 🇸🇩 🇹🇿 🇹🇬 🇹🇳 🇺🇬 🇿🇲 🇿🇼

  19. Last/last

    “Again the blogmaster is satisfied any person walking in or calling into the constituency office will be scheduled and it is not dependent on submitting a request via the Google link.”


    It is only AFTER the issue was RAISED in this forum that we’re NOW ‘hearing’ of the other two options.

    When the lady “CALLED into the constituency office,” the Assistant should’ve either taken her information ‘right there and then’…… and scheduled a meeting, or asked her to visit the office instead, rather than INSISTING on “submitting a request via the Google link.”

    FINALLY, I am DISAPPOINTED in the message and the fact that, approximately four (4) weeks AFTER the request was sent, no one BOTHERED to inform the lady whether or not her request was approved or offer an apology for the delay.

    However, David, I thank you for taking the time to highlight this issue.
    And, ‘going forward,’ we NOW KNOW three (3) options are available to constituents.

    • @Artax

      The blogmaster shared findings from investigating the matter. You and others are free to draw conclusions.

  20. I believe anyone who knowingly presents false or misleading representations of information to BU, should be ‘called out.’

    My thoughts
    It is distressing when some present alternative truths, but the decision to call them out is a personal decision.

    If their ‘facts’ are outrageous or patently absurd then they can be safely ignored.

    If you are supportive of the person, then you should never spread their misinformation. You can do so, by choosing to ignore or to correct their presentation. If you are supportive of them and they are correct then, again, you can ignore or add your voice to the discussion. I am aware that some find this form of cherry picking dishonest, but we all act as we see fit.

    In my mind there is a clear distinction between ‘spin’ and misinformation. Spin is finding a different angle to present information; it is not a distortion; to me it is like finding a crevice and widening it.

  21. “A proposal by developer Mark Maloney for a marina in the St Lawrence area of Christ Church is a concept, nothing more, nothing less.”

    That is what I call good spin.

    If nothing happens it remains a concept and it allow officials to start a new clock if the proposal moves beyond a concept. Meanwhile, it places the issue in limbo and those who oppose the concept become modern day Don Quixotes.

    I love a good spin

  22. Twice, I have announced my strong support for Team Maloney. It would be a honor to be a part of this capable team. If asked, I will accept.

    Blogmaster, you can share this contact information.

  23. @David

    Barbados has been “SOLD” to the highest bidder…More IMF largesse is merely “FOLLOW PATTERN KILL CADOGAN” duplicity as the venture capitalists, MAFIA hawks move in to invest in “CASINOES” & PLAYGROUNDS et al (as means to “LAUNDER” more dirty money) by providing even more “CIRCUS”, bread & water for the masses in the form of DISNEYESQUE* hallucinogenic distractions – where the “NOUVEAU RICHE & INFAMOUS” can have another altar or shrine in which to offer their few grains of rice!!!

    The Caribbean is poised to be a #CasinoMECCA, as the growing list of developing nation states put the infrastructure in place to accommodate more & more dirty money… GOVs who are “CASH-STRAPPED” and want to hold on power will do whatever is expedient to rein in investment…

    So while China exploits wherever it can (under the veneer of development programs) while giving with one hand but taking back with both feet & the other arm – the poorest in society “NEVER” sees a change in their circumstances or the likelihood or possibility for upward mobility…

    These HINDUESQUE* gods have many appendages, arms & tentacles with each one reaching out to grab their portion of the pie & to drink from the trough of monetary largesse, like sows on a filthy, stinking farm…

    The nation’s asset portfolio is gradually been sold off before the very eyes of the people and because most are in a myopic stupor – it is not hard to see why…

    Everything is “RIPE” for “REVOLUTION”!!!

  24. @ WURA
    What we are being fed is pure hogwash. Some residents apparently have no problem with being asked to move or whatever but they are concerned that they are being offered way below what their properties are worth.
    What is also of concern, is the fact that after all the projects are completed the same properties will be worth five or six times more than what they would have received.
    Contrary to misinformed people on BU, the majority of these properties are not beachfront.
    What we have here , is very simple – the property owners are looking at the real worth of their properties , in a limited real estate but prime market.
    All they want is a fair market price. This bull shit has been done to poor folks in St. James for years .
    They were told to sell their properties and get the money only to discover that they did not even get the real / fair market value.
    All of this robbery was done in cahoots with lawyers and politicians.
    Ignore that garbage about only a concept.
    More to come.

  25. William….the usual tiefery DRESSED UP as upgrades, tourism, development….usual crock of shit…

    …now they gotta slick talk their way out of it…..outside of IMF and evabody else loans, they got money to pay for 25 parcels of properties land though, we should ask how the tonnage business is going these days…

    i glimpsed on one of the dailies that the utility company says even though they got their raise, dem coming back fuh more…..dem pon dem own.

  26. Pacha…how is it going to benefit any of them now.

    From where am sitting, my opinion, they literally blew up their own agenda.

  27. Britons Burn Energy Bills to Protest Soaring Prices….

    watch muh nuh!!

  28. Let me give you an example of why I have trouble understanding BU.
    Let me add my spin.
    “The A guy’ is meticulous in his presentation of information. He is a man who dot his i’s crosses his t’s in order to deliver accurate information (100%).

    Yet we have seen some bend over backwards to tel’The A guy” that his experience is not correct. The material is not presented as “the politician heard the criticism and updated his policy’. It comes over as “you are incorrect”. His stance has softened, but the insinuation lingers on.

    So who is the bigger sinner… The teller of fables or the aplogist. (I am a believer in – spare the rod and spoil the child)

  29. From BT
    “It was handled badly; Ralph [Thorne, Member of Parliament for Christ Church South] and I got the notification [about the plans] the same way – somebody in New York sent it to me – and when I saw this I immediately spoke to people in Bath Village, Paradise Village, most of who don’t even have social media, some don’t even get a newspaper [so] they were not aware it. When they saw their names in the newspaper, it was a shock.”

    **** Can you imagine the importance of an official notice in the mail from GoRoB to people without social media or access to a newspaper? It goes without saying, that the villagers should have been informed before others and should not have to wait on rumors originating in New York. Thank God for the Diaspora.

    From BT
    “Lamenting that residents had also not been consulted on previous development in the area, Duffy added: “In fairness to people in this Gap, we have never had a say on anything, especially some of those monstrosities that have gone up on the east end of Dover…. Nobody asked us if we want a nine-storey building to go up, or a six-storey or whatever blocking off our light, blocking off our air, causing traffic problems…. This is why we try to use this as the opportunity to [be heard].”

    **** Clearly, not informing those who are immediately affected also occurred in the past. The citizens have accepted the fact that their voices will not be sought after before a concept becomes an action. They know that the “first contact’ with what is a concept for some is the harsh reality of “nine-storey building to go up, or a six-storey or whatever blocking off our light, blocking off our air, causing traffic problems”. One man’s concept becomes the villagers nightmare.

  30. @ Theo
    That’s why nobody is going to force me to jump on people with whom they have differences.
    I am only here to apologise on my own behalf. Over the years both @ Artax and I have extended that courtesy to exch other.
    No wonder then that he deliberately withheld that his phone was the phone used. Like you said, and with which I concur, he is quite meticulous.
    It also clearly showed, in my opinion, that he perhaps felt that his comments on this matter might have been questioned.
    Perhaps the next time he has something like this to say, he should consider letting Mia post it; then it will be accepted without question.

  31. They don’t want to understand that these are communities tightly PACKED TOGETHER….there is no environmentally friendly room to maneuver….wait, does that word not belong to the world stage runner….

    i tried to give an example yesterday….the monstrosity built that blocked my view to the neighbor whose 2 story 6-bedroom house is completely now hidden……would have to be nearly the size of Saw Grass Mills elevated to block mine….because of the WIDE open space….but these people are built one on top of the other…in too close proximity with narrow roads……

    notice was taken of that architectural stupidity all across the island in certain neighborhoods.

  32. William….what can we say, all i know is the experiences of people who have lost properties since LAST YEAR is UNDENIABLE….nicely, and very TIGHTLY COVERED UP…

    did any of yall see any of it on BU>

  33. What Thorne did not mention is that there are many citizens in that area , who are getting up in age. Rather than consider such things they went ahead and publish whatever and as he said , his constituents were “ shocked”. Can you imagine the turmoil that caused. Rather than look out for our senior citizens, we are shocking them .
    More to come.

  34. No. You only willingly jump on anyone with whom she has differences.

    No-one is allowed HONEST CRITICISM of your favourite “messenger” without you jumping to criticise them FOR SPEAKING THE TRUTH ABOUT HER LIES.

    If you don’t wish to get in the middle on the side of truth, then at least it would be more honest to desist from jumping on anyone who calls out lies.

    I have a beef with dis and misinformation AND LIES.

    I am certain that you know why that is a valid position to take but do not wish to admit it.

    I cannot respect that.

    Not at all.

    And neither, i know, does Artax. You can dance around each other trying still to be civil but I am done with that.

    You are not being honest. FULL STOP!

  35. Conspiracy Theory Alert
    It is not surprising that the warning of this ‘concept’ emerged from the diaspora.

    As you are aware folks in the diaspora are seem as big ripe juicy plums to be plucked, feasted upon and separated from the fruits of their labours. One alert relative, seeing knowing of GoRoB’s propensity for land grab decided to alert his hard working worker in NY.

    A good investigative journalist would research the ownership of these properties and inform us what percentage of owners live outside of Barbados. This in part may explain why GoRoB thought it could huff and remove pieces from the lanscape and not inform owners of this concept.

    One man’s concept is another man;s nightmare.

    End theory

  36. @ WURA
    One of the major concerns right now, is that the St.Lawrence church may be affected in some form or other by the development.
    However, from what I have gathered there is no clear indication of how or even if this will actually happen.
    There is also some concerns about whether there may be a need to build a new sewage plant and other infrastructural concerns.
    More to come.

  37. William….they did not expect to OUT THEMSELVES….no one had to lift a finger to do anything they did it themselves….neither you or i have to answer to anyone for anything…….heart and hands PURE and CLEAN.

    the fact that many knew what was happening and made a deliberate decision to COVER IT UP….says a lot about them, much more than it says about you or i….i knew this was happening but also knew if we said nothing the cover-up artists were bound to TRIP THEMSELVES UP… was just a matter of time…

    “As you are aware folks in the diaspora are seem as big ripe juicy plums to be plucked, feasted upon and separated from the fruits of their labours. One alert relative, seeing knowing of GoRoB’s propensity for land grab decided to alert his hard working worker in NY.”

    they don’t think the people in the diaspora have the intelligence or resources to do DUE DILIGENCE ON LYING them, corrupt them, their pimps and yard fowls. ….they think everyone is a fowl like we see here every day…pretending, and trying to lure everyone into their slave mindedness…and lack of regard for other Afrikans except to set them up and RoB them…

    “many citizens in that area , who are getting up in age. Rather than consider such things they went ahead and publish whatever and as he said , his constituents were “ shocked”. Can you imagine the turmoil that caused. Rather than look out for our senior citizens, we are shocking them .”

    when ya got ya hundred-year-old template and no intellectual or ethical savvy to know better ya DON’T DEVIATE.

  38. Have to give KUDOS to those locals with a conscience who worked to make sure people know what was happening and gave them the OPTION to defend their rights…

  39. “What we are being fed is pure hogwash. Some residents apparently have no problem with being asked to move or whatever but they are concerned that they are being offered way below what their properties are worth.”

    Someone please highlight the residents that are being asked to move and from where?🤭

  40. Yes! That’s why unlike you I don’t hog every thread by posting over 25% of all posts even though I am never as “busy” as you.

  41. just admit it, ya don’t have the intellect or education to do more than one thing at a time, yardfowling is your only claim to fame, followed errand boying, the specialty……not exactly the skillsets needed for a publishing company, book writing or a magazine…

    what are you going to produce except for fowl feathers…..and right now there are all over the place with you SQUAWKING….

  42. @ Enuff October 2, 2022 4:01 PM

    It is pointless trying to convince opponents of our most host honourable government on BU. They operate from abroad and still think Barbados looks as clean, tidy and bright as it did just before the fatal declaration of independence in 1966 when the windrushed away. But those living on the island have experienced first-hand the economic terror between 2008 and 2018. Of course, it will take decades to heal the crimes of Donville “Jumpsuit” Inniss and Chris “Big” Sinck. But without the change of power in 2018, we would now be where Guyana was 30 years ago and where Haiti is today.

  43. Need to earn more foreign exchange

    IF MORE IS NOT DONE to earn foreign exchange, Barbados will find its hands in the International Monetary Fund (IMF) for an extremely long time, says Professor Emeritus Michael Howard.
    The economist and retired University of the West Indies (UWI) academic also said the time has come for discontinuation of noncontributory pensions, and that further downsizing of state-owned enterprises (SOEs) will be necessary if the country can hope to repay its debt.
    “I am afraid that we are in a debt trap and that over the years to come we will find difficulties paying back this debt as the world economic order becomes more challenging. If we cannot earn foreign exchange, we are going to have to borrow forever and depend on the IMF for a very long time. That is the critical point that the Prime Minister might not want to hear,” Howard told the DAILY NATION.
    Government recently signed a three-year agreement with the IMF where the country will have special drawing rights under the Extended Fund Facility (EFF) equivalent to US$293 million. Government is expected to carry a two per cent surplus in the programme’s first year, which would gradually climb to 4.5 per cent by fiscal year 2025/26 with the ultimate aim of bringing the country’s debt down to 60 per cent of gross domestic product.
    In yesterday’s SUNDAY SUN, pro-vice-chancellor of the Board for Undergraduate Studies at UWI Cave Hill, Professor Justin Robinson, said the primary surplus conditionalities under the EFF could have the potential for austerity measures.
    He contends that in order to move from running a deficit of 0.9 per cent
    to a gradually climbing fiscal surplus capped at 4.5 per cent over the next three years, the Mia Amor Mottley administration had to choose between achieving strong economic growth, and putting Barbadians through the hardship of cost cuts and revenueraising measures.
    However, Government’s senior economic advisor, Dr Kevin Greenidge, said in response: “It is not a contractionary fiscal stance but in fact one that is expansionary; there is no austerity in this programme. The word austerity applies to when you are trying to cut this and cut that. This is not that; this is a growth plan.”
    Howard warned that if more was not done to find other sectors to move away from tourism, there might not be much progress.
    “I don’t think enough research is being done in that area. We are not competitive in manufacturing and agriculture and international business sector and we have an over-reliance on tourism. So there needs to be a think tank that sits down and decides if there are any niche markets that Barbados can export things from. Can we mobilise small and medium-sized manufacturers to come together to provide products for that market?” he asked.
    Howard also urged Government to take a closer look at SOEs to reduce expenditure.
    “The state-owned corporations have been a large burden on the Government. I think that they have reduced the Government’s ability to deal with certain issues in society because they take up so much from the Government.
    “At one stage there were 66 corporations, but I don’t think the issue was corrected under the last IMF agreement, so
    the Government will have to deal with their own corporations, either downsizing or privatising in order to comply with the IMF conditionality,” he added.
    In August, Government told the country that if changes are not made, the National Insurance Fund could collapse in the next decade.
    Howard said although there could be some fallout, he suggested that pensions may soon have to be contributory.
    “I don’t think in the modern world that things can continue as they have been. The Barbados Government is cash-strapped right now so the move has to be towards contributory pensions, just like how most private pensions are contributory these days.
    “I don’t think that the economy is going to allow public servants to continue with non-contributory pensions. The contributory model has been practised in other countries. I think that is where the IMF is moving and I agree that some contributions have to be paid but that will have a negative fallout,” he added. ( TG)

    Source: Nation

  44. ““I don’t think enough research is being done in that area. We are not competitive in manufacturing and agriculture and international business sector and we have an over-reliance on tourism. ”

    while doing everything in their power to REMAIN OVER-RELIANT on a dead product that’s becoming of NO USE TO THE MAJORITY POPULATION…..which will see them in IMF hands FOREVER….ask Jamaica who actually have resources…while they have none….only foolish talk, questionable projects and NO VISION..

  45. @DavidOctober 3, 2022 4:53 AM

    The professor is very good at criticising the policies of our present honourable government. Where was he in 2013 when Barbados went de facto bankrupt because we could no longer borrow money from the capital market? Like many other DLP grandees, he has remained silent, whether out of hatred for Barbados or misplaced loyalty to the DLP remains to be seen.

    I agree with the professor that by human standards we are eternally trapped in an IMF programme because our island cannot stand on its own.

    However, it is not our honourable government that is to blame for this, but other factors like environmental disasters such as hurricanes, volcanic ash, DLP and other vermin.

  46. A lady that does not know the difference between an MP and candidate is telling me I lack intellect. Hahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa. Answer the question, what residents are being relocated?

    • @Enuff

      Dwight Sutherland Serving Two MAMs, Mottley and Maloney

      Posted on by David 238 comments

      Dwight Sutherland, M.P. Prime Minister Mia Mottley, acted as lawyer for the project before being elected to government Mark Maloney

      There is the saying, ‘if yuh start wrong, yuh gine end wrong’.

      A lot has been written and said about MAM (Mark Maloney) and his latest Town Planning Department (TPD) breach (controversy) Hard Rock Cement. His name was mentioned by Governor Delisle Worrell when he delivered one of his closed door Economic Reviews. In the recent No Confidence Motion brought against the government by MAM (Mia Mottley) Maloney’s name was again mentioned several times. In the same way she catapulted the Cahill Energy Scam to wide national attention, she has apparently done the same to Mark Maloney and his company Hard Rock Cement.

      The BU household has joined many who have become enthralled by the reported exploits of Maloney. The current debate over his refusal to respond to an enforcement order issued by the Town Planning department (TPD),  who then flipped it to the Director of Public Prosecutions (DPP) Charles Leacock, who has since requested additional information from Chief Town Planner Mark Cummins to clarify the order is the stuff Hollywood is built.

      Photo credit: Barbados Today

      Photo credit: Barbados Today

      Although Barbadians have been labelled creatures who have a short attention span, surely we have not forgotten it was in January of last year Mark Maloney announced that a top of the line cement plant would be constructed next to the flour mill on Barbados Port Authority lands. The verbal indiscretion and insight into how decisions are made in Barbados have now come into the light. His announcement then forced a hurried response by Chief Town Planner Mark Cummins to the effect no building construction application had been made. The Business Development and Operations Consultant Dwight Sutherland was given the job to explain away Maloney’s ‘faux pas’ of sorts which he attributed to overexcitement.

      During the No Confidence debate Mia Mottley was relentless in her prosecution of Maloney and the authorities who have not been able to respond to what she labelled TPD breaches. While on her feet government member using sotto voce were quick to ask about Dwight Sutherland’s role in the Hard Rock Rock Hard affair. She responded that it would be INVIDIOUS of her to deal with the Sutherland involvement during the motion.The meaning of the word – likely to arouse or incur resentment or anger in others. Members of the BU household immediately discussed what she meant and concluded she did not want to upset her junior colleague.

      BU is of the view given the aggressive public position the leader of the Opposition and Barbados Labour Party Mia Mottley has taken – and rightly so – makes it easy for Sutherland to resign his job as a Consultant with Maloney’s Hard Rock Cement company. Given Sutherland’s role and his public mouthings as a representative of Hard Rock Cement, it is obvious that he was involved in TPD discussions. It is obvious he was privy to the direction the company was about to take last year. Even if he was not aware the time has come to select one master. There is another saying – you can’t serve two masters.

      It is a matter of principle Mr. Dwight Sutherland M.P. and Business Development Manager and Consultant. All are watching you as you construct a career in public service.

  47. Y’all are of such high intellect, yet don’t know the basics such as a property owner does not have a right to a view. Keep up the faux intellect. How many books published, written and sold? LMBAO.

  48. @DavidOctober 3, 2022 11:06 AM

    Never say anything bad about people you know personally!

    Master Maloney is a great philanthropist and patron of our island. He almost obtained the desired vaccine in record time. Alas, only almost.

    Of course, he cannot be constantly attending to any details of petty legal matters. Master Maloney remains a patriot who has earned medals and other glitter from all parties.

  49. “How many books published, written and sold?”

    dat, the websites and magazine is wuh gine kill wunnah…..🤣🤣🤣

    what’s the difference…mam 1/mam 2 interchangeable…

    “Answer the question, what residents are being relocated?”

    you did not pose that question to me initially, and were i you, would ask the ELDERLY who are now so SHOCKED they can’t sleep……looks like yall in the busines off killing senior citizens with shock..

    i keep telling THE SLAVE….FREE Afrikan minded people don’t need to know who is who in the colonial stinkstem……that’s a STEP-DOWN…yall are the hardest headed Slaves i ever had the displeasure to converse with and have to keep telling ya THE SAME DAMN THING EVATIME CAUSE YA NEVER LEARN ANYTHING….except how to be sheep and fowls……

  50. Lady your website is a collection of quotes from other people. Cut+paste. Me and my low intellect could do better. You give wey the book and people still ain’t read it. 🤣

  51. I could afford to give away one book that someone thought they could PLAY GAMES WITH, did not realize they are being tested, and i showed them that i can CANCEL THAT PLOT…….

    …I can write 100 MORE……where is YOURS…

    am writing one right now…

    and my websites are more than that….the quotes you see are from Afrikan minded people….if they were from whites and others….the Slave in you will never mind…

  52. Trust a fool Fowl not to know there was a reason behind that book give away…..ya should ask blog admin…

    the book was DEDICATED to MY Afrikan ancestors… was nothing to get rich from and their power was sufficient to SHOWCASE what was what….

  53. Enuff

    The lady does not have anything to do with African Online Publishing.

    How could anyone who claims to be an author and researcher, more often than not
    misinterpret and misrepresent the contents of simple correspondence, then rushes to BU with misinformation to mislead the forum?
    The ICIJ directorship flowcharts; the updated report to claimants from the Trustee of the Estate of Harlequin Boutique Hotel Limited, a Bankrupt; Fulcrum Chambers are a few examples.

    But, be very careful, lest you’re accused of jealousy, making unsuccessful attempts to sabotage books and websites…… or, “attacking Afrikan women.”

    I’m still here STILL AWAITING ‘The WRATH of Khan’ and ‘what she is made of.’

  54. Primed ‘for take-off’
    Investor confidence buoyed by World Bank reports, says Greenidge
    WITH THE WORLD BANK confirming yesterday that Barbados is on course for double-digit growth this year, Government’s Senior Economic Advisor Dr Kevin Greenidge says the vote of confidence from the international financial body should allay any residual fears about the country’s investment grade.
    However, Professor Emeritus Michael Howard, of the University of the West Indies, says while he is hoping the projections hold firm, he is sceptical given the number of global threats and uncertainties through which Barbados must now navigate.
    According to the World Bank’s Latin American and Caribbean Review, the Barbados economy is forecast to return to pre-COVID-19 levels in two years.
    The projection confirms the Central Bank of Barbados’ outlook that the country is estimated to grow by 10.5 per cent this year.
    The report added that next year growth is projected to be five per cent followed by 3.2 per cent in 2024.
    This is expected to put the country back on even keel following a 1.3 per cent decline in 2019, a 13.7 per cent fall in 2020 and anaemic growth of less than one per cent in 2021.
    With the exception of Guyana’s anomalistic spurts of 57.8 per cent, 25.2 per cent and 21.2 per cent up to 2024, Barbados has the highest jump for the region assessed.
    In presenting the report at a virtual press briefing yesterday, World Bank chief economist William Maloney said that while he has not done a diagnostic on Barbados’ data, he credits this growth to the quick response to the pandemic through vaccinations and the rebound of the tourism sector.
    Greenidge said the report was in keeping with recent projections presented to the International Monetary Fund for the recently approved US$293 million programme. He added the latest report should inspire confidence in investors that Barbados is primed for take-off economically.
    “Those predictions are quite in keeping with what our Government and the Central Bank’s outlook has been for the country. In fact, this forecast is in keeping with ours under the BERT 22 [Barbados Economic Recovery and Transformation programme 2022] which informed our discussion with the international Monetary Fund. This is a green light for investment and to invest in our future. Now is the time to get those projects that persons have been thinking about. This includes greening your business, investing and retooling, upgrading your tourism plants.
    “Now is the perfect time for those investments. Yes, shocks will come but now is the time to be bold,” said Greenidge.
    “Investor confidence in Barbados is very high. We came through the pandemic
    hurt but we are still maintaining strong economic policy frameworks and that gathers confidence. In 2019 we got an upgrade from a major rating agency and more recently Standard & Poor’s just reaffirmed their credit rating. This report by the World Bank is further confirmation that we are on the right track and we just have to stay the course.”
    On the other hand, Howard told the MIDWEEK NATION that issues such as the fall of the British pound, currently threatening to put a damper on spend this winter tourist season, could not be ignored in any projection at this time.
    “I don’t know what information they are basing their predictions on and while I don’t have any empirical data to contradict the report, I would advise that we don’t get ahead of ourselves. I don’t think these are the times to over-predict given the changes in the world economy as well as the uncertainties.
    “I think that one would want to exercise caution in terms of predictions. We need to look at things from a worst-case scenario. There is just too much uncertainty with the pound, increased cost of living and so on, to make such high predictions,” he said.
    “We must be cautious about overpredicting. At this time I have not seen any major projects started that will earn foreign exchange to help us grow. I have not seen any acceleration in terms of the provision of jobs, so I cannot endorse the prediction of those figures.”

    Source: Nation

  55. David

    I found the following ‘St. Vincent Times’ article very interesting.

    LIAT International formed, carrier to operate regional, international routes

    Lee Yan LaSur October 5, 2022

    Antigua & Barbuda government and a private company have signed a memorandum of understanding paving the way for a new regional airline.

    CTG Chair Ma Chao and Antigua’s Works and Finance Minister Lennox Weston signed the agreement on September 30th to facilitate LIAT International, a new airline that will deploy a fleet of various types and sizes of aircraft.

    According to the MOU, LIAT will expand its traditional intra-regional routes to include international travel to South America and Europe, as well as create a channel for visitors from Asia, using Antigua & Barbuda as a gateway.

    Frankfurt, Germany to Antigua is one of the planned routes. An Antigua & Barbuda visa-waiver agreement is currently in the works between China and Antigua & Barbuda, which could serve as a connector for visitors from China. In this way, Chinese citizens wishing to travel to Antigua and the rest of the region would no longer face significant administrative barriers.

    As a result of the recently-signed MOU, the Antiguan government intends to restructure LIAT under a new commercial entity, thus restoring the Caribbean’s most robust commercial air travel network. Following the Covid-19 pandemic, Antigua’s Prime Minister Gaston Browne announced the liquidation of LIAT 1974 limited in late June 2020.

    • @Artax

      It is an interesting development. Hopefully the business case makes sense. The EC region is a Cat 1 designation therefore an airline out of that region has flexibility. God knows we need an efficient regional transportation system both by air and sea for cargo.

  56. Now it’s official: we have the second highest economic growth in the Caribbean this year! We can also look forward to high growth rates in the following two years.

    The people are cheering. Thank you, Supreme Leader, for ruling over us with a firm hand!

  57. Growth rate forecast caution

    My attention was recently drawn to a very sensational headline Growth Forecast ‘A Plus’ – Greenidge Optimistic But Howard Cautious About Future, in the Nation of Wednesday, October 5, 2022.
    I have always argued that in the present changing world economic scenario professional economists have to be cautious about projected economic growth rates, which can be very misleading guestimates and often do not take account of inflation. Mr [William] Maloney, the World Bank’s chief economist, was unable to state precisely what was the rationale, or economic model, for the World Bank’s prediction of the 10.5 per cent growth in 2022, given the poor summer tourism season and the projected declines in 2023 and 2024 of 5 per cent and 3.2 per cent, respectively. Why will Barbados experience lower growth rates in these years?
    The so-called 10.5 per cent growth in 2022 is merely growth on a reduced nominal gross domestic product (GDP) base, which was significantly eroded by COVID 19. It does not reflect real economic prosperity or improved income distribution in Barbados.
    Growth rates
    Further, I am not sure if these growth rates are in nominal or real terms. Inflation reduces real growth.
    First year economic students know the difference between real and nominal economic growth rates.
    Mr Maloney, however, has a perspective which is missing, as usual, from all of Dr [Kevin] Greenidge’s weak analyses. Mr Maloney states that growth will be affected by the war in Ukraine, higher interest rates and slower growth in industrialised economies, and persistent inflation.
    Maloney is also concerned about the high and rising rate of inflation in the Caribbean. To repeat, inflation reduces real growth. Dr Greenidge never highlights or reinforces any of these critical economic variables.
    Uncertainties in the world economy and Barbados’ weak capacity to earn foreign exchange do not seem to reduce Dr Greenidge’s misleading utopian expectations about real economic growth (that is, GDP changes adjusted for inflation).
    In closing, Barbados has no explicit growth plans either for the private sector or public sector. Further, the heavy service orientation of the Barbadian economy reduces
    its capacity to earn foreign exchange.
    It is expected that the new IMF agreement will impose a degree of austerity in an attempt to achieve fiscal surpluses, which will further dampen real growth.
    Indeed, the Government may have to cut public investments, introduce contributory pensions in the public sector, or even downsize state-owned corporations, which may be the required action to achieve fiscal surpluses in the coming years.
    Attempts to project a glowing picture of growth by the Government must be tempered by realistic analyses of our present economic circumstances in a fragile foreign exchange-constrained economy.

    – Professor Michael Howard

    Source: Nation

    Pension funds, life insurers ‘likely to face losses’
    Barbados’ financial sector has remained stable and resilient despite the unfavourable conditions created last year by the COVID-19 pandemic and climatic events.
    However, the Central Bank and Financial Services Commission (FSC) believe that ongoing global instability and the international rise in interest rates “are likely to generate some losses for equity and fixed income investors, especially for pension funds and life insurance entities”.
    The two regulators communicated this in the recently published 2021 Financial Stability Report.
    “During 2021, Barbados experienced a surge in COVID-19 infections and notable climatic events. In spite of these unfavourable circumstances, increased economic activity and a recovering labour market over the second half of the year kept the financial system stable and resilient,” the Central Bank and FSC said.
    “Deposit-taking institutions (DTIs) remained well capitalised and registered improved credit quality as the loan moratoria programmes that were introduced in 2020 were winding down.
    “The general and life insurance industry also met regulatory solvency criteria over the course of 2021, while pension plans and mutual funds which have exposure to foreign-issued instruments were boosted by gains in equity markets internationally,” they added.
    “Outstanding loans from DTIs contracted marginally and liquidity continued to grow, sustaining historically low interest rates. Despite
    the weak credit market, profitability strengthened, partly because of a reduction in provisions, particularly by commercial banks, as the economic recovery began to gather momentum,” the regulators said.
    Based on the report, however, pension funds and life insurers will face some financial losses.
    “The ongoing conflict between Russia and Ukraine, global climatic shocks, supply chain disruptions, the sharp rise in global inflation and the increased probability of recessions in the United States and the United Kingdom pose significant downside risks to financial stability,” the report stated.
    Interest rates
    “These factors, together with the rising interest rate environment internationally, are likely to generate some losses for equity and fixed income investors, especially for pension funds and life insurance entities.”
    This assessment follows a year in which the report said the investment portfolio of pension funds “showed signs of improvement, with total investments estimated at $2.3 billion, a 14.3 per cent increase from the previous year and exceeding pre-pandemic levels”.
    “Overall growth in the sector benefited from the performance of mutual fund investments which grew by 16.2 per cent. Foreign mutual fund investments continued to dominate the portfolio accounting for 59.5 per cent of total investments,” the publication stated.
    “Similarly, local mutual fund investments accounted for the secondlargest component at 22.1 per cent, followed by local fixed-income investments at 11.6 per cent.”
    Regarding life insurance investments, the report said this continued to account for more than 85 per cent of the assets held by life insurance companies.
    “This portfolio contracted by approximately $100 million (4.2 per cent) as the largest investment category-related party investments – declined by $89 million,” it added.
    While the impact of the negative global environment on DTIs was described as uncertain, the Central Bank and FSC cautioned that “a deterioration in the domestic labour market and the general business environment could cause Barbados’ financial system to grapple with a deterioration of loan quality, profitability and capital adequacy”.
    The two institutions said they would “continue to strengthen the regulatory framework and improve the assessments of systemic risks”.
    “Among planned initiatives are an improved focus and development of capability on climate risk evaluation, cyberrisk security, anti-money laundering and the monitoring of the non-regulated financial sector.” (SC)

    Source: Nation

  59. How do new plans for Barbados tourist development going to fit in with the plans of Klaus Schwab, and his accomplices in the WEF and UN. Plans for a carbon neutral future involve not just to switch the teeming masses (AKA useless eaters) onto a diet of beetles, crickets, grubs and ground up cockroaches, but to also do away with their ability to jump on an airplane and travel thousands of carbon producing miles to exotic destinations at the drop of a hat. And plans are for it to happen quicker than you might think.

    The push to make ‘air travel history’
    Stephen Andrew September 21, 2022

    The goal is to gradually restrict people’s ability to fly, before eliminating the sector altogether. The ‘step-change’ approach is just to condition you into accepting it. Take a look at the 2019 UKFires document, ABSOLUTE ZERO. On page 2 it states:

    “There are no options for zero-emissions flight in the time available for action, so the industry faces a rapid contraction. DEVELOPMENTS IN ELECTRIC FLIGHT MAY BE RELEVANT BEYOND 2050.”

    Page 5 sets out the timeline for 2020-2029 with “all airports except Heathrow, Glasgow and Belfast to close”. From 2030 to 2049: “ALL REMAINING AIRPORTS CLOSE”.

    The signs of what is happening are everywhere. France has banned internal domestic flights that are less than 2 hours. If there’s a train available, you must now take it. You can’t just jump on a ‘short haul’ flight in France anymore. No-one ever asked the French people if they wanted such a ban, it was just imposed on them anyway.

    In Norway, politicians are considering individual flight quotas, restricting how many flights you can take yearly and where. They also want a ban on duty free shopping and internal domestic flights like France.

    In the Netherlands, Schiphol, 70 percent owned by the Dutch Government, announced the world’s first flight cap at Amsterdam Airport, the world’s third largest aviation hub. Passenger taxes are to be tripled and airport charges increased 37 percent.

    The Dutch Government at least had the honesty to admit the changes were being made to reduce carbon emissions.

    The U.K. government is experimenting on African children by feeding them a bug-based diet

    Oct 7, 2022 Poor African kids are the subject of an experiment to determine whether regular bug consumption can improve their nutrition without consideration of potential inflammatory effects from insects.


    You WILL eat bugs and love it as WEF agenda already in place | Redacted with Clayton Morris

    The World Health Organization wants you to eat bugs. To save the planet and all. Is this a good idea? Are bugs good for you? This conundrum is bugging me!

    Aug 16, 2022 The World Health Organization wants you to eat bugs. To save the planet and all. Is this a good idea? Are bugs good for you? This conundrum is bugging me!


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