Category: Economy

PM responds to questions about White Oak

Prime Minister Mia Mottley has reiterated that the Government has appointed the best advisors with respect to debt restructuring, namely White Oak Advisory Ltd. The London-based independent financial advisory firm’s appointment has caused much discussion especially from the Leader of the Opposition Bishop Joseph Atherley. In Parliament earlier this week, Atherley questioned the involvement of […]

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Public sector job cuts would be a last resort – PM Mottley

As the Government prepares for continued negotiations with a team from the International Monetary Fund (IMF), Prime Minister Mia Mottley has assured public sector workers there are no immediate plans to cut jobs. In fact, Mottley said job cuts in the public sector would only be done as a last resort. “To the extent there […]

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IDB President to visit Barbados on Wednesday

President of the Inter-American Development Bank (IDB) Luis Alberto Moreno will visit Barbados next Wednesday for talks with the new administration led by Prime Minister Mia Mottley. Mottley, who made the announcement of the upcoming visit this afternoon, said the IDB boss has praised Barbados for recent the steps taken by her administration to fix the […]

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IMF discussions went well – PM Mottley

Prime Minister Mia Mottley says discussions with the International Monetary Fund (IMF) in Washington have gone well and a team from the international lending institution is due to arrive here early next month to continue talks. The Prime Minister, who led a four-member Barbados delegation to Washington Wednesday evening for talks with the IMF Managing […]

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BCSI welcomes Mottley’s economic remedy

The Barbados Coalition of Service Industries (BCSI) has described the so-called mini Budget presented by Prime Minister and Minister of Finance Mia Mottley on Monday as one of hope for the ailing economy. Executive Director Graham Clarke said the Budget, coming just over two weeks after the Barbados Labour Party (BLP) took office, sent “a […]

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PM off to Washington for IMF talks

Prime Minister Mia Mottley leads a four-member Barbados delegation to Washington this evening for talks with Managing Director of the International Monetary Fund (IMF) Christine Lagarde. The delegation also includes Chief Economic Counsellor to the Minister of Finance, Economic Affairs and Investment, Ambassador Dr Clyde Mascoll; Director of Finance and Economic Affairs Ian Carrington and […]

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BUDGET-HIGHLIGHTS-Fiscal measures at a glance

Following are the fiscal measures announced by Prime Minister Mia Mottley in today’s mini-Budget, amounting to a $1.2 billion adjustment. FISCAL MEASURES & IMPACT Effective July 1, 2018 the National Social Responsibility Levy (NSRL) will be repealed. The Fair Trading Commission will be asked to monitor developments to ensure that retailers reduce their prices appropriately; […]

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BUDGET: Road tax scrapped, new fuel tax starts July 1

  The Barbados Labour Party has delivered an election campaign promise to abolish the road tax and replace it with a fuel tax effective July 1. The fuel tax will be levied at a rate of 40 cents per litre of petrol, 40 cents per litre of diesel and five cents per litre of kerosene. […]

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FULL TEXT OF BUDGET SPEECH by Prime Minister and Minister of Finance Mia Mottley

ALL ABOARD – For Love of Country   Mr. Speaker Sir, I stand before you….18 days since the good people of Barbados went to the polls and elected my party, the Barbados Labour Party, to office, with an overwhelming, indeed, an unprecedented mandate. This mandate, Mr. Speaker, was to stop the hemorrhaging and decay, and […]

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BUDGET: Public workers to get salary increase

Prime Minister Mia Mottley today announced that her Government will pay civil servants a five per cent, across-the-board increase in wages and salaries for the period April 1, 2018 to March 31, 2019. This will cost Government approximately $60 million. While acknowledging that public servants had to forgo salary increases over the last ten years, […]

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BUDGET-New departure tax and hotel room rate levy

Effective  October 1, 2018, Government will introduce an airline travel and tourism development fee. As a result, passengers flying outside of the Caribbean Community (CARICOM) region will pay US$70 and for those within CARICOM US$35. This fee will be in addition to the departure tax. In making the announcement during today’s Budget presentation in Parliament, […]

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BUDGET: Government abolishes NSRL

  Effective July 1, the National Social Responsibility Levy (NSRL) will be repealed, Prime Minister Mia Mottley today announced. The controversial tax, which resulted in a substantial hike in goods, moved from two per cent to ten per cent last July.  

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BUDGET: Government announces massive adjustment programme

Prime Minister Mia Mottley today announced that her Government would embark on a $1.2 billion adjustment programme over the next three years to turnaround the ailing Barbados economy. As she delivered a mini-budget two weeks after her Barbados Labour Party came to power, Mottley acknowledged the programme would be tougher than anything Barbados has ever […]

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Gas, diesel, LPG and kerosene prices rise

  Consumers will be paying more for gasoline, diesel, kerosene and Liquefied Petroleum Gas (LPG) effective midnight Sunday. The retail price of gasoline will rise from Bds $3.40 per litre to Bds $3.60 per litre, reflecting an increase of $0.20. Diesel will cost Bds$2.80 per litre up from $2.61, an increase of $0.19. Kerosene will […]

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IMF urges Barbados to cut spending, contain wages and implement structural reforms

A team from the International Monetary Fund today wrapped up three-day of talks with the Barbados Government and other key stakeholders. The mission led by Bert van Selm has urged authorities to keep a tight rein on expenditure, contain wages and reform Government pensions as the economy remains in a risky position. The Washington-based financial […]

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S&P downgrades Barbados

Barbados has suffered another credit downgrade. This time by Standard & Poor’s (S&P) which has lowered the island’s long-term foreign currency rating to “selective default” following the June 1 announcement by Prime Minister Mia Mottley that her week-old administration was suspending foreign debt service payments and seeking to make interest payments on its domestic debt […]

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Government appoints financial advisor as IMF team arrives

Government announced today that a team from the International Monetary Fund (IMF), led by Bert van Selm, had arrived in Bridgetown on a three-day visit. The team will hold discussions with the Prime Minister and Minister of Finance Mia Amor Mottley, Governor of the Central Bank of Barbados, Cleviston Haynes, other senior government officials, and […]

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