Barbados has put together a strong negotiating team and is ready to engage in discussions with the International Monetary Fund’s (IMF) representatives from July 2 to 12.
This disclosure has come from Minister in the Ministry of Finance, Ryan Straughn, who said the IMF officials had already started requesting data which Barbados was in the process of finalising.
“Those early meetings will engage on where our position is fiscally and then obviously those negotiations will start to drill down to the specific sectors of Government, and the Fund’s team will also meet with members of the private sector,” Straughn said.
“We have already announced that we are going to be restructuring the debt and so this will form part of the negotiations with the Fund…. So, some of the meetings will focus on debt, not just between the IMF and the Government, but also with the domestic and foreign creditors as well.”
The Minister explained that Government was working out the details on what was required to grow the economy over the next 10 years and the particular path to achieve sustainable growth, whilst at the same time improving the delivery of public services to the level that Barbadians expect and deserve.
“Therefore, the early meetings will set the framework for where we want the overall economic recovery and transformation plan to be…. We anticipate that between now and July 12, we can have in place at least a working agreement, because it is certainly our intention to make sure that the IMF team has all of the data and information needed to be able to come to a conclusion as to how and what they can support.…
“We are intending that once the team leaves here on July 12, and they go through their internal review process in Washington, that Barbados can get an IMF Board agreement as early as possible,” he pointed out.
Explaining the rationale for such an early agreement, Straughn said Government needed to make sure that it had things in place to restore confidence in the market. He stressed that Government has already begun to fix some of the problems, and must continue to do what was necessary to grow the economy and address fiscal reforms.
Prime Minister Mia Mottley said on June 1 that Barbados’ public debt was as high as 171 per cent of GDP and corrective economic and fiscal measures were needed to place it on a sustainable footing. She announced then that she had a telephone conversation with the Managing Director of the IMF, Christine Lagarde, and a mission had been invited to visit Barbados.
The team came here from June 4 to 7 to meet with Mottley and officials. Subsequently, the Prime Minister and her team went to Washington to have talks with Lagarde between June 14 and 15.
So in the name of this new found so call transparency could we please know the names of the members of the team?
june 30, 2018
Barbados Fuel Tax Takes Effect July 1, New Fuel Prices Do Not Add Up.
The new July 1 retail fuel prices are not adding up. Having read about them here and here, and having looked back at my own historical fuel price data, as well as the text of PM Mottley’s mini-budget speech, I will argue that something is not adding up, …….
The last fuel price change was on mid-night June 10 (June 11). Gasoline moved from $3.40 to $3.60. Diesel moved from $2.61 to $2.80 (Column A). If you re-read the details of the PM’s mini-budget (see here and here), you will note the announcement of a Fuel Tax levied at 40 cents on gasoline and diesel (Column B). If NSRL was not removed, then prices would be what you see in Column C ($4.00 and $3.20).
However, the PM’s announcement also indicated the removal of NSRL, so the net increase should have been only $0.28 on gasoline and diesel (Column D) Thus, the expected price should be $3.88 and $3.08 (Column E). However, this is not the case as the prices being announced are $3.96 and $3.21 for gasoline and diesel respectively (Column F).
This brings us to Column G, the unaccounted for / unexplained $0.08 and $0.13 increase in gasoline and diesel respectively. I have a possible explanation. Had the status quo remained (no Fuel Tax, Road Tax remains), we would have seen a price increase anyway. Recall that Government adjusts prices during the first week or two of every month. So what we are seeing is basically two price changes (both increases). The addition of the Fuel Tax by the Government, as well as the monthly price change which, as the Government usually explains as: “These price adjustments are in keeping with Government’s policy of allowing retail prices to be reflective of those on the international market.”
https://www.caribbeansignal.com/2018/06/30/barbados-fuel-tax-new-fuel-prices-do-not-add-up/
Hopefully Barbados won’t be hit too hard by the IMF “sledge hammer” . Still some of us will have on “seat belt , helmet and bullet proof vest”.
Seriously , dealing with that group, they wrapped those fingers around your throat and keep it there for YEARS TO COME.
In 3 years I hope to see things moving forward if we stay on track.
Yeah, it will be nice to give the BAJAN PUBLIC the names on the team that holds our future in their hands.
DON’T WANT TO WIND UP LIKE THE BUNCH THAT WENT HEAD DOWN LIKE A BULL AND SIGN UP TO THE CCJ, then to find so many faults way down the road.
I do think it will cost more to ride the Bus, Government should pay out all those who refuse to retire cos cuts will be made.
What strong negotiating team yah telling us about.
Your orders will be given through the mouths of those white conservative faces, and typed on paper.
Follow their orders, or our ship sinks. A real political gamble for the ruling BLP.
No lawyers will be needed when the love affairs with the voters fall appart.
The real trigger, will be the first water bill, coming after July 1st.
Everybody has to pay that.
The present govt cant pull the wool over the IMF eyes like they did the electorate the IMF have world class professional economist who can easily filter out truth from lies deception from political rhetoric
It would interesting to know what measures this govt will present forward as sustainable path for growth
As of present they have none.
But so far from my vantage point i will profer to say that Mia would present the Hyatt as a starting point
Her use of lies and deceit has been astounding but not surprising
Wunna DEM yard fowls above can’t see that EVERYTHING wunna tried has BACKFIRED on wunna … all ya doing the SAME thing over and over again…do something new..talk something different.
The same mopping up and cleaning up after SANDY and DEM has now started under FUMBLE and DEM.
The DEMOCRATIC LABOR PARTY pulled the wool over BARBADIAN EYES for TOO LONG ..TEN YEARS and 90 days to be exact and we DEALT with wunna to suit…not a DAMN seat NOWHERE in the POLITICAL LANDSCAPE OF BARBADOS .
The MASSES don’t DO NOT WANT ANY INPUT from ANY ONE A WUNNA..we want NEW IDEAS from NEW PEOPLE and NOT from any OLD EXPIRED PRODUCTS…GEORGE STREET is where wunna belong since some of the SAME OLD EXPIRED PRODUCTS who were DISPOSED of and TRAMPLED like CIGARETTE BUTTS are still talking on behalf of wunna at all ya TWILIGHT TIME lectures with a get together of LOSERS and DEJECTED OWLS and OCKS.
Carson C Cadogan….when the prices on the International market were FALLING,the prices were RISING here in Barbados…the ONLY COUNTRY IN THE WORLD WHERE that SCANDAL was happening.
WAS THAT ‘ ADDING UP’ ?
@Carson C. Cadoagn: Hi there Carson chhese-on-braed man…I thought you had joined the rest of dem crew tekking a break off-island!! Hmmm…are you aware that DEM is looking for a New; Intelligent; Gutsy, Brilliant; Clear-Thinking; Articulate; Leader? Go for it, my dear friend. You know, miracles do happen…and the November convention will be here before you know it. With you in the Top Gun spot, anything cud happen…and come 2023…manna will fall/ flow like err…well…Joes river in de dry season.
“”””Barbados has put together a strong negotiating team…..”
hahaha
Beggars cant be choosers.
THE IMF SAYS
Barbados follow instructions.
On the other hand:
THE IMF SAYS
Barbados fails to follow instructions.
THE IMF keep their money in their pockets!!!!!
@Harry Turnover: Tell the Dems cellar ducks that no election is scheduled within the next 90 days, so they can stop the campaigning and return to licking their wounds. #IMF (Island Moving Forward).
Folks: I am a diehard DLP supporter BUT I am also a patriotic Barbadian. I will do anything that is possible to keep the Barbados dollar at the present exchange rate (2 – BB$ to 1 -US$). Let us wait and see the outcome of the present IMF talks. Any devaluation of the BB$ would be catastrophic.
Imagine all the hidden or stolen monies over all the years by the blp that has to be brought up to date and include as debt.if you want to know read the 2006 auditor general. Reports monie galore missing unaccounted or vanished
All that would be included when the IMF finished their findings also including Mia recent taxwrite offs
This IS a MUST for ALL YOU die hard DEMOCRATIC LABOR PARTY OWLS IMPS AND OCKS…read the BACK PAGE of TODAYS’ Daily Nation…read what a DEMOCRATIC LABOR PARTY APPOINTED HIGH COMMISIONER to the UK…GUY HEWITT had to say about WUNNA DAMN LYING CUSS BIRD PARTY.
The man used some words that I had to rush and find two to three dictionaries and make use of online dictionaries too just to understand the words he was using…..about Fumble,this is what he had to say about him to start with….POLITICAL LEADERSHIP IS NOT ABOUT A TITLE OR DESIGNATION.
The SAME thing I have been saying FOR YEARS…he was ONLY interested in hearing the words PRIME MINISTER before his name and if people had any doubt whatsoever ,it was REMOVED when he held on for 90 more days in order to prolonged it…now he is just an ordinary’ naked’ man STRIPPED of not one but TWO of his titles with the possibility of being STRIPPED of a THIRD in AUGUST at his DEMS get together of LOSERS TWILIGHT TIME LECTURES.
Reminds me of a YARD FOWL being plucked ,but still walking bout
TENNYSON DRAKES
Dont fool yourself.
The Barbados dollar will be the first casualty of the IMF unless the Govt. agrees to very draconian conditions.
The Barbados dollar is grossly over valued.
@Sticks and Carson
Wunna should be shame to show wunna face bout hay doah…talking jobby as usual.
Atman these Dems do not know the meaning of shame.Instead of joining the ex MP,s and keeping a low profile after winning two boxes not two seats these jokers like Johnny Crow,Sheron Inniss,Big Child ,Mark My Word,Ras,Sticks and Stones ,Kevin,Alex Alleyne ,Patty Tennyson Drakes,Samantha Best and Angela on here 24/7 bellyaching like anyone wants to hear them.I wonder where was their expert opinion when the Dems were in office and clearly needed help not a word from them unless they were attacking Ms Mottley.Well we see the result of that 30 to 0,and now on the outside looking in,probably for the next 10 to 15 years with fresh people.Therefore Atman expect to see several of the above up front criticizing everything.By the way where is Archy Perch and Saga Boy,they gone underground?