It has only been six months, but already one of the three finance ministers is touting the beneficial effects of the Barbados Economic Recovery and Transformation programme (BERT) on the economy.
Minister in the Ministry of Economic Affairs and Investment Marsha Caddle said that while Barbados’ foreign reserves were in a perilous state just before the May 24 General Elections, with only four weeks of “cover” left then, the position had improved tremendously during the Mottley administration.
“When we came to office, there was only $400 million of foreign reserves, representing four weeks of cover. However, once we have secured the transfer of funds from the Inter-American Development Bank under BERT, our reserves should move to almost a billion dollars by the end of December this year,” she told the House of Assembly.
Beyond that, she said, the deficit has been “eliminated after a decade of unsustainable deficits, so we have been able to pay this year’s VAT refunds and income tax refunds. It is the first time Government has been current for six years, and over the next ten years we will run a primary surplus to bring our debt to GDP ratio down to the 60 per cent we are seeking by 2033.”
Caddle’s comments came during debate on an amendment to the Central Bank of Barbados Act.
Caddle, who shares ministerial duties in the Ministry of Finance and Economic Affairs with Prime Minister Mottley and Ryan Straughn MP, said that one of Government’s aims was to ensure that the most vulnerable Barbadians did not bear the full brunt of the economic restructuring exercise.
“Part of this programme related to a domestic and external debt restructuring which was necessary to ensure we did not place the full burden of the adjustment on ordinary Barbadians.
One of the major contributors to that debt restructuring was the Central bank. If the Central Bank was not a key part of the domestic part of restructuring our debt and making certain sacrifices regarding its own balance sheet, there would have been more of a burden on pensioners and other creditors in this country. The Central Bank has taken on a big share of this adjustment burden.
This bill seeks to go further and to address any consequences of that adjustment,” she told the House.
In his contribution, Minister of Labour Colin Jordan sought to reinforce the Central Bank’s role in the economy. “The Central Bank has to ensure monetary policy of a country does not result in runaway inflation and putting pressure on foreign reserves. It is a regulator whose purpose is to get actors in an economy to act in a particular way, and it must act independently without political interference,” he said.
The BERT programme was not imposed on Barbados by the International Monetary Fund (IMF), but was developed by his party’s team of economists and met that agency’s approval, said Jordan.
“We presented a programme to the IMF and they agreed to support it owing to its well structured nature. The result of its implementation is a renewed investor confidence in Barbados, so new projects are coming on stream because this programme has shown the investing public that we are serious, so they can invest their resources confident they will get a return on them eventually.”
Hope you know this is money you have to pay back. When you leave government somebody will have to pay back this huge debt.
“…….three finance ministers.” That has got to be a record. 😀
I find Caddle is one of the biggest truth benders in gov’t. It doesn’t even have to make sense.
Yeah! Just like this Administration will have to repay the $450 million at 9% interest rate with a built-in 0.5% added interest for each subsequent downgrade borrowed by Chris Sinckler to prop up the same foreign reserves. Not to mention the $120 million Ansa Merchant Bank loan for the Four Seasons Hotel project. Anybody remembers the $50 million First Citizens loan at 13% interest rate to join the Latin America Bank (CAF)? $9 billion in local debt in 10 years and 90 days. So much high-interest debt and “crookery” from that Damn Lying Party, we cannot get it repaid. We must “lock dem to f**k up!”
Yeah! Just like this Administration will have to repay the $450 million Credit Suisse loan at 9% interest rate with a built-in 0.5% added interest for each subsequent downgrade, borrowed by Chris Sinckler to prop up the same foreign reserves. Not to mention the $120 million Ansa Merchant Bank loan for the Four Seasons Hotel project. Anybody remembers the $50 million First Citizens loan at 13% interest rate to join the Latin America Bank (CAF)? $9 billion in local debt in 10 years and 90 days. So much high-interest debt and “crookery” from that Damn Lying Party, we cannot get it repaid. We must “lock dem to f**k up!”
Ms C deep in the belly blood boiling. You living in la la land. The Bs and intelligent Carl Harper can keep spouting their ……………
This is all poppycock. No one expects her to say anything different. All Barbados Labour Party propaganda.
The situation will appear rosy to the Govt., they have defaulted on the Sovereign debt of Barbados the first time that has happen since our Independence, they are paying none of their creditors. The have seized all the funds of old BLACK Barbadians some 80 years and older which are invested in Govt. bonds and wont pay them interest or principal. They have sent home thousands of BLACK BAJANS without a cent to their name.
So it is simple, if you owe everybody and paying nobody things will appear artificially rosy joker.
Marsha, my advice instead of trying to further fool Bajans as you did on the political platforms, take some of that seized money and buy yourself a good comb and comb your knotty hair.
According to Marsha, tings rosy.
But tell that to the husbands and wives from the same families who the BLP Govt. laid from the public sector.
Both bread winners out of a job at the same time.
Mia said that was not going to happen.
The BERT programme was not imposed on Barbados by the International Monetary Fund (IMF), but was developed by his party’s team of economists and met that agency’s approval, said Jordan.
The job cuts are part of the BERT program, so you’re telling me that while the government was saying sending home workers would be a last resort the plan was already made to send home so many workers.
Mia cares!! Fools follow.
And how much is the almost $1B borrowed money?
Marsha is just as confusing as her hairstyle. She is always blaming the DLP, and then offering up some positions that to me do not make sense. How many Finance Ministers are in this government any way?? Maybe Liz could tell us.
spin: You hit the nail right on the head. Remember they said the plan was in the making for two years, so I guess all that time the IMF was critiquing the plan before they approved it. Taxes and sending home public workers was the first agenda on the plan, borrowing money was the third. Promises and lie, Strategy at it’s best!!
Will this lady just shut up and go away. Can you really imagine that she beat Richard Sealy.
@Tennyson Drakes
Not only did Marsha beat Richard Sealy real bad, she obliterated him.
By the way, when last did Sealy go swimming in the sewage-filled waters at Worthing Beach? What a joker!
NCC should have had him arrested and charged for removing the flag/sign that was used to indicate the beach was closed.
ERNIE(Barbados Trade Unions) and BERT(Barbados Govt.)
Both of them selling out BLACK BAJANS to the 3% minority races in Barbados!!!
Thesr Dem yardfowls above like Ric Kevin Sheron Inniss Paul Smith andSonnyfair seems to be hoping for the worse for Barbados probably still angry at the 30 to 0 whipping they rightly received.Thr Dems added 9 billion to the debt with little to show for it.Hence the reason for the harsh measures now as Sir Lloyd asked how we got back here maybe one of the Dems above can answer.
Lorenzo, it has been a long time. When you going awake from your deep slumber. I don’t work for gov’t, so I don’t have to bother, but I do care about Bim. It is my home, but unlike you, I do not wear blinkers.
There is nothing you can say that will bother me; I have been well prepared by all the trials and tribulations I have faced in my 54+ years. A 9 years young child of THE I AM like me looks to the Provider. Those who look to politricians will always suffer.
Politricians look after themselves, family, friends and people like you and some of their yardfowls.
Nothing much to say here Marsha other than the money must be paid back by the majority black people of Barbados. Like the poor propping up the rich.
@Johnny C – When are u people going to stop criticize our BLACK WOOLLY hair sistas? Marsha is not Caucasian or Indian – use ur eyes man/woman. Or would u like to see her put some chemicals in her hair to let it blow in the wind like a horse’s tail.
Furthermore Johnny go on you tube and see the amount of WHITE people who is trying to get their hair woolly in order to create puff styles etc. And they are even giving themselves synthetic melanin injections to get their skin dark, (after-all the sun getting hotter). So please just comment on the Marsha’s doings and leave her hair out and stop carrying on this white mentality which was placed on this people from the 1600’s because of their own inferiorities. Marsha is a good ROLE MODEL for our young black girls.
Mind you all black people of SHEM origin will have the same Woolly hair including U MEN, (unless your head is shining like dog $tones aka bald) so if you criticize our women u are doing it to your own-selves. I know many of you black brothers still have that handed down brainwashed complex of playing in that straight, blond……hair
@CCC – listen bro. U know that we sing from similar song sheets, however, how do u think that it looks to other races when our men (heads) criticizing our women’s NATURAL GOD given beauty??? There is MUCH that u do not know or understand about your people bro.
Shrron Inniss i like i mash your Dem corns.My eyes wide open to hyprocrites like you who suddenly realized people suffering since May 24th.I asked you Dems a question how we get back here?can you answer the question Ms Inniss?8
Ain’t a D so I can’t help you. Go to jail intelligent one. Go get a dictionary and see if you can find the word apolitical and check the meaning. Repeat ever so often so it becomes ingrained in your memory. I hope you have a merry Christmas. I shall, ’cause I don’t celebrate it but I enjoy the sights and sounds of the season.
Oh, and don’t forget to share your goodies with all who were given the axe.
P.S. I don’t have corns on my toes so you can’t mash them. Have regular pedicures.