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Barbados’ economy on slow march

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Some focus by the public will return to the economic performance of the economy next week when Governor of the Central Bank Kevin Greenidge is scheduled to deliver his Review of Barbados’ Economy in the First Quarter of 2024 on 30 April 2024.

One does not have to be Adam Smith to anticipate Greenidge’ talking points. It will be that the post-COVID economy continues to rebound on the strength of tourism performance and world cup cricket events to be held in Barbados in a few weeks will fuel the current trend. Further, he will mention the Pierhead and Bay Street development expected to boost construction activity and encourage Barbadians the importance of investing in BOSS bonds.

In recent weeks Barbadians have been distracted by recurring political shenanigans in George Street and understandable concern there was a plan hatched by government to purchase Drax Hall plantation from Richard Drax, a plantation recorded in our history to be at the centre of slave activity in Barbados. Not to forget concerns about the cybercrime bill sent to a Joint Committee of Parliament to accommodate public concerns that some aspects of the proposed legislation is an overreach.

It is unfortunate a vast majority of Barbadians are unable to walk and chew gum. We are too easily swayed by singular issues and unable to decouple from narrow personal perspectives. What an opportunity for the Democratic Labour Party (DLP) to engage the many issues on behalf of a public easily swayed by opinion shapers and social media influencers. What a waste of significant resources allocated to education in the national budget year after year.

The blogmaster is concerned that a new economy has not emerged after the experience of the pandemic. Obviously transforming an economy from an over reliance on tourism cannot be achieved on wing and a prayer. However, we should be able to spot green-shoots of a new economy in policy formulation and nascent project implementation to gain the confidence of onlookers we are committed to leaving a tired economic model behind.

As we continue to celebrate National Heroes’ Day, Errol Walton Barrow is one who will be remembered for being part of establishing  Caribbean Free Trade Association (CARIFTA) AND his commitment to raising the standard of living in Barbados through access to ‘free’ education. Sixty years later are we happy with the return on education (ROE)? We have become a people intoxicated on consumption reflected in high household debt and debt to GDP. Ignore the government’ boast that debt to GDP has fallen from 180 in 2018 to 115 in 2024. The debt restructure was mainly responsible for the decline, Barbadians and bondholders (domestic and international) had to accept a premeditated ‘haircut’ by the Mottley administration. The decline is not the result of national projects EARNING foreign exchange or quantum level increase in domestic productivity.

Barbados’ economy has stabilized since the junk credit rating era of the so called lost decade, however, there is the saying “a rising tide lifts all boats”. Our economy has improved because the world economy has improved so that it has facilitated demand for world travel. However, the fickle nature of tourism should be a major concern. We need to do more, more quickly to mitigate all risks associated with being overly dependent on tourism.

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126 responses to “Barbados’ economy on slow march”

  1. David Avatar
    David

    https://www.instagram.com/p/C6ZyHXZLxx9/

  2. John2 Avatar
    John2

    A

    No no no. The governor is giving an economic report The AG gives the accounting reports. And for the 1.4 billionth time an economy is different to a private/ public entity although there are a lot of similarities.

    We all would like to have no deficit but ur first rule of account is based on alternate facts
    Ex. The opposite was applied here in USA in the housing bubble and covid recessions with government injecting money into the economy to keep it afloat until it could sustain growth by itself.
    The private / public owned business accepted bailout/ loans from the government to sustain their businesses until they got back to profitability
    The big banks and car companies in the bush / Obama period
    Nalot of businesses but mainly the airlines and maybe the cruise ships in the trump/biden period

    No need for me to go into the USA deficits and yes I understand the two economies are not on the same scale or resources

  3. Yolande Grant Avatar
    Yolande Grant

    To make any global shifts, not only must one have the mental wherewithal but one must also be heavily infused with ancestral powers…..a bloodline thing.

    It’s not some flimflam sham scam one can practice mirrior……that’s the high altitude mountain manufactured politicians can never climb….way out of reach for the colonial realm…now we can ascertain WHY there are so many never ending entertaining cockups…

    ….any spiritually chosen Pan Afrikanist could have told them, but too late now..

  4. Yolande Grant Avatar
    Yolande Grant

    This is the situation we are dealing with:

    the Spiritually CHOSEN (very important word chosen, when impostors are in the mix)

    V. manufactured politicians who have no clue, who believe rushing to the front in a hurry gives them what they need to proceed…epic fail…now they definitely ran out of steam…don’t know the ancient script, yes one exists…and now incapable of proceeding any further with anything other than EMPTY TALK.

    I did warn them about this after one of their Afrika trips about 2 years ago…

    FAILURE is completely expected when you disrespect, as a rule, your ANCIENT ANCESTORS..

  5. David Avatar
    David

    Anthony Wood has been relenting in his criticism of the this government.

    IMF loans not the solution

    MICHEL CAMDESSUS, a former managing director of the International Monetary Fund (IMF), remarked in 1988 that if governments handled their economic affairs properly, they would not have to turn to the IMF to bail them out. Thus, do not blame the IMF for the austere economic adjustment programmes recommended to turn around struggling economies.

    Governments should practice prudent economic management to prevent them from relying on the IMF for financial assistance and economic advice.

    The economics and development finance literature is replete with experiences that reliance on IMF assistance comes with serious financial and social costs.

    The current Government seems rather unfamiliar with the developing country experiences with IMF and World Bank economic adjustment programmes.

    Heavy burden

    The continuation of its ill-advised policy of excessive borrowing, anchored by a second consecutive IMF programme, will continue to place a heavy burden on the country to meet debt service obligations.

    The terms of all loans negotiated and signed by the Barbados Government are made explicit in the loan agreements. The inclusion of surcharges in loans by the IMF can be viewed as a risk premium and is a sensible risk management technique with loans to countries with high debt and unfavourable risk profiles.

    To extricate Barbados from the obligation to pay the surcharges, the Mottley administration needs to end its relationship with the IMF after the current programme and reduce its appetite for borrowing. Seeking a revisitation of the surcharge policy by the IMF is a soft option and not a substitute for proper economic management with a focus on economic diversification and generating much higher levels of earned foreign exchange and foreign investment on a sustained basis.

    It is time that the current administration accepts that it cannot borrow its way with the continued support of the IMF out of the country’s economic problems. – ANTHONY P. WOOD

    Source: Nation

  6. TLSN Avatar
    TLSN

    I was impressed with Mia’s volume on the stage and her capacity to rally her base. I would give it a score on the froth rating of ten out of ten.

    In terms of substance with regard to her leadership, I would urge her to dismiss the froth and shallowness of her leadership; and urge her to search the archives of an African leader whose popularity was based on intelluctual rigour, an inate knowledge of his people and a man of integrity built on a foundation reinforced with mild steel mesh.

    Our prime minister has become a junkie to loans and aid. I would urge her to read an article from today’s Russia Today:

    “………In a speech in August 1984 titled ‘There is Only One Color – That of African Unity’, Sankara directly answered those who asked what he thought about international aid. He said, “Aid must go in the direction of strengthening our sovereignty, not undermining it. Aid should go in the direction of destroying aid. All aid that kills aid is welcome in Burkina Faso. But we will be compelled to abandon all aid that creates a welfare mentality. That’s why we’re very careful and very exacting whenever someone promises or proposes aid to us, or even when we’re the ones taking the initiative to request it.”

    Africa’s Che Guevara: How France pulled off the ‘dirtiest trick’ to assassinate a popular reformerREAD MORE Africa’s Che Guevara: How France pulled off the ‘dirtiest trick’ to assassinate a popular reformer
    He opposed not only Western aid as such, but also “imported” models of African development, noting the “terrible consequences of the devastation imposed by the so-called specialists in Third World development” and rejecting “externally driven development agendas.” Essentially, he advocated for the “decolonization” of Africa’s development process.

    In the 1970s, researcher Johan Galtung noted the psychological aspect of abandoning “tastes generated from the center and satisfied with center goods only” for the sake of sovereign development and “independent taste-formation.” He believed that the transition to such models “is located more in the field of psycho-politics than in the field of economics.”

    Sankara, who sought the advice of the leading intellectuals of the time, focused on such ‘psycho-political’ decolonization even before becoming the country’s president – he set out on this course in September 1981, when he became the secretary of state for information.

    The people of Burkina Faso still remember the slogan of that era: “Consume what you produce and produce what you consume!” and proudly wear clothes made from locally-produced Faso Dan Fani fabrics.

    Good old self-reliance
    Former Tanzanian President Julius Nyerere used a similar concept of self-reliance within the framework of the Tanzanian socio-economic model ‘Ujamaa’. He persisted in these efforts as long as external circumstances allowed. However, in the mid-1980s, after the onset of the TINA era (an acronym for ‘There is no alternative!’, the slogan used by Margaret Thatcher about the inevitability of liberal reforms), Nyerere was forced to resign, so as not to personally destroy the model of self-reliance that he had built with such care.

    RT
    FILE PHOTO. President of Tanzania Julius K. Nyerere. © Getty Images/Bettmann
    Even in those times, experts noted that this model was rooted in African traditions and surpassed not only “scientific socialism” but also “African socialism” associated with the conciliatory policies of Leopold Senghor and Tom Mboya – politicians who represented the “showcases of capitalism” in the French-speaking and English-speaking parts of Africa: Senegal and Kenya, respectively.

    Although the traditions of self-reliance were quite strong in Tanzania, in the 1990s-2000s in neighboring Kenya a similar concept was discredited (declared equal to corruption) and eventually officially banned as a result of a study conducted by the British (!) company Risk Advisory Group.

    All of these development models may be generally defined as self-reliance models. Coincidentally, even European researchers have noted that this approach may be promising, both at the country level and in regard to reforming the global governance system. This is exactly what BRICS is trying to do today by strengthening the structural power of the non-Western world and forming a global agenda that is more aligned with the expectations of the Global South.

    Poisoned gifts: The West’s apologies and reparations can be another tool to enslave AfricaREAD MORE Poisoned gifts: The West’s apologies and reparations can be another tool to enslave Africa
    The self-reliance concept may be implemented at several levels: locally, nationally, and regionally. For African countries, the most relevant issues today include resuming the provision of social services (local); building strategies for the development of individual Sahel countries (national); and focusing on collective self-reliance within the framework of the Alliance of Sahel States (regional). The fourth level would be to abandon the concept of the so-called Third World – as during the era of active South-South cooperation and economic partnership within the Non-Aligned Movement – in favor of the non-West or world majority. In this regard, the geography of the trips recently taken by Nigerian Prime Minister Ali Lamine Zeine is noteworthy – in January 2024, he visited Russia, Iran, Turkey, and Serbia.

    Self-reliance is particularly important for food security, since the supply of tropical agriculture products to the EU (which ensures the food security of the EU) comes at the expense of Africa’s own food security. The cost of Africa’s food imports is expected to double by 2030, reaching $110 billion.

    In this regard, collective self-reliance is highly important, since the size of the national economies of individual African countries often doesn’t allow them to implement sovereign policies in a wide range of fields.

    Other countries and integration groupings look up to the Alliance of Sahel States as a positive case, since most African regional economic communities are based on regional trade liberalization and in fact, undermine national industrial development strategies.

    What’s wrong with international aid?
    In Soviet books on Africa, whenever international aid was mentioned, the word was always put in quotation marks (i.e. so-called “international aid”). The Soviet Union condemned the West’s hypocrisy, since on the one hand, African countries received certain annual assistance from the West, but on the other hand, the continent experienced massive capital flight.

    Addressing young people (among whom there were many Africans) during the World Youth Festival in Sochi in March 2024, Russian President Vladimir Putin said, “In the course of [Russia’s] numerous contacts with African leaders, even from those countries where the economic situation is very difficult, people’s lives are very hard and [the population is] often malnourished, never – and I emphasize this, never – has anyone asked us for anything directly. No one stretched their hand out and said – give us this, give us that. Everyone only spoke about establishing fair, honest joint economic cooperation.”

    RT
    Visitors attend the closing ceremony of the 2024 World Youth Festival (WYF) at the Sirius Federal Territory, Krasnodar Region, Russia. © Sputnik/Ramil Sitdikov
    It’s not a coincidence that many countries of the Global South, primarily BRICS members, are trying to break free of the hierarchical donor-recipient relationship characteristic of North-South assistance programs. They prefer to discuss solidarity and mutual cooperation – but not “aid.”

    As a rule, Western aid comes with many conditions and political demands. The donor-recipient relationship often violates the principle of sovereign equality, the recipient’s rights are limited and the concept of “good governance,” which requires the presence of the “right institutions” to implement liberal reforms, is not that different from colonial administration.

    The conditions imposed also limit a country’s economic sovereignty, since they narrow the range of possible economic policies and strategies to combat poverty, and they reduce the state’s ability to control international trade and investment flows.

    Adieu, colonizer: France’s malign influence still hangs over Africa, and that needs to changeREAD MORE Adieu, colonizer: France’s malign influence still hangs over Africa, and that needs to change
    The collective West coordinates its requirements through the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD, the economic equivalent of NATO). On a local level, in recipient countries coordination takes place during regular meetings of Western donors at EU or World Bank delegations. In particularly challenging cases, the DAC OECD members issue a consolidated ultimatum to the recipient countries.

    The Western-centric system rigidly controls not only who receives the aid, but also who provides it. As US allies and vassals, Bretton Woods institutions – the IMF and the World Bank – remain the largest donors, although in recent years, China has become their major competitor within the Belt and Road initiative.

    Are there alternatives?
    Several African countries still continue to implement “imported” national development strategies elaborated by neocolonial think-tanks such as the Institute of Development Studies (IDS) and the Overseas Development Institute (ODI) for the former British colonies, or the French National Research Institute for Sustainable Development (IRD) for the former French colonies.

    Since colonial times, these institutions have advocated a “pseudo-development matrix” for African countries that only increasestheir dependence on the West and is financed within Western “international aid” programs. When it comes to national development, only sovereign expertise will allow African countries to abandon the path of dependent development.

    During the power transition period (from Western to non-Western actors), the role of the “middle powers” becomes increasingly important. This includes countries such as Türkiye, which does not agree with the role assigned to it by the West and pursues its own aid policy, which differs from that of European countries.

    Africa against neocolonialism: Why does the continent’s struggle for self-sufficiency remain so difficult?READ MORE Africa against neocolonialism: Why does the continent’s struggle for self-sufficiency remain so difficult?
    China has never been part of the OECD Development Assistance Committee and has played a key role in demonopolizing international aid flows by putting forward economic rather than political conditions when providing assistance to Africa.

    Since 2022, cooperation between Russia and the OECD has ceased, and Russia is no longer considered a donor which lost the Cold War while pursuing a sovereign cooperation policy with African countries.

    Partnership between Africa and countries of Islamic world is also growing, particularly since many of them joined BRICS (e.g. the UAE, Iran, and Egypt).

    In what may be considered the second wave of the “awakening of Africa,” African countries themselves are gradually moving away from the TINA model and political conditions that clearly contradict African values. In February 2024, Ghana, which has long been considered a “good recipient” by Western donors, passed a law condemning the spread of LGBT propaganda. This is just one case of the country’s large-scale efforts to pursue a course of sovereign development.

    This means that when it comes to international aid – and on a wider scale, setting priorities for global development – the Western monopoly is clearly coming to an end.”

    By Denis A. Degterev, Leading Research Fellow at the Institute for African Studies of the Russian Academy of Sciences and a Professor of the Department of International Relations at the Higher School of Economics. He specializes in development cooperation and Africa, and has written extensively on the Global South. For several years, he worked in West Africa.
    ….

    https://www.rt.com/africa/596803-international-aid-what-is-behind/

  7. David Avatar
    David

    A regurgitation from the head of the private sector: which is the narrative about what is happening to push aggressive growth in NEW areas?

    https://youtu.be/apqwN-gr4Hc

  8. Artaxerxes Avatar
    Artaxerxes

    @ David

    Some people never cease to amaze me.

    Was in town yesterday morning and saw an extremely long queue of people around the BRA’s Bridge Mall’s office, some of whom were waiting to have their income tax returns filed by BRA officers.

    Every year, these people prefer to spend an entire day at the Authority’s offices and call ‘Brass Tacks’ to complain and talk shiite, rather than paying someone a ‘$20 bill’ to file their returns or learn to do it themselves.

    Filing an income tax or reverse tax credit return is simple and much easier than people anticipate, as it takes at least five (5) minutes to complete the process.

    However, I believe it is unreasonable to charge taxpayers a $500 penalty for failing to file their returns by the given deadline, especially those individuals whose earnings are slightly above the $25,000 tax threshold.

  9. David Avatar
    David

    @Artax

    Agree with you. It is a jab at our touted education system. We must do better.

  10. David Avatar
    David

    IMF surcharges ‘weighing heavy on resources’

    DEBT-RELATED INTEREST payments are weighing more heavily on Government’s financial resources.

    Central Bank Governor Dr Kevin Greenidge says this means the authorities will have to “more actively” manage debt service demands at a time when international interest rates are high and the International Monetary Fund’s (IMF) controversial surcharges were a concern.

    Government’s debt repayments totalled $707.3 million in the recently-ended 2023/2024 financial year, overtaking the $522.4 spent on goods and services, and moving closer to spending on wages and salaries, which was $852.4 million last financial year.

    The Central Bank’s first quarter review, which was released yesterday, said that “interest payments, which continue to be impacted by elevated global interest rates, pushed up Government spending”.

    “Interest expenses rose by $158.1 million during financial year 2023/24, accounting for the largest increase in current expenditure. External interest rose by $112.5 million due to higher global interest rates on variable-rate external debt,” it outlined.

    “Moreover, the agreed step-up rates on domestic restructured debt resulted in a $45.6 million expansion in domestic interest payments.”

    Greenidge said in relation to the higher interest payments that “we have to actively manage that”.

    “You cannot influence world interest rates, those are what they are. We have to continue to look at the debt profile and where the debt is expensive you try to have a strategy that you can buy back [debt] and . . . issue debt at lower interest payments,” he suggested.

    The Governor said this was why there was “the strong call for the IMF to reform the surcharges”.

    IMF information shows that Barbados paid it US$4.23 million in surcharges last year and is estimated to pay US$4.55 million in these fees this year.

    “I must tell you there has been a call for the IMF to review those surcharges and eliminate them and that has been led predominantly actually by our Prime Minister and Minister of Finance,” Greenidge said.

    ‘Makes no sense’

    “And I believe either this month, or soon, a paper will go to the IMF board for reconsideration of that. I spent over 11 years at the IMF and . . . in my view it [the surcharges] makes absolutely no sense.”

    He added: “It was a measure to discourage persons’ prolonged use of IMF resources but in an environment where more and more countries are coming on board because of the crisis shock, et cetera, and need the resources, and because of the volatility of interest rates, it can’t be that those surcharges, or those extra fees, are what are causing you problems now.”

    Greenidge said if the IMF surcharges were eliminated “it would have a very positive impact on the budget because [those surcharges] are quite expensive”.

    He also pointed out that while international interest rates were about 0.1 per cent when Barbados entered an IMF programme in 2018, which he and others deemed “cheap money”, the same rates were now eight per cent.

    (SC)


    Source: Nation

  11. David Avatar
    David

    Bring them!

    Another potential hotel on the cards for Bridgetown

    written by Barbados Today Updated by Aguinaldo Belgrave 17/08/2023

    Prime Minister Mia Mottley.

    By Jenique Belgrave

    Prime Minister Mia Mottley has disclosed that another hotel may be built in this island’s capital.

    She said discussions will be held regarding the construction of a hotel “on the other side of the Pierhead, where Carlisle House is”.

    “But they’re not yet ready for that. Obviously, with COVID, those plans got put on hold but they’re now beginning to talk with us about our lands next to the BTII [Barbados Tourism Investment Incorporated], to be able to have a hotel on that side, but that’s early days for that,” Mottley said following a tour of the new Sam Lord’s Castle Barbados, A Wyndham Grand Resort, on Wednesday afternoon.
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    “There’s also another property between Pierhead and Hyatt that only this morning we met with the potential investors for, and we would want to be able to have that also because we’d like to have all of the construction taking place more or less at the same time, so that there is no further disruption of Bridgetown. The truth is, Bridgetown is going to be a difficult place to be moving through next year,” she told the media.

    The Prime Minister said that over the next six to nine months, Barbados’ infrastructural landscape will be significantly modified as several projects, including the Hyatt Hotel, are slated to get underway.
    You Might Be Interested In

    “We had meetings with all of the lenders and the investors with Hyatt yesterday (Tuesday). We expect that also to be coming close to ending with the legal closure, and therefore should start soon,” she said.

    Giving an update on the various projects in the pipeline, Mottley said advancements had been made with the world-renowned all-inclusive Royalton Luxury Resort.

    “We have Royalton, who we approved all of the concessions and all of the things in Holetown by the old Discovery Bay site, and we expect that they will start in a couple of months as well. They want to be able to be finished, if possible, by February 2025, because next door to them is the old lagoon in Holetown, where, of course, 400 years from February 2025 is when the British first landed there. So I think they would like to be able to have their property open for that,” she said.

    Mottley said the creation of high-rise parking on the west coast of the island was a necessity.

    “We’re going to have to put parking in Holetown. Part and parcel of a lot of Barbados’ difficulties is that where our spots are, there is no regular access to parking and we’ve had to make some changes and agree that some multi-storey parking would have to go into the different town sites in order to be able to get the maximum use of the land in these instances,” she argued.

    Also pointing to the progress being made with the Indigo Hotel in Hastings, she said town hall meetings for the Pierhead Development Project were expected to finish soon.

    “There are a number of other projects as well, but those are the ones that are immediate and that I expect to happen over the course of the next six to nine months,” the Prime Minister added.

    Speaking on the future development of the island’s tourism product, she revealed that discussions are ongoing regarding the relocation of the Barbados Defence Force headquarters and the clean-up of the old Mobil site on Bay Street.

    “We will keep the historic aspect of the Drill Hall and the St Ann’s Fort there, but the truth is, it’s not practical for the Barbados Defence Force to be there, and it is more amenable to tourism development. We have people looking at the old Mobil site which, as you know, was tarnished with the oil on the ground…. We now have people who are reviewing the possibility for cleanup, which will allow for the expansion of both the Hilton as well as another opportunity in there,” Mottley said.

    Additionally, the Prime Minister stated that interest had been renewed in the Blue Horizon and Savannah hotels, which have both gone out to tender.

    “So the future is bright in terms of tourism,” she said.

    Source: BT

  12. Artaxerxes Avatar
    Artaxerxes

    “But look what happens the lines at BRA are almost equal to the crowds at Barclay Park but with two differences govt belly was filled ..while the people’s pocketbooks were emptied……”
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Come off it, my friend.

    You’ve made an oxymoronic comment.

    In all fairness, you cannot blame ‘the government’ for “the lines at the BRA.”

    Inland Revenue/BRA has been providing the service of filing taxpayers’ returns for several years.

    Those lines are simply indicative of lazy people who prefer to wait an entire day at the BRA for an officer to file their returns, rather than pay someone a small fee to file on their behalf, or learn to do it themselves.

  13. Yolande Grant Avatar
    Yolande Grant

    Everyone should, if they can actually see what’s playing out and how it can and will impact them…make some plans…

    Once AI is perfected all ivory towers will turn into play doh…..wunder wuh de bragging boasting “ivory tower” employees will do WHEN they are REPLACED by AI…wat a ting.

    Dey better start curtsying and sucking up EVEN MORE.. ..for a bread..

  14. The OG Avatar
    The OG

    I think you missed the humor and imagery. As sound as your rebuttal was, I do not remember it.
    belly filled vs empty pockets

  15. Yolande Grant Avatar
    Yolande Grant

    I get why this comment was made.:

    “The current Government seems rather unfamiliar with the developing country experiences with IMF and World Bank economic adjustment programmes.

    Heavy burden

    The continuation of its ill-advised policy of excessive borrowing, anchored by a second consecutive IMF programme, will continue to place a heavy burden on the country to meet debt service obligations.”

    But since the PM is a decades long standing EMPLOYEE of these corporate institutions ..and WELL FAMILIAR WITH this, once again represents a CONFLICT OF INTEREST…..

    …she cannot make that decision …as she is not only VERY FAMILIAR with, but we were warned repeatedly as an employee of these same entities, allegedly writes and SETS some of the regressive policies….as instructed by chain of command..

    Now, here is where conflicts of interest is the common denominator of DESTRUCTION……..as an employee of the said institutions and employee of the people of Barbados…..but MUST answer to and align with corporate employers agendas taking precedence …..she should not be BOTH…

    The stupidity of then pretending to sue for reparations as an employee of Empire completes the conflict of interest horror show..

  16. Yolande Grant Avatar
    Yolande Grant

    I posted in recent years that Kofi Annan not only SAW many years ago in the early 00s, the dangers weee were in from these stupid types but knew that someone would one day, one year, CONNECT with what he was really trying yo say…..may he rest with our ancestors.

  17. Artaxerxes Avatar
    Artaxerxes

    NO, I did not “miss the humor and imagery.”

    My interpretation would’ve been similar to yours, had I not read the previous comment, in which a similar comment about ‘long lines’ was made.

    However, thanks for your ‘light-hearted’ response…… and reminding me that I am a bit scared to respond or comment on the contributions of certain contributors who are members of a particular ‘fan club.’

    A ‘BU regular’ following suit of his master, said I’m the ‘blog police, blog bully,’ and recently snidely referred to me as ‘the gorilla.’

    I remember watching a documentary that showed how white people referred to Black people, using derogatory terms such as buffoons, imbeciles, morons, bullies, rapist, savages, wild beasts, monkeys, gorillas and other racial slurs.
    And would make cartoons or movies with white actors wearing ‘black face’ depicting Negroes as such.

    Perhaps such behaviour can be best described as inherent attributes that are part of the essential nature of the Britannia culture.

  18. NorthernObserver Avatar
    NorthernObserver

    “interest had been renewed in the Blue Horizon and Savannah hotels, which have both gone out to tender”
    I thought it was reported the Savannah had been sold?

    It was no secret interest rates rose and debt servicing charges would increase. While the ‘possibility’ in ’18&’19 may have been deemed low, it was certainly possible enough that several alternative scenarios had to have been considered.

    I know with terms like ‘primary’ and ‘core’ they have multiple measures of several metrics, but I have trouble reconciling the provided inflation rate.

    Given the plethora of ferners on construction sites, I thought the unemployment rate would be lower?

    Most of the island’s challenges remain fiscal.

  19. coxangela Avatar
    coxangela

    Those BRA long are indicative of a govt incompetence and a refusal to put a workable system in place to accommodate the people
    No excuses about laziness can compensate for a govt who have shown time and time again an inabity to correct many processes that has slowed down a satisfactory running of govt

  20. John A Avatar
    John A

    @ David

    Well said Mr Wood maybe you should explain in baby steps to the die hard fowls why it is impssible to support a $1.4 billion dollar deficit out of current cashflow.

    Keep it simple and remember its the B die hards you talking to. LOL

  21. David Avatar
    David

    @John A

    The challenge for Wood like Mascoll is that once you dabble in politics the baby gets tossed with the bath water.

  22. coxangela Avatar
    coxangela

    All these hotels being constructed consist of a slave driven mentality by a govt
    Furthermore a govt having a PM that always talking about climate change makes one having to ask of the PM does she knows of what she speaks giving that climate change can turn these monstrosities into rubble at a drop of a dime
    Then again when climate change hits home turf govt would come to a realization that good commonsense beats running head first into deep water
    But then again one have evidence of a PM allowing big Cruise to damage the coral reefs
    Go figure

  23. John A Avatar
    John A

    For those in doubt the central bank governor is comfirming what I said earlier where in Enuf said that we were basically talking nonesence and there was ” nothing new here.” So apparently both Mr Wood and Enuf’s central bank governor are talking foolishness too then, is that what Enuf is saying?

    I keep saying you cant argue with numbers but some seem to want to try? Whether a company or a country you cant service a 1.4 billion dollar deficit with a 6 billion dollar cash flow! At least not if you intend to honour your other liabilities. As i said yesterday will we be looking at another debt restructuring? Sound to me that is the direction the governor is hoping for.

  24. NorthernObserver Avatar
    NorthernObserver

    All are invited to go to the Barbados Parliament website, click on Bills and Resolutions, then select the Resolutions tab and read 2,3 & 4. I don’t know where #1 is.

    @WS/Pacha
    Noted was the purchase of 600,000$ worth of powdered milk for Cuba

    Two scanners, under Vehicles, costing +/-$700,000 ea for use at the Cricket tournament? Surely it is cheaper to rent/lease these for an event of such a short duration?

    The cost of our National heros?

    $700,000 to Fencit to provide a stainless steel, heat resistant fence at Dodds??

    Nuff monies to cover off the SOEs deficits. Consultants all over.

  25. David Avatar
    David

    There is nothing new under the Sun.

  26. John A Avatar
    John A

    @ Northern

    Lord sound like I may have to review the $1.4 billion dollar deficit and carry it up a couple hundred million more! Why worry its only money right.

  27. William Skinnet Avatar
    William Skinnet

    @ Northern Observer
    We were invited to a meeting on line to discuss the the GOB quarterly report on the tourism industry. We guess he will address the entire economy one of these days ! Of course, his quarterly reports on tourism , follows a trend established by his predecessors.
    We are also planning another discussion on the manufacturing sector. However that date cannot be set without a manufacturing sector.

  28. Artaxerxes Avatar
    Artaxerxes

    Those BRA long are indicative of a govt incompetence and a refusal to put a workable system in place to accommodate the people are indicative of a govt incompetence and a refusal to put a workable system in place to accommodate the people…..”
    ~~~~~~~~~~~~~~~~~~~~~~~~~

    UTTER RUBBISH!!!

    Long lines have been the norm from the days of Inland Revenue, especially on the last day for filing. 

    As usual, you’re politicising the issue.

    Taxpayers are ultimately responsible for filing their income tax returns….. NOT the BRA….. or ‘government.’

    However, the BRA, in an attempt to assist people, which is NOT OBLIGATORY, hosted more ‘free tax clinics’ this year than in years previously.

    From April 6 to 27, 2024, Saturday tax clinics were held at the Queen’s Park Steel Shed, St. Michael; the BRA’s Holetown office in St. James, and the Resource Centres at Briar Hall, Christ Church; Rices, St. Philip; Valley, St. George; Deacons and Parkinson, St. Michael….. from 3:00 p.m. – 6:00 p.m.

    During weekdays, tax clinics were held at the Steel Shed in Queen’s Park, from Monday, April 8 until Tuesday, April 30, 2024, from 9:00 a.m. to 3:30 p.m.

    Additionally, taxpayers could’ve simply had their passwords reset ANYTIME before the filing period of April 1 – 30, 2024.

    But we’re famous for ‘waiting until the last minute to do everything’…… from Christmas shopping, hurricane preparedness…… to filing income tax returns.

    And then look for someone to blame for ‘our own’ tardiness.

  29. David Avatar
    David

    @John A

    From what we have heard from the Governor, did he signal we are well on the way to funding the deficit? Notwithstanding the 4% real growth recorded in Q1 and forecast for the year?

  30. John A Avatar
    John A

    Have to agree with you Artax the online filing is there and it works perfectly. Have introduced and went through it with several friends showing them how simple it is to use. It basically is just a electronic form of the old paper form all are familar with.

    Its the same story at landtax time, long lines when that too can be paid online through their portal. If the youger ones used this then the old people could go and pay without the lines. The only suggestion i would make is to include the post offices as a payment option. They already take water bills and STV payments for the state.

  31. Yolande Grant Avatar
    Yolande Grant

    Hopefully people will properly disseminate the information that will be cascading as we move forward and come to terms with the reality that they have had 2 status labels attached to them for centuries…..

    1. A religious Slave

    And the more recent:

    2. A political Slave

    In a 530-year-old world built on untruths…those trapped in the alternate realm generationally should change their status, if they so desire. A matter of choice, not mandatory.

  32. NorthernObserver Avatar
    NorthernObserver

    @JohnA
    The date is the end of March. This is seeking approval for $$ ALREADY spent in the last GoB fiscal year.

  33. John A Avatar
    John A

    @ Northern

    Lord let me break out the adding machine again then cause we like we heading for the 2B mark!

  34. John A Avatar
    John A

    @ David

    Reading between the lines it looks like the governor would like to renegotiate the terms of the finance package and ask them to “ease muh”.

    This would imply to me that he CAN NOT reach the target and finance the country needs and receivables under the current agreement. I mean he could, it would just mean that nuff suppliers and providers would not be pId thats all. We know the IMF does not support that either, as they want to see a true and current position for their reports.

  35. David Avatar
    David

    @John A

    Having operated in the bowels of the IMF he is well placed to know what is their appetite for agreeing to a request from Barbados for an ease.

  36. The OG Avatar
    The OG

    It has gotten less as electronic filing is now available, but waiting until the last moment to file your taxes happen in several countries.

    My tax preparer told me to ask for an extension as he was quite busy with late ‘filers’. I file late every year. It’s a part of an annual ritual.

  37. William Skinner Avatar
    William Skinner

    We were fooled that the IMF had “changed” , and they were no more draconian, we did not know from where we got that information; we were told it was “cheap money. There is no “cheap” money out there but this conspiracy was hatched before elections, and their overseas operatives had already set up the scam with White Oaks.
    We were all over the place fooling ourselves that we were calling the shots; that the IMF was taking instructions from us. Nonsense, Lies , Deception !!
    We were warned that the IMF went into Jamaica and they have not left yet.
    No problem, we went there before and we came away smelling like roses.
    At no time did Adams (Tom) or Sandiford , blow one billion in NIS funds; at no time did they unilaterally and illegally lick up people pension funds.
    Adams (Tom) and Sandiford did not go to the IMF with almost 30 cabinet ministers; Adams and Sandiford did not fool us with pretty talk. It was very simple communication : we have a little balance of payments issue or something of the sort and we going to draw down some funds we were entitled to as members. We think it was called a Standby Arrangement.
    We were not fooled – and fed political foolishness.
    Enough of the BS. Enough………….

  38. Yolande Grant Avatar
    Yolande Grant

    We gotta wonder how the politicians who are still breathing feel now that it is widely known:

    They spent DECADES spinning LIES to the people..

    Spinning FALSE HISTORY to the people ..

    Spinning FALSE HOPE to the people…

    …while well aware they WILL NEVER BENEFIT from the system in its present form as they haven’t in 100 years…..post emancipation.

  39. Hants Avatar
    Hants

    more fees

    https://nationnews.com/2024/05/01/extra-fees-for-imf/#

  40. TLSN Avatar
    TLSN

    Let’s hope that our tourism industry will bring in some extra revenue. If it’s not sufficient we could raise revenue by selling of our beaches, land, and our oil and gas supplies. And if that fails we could loan out our young men and women to service our tourists.

    Things are looking grim in Bimshire.

  41. TLSN Avatar
    TLSN

    On the other hand we could live within our means.

  42. Yolande Grant Avatar
    Yolande Grant

    Someone recently did a rough calculation and stated at least 14 billion dollars was allegedly missing from the economy in the last 15 YEARS…
    so based on that someone else did similar cakculatiln and came up with a total of at least 35 billion gone in the last 40 years….

    So where did all those BILLIONS GO….the people have NONE and bever benefitted……so who allegedly STOLE IT….

    Tief not, need not..

    ….if those who believe they are entitled to take what does not belong to them from the treasury, VAT and pension fund WOULD STOP………..they would certainly NEVER NEED THE IMF OR WORLD BANK…

  43. coxangela Avatar
    coxangela

    Artaxes
    UTTER RUBBISH!!!

    Long lines have been the norm from the days of Inland Revenue, especially on the last day for filing
    Xxxx
    Another pox on govt incompetence
    and govt inability to put in place a system that is workable but bound and determined to continue with a system that boggs down and create dreadlock annually at BRA
    Artaxes u ought to be ashamed of making such an asinine comment Reference long lines have been the norm
    Bro what so normal having to stand on long lines to pay taxes
    Bro you need to have yuh head examined for making such a statement
    Rather should have said that such an abnormal situation should force govt to make necessary changes ever so often annually

  44. Yolande Grant Avatar
    Yolande Grant

    Correction:

    Calculation
    Never

  45. coxangela Avatar
    coxangela

    World Bank: Barbados growth projections dip below 4.0 per cent
    Brittany Brewster11/04/20240

    The World Bank slightly lowered its 2024 growth forecast for Barbados to 3.7 per cent in its regional economic outlook released on Wednesday, compared to 4.0 per cent outlined in its Global Economic Prospects report published in January.

    The global financial institution further outlined prospects of 2.8 per cent for 2025 and 2.3 per cent a year later for the island.

    The economic predictions come as the World Bank warned Latin America and the Caribbean to take serious stock of what it described as “persistent low growth that remains a barrier for development”, against the backdrop of predictions that regional Gross Domestic Product (GDP) will expand by 1.6 per cent in 2024, 2.7 per cent in 2025 and 2.6 per cent in 2026.

  46. Yolande Grant Avatar
    Yolande Grant

    If the people are serious about ENGAGING to defend their future and wellbeing in the socio-economic space …..while aware of all the corruption and crookery on the island that’s well NORMALIZED……the taxpayers need to ask the prime minister about THIS to find out if as an EMPLOYEE of these financial institutions she is setting policies that does not align with any benefit to the people. With her also being an EMPLOYEE/public servant of the people…in a CONFLICT OF INTEREST:

    ….as she is not only VERY FAMILIAR with, but we were warned repeatedly as an employee of these same entities, allegedly writes and SETS some of the regressive policies….as instructed by chain of command..

    Now, here is where conflicts of interest is the common denominator of DESTRUCTION……..as an employee of the said institutions AND employee of the people of Barbados…..but MUST answer to and align with corporate employers’ agendas taking precedence …..she should not be AN EMPLOYEE OF BOTH…

  47. TLSN Avatar
    TLSN

    Our prime minister has all the magnetism of the lay preacher Jim Jones; how can we explain why an educated people refuses to save guard both their future and mental well being. Do they not comprehend that it is imperative that they escape that pot of boiling soup before it extinguishes them into framents.

    Our governments from perhaps the day’s of Barrow have “misspent” the people’s monies to such a degree that it is now inevitable that the country assets will be sold of piecemeal to sponsor their loan commitments.

    The population appears to be playing dead. I simply cannot understand why domestic Bajans refuse to tackle head on this political cancer of our two main political parties.

    Perhaps, the people have concluded that death is the best option for their people rather than pass on their awful legacy to the next generation.

  48. Yolande Grant Avatar
    Yolande Grant

    They may get their wish….if they don’t stand up to this conflict of interest TYRANNY……

    ….part of the problem, too many supporters have corrupt minds just like the politicians who use them, know them well, participate in their ongoing brainwash and know which buttons to push and which lies to tell to keep them perpetually trapped and incapable of resisting.

    I am of the opinion that the dangerous uncaring politician has done this for far too long and way too many times…so there is very likely to be growing PUSH BACK going forward…as happened in the Drax cockup…

    ….the yardfowls are dwindling, they have lost their self proclaimed special status as most wake up and recognize politicians are their deadly enemies. To save their lives and future generations THEY MUST DO SOMETHING..

    …the diehard fowls, may do just that, no one cares about those who dont care about themselves. Just the idea of supporting any politician knowing all we know about them and their nasty corrupt ways is puke worthy. I won’t want to be seen with any of them let alone support them in anything…

  49. TLSN Avatar
    TLSN

    Barbadians are being played. However, they are just too frightened to raise their heads above the parapet. The specter of the Jonestown massacre with it’s charismatic leader at it’s head with his loyal generals below him should haunt Bajans.

    Think carefully about the government’s message with regard to paying of the country’s loans. With each development taking place in Barbados, Barbadians will have to absorb huge rises in the cost of living. With agricultural land been sold off to developers, food prices will escalate.

    Put aside party political loyalties and ask yourself how will the vast majority of Bajans survive in an economy which is skewed towards wealthy foreigners and tourists. It’s the equivalent of Bill Gates and some of his pals moving into my little village. With in a short period of time the local economy will cater for their newcomers and not their locals.

    Jim Jones and his black shades are in town. Be nice to the tourists and talk to them politely if you see them driving in the wrong direction he says.

    https://m.youtube.com/watch?v=sCfKCxQN3ro&t=32s&pp=2AEgkAIB

  50. Artaxerxes Avatar
    Artaxerxes

    coxangela May 1, 2024 at 5:00 pm

    Last/last

    RE: “Bro what so normal having to stand on long lines to pay taxes…..”

    It’s YOU who “ought to be ashamed of making such an asinine comment and need to have yuh head examined for making such a statement.”

    You’re PURPOSELY ignoring the fact, for political reasons, that people form long queues at the BRA offices to have their income tax returns FILED by BRA personnel…… NOT “to pay taxes.”

    RE: “Rather should have said that such an abnormal situation should force govt to make necessary changes ever so often annually….”

    Taxpayers are ULTIMATELY RESPONSIBLE for filing their income tax returns….. NOT the BRA….. or ‘government.’
    However, the BRA, in an attempt to assist people, which is NOT OBLIGATORY, hosted MORE ‘free tax clinics’ this year than in previous years.

    BRA’s Public Relations Officer and tax officers were on the radio and television shows, on a DAILY BASIS, reminding taxpayers about the deadline the file returns, as well as locations and times of the clinics.

    ‘Every five minutes’ you could hear a BRA notice on the radio or television, reminding people of the deadline for filing.

    WHAT MORE could the BRA do?

    People had ‘ample opportunities’ to access the BRA’s resources and file their tax returns before April 30, 2024.

    It’s not the fault of ‘government’ or the Authority if people ignored all the reminders, to make ‘a last-minute mad rush’ at the BRA’s offices on the deadline date instead.

    Obviously, you did not acquire a bit of common sense or improved your comprehension skills during your ‘sabbatical leave’ from BU.

    ‘Thine ignorance hath no boundaries.’

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