Category: Economy

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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BRA issues new date for implementation of upper income tax band

The Barbados Revenue Authority (BRA) today announced a change to the date for implementation of the new upper income tax band from July 1, 2018 to August 1, 2018. “The introduction of a new upper income tax band of 40 per cent relates to those whose assessible incomes are greater than $75,001 which the Prime Minister and Minister of Finance, Economic […]

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Processing delays affect Customs

The Customs and Excise Department has been hit by processing delays which are affecting the clearing of goods. The development comes against the backdrop of concerns expressed by local businessmen this week that the ten per cent National Social Responsibility Levy, which was to be removed effective July 1, was still showing up on their […]

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Barbados and IMF to begin negotiations this week

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 […]

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BWUCCU President accuses banks of taking advantage of citizens

President of the Barbados Workers’ Union Cooperative Credit Union (BWUCCU) Dalton Medford is advising Barbadians to join the credit union movement and reap its benefits. Medford was speaking with members of the media at the annual general meeting of the co-operative when he accused commercial banks of taking advantage of citizens. “When you look around […]

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Government committed to developing fisheries sector – Humphrey

Fisherfolk of Berinda Cox Fish Market, Oistins, Christ Church were honored on Saturday as part of the annual Fishermen’s Day celebrations. Minister of Maritime Affairs and Blue Economy Kirk Humphrey used the occasion to assure them of his ministry’s commitment to the development of the island’s fisheries sector. “We cannot have fisherfolk feeling as if […]

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Last minute rush by motorists to beat fuel tax introduction

Ahead of the July 1 implementation of a new fuel tax that is to replace the road tax, Barbadians rushed out to the gas stations in droves on Saturday night trying to beat the expected increase in prices. Up to late this evening, long lines were still visible at gas stations across the island as […]

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Public servants to receive wage hike in August

Public servants will receive their promised five per cent salary increase in August. This disclosure today from Director of Finance and Economic Affairs Ian Carrington, who explained that paperwork for salaries was completed in advance, therefore the increase could not be added to July’s salary. “We are readying ourselves to include the five per cent […]

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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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