Category: Economy

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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Barbados credit unions celebrate

Barbados Credit Union League last night celebrated 60 years of existence by awarding outstanding member coops and officers for contributing to building cooperatives. The Barbados institution has grown to now touch the lives of more than 200,000 Barbadians and account for $2 billion in financial assets, most of which have been loaned to residents here. […]

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Government wins the support of the island’s creditors for debt restructuring plan

The island’s main creditors have given the green light to the Government’s debt restructuring plan, Barbados TODAY has learnt. There were initial reports last week that some creditors had rejected the offer made on September 19, which sought to exchange existing Government paper, for new debt instruments. The plan proposes a haircut to interest rates […]

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IMF Board approves US$290 million programme for Barbados

The Executive Board of the International Monetary Fund (IMF) today approved a US$290 million Extended Arrangement under the Extended Fund Facility for Barbados to help the island restore debt sustainability, strengthen the external position, and improve growth prospects. The approvals allows for the the immediate disbursement of about US$49 million. Below is the IMF’s statement […]

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Delay in tax on online transactions

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SBA ready to play key role in Barbados’ recovery

by Lashawna Griffith The island’s small businesses will be the main driver of the Government’s economic recovery plan, says President of the Small Business Association (SBA) Dean Straker. “At this particular juncture of our history, Barbados now finds itself having to press the reset button in 2018. I am confident when I say to you […]

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Central Bank opens debt exchange forum on Monday

  The Central Bank of Barbados, in its capacity as exchange agent, will be hosting a debt exchange forum exclusively for holders of treasury bills, treasury notes and debentures outstanding as of September 30, 2018. As part of its debt restructuring programme outlined last Wednesday, Government is offering to exchange existing government papers for new […]

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The IMF reaches an agreement with Barbados

The International Monetary Fund (IMF) has reached a staff-level agreement with Barbados on a US$290 million dollar economic programme under the Extended Fund Facility. The IMF’s Executive Board is expected to consider the proposed arrangement by October and once approved Barbados will have immediate access to US$49 million. IMF Chief of Mission Bert van Selm […]

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Consumers to pay more for gas and kerosene, less for diesel and LPG

Barbadians will be paying more for gasoline and kerosene, but less for diesel and liquefied petroleum gas, (LPG) effective midnight Sunday. Gasoline will retail at $3.91 per litre, up from $3.88, an increase of three cents. Kerosene will rise from $1.47 per litre, to $1.46, an increase of one cent. The price of diesel will […]

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Barbados resumes talks with IMF this week

If Prime Minister Mia Mottley had her way Barbados’ programme with the International Monetary Fund (IMF) would be no longer than nine months. As she disclosed that the IMF mission would return to the island this week to continue negotiations, Mottley told the Barbados Workers Union 77th Annual Delegation Conference yesterday, “I pray that it […]

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ECLAC says economy is at a standstill

The Barbados economy is expected to be the second worst performing in the English speaking Caribbean this year, with only the hurricane ravaged-Dominica performing worse, according to a United Nations (UN) regional commission. Overall, the local economy will record the fourth worst growth rate in the Caribbean and Latin America, registering stagnant growth, the Economic […]

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No clear timeline for tax refunds

There’s still no clear timeline on when Barbadians can expect long awaited tax refunds. Today Minister in the Ministry of Finance Ryan Straughn was asked to address the issue on the Sunday edition of Down to Brasstacks aired on Voice of Barbados 92.9 FM. He however stayed clear of giving a definite date. Pressed on […]

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Barbadians to pay less for gasoline, diesel and LPG

Consumers will be paying less for gasoline, diesel, and Liquefied Petroleum Gas ( LPG) , but slightly more for kerosene effective midnight Sunday. The new price of gasoline is $3.88 per litre, down from $3.96, a decrease of eight cents. The price of diesel will decrease by six cents per litre, moving from $3.21 to […]

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Govt too dependent on Central Bank for financing, warns BES

 The Barbados Economic Society (BES) is warning the Mia Mottley-led Government that its current dependency on the Central Bank of Barbados for financing is unsustainable. The warning came in a statement issued in response to this week’s Central Bank review of the island’s economic performance for the first half of the year. The BES pointed […]

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Hyatt environmental study must be done – Mottley

Prime Minister Mia Mottley says a full environmental impact study must be conducted before any construction can begin on the proposed 15-storey Hyatt Hotel on Bay Street, St Michael. In fact, she has already made it clear to the investors that they should proceed with the environmental impact study regardless of the outcome of the […]

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IMF warns of pending cuts

The International Monetary Fund (IMF) today warned that a second phase of measures will be needed, in light of the $1.2 billion austerity package announced by Prime Minister and Minister of Finance Mia Mottley in her June 11 Budget. The warning came at the end of a ten-day visit to the island by an IMF […]

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