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 staff team, led by Bert van Selm, which held discussions with various stakeholders on a pending IMF-supported economic recovery and transformation plan.
In a release today, the IMF also revealed that this next phase of adjustment would focus on reducing expenditures “by improving the efficiency and effectiveness of public services, reducing Government transfers to state-owned enterprises, by reviewing user fees, exploring options for mergers, and providing stronger oversight”.
Following is the full statement issued at the conclusion of the July 2- 12 visit, which came at the request of the newly elected Mia Mottley-led Government .
“The Barbadian authorities, in close consultation with their social partners, are taking effective steps to address current economic vulnerabilities. The IMF stands ready to partner with Barbados to restore macroeconomic stability in order to secure strong, durable and inclusive growth in the years ahead.
“Fiscal consolidation alongside a comprehensive debt restructuring exercise is critical for restoring debt sustainability and policy credibility. In this context, the authorities’ revised Budget for 2018/19, approved by Parliament on June 11, is a decisive step in the right direction. The Budget targets a primary surplus of six per cent of GDP.
“Consistent with the message delivered by the Prime Minister and Minister of Finance during the Budget a second phase of measures will be needed to achieve this target. This next phase will focus on reducing expenditures—notably by improving the efficiency and effectiveness of public services, reducing government transfers to state-owned enterprises by reviewing user fees, exploring options for mergers, and providing stronger oversight.
“Progress being made by the authorities in furthering good-faith discussions with domestic and external creditors is welcome. Continuing open dialogue and sharing information, will remain important in concluding an orderly debt restructuring process.
“Significant progress has been made during this IMF staff visit on the plan that could underpin financial support from the IMF. On its return to Washington the team will continue to analyze the Government’s comprehensive reform program. We will remain closely engaged with the authorities in the coming weeks.
“The team would like to thank the authorities for open and candid discussions, and looks forward to building on this engagement in the period ahead.” (End of text)
hahahaha!!!!!
Mia cares.
@Carson. I take it you were being well cared for by the DLP for the past 10 years and laughing all that time too.
B L P or D L P don’t understand 21st century development methods or measures for small, open, developing, and vulnerable economies like ours. The days for the inefficiencies of these two parties with their early post independence practices are coming to an end quickly.
This current administration will be as unpopular as the last one long before their term in office ends.
I think CCC must laugh at himself every time he looks into the mirror… After all HIS party is the biggest joke in the Caribbean… They had a HISTORIC defeat at the polls…. Which has made them the laughing stock of the entire Caribbean, and further afield…. Laugh On Mr. Man!!!! Maybe your laughter is infectious and you can cheer up some of your ungracefully fallen peers!!!! Unfortunately, the MESS left by your DLP party and your cohorts is definitely NO JOKING MATTER and I thank the almighty that we have a leader now in MIA A. MOTTLEY and her team who actually care for the people and the country that they have chosen……. AND HAVE BEEN CHOSEN BY THE PEOPLE OF BARBADOS…. TO SERVE!!!!
GREENGIANT… This is not a popularity contest… this is a productivity experience… and the pains will be comforted and healed by the gains…. We can ALL make sure of this!!!!
“This is not a popularity contest… this is a productivity experience… and the pains will be comforted and healed by the gains…. We can ALL make sure of this!!!!”
Wow!
Just wow!
When the DLP was asking for ppl to tighten their belts, the sheep took to the streets in protest.
Now the BLP cutting our throats at the altar of the IMF, we have to tighten our belts for the “sake of our country” and come together for “a better Barbados”.
Mia cares!!!
Go Mia! It is time to take us out of who you know and not what you know that has plagued productively in Barbados.
As expected. Things got so messed-up within the last 10 years that there is not short cut on our way to recovery.
We must be in it for the long haul. 10 to 15 years before we see some light.
Be real people, this is the real world we living in. “ALL FREENESS DONE WID”. Done, done, done.
Soon on the cards will be a Polyclinic/Hospital bill up front.
I am still at a loss at our educated people reaction to our country’s dilemma. Since 1994 we have been pointing fingers at the last administration once a new government took office as our debt climb into the billions of dollars. The very first thing the DLP and BLP does is to start putting party supporters in positions that they are not qualified for, or have any experience or management skills. Example The transport Board, The Sanitation service Authority. Now these are two entities with great problems and entities that the general public relies on for a reliable service. We all know the effects of the boards that the DLP selected for theses two public service entities, the mismanagement and waste of money and that was as a result of the wrong people directing the affairs of these entities. Now look at the make up of these two boards and tell me which one of these party supporters have any skills to turn them around. I am sure we will see this same situation in our Schools, Health care, Social care, labour, food and agriculture, etc and we will continue to see the waste of money too and at the end of five years we will get the same soup warm over again. This country would not go forward unless we the voters demand that the right people with the right experience and management skills are placed on these government boards or we will always be sitting on the steps of the IMF as vagrants.
One of the most important, if not the most important, issue with the last Administration was the lack of communication to the public concerning urgent matters affecting the country. This Administration promised that it would make sure that they would never be accused of following suit. We don’t need to hear from the IMF because we all know what the IMF wants without them having to tell us. What we need to hear is what the current Administration plans on doing in light of the recently concluded discussions.
….and the DLP din care either as FUMBLE said he had NOTHING to be ASHAMED about that is why a 96 year old MEMBER OF THE DLP had to tell him… GO TO HELL…THAT’S WHERE HE BELONGS.
Don’t know why all ya DEJECTED LOSERS doan FOLLOW HIM and let him LEAD wunna from there too.
One thing for sure, there will be no cuts in either the numbers or the salaries of those 26 Cabinet Ministers and all those newly attached to their Ministries.
I await the final figure to be put on the welfare roll by the party that cares.
2013 DLP campaigned on no job cut.
after elections 3000 sent home.
DLP care
30/0
The people give the BLP the mandate to turn this country around. they know it will be hard it was hard and getting harder for the last 10 years
30/0
Mia got dis
We have to face reality. The ship of state was rudderless; no braking system and the country was out of controlled with no communication to subordinates. The only financial alternative was to approach the IMF since lending agencies refused the risk of lending. At least, our leaders are talking and agencies are listening which gives us the opportunity to borrow and stabalise our economy. So Carson and others, the blaming game is over. Let’s hold hands and fight for our country, not for us, but our children and grand-children along with the others that will follow.
3000 contract workers who were over the tenure by about two years, after the same BLP complain about Govt expenditure – as they still are.
BLP complain about sending home people.
Now that the BLP got to send home people, we must tighten our belts.
BLP hypocrisy knows no bounds
Folks, whether you support the DLP, BLP, UPP or whoever, you need to realize that Barbados’ economy is in a bad position. Time to stop blaming the last administration or the one before that and do your part to help turn the island around.
I hope you know that when you borrow you got to pay back.
Then again, the BLP solution to everything is to borrow people money and then skip town when the bills come due.
Remember Barrack and the Warrens Building fiasco?
Remember the ship-load of BMWs that the BLP claimed were on lease until the BMW management set the record straight?
That’s why the rubes like the BLP, since they know we will be living high on the borrowed calf until the money run out.
We were living off 15% VAT (the highest rate for VAT in the world EVER), and the BLP was posturing like it was the greatest economic collective of all time, but as usual, the white overlords’ companies were being zero-rated – but the BLP rubes said nothing.
Indeed, they sell BS+T, one of the greatest revenue earners in Barbados to Trinidadian interests, now the rubes complaining about the lack of money after they sabotaged the Barbadian economy at the behest of our white overlords, all the while the BLP was keeping an eye on it – and the rubes said nothing.
Hypocrisy, thy name is BLP.
The MASSES have ALREADY REMOVED those DLPites from the Payroll in PARLIAMENT and PM MIA and the BEES are in the PROCESS of removing MOST of DEM that are occupying chairs and tables, playing games and watching porn on Computers in some Government Offices and Institutions.
NUFF money gine come BACK into circulation and NO MONEY will be PRINTED despite REMNANTS of some having only now been surfacing.
…and speaking of CUTS it is ALSO likely that the IMF would be recommending BIGGER CUTS in MPs PENSIONS too.
AGREE with the IMF to cut their PENSIONS by HALF PM MIA or give those who were elected AFTER 1975… ONE PENSION after serving 10 or more years as an elected Member.
Civil Servants who were appointed AFTER 1975 are ENTITLED to ONE PENSION while those who were appointed BEFORE are entitled to TWO.,while Members of Parliament who were elected after 1975 and LONG AFTER too… get TWO…STING THAT TOO PM MIA .
Capital One. was BS&T owned by Bdos govt?
Enlighten me please.
Carson laugh hard. It’s you and your party that have Barbados where it is now. We’ll see who gets the last laugh
Truth is this whole issue can be broken downby 2 numbers and even the most ardent DLP supporter should understand them
foreign reserves in 2008 in excess of 1.5 billion dollars. In June 2018 reserves stood at a mere 200 million. Our situation was so bad we had to decide either pay our creditit’s 100 million of this and let our supermarket shelves look bare or default. You can’t want a simpler explanation than that. Like it or not at this stage only the IMF will lends us money at a low rate and they will dictate to a large extent the terms. That is our situation whether we like it or not.
“The MASSES have ALREADY REMOVED those DLPites from the Payroll in PARLIAMENT and PM MIA and the BEES are in the PROCESS of removing MOST of DEM that are occupying chairs and tables, playing games and watching porn on Computers in some Government Offices and Institutions.
NUFF money gine come BACK into circulation and NO MONEY will be PRINTED despite REMNANTS of some having only now been surfacing.
…and speaking of CUTS it is ALSO likely that the IMF would be recommending BIGGER CUTS in MPs PENSIONS too.
AGREE with the IMF to cut their PENSIONS by HALF PM MIA or give those who were elected AFTER 1975… ONE PENSION after serving 10 or more years as an elected Member.
Civil Servants who were appointed AFTER 1975 are ENTITLED to ONE PENSION while those who were appointed BEFORE are entitled to TWO.,while Members of Parliament who were elected after 1975 and LONG AFTER too… get TWO…STING THAT TOO PM MIA .”
You need to lay off the koolaid, my friend.
@GSmiley:
At last, a response. 🙂
No actually, the “they” I was referring to signifies our white overlords who were slavering at the mouth for the money and their big chance to stick it to the “uppity” black masses. I guess you know that but being a rube, I suppose you will want to clip me on grammar.
Indeed, when one remembers the lack of involvement by the then administration with regards to the sale so urgently to a non-Barbadian business entity, it seems a bit ironic that the same administration would make such a hullabaloo over the proposed sale of Hilton, or the construction of the Hyatt (which, I do concede, the DLP made a mighty mess of).
Just saying…
@ capitalone.
wasn’t Bs&t not a public traded company that was taken over by the trini by buying it shares from the local investors?
enlighten me too.
@ capital one
have you ever had a mortgage?
or a car note?
yes wha u borrow you gotta pay back. but sometime when you don’t have you dus havta borrow until tings turn around and you are able to pay back.
IMF is restructuring or borrowing to pay off debt then you have one bill to pay over a longer time but you paying less.
capital one
3000 contract workers who were over the tenure by about two years, after the same BLP complain about Govt expenditure – as they still are.
BLP complain about sending home people.
Now that the BLP got to send home people, we must tighten our belts.
BLP hypocrisy knows no bounds
total fabrication
The ones from transport board were contract workers?
the ones from BIDC were contract workers?
how long government does have contract workers working for it for more than two years?
who did paying these contractors NIS?
how come the same contract workers won their case against the same dlp government for wrongful dismissal?
When will the Dems ever get over the 30-0 sting by the Bees? It must really hurt. It’s going to be a long five of those paling cocks fighting for any bit of scratch grain left in the yard. Just sit back and watch the economy recover in four years. All the cursing the BLP will not stop the Island Moving Forward (IMF).
Well just look at this picture, why was hillary and not at this meeting? The bleating sheep will be plentiful, as the scabs cover the wounds.
It is somewhat sickening to read the majority of comments being regurgitated like sour milk.Every man jack appears to be enjoying the thoughts that they are about to embark on a sufferation train and their only reason for the enjoyment is that it comes under the watch of Prime Minister Mottley’s government.Keep poking fun when things really aren’t funny and continue the blame game,when the IMF administer their large dose of castor oil it’s whuna that gine hav de gripes whilst government ministers pass and present continue to enjoy their luxuries.Bajans who have alternatives will execute them those who don’t will have to grin and bear it.
I thought Commi was some advisor, oh I know, Sshhuusshh, we can’t bring that elephant into the room.
@ Carl Harper: You do know that a significant number of “DEMS” was responsible for that 30-0 result? As such, why should they “hurt” for the next five years?
Note the words cuts .I have not seen job cuts so I suspect this means tightening up on tardiness and wastage .example instead of sending an empty bus to Eden lodge or with 5 people wanstead eden lodge grazettes holder hill can do all these routes out of peak time
@C A H. That “significant number of DEMS” of which you speak stayed away from the polls because they could not bring themselves to vote for their own useless candidates or Party, and they sure as hell were not giving their vote to the BLP.
So not even the Dems supporters and yardfowls wanted the DLP to return to Office or believe they could based on the government’s poor performance.
The fact is, the BLP’s base and the swing voters were highly motivated to kick the DLP into the darkness annals of history.
Guess you can say the “hurt” will come from knowing that the Dems now have to convene Parliament in a cozy corner at George Street, Freundel Stuart muzzling anyone who dares to speak, and a stalwart telling him “go to hell!”
Bajans get ready for a big time cut a**
###watch muh now
What I don’t understand about bajans is this- private sectors make job cuts even when they have recorded profits for that year. Nobody says a word. If the government is in a deficit with what shall you pay them with? Government is a business also in case some of you forgot. This is not a Mia or blp problem, this is a matter of survival in an unproductive economy.
@ Capital one…people like you need to drink some of the same KOOLAID laced with morality…looks as though all ya heads still HOT from that VOLCANO that hit the DEMOCRATIC LABOR PARTY about 2 months ago.
Instead of people like you losing sleep over Harry Turnover,all like now wunna should be in all ya final stages of preparation for all ya LOSERS get together conference at Party Headquarters and to prepare for that pending IMPLOSION and stop being in election mode.
You in had nutten else to do than to search for a Harry Turners’ comment , then to cut and paste it?…was it that IMPORTANT ?
Man,you should invest in the SAME thing that I recommended for PATTY a while back to relieve boredom.
The MASSES have ALREADY SPOKEN….ever so eager to get back voices in Parliament,wait for THE call…wunna in gine get back using the SAME modus operandi and with the SAME OUTDATED and REJECTED candidates and SUPPORTERS here.
HONESTLY speaking,I wonder if HONESTLY really UNDERSTANDS what he is TRYING to say when EVERY MAN JACK except him of course honestly knows where this SUFFERATION that he is mumbling to himself about had its ROOTS.
Little does he knows that Barbadians are AT LAST believing that SOMEONE ACTUALLY CARES and IS DOING SOMETHING about the PERILOUS STATE of our AFFAIRS instead of hearing lies on top of lies in phases by the DLP and listening to a Prime Minister saying that HE WAS NOT ASHAMED about what was happening to Barbados and that he had EVERY CONFIDENCE in his MINISTER that was RESPONSIBLE for the 23 DOWNGRADES and the UNBELIEVABLE DROP in FOREIGN RESERVES from near 2 BILLION to 220 million
@Carl Harper: it would seem to me that the DEMS who stayed away from the polls made a decision to put Counrty over Party. Undoubtedly, the Stuart Administration made many mistakes and its own supporters made them pay for those mistakes. Objectively speaking, the Mottley Administration has made several mistakes in its infancy and will inevitably make many more. Will it’s supporters make them pay the price when the time comes or will it be BLP always over Barbados?
To assembled DEM sages: when you have a rotted, termite-eaten house, with the main components eaten thru and thru, and the house barely standing…what do you do?
1. Slap some paint ‘pon it?
2. “Fix” the flooring, by replacing the three boards where your foot goes clean through, and lef-out those that does bend when you walk over them…for “a lil’while longer”.
3. Tek off the rusted galvanise, and “replace” wid some less-rusted ones from de back-yard paling, and put some concrete blocks on dem…just in case of bad weather coming?.
OR…
4: Secure a mortgage from de bank or credit Union; engage a QUALIFIED draughtsman and a REPUTABLE and EXPERIENCED contractor, and build yourself a NEW, strong, purpose-designed home, of which you shall be justly proud…and which you will leave to your children?
Yes…Anansi tell me dis one!
@ Tony Webster: well if your economic condition makes options 1,2 or 3 the viable ones but you go ahead and choose 4 then you may have a brand new house but you may not have it for too long as you will inevitably fail to make the mortgage payments and the bank will foreclose on you. At that point the run down house will look like a palace when confronted with homelessness.