Reproduced from the IMF Website – David, Blogmaster December 9, 2020 The Executive Board of the IMF concluded the fourth review of the IMF’s extended arrangement under the Extended Fund Facility (EFF) for Barbados. The completion of the review allows the authorities to draw SDR 65 million (about US$94 million). Access under the extended arrangement has been augmented by SDR
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The following is Press Release No. 19/235 on Barbados first review under the extended fund facility – David, Barbados Underground IMF Executive Board Completes First Review Under the IMF’s Extended Fund Facility for Barbados and Approves US$48.7 Million Disbursement June 24, 2019 The completion of the review enables an immediate disbursement of SDR 35 million (about US$48.70 million). A four-year
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The economy continues to be the focus of the Mia Mottley administration. Although the government should be congratulated for taking decisions unlike its predecessor – to be expected the public has been vocal in response of the austerity measures. A listen to Governor Haynes reminds the blogmaster of the promise made by the DLP through former Governor DeLisle Worrel regarding
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A consequence of government’s public sector expenditure reduction program is the rationalization of some SOEs and retrenchment that has started. The following document details the Proposed Public Sector Expenditure Reduction Programme. Read it and weep!
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IMF Press Release No:18/370 IMF Executive Board Approves US$290 million Extended Arrangement Under the Extended Fund Facility for Barbados October 1, 2018 The IMF supported program aims to help Barbados: restore debt sustainability, strengthen the external position, and improve growth prospects. Approval of the program allows for the immediate disbursement of about US$49 million immediately. A comprehensive debt restructuring will
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Submitted by Charles Skeete [Barbados Underground] There are enough unpaid taxes and debts due and owing to the Government which if vigorous efforts are made to collect would make the spectre of job losses avoidable and that should have been the first order of business on assuming office because there is no such thing as painless layoffs. Whatever strategy is
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Approximately 30 years ago I experienced my first rejection. I had provided one of the firm’s clients with Engineering advice that could have saved him significant maintenance costs. I was still visibly disappointed when I returned home, and after listening to my reason, my father gave me some excellent guidance. He said that my job as a professional was to
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This first budget provided all of us with the Government’s priorities during economically challenging times. They evidently consist of sustaining both people and businesses for as long as possible, while giving them bitter medicine with a smile. To be fair, this was the stated priority of the last administration during their budget speeches, but their medicine was unpopular, and delivered
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Submitted by Tee White The decision of the new BLP government to seek the support of the International Monetary Fund (IMF) for the implementation of its comprehensive economic reform programme has provoked reactions from all sides. Those who support the decision have argued that the country had no alternative, given its poor credit rating and high level of indebtedness. Prime
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In a sea of red, glitz and glamour to rival Cohoblopot at its peak popularity, Reggae on the Hill or any of the popular entertainment events, the Barbados Labour Party (BLP) launched its 2018 Manifesto in the heart of the southern belt of the island. – see link to BLP Manifesto website. The manifesto launch followed a similarly styled event
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Our financial professionals are warning us to prepare for the bitterest of medicine for at least the next 5 years. They recommend that we go cap-in-hand to either China or the International Monetary Fund (IMF). We are already being indebted to China, and the details of those loans are being kept secret. Secret dealings rarely benefit the public, and the
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Solutions Barbados is the only political party that has published a workable economic plan that does not require IMF funding. The BLP and DLP have embraced development philosophies that no longer work when a country is in this level of debt, and have taken us to the brink of economic ruin. That is why many economists recommend that borrowing from
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A report prepared by the International Monetary Fund (IMF) that reviewed the robustness of the operations of the Financial Services Commission (FSC)- specifically as it pertains to the supervision of Sagicor- has triggered alarm bells in the local and regional financial market. Although there is no evidence based on any public reporting Sagicor is not a well run company, the
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The IMF released the following report on Barbados today (22/11/2017) – Barbados Underground End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary
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The following report was posted by the IMF to its website (29.6.2017). In summary recovery of the economy continues on the back of tourism BUT the fiscal deficit remains a problem AND declining foreign reserves. Not sure if ”recovery” is the correct word for the IMF to use in the report. The other point to note from the report is
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‘The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership.’ – IMF Website The
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The IMF 2015 Barbados Article IV Consultation reprinted from the IMF website. A couple weeks ago Barbadians learned the government of Barbados had suppressed the release of the report […]
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Barbados Underground 