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There is a buzz in the hive, it is the turn of the Barbados Labour Party (BLP) to hold its 84th Annual Conference from October 27 to October 29. Unlike the Democratic Labour Party (DLP) conference held in August that was overshadowed by internal strife, the BLP appears to be showing a united front as they begin early preparation for the next general election. The big question political analysts will attempt to answer is if an embattled and beleagured DLP will be able to win boxes, not seats, at the next constitutional general election due in January 2027.

Is it too early to discuss if the DLP will be able to make an impression on an apathetic and cynical electorate in the relatively short lead up to 2027? Two years maybe long in dog years, some will say in politics as well, BUT, given the wipeout of the DLP in 2018 and 2022 with the BLP winning all the seats, two years maybe short for the DLP to resolve internal challenges and present itself as a credible alternative to a BLP operating in ‘coasting’ mode. Time will tell.

For those who will lament the fact that there is too much focus on the duopoly and alternative political parties should be the focus. Help us to understand where are the credible alternative political parties? The average Barbadian although disgusted with the DLP and BLP over recent election cycles; reflected in relatively low voter turnouts, there is equal disgust at the poorakey quality of third party options presenting at the polls. Seven political parties participated in the 2022 general election and the BLP and DLP, the duopoly, were the ones to field a full slate of candidates. To be honest the blogmaster although a student of local politics for many years only the BLP, DLP and Solutions come readily to mind of the seven.

Although the average Barbadian, in trump like ignorance, has no idea what the Parliamentary Reform Commission (PRC) was established to do, some of us await any positive outcome from the exercise. It is fair to suggest given the near constitutional crisis of 2018 and 2022 saved by BLP members of parliament crossing the floor that there is an opportunity to overhaul our governance setup to fill ‘gaps’ in our governance arrangement. Are the Upper and Lower houses relevant, how about proportional representation from the electorate and a more relevant selection of candidates to include diverse professional backgrounds to name a few. What we have now has been exposed to be redundant and there is a level of dysfunction continuing to show. There is related below par functioning of our court system, Auditor Generals’ office, public service etc.

A dichotomy of sorts exists in our political culture: many are prepared to stand in the ‘dew’ or watch the streams for comedic content during the political hustings which the candidates will oblige – the analogy can be made to meat tossed to wild dogs. However, the same people are known to be apathetic and cynical at the political system that produces the type of opportunistic politicians we have to contend with today. We will get what we continue to tolerate.

Liberty cannot be preserved without a general knowledge among the people, who have a right … and a desire to know.

—John Adams, 1765


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23 responses to “Is the DLP fit for purpose?”


  1. As an outside consultant skilled in the art of stating the bleeding obvious
    I think Barbados Politics is linked to it’s long term debt and has reached a dead end
    and the economy is all about smiling at the tourists for tips

  2. William Skinner Avatar

    The question remains : Is either the BLP or DLP fit for purpose. We opine that had the NDP been successful, the same question would be asked today. Throughout the Caribbean the same question could be asked of the major political parties whether they are government or opposition.
    Political parties need thinkers and doers not mannequins all dressed up for sale. We are stuck in transition and unless we have leaders who can pull us out of this morass, we will remained stagnant.


  3. Fitch Upgrades Barbados to ‘B+’; Outlook Stable
    Tue 15 Oct, 2024 – 5:16 PM ET

    Fitch Ratings – New York – 15 Oct 2024: Fitch Ratings has upgraded Barbados’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘B+’ from ‘B’. The Rating Outlook is Stable.

    In addition, Fitch has upgraded Barbados’s Country Ceiling to ‘B+’ from ‘B’.

    Key Rating Drivers
    Upgrade; Stable Outlook: Barbados’s upgrade to ‘B+’ reflects its continued large primary surpluses, which are quickly reducing the debt-to-GDP ratio, though it remains high. Successful implementation of structural reforms under the IMF EFF and RSF programs, along with the domestic BERT 2.0 plan, has driven this fiscal progress. High GDP per capita, strong governance scores, and robust reserves also support the rating. However, the economy’s dependence on tourism and small size expose it to shocks. Additionally, Barbados has minimal fiscal resources to respond to shocks and limited, though improving domestic financing flexibility.

    The Stable Outlook reflects Fitch’s view that further projected improvement in fiscal metrics over the next one to two years is captured at the higher rating level.

    Government Finances Continue to Improve: The government has maintained fiscal discipline, achieving high primary surpluses for the second consecutive year after a brief pandemic setback. Revenue grew by only 1.7% in the fiscal year ending March 2024 (FY24) due to the expiry of a pandemic levy, but was supported by strong broad-based growth in personal income tax (PIT) at 12.7% yoy, VAT at 7.1%, and import duties at 6.4%. Expenditure growth of 1.2% was driven solely by a 28.8% increase in the interest burden, while other current expenditures decreased by -0.3% and capital expenditures fell -22.4%.

    Fitch projects that continued expenditure discipline and higher revenue growth will maintain primary surpluses around 3.5%-4.0% in the coming years. Additionally, a reduction in interest costs will improve the overall balance over the medium term.

    Debt Still Falling but Remains High: Gross general government debt fell to 108.7% in FY24 from 115.0% in FY23. Fitch forecasts a further reduction in gross debt-to-GDP to 94.7% by FY27. Despite this, the debt burden remains among the highest of Fitch-rated sovereigns, limiting fiscal flexibility. The IMF expects higher primary surpluses of around 4.5% of GDP, above Fitch’s current baseline forecasts, to stay on track to reduce debt to 60% of GDP by fiscal 2035-2036. Achieving this will require sustained fiscal discipline, broad political consensus through the social partnership (government, labor and business) and the absence of any significant shock.

    High Interest Burden: Although the overall deficit will improve to an estimated 1.6% of GDP in fiscal 2024-2025, the lowest level since the restructuring-driven surplus in FY20, an expanding interest burden has offset consolidation efforts. A combination of higher global interest rates and step-up coupons in domestic bonds has increased interest payments as a share of revenue to 20.9%. This is below the pre-default peak of 27.4% in FY16, but still above the ‘B’ median of 10.5%.

    Reform Success: Execution of reforms tied to both the IMF and BERT 2.0 programs has bolstered Barbados’s turnaround. In June 2024, Barbados successfully completed the third review under the IMF program, which ends in June 2025. The country continues to improve its fiscal framework and has made needed reforms to the public sector, including restructuring of some state-owned enterprises (SOEs), which has reduced the need for government financial support, and has reformed the pension system. However, further reforms will be more challenging due to more complicated issues and potential reduced buy-in from stakeholders as other concerns take priority.

    Shock Exposure; Limited but Improving Resources: As a small, open tourist economy, Barbados is highly exposed to external shocks, including, economic and natural disaster-related events. The government is working to build resilience to shocks by strengthening its fiscal resources, including reserve funds and insurance policies, and by aiming to improve infrastructure and facilitate greater self-reliance in the private sector. However, given the lack of meaningful fiscal space and limited resources currently available, a severe shock would be difficult to manage. Permanent institutionalization of these reforms is still in progress.

    Economic Recovery Complete: Real GDP grew by 4.1% in 2023, achieving pre-pandemic levels (using Barbados’s newly rebased series), following a delayed rebound compared to peers. Tourism arrivals grew by 18% yoy in 2023 and will remain the growth engine, particularly as new hotel rooms are built over the next few years. Fitch forecasts moderate growth of 3.9% in 2024, gradually slowing to potential of 2.0% over the medium term. The government aims to increase potential growth to 3.0% to 5.0%, although this will require the successful implementation of considerable structural reforms and diversification.

    Domestic Debt Market Is Strengthening: The domestic debt market has shown greater willingness to participate in local placements, although generally at shorter tenors. This stems from the government’s ongoing successes, tempered by the recent impact of the 2018 restructuring. In July 2023, the government placed a second tranche (BBD200 million) of the BOSS+ bond, which is partially subscribed. Domestic banks are highly liquid, but cannot repatriate considerable cash due foreign exchange restrictions.

    Robust Reserves Yield Softer Capital Controls: The current account deficit is wide at 8.6% of GDP in 2023 but has improved from 10.3% in 2021, Fitch forecasts it will fall to 5.7% by 2026. Easing of external pressures has maintained foreign currency reserves at a robust USD1.6 billion, or 6.0 months of current account payments and above the Central Bank of Barbados’s minimum floor of 3.0 months of imports. Capital controls remain in place, but stable reserves have allowed the CBB to adopt a lenient implementation.

    ESG – Governance: Barbados has an ESG Relevance Score (RS) of ‘5[+]’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Barbados has a high WBGI ranking at 77th percentile, reflecting its long track record of stable and peaceful political transitions, well established rights for participation in the political process, strong institutional capacity, effective rule of law and a low level of corruption.


  4. Several pundits and commentators have pointed to some supposed “debt crisis” in Barbados in the last few years. When I said they were wrong or misleading I was often criticized.
    Now CariCRIS, Fitch, Moody’s, Standard and Poor’s (S&P) and the IMF have all said that Barbados’s fiscal and debt position is steadily improving. In fact, they are so sure about the data showing improvement, that they have all given Barbados multiple credit rating upgrades. Facts are Facts, regardless of what you think of this administration, one thing you cannot fault them for is the success in improving the country’s fiscal and debt positions especially post-Covid. To quote directly from Fitch:
    ” Government Finances Continue to Improve: The government has maintained fiscal discipline, achieving high primary surpluses for the second consecutive year after a brief pandemic setback. Revenue grew by only 1.7% in the fiscal year ending March 2024 (FY24) due to the expiry of a pandemic levy, but was supported by strong broad-based growth in personal income tax (PIT) at 12.7% yoy, VAT at 7.1%, and import duties at 6.4%. Expenditure growth of 1.2% was driven solely by a 28.8% increase in the interest burden, while other current expenditures decreased by -0.3% and capital expenditures fell -22.4%.
    Fitch projects that continued expenditure discipline and higher revenue growth will maintain primary surpluses around 3.5%-4.0% in the coming years. Additionally, a reduction in interest costs will improve the overall balance over the medium term.”

    Things are actually likely to further improve on that front because global interest rates are on their way back down, since global central banks and now cutting and the IMF have just agreed to reduce it’s surcharges on borrowing members. see here: https://www.reuters.com/business/imf-lower-member-borrowing-costs-by-12-bln-annually-2024-10-11/

    This means that the debt service costs which went up in the last two and a half years are about to come back down. As Fitch stated “Expenditure growth of 1.2% was driven solely by a 28.8% increase in the interest burden. Meaning that this cut in global interest rates further improve Barbados’s already healthy fiscal position.

    In short, the government has gone through the most challenging period of this decade with rising external interest rates, elevated commodity prices and shipping and supply chain challenges. They have been given a passing grade. Barbados’s fiscal and external position could improve even further in 2025/26.

    What government needs to now focus on is what are called structural reforms.
    Education Reform
    Intellectual Property
    Digitization
    Setting up Business Barbados quickly
    Speeding up Property transactions
    Improving the judicial system
    These reforms would boost medium term GDP growth.


  5. One thing about the Bajan financialised and colonial slave ….

    Once given a buzzword or meaningless phrase like “fit for purpose” there is no letting go until the next one comes from the Washington marketing establishment.

    These distractions are so engineered to insert propaganda narratives and stymie any anti-colonial, anti-imperial set of discourses.


  6. Once given a buzzword or meaningless phrase like “fit for purpose”

    the above phrase is the antithesis of the burning truth

    which should be “not fit for purpose”

    politics should be about recognising and fixing issues and problems w/ less spin


  7. @General

    The same international credit rating agencies that fueled the 2007 global financial meltdown?


  8. @General

    This talk about an improving economy is relative. Can we say the economy continues to hop along on one leg?


  9. Where DLP took wrong turn was instead of planting seeds and cultivating it’s fields as a strategy of growth it adopted a scorched earth policy. There is probably a better future for the XDLP members to regroup and start all over again.


  10. When it is said:…”the most challenging period of this decade with rising external interest rates, elevated commodity prices and shipping and supply chain challenges….” In my opinion it should refer to the period leading up to the 2018 election, which the government lost 30-0.


  11. Fitch upgrade ‘sign of progress’

    by SHAWN CUMBERBATCH

    shawncumberbatch@nationnews.com

    CENTRAL BANK GOVERNOR Dr Kevin Greenidge says the latest credit rating upgrade from Fitch is clear evidence that Barbados’ economic reform programme is working.

    That makes it eight credit rating upgrades since 2018 and he is hoping more could be around the corner, following discussions with another leading credit rating agency Standard & Poor’s (S& P) and upcoming talks with Trinidad and Tobago-based Caribbean Information and Credit Rating Services (CariCRIS).

    Greenidge spoke yesterday as economist Jeremy Stephen called the Fitch ratings upgrade “rather significant in terms of the signal that is being sent to investors that there is a consistent stabilisation” of Barbados’ fiscal and economic situation.

    With Fitch raising Barbados’ credit rating from ‘B’ to ‘B+’, they both said that a return to an investment grade rating would be a stepby-step process. “This is very welcome news because it is a demonstration of the work that we have continued to accomplish under the Barbados Economic Recovery and Transformation (BERT) programmes,” Greenidge said.

    “Fitch mentioned that the upgrade reflects the strong fiscal performance. As you know, the Government has been achieving strong primary surpluses which is consistent with lowering the debt to GDP (gross domestic product) ratio. They also mentioned that strong governance and robust levels of reserves also contributed to the upgrade.”

    The Governor called this “extremely good because this is the eighth upgrade since we started the BERT programme in 2018”.

    “We had upgrades from all of the other rating agencies and so it is really saying to the international community that Barbados continues to do well, continues to make progress on the economic front and that this is a place where you can put your money,” he said.

    “They mentioned that challenges remain, especially our vulnerability to external shocks. My view is that you have to work on getting growth and building resilience in order to be able to weather these shocks. As we continue to do so, I believe we will continue to get further upgrades.”

    Stephen, a former banking and finance lecturer at the University of the West Indies, said the hope is that this latest upgrade and others will lead to an “influx of confidence” for Barbados.

    “The fundamental things that they are saying is that the Government is the issue. It’s not a case where the private sector on its own is endemic, but rather a lot of the policies by Government and the fact that we depend overall on tourism as an industry,” he explained.

    “It shows that there are headline risks that Government has to be careful about, but they are willing to upgrade the Government even further if they can maintain primary surpluses.”

    Stephen said this means that the Government “will have to still suppress a lot of the fiscal expenditure it should do or be a little more targeted . . . in certain areas”.

    The major task ahead of Barbados now will be to get an investment grade rating and Greenidge said “we are making strides towards that”.

    “Remember we had about 19 downgrades since 2008, so if you come back up eight you have still got a long way to go, but it is not going to happen overnight. In fact, in my view if we had not lost the one and a half years during COVID and the year or so of debt restructuring, we probably would have been much further ahead,” the Governor noted.

    “But we are getting there and we will continue to stay on the path and continue to invest to get the economic growth we need, continue to build resilience and continue to keep the debt on a downward trajectory. Then I believe we will see the upgrades.”

    He reported “very positive” recent discussions with S& P.

    “I don’t want to predict what they will do but I think we had very good and robust discussions and I would not be surprised if things turned out to be similar to Fitch, but let’s wait and see on that. In early November, we are going to engage with CariCRIS, the regional credit rating agency. We have had 14 consecutive quarters of growth so you are going to see it being reflected,” Greenidge said.

    Stephen said the fact that Barbados’ credit rating remains speculative or ‘junk’ “is not necessarily a cause for concern”.

    “There is nothing much that you can do about it rather than just chip away at a lot of the idiosyncrasies and inefficiencies that rendered us junk in the first place.”

    Source: Nation


  12. “In my opinion it should refer to the period leading up to the 2018 election”
    Hogwash. That period was challenging because the Government didn’t wish to admit their financial management was a failure. Instead they took NIS contributions from public employees and diverted them to the Government. They forced the NIS to buy Sovereign paper, at levels well beyond those approved. They ran deficits exceeding $1b in 2013 and 2014. Failed to pay bills going to C.O.D, when credit was maxed out. Mocked credit rating declines. All to support a home-grown financing model which had failed miserably.


  13. @ Debt Slaves 4 Ever
    A credit rating is just the measure for borrowing mo’ money from lenders


  14. Kevin Greenidge will soon rue the day these comments were made.

    Greenidge, a devout adherent to neoliberalism which goes to hitherto fore unknown lengths to fictionalize national credit scores.

    What should we expect from an American agent operating within a bank of last resort which has long lost any semblance of sovereignty.

    Indeed, Fitch’s scores are no different than the way personal credit scores in the USA, and elsewhere, can be manipulated to make a weak credit appear differently in the short to medium term.

    For it is financial manipulation of the worst kind, not industrial output, which enables Greenidge to tell us this shiiiite.

    In these circumstances a poor 450 score could arrive at an excellent 850, with all three agencies, in no time if one knows what to do.

    If Greenidge is to be taken seriously in the future, and after his tenuous term, he might want to consider other metrics, such as purchasing power parity (PPP), and disband these irrational national performance metrics of the international Ponzi scheme run by his handlers in Washington.


  15. LOL
    Credit Ratings are simply measures of a country’s willingness to KOWTOW to the albino-centric powers-that-be.
    The DLP clowns had NO IDEA how to play that game- ..choosing instead to publicly bluster about not ‘caring’ what the Hell the global demons had to say….and talking shiite about a ‘home-grown’ plan – with a Froon and Stinkliar in charge???… ha ha ha

    Mia and company, on the other hand, have chosed to JOIN up with the demons. …to bring in the persons that THEY recommend (like White Oak, Greenidge and the MoE) ….and have become a key disciple and spokesperson for their cause.

    THEREFORE, in spite of a major DEFAULT on loans; weakened productivity; increased borrowing; and CLEARLY poor administration, Barbados is now EIGHT POINTS higher in their (subjective) measure.
    PICK SENSE FROM THAT!!

    Wunna REALLY think that our strong commitment to the COVID plandemic, the IDB bulling agenda, the CLEAR destruction of ANY sensible education policy (by importing a joker to become Minister) …. are mere coincidences?

    We are now a MODEL MENDICANT convert to the forces of Evil.

    At the current rate, Bushie is looking for an ‘A minus’ rating soon .. despite the increasing crime, and the growing numbers of the destitute among us.

    Shiite, we now even have a monument at the Garrison to signify our new alliance.
    What a place!
    Bragging about how our opressors choose to RATE our compliance……


  16. @Pachamama October 17, 2024 at 10:11 am “Once given a buzzword or meaningless phrase like “fit for purpose” there is no letting go until the next one comes from the Washington marketing establishment.”

    “The expression was occasionally used metaphorically in British English in the early 21st century, but what really made a wider public aware of it here was the announcement in 2006 by John Reid, the newly appointed British Home Secretary, that his government department was ‘not fit for purpose’ – meaning that it was no good at doing its job. That unprecedented criticism hit the headlines, and opened the way for the use of ‘fit for purpose’ in an almost unlimited range of applications.
    Source John Ayto, lexicographer

  17. NorthernObserver Avatar

    @General
    It is a positive report from Fitch.
    I don’t subscribe to a “debt crisis”, but certainly ‘debt concerns’. And supported by Fitch…”A combination of higher global interest rates and step-up coupons in domestic bonds has increased interest payments as a share of revenue to 20.9%. This is below the pre-default peak of 27.4% in FY16, but still above the ‘B’ median of 10.5%”. Appreciate this 21¢\$ is only interest, not principal.
    I “believe” Bdos paid +/- US$10 in IMF surcharges over a 4 yr period, so while every dollar counts, these costs pale in comparison to variable rate interest hikes, and the multiple bond servicing and maturity costs.
    Yet, interest rates are declining and without comments on the immediate future costs related to government issued paper, meaningful savings might be expected.
    And needed, as post pandemic recovery tax revenues are unlikely to see growth at levels attained in the last fiscal year.
    The ability to manage expenses was positively noted.

  18. Terence M Blackett Avatar
    Terence M Blackett

    BREAKING NEWS:

    HOLLYWOOD FICTION IS NOW TODAY’S REALITY WHERE STEVEN SPIELBERG’S (2002) MINORITY REPORT IS NOW ALIVE & WELL IN BRITAIN & COMING TO A CITY, TOWN, VILLAGE OR HAMLET NEAR YOU

    If you “PRAY” & do so “SILENTLY” in a place deemed to be “RESTRICTED” – “YOU WILL BE GUILTY OF A THOUGHT CRIME IN BRITAIN”!!!

    #GodWillNotBeMOCKED*

    #StayTuned

  19. Terence M Blackett Avatar
    Terence M Blackett

    @David

    #HappySABBATH* & have a #BlessedWeekend

    I AM PRAYING FOR YOU & YOURS (#Audibly)


  20. @Terence M Blackett October 18, 2024 at 1:41 pm “If you “PRAY” & do so “SILENTLY” in a place deemed to be “RESTRICTED” – “YOU WILL BE GUILTY OF A THOUGHT CRIME IN BRITAIN”!!!”

    And how will “they” know that you are praying silently?

    And for your punishment will “they” THINK about putting you in prison?


  21. Threat of protest action at DLP branch meeting

    An upcoming Democratic Labour Party (DLP) St Philip North branch meeting scheduled for tomorrow could be marred by protest action, according to sources.

    The meeting is scheduled to take place at Holy Trinity Church Hall, Ruby, St Philip, at 4:30 p.m., but noticeably absent from the line-up of speakers is the DLP’s former St Philip North candidate, now first vice-president, Michael Lashley KC.

    Those slated to speak include Senator Ryan Walters, Kemar Stuart, Paul Gibson and Maxine McClean.

    Sources told the Saturday Sun that some branch members were so upset over Lashley’s exclusion that they had sent messages indicating that they would protest at the meeting.

    In the messages which are being circulated people charged that the hierarchy of the party had ordered that Lashley not be “utilised as a speaker and that he should be expelled from the party forthwith”.

    The messages continued: “You all going to see the biggest protest the party see come Sunday. Call the Defence Force ’cause nothing will stop us. Wunnah touch the king of St Philip.”

    Another message said: “This not Ronnie and Steve. We going to show you all we have the power. All of St Philip we calling out on Sunday,” as it further advised that the message be sent far and wide “and let them know that St Philip is not George Street and they can’t lock out nobody so they can come up”.

    No comment

    This newspaper reached out to political leader Ralph Thorne but he remained mum.

    In addition, several calls to acting general secretary Pedro Shepherd and acting president Andre Worrell were not returned.

    However, when contacted, Lashley stated: “I don’t have a comment but in the fullness of time the country will hear from me. I will continue to support community projects such as the Long Bay community walk. Hopefully, we can return the Christmas lights to King George Park and other activities.

    “My focus is on the National Advisory Council on Crime where I believe I can make a contribution and there comes a time when country comes before party.”

    Following the DLP’s Annual Conference, where Lashley was also a no-show, rumours were rampant that he was stepping down from the party.

    Around that time the DLP also announced that Simon Clarke, who is said to be very active in the St Philip North constituency, was the spokesperson for community development and social life.

    Of recent the political party has been plagued with resignations following its expulsion of former president Ronnie Yearwood and former general secretary Steve Blackett.

    Sources said that the DLP was now processing another resignation from the party. This time, a businessman who was a long-standing member and a significant source of financial support had submitted a letter of resignation this week. ( MB)

    Source: Nation


  22. ” In a radical shift from a colonial perspective that has dominated Barbadian education, schoolchildren are to learn their history through the stories of their ancestors rather than from colonisers’ accounts, senior education officials have announced.”

    https://barbadostoday.bb/2024/11/02/ministry-rewriting-history-teaching-with-ancestral-storytelling/

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