Category: Economy

Government on fast track to economic recovery

Government is moving quickly to turn Barbados’ economic situation around so that persons can once again be employed. Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle, made this known Friday, as she addressed the “Blast-Off” seminar held by the Barbados Association of Insurance and Financial Advisors at the Hilton Barbados Resort. She […]

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Barbados represented at OECD meeting in France

A Barbados delegation is to hold talks next week with officials from the Paris-based Organization for Economic Cooperation and Development (OECD). A government statement said that the team from the Ministry of International Business will be attending the Forum on Harmful Tax Practice (FHTP) from January 9 to 11. It said that during the forum, […]

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#YEARINREVIEW – Rise back to economic glory

Having fallen from glory, the Barbados economy stood at the edge of a precipice at the beginning of 2018, requiring urgent resuscitation and emergency surgery to save it from total collapse. But with a general election looming, politics almost automatically became the focus of the day, even amidst burgeoning calls from various groups for urgent […]

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18 years of Shopsmart

Despite taking several hits over the years, including a fall off in sales due to economic conditions and the introduction of similar type retail shops, Chairman and Managing Director of Shopsmart Wallace Griffith said he remained committed to Barbados. Shopsmart started out as the first membership only warehouse type shopping on the island 18 years […]

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IMF gives Barbados top marks

The Barbados Government gets top marks from the International Monetary Fund for its efforts to restructure the economy. At the end of a staff visit by the International Monetary Fund to assess progress being made since the implementation of the Barbados Economic Recovery Plan (BERT) , Head of Mission Bert Van Selm said, “Barbados has […]

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Sagicor Financial agrees to US$536 million takeover by Canada’s Alignvest

The shares of Sagicor Financial Corporation, valued at approximately US$536 million, are to be sold to Toronto-based special purpose acquisition firm Alignvest Acquisition II Corporation in a deal that officials of both entities expect will unlock value for its shareholders. Once the insurance company approves the deal Sagicor will delist from the stock exchanges in […]

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Scotiabank sells operations in nine Caribbean countries to Republic Financial Holdings Inc

The Toronto-based Scotiabank is drastically scaling back its operations in the Caribbean after more than a century of doing business in this region. The Barbados operation of the bank is not included in the US$123 million banking deal that will see nine other operations going to Republic Financial Holdings Limited  (RFHL), which operates Republic Bank, […]

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PM Mottley says ‘sabotage’ affected Government layoffs

by Anesta Henry Prime Minister Mia Mottley this evening said that the Government’s restructuring exercise was affected by “sabotage”, but served notice that the order would be restored. Reiterating that she was “deeply disappointed” in how the retrenchment exercise was being carried out, Mottley said “she was satisfied that there was an element of sabotage […]

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S&P upgrade is great news – PM Mottley says

by Anesta Henry Prime Minister Mia Mottley has welcomed the recent upgrade from international rating agency Standard & Poor’s as “great news”, saying it was an indication that Barbados was on its way back. However, the Prime Minister whose Barbados Labour Party (BLP) administration has been implementing tough measures to stabilize the ailing economy cautioned […]

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IDB signs US$100M agreement with Barbados

The Inter-American Development Bank (IDB) and the Government of Barbados have formalized a historic loan agreement for US$100 million to support the Barbados Economic and Recovery Transformation (BERT) Plan. Having pledged the IDB’s support to the Barbados Government during an official visit in June 2018, IDB President Luis Alberto Moreno returned to the island on […]

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Government offers VSEP to four categories of public officers

Government has issued a memorandum to Permanent Secretaries and Heads of Department with an offer of voluntary separation from the public service. The memo, dated November 16, was issued by Head of the Civil Service Dr Louis Woodroffe. “As part of its programme to modernise the public service and implement the Barbados Economic Recovery and […]

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Barbados gets an upgrade from Standard & Poor’s

Standard & Poor’s has raised its long- and short-term local currency sovereign credit ratings on Barbados to ‘B-/B’ from ‘SD/SD’ (selective default). At the same time, S&P assigned its ‘B-‘ issue-level rating to Barbados’ long-term debt issued in its debt exchange. S&P also affirmed its ‘SD/SD’ long- and short-term foreign currency credit ratings on the […]

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Former Prime Minister appointed UWI professor

Former Prime Minister Owen Arthur has been conferred with the title of Professor of Practice: Economics of Development by the University of the West Indies, Cave Hill Campus. The appointment, which it took effect at the start of this month, was confirmed at the University Appointments Committee meeting in October. Arthur, who thanked the university […]

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New securities to be issued on November 15

The Central Bank of Barbados today advised that the restructured securities under Government’s new debt offer will be issued on November 15, 2018. The Bank explained that technical and data issues had delayed the process. “The Bank regrets not meeting the original October 31 deadline. We are working assiduously to complete the process by mid-November,” […]

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Disbursement of 2017 tax returns to commence this week: PM

Prime Minister Mia Mottley has assured residents that the long wait for the disbursement of their 2017 tax returns is over. “. . . Next week [you will] start to receive your 2017 income tax refunds on time for the first time in years . . .” Motley said to loud applause as she delivered the […]

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PM’s address: Mottley outlines restructuring plan which will affect 1500 public workers

Mostly temporary workers, but not more than 1,500 people across the public sector, will be laid off over the next few weeks, Prime Minister Mia Mottley disclosed in an address to the nation this evening. “We give the country the assurance that while we do not have the exact number because we are following process, […]

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Dale Marshall

PM’s Address: Barbados draws line in the sand on rampant corruption, say AG

Attorney General Dale Marshall has assured the public that the Mia Mottley-led administration is “absolutely committed” to purging the country of a “stain of corruption” that it has uncovered since taking office in May this year. Marshall, who joined Prime Minister Mottley in an address to the nation Sunday evening, said having taken the reins […]

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