The Toronto-based Scotiabank is drastically scaling back its operations in the Caribbean after more than a century of doing business in this region. The Barbados operation of the bank is not included in the US$123 million banking deal that will see nine other operations going to Republic Financial Holdings Limited (RFHL), which operates Republic Bank, […]
Category: Economy
by Anesta Henry Prime Minister Mia Mottley this evening said that the Government’s restructuring exercise was affected by “sabotage”, but served notice that the order would be restored. Reiterating that she was “deeply disappointed” in how the retrenchment exercise was being carried out, Mottley said “she was satisfied that there was an element of sabotage […]
by Anesta Henry Prime Minister Mia Mottley has welcomed the recent upgrade from international rating agency Standard & Poor’s as “great news”, saying it was an indication that Barbados was on its way back. However, the Prime Minister whose Barbados Labour Party (BLP) administration has been implementing tough measures to stabilize the ailing economy cautioned […]
The Inter-American Development Bank (IDB) and the Government of Barbados have formalized a historic loan agreement for US$100 million to support the Barbados Economic and Recovery Transformation (BERT) Plan. Having pledged the IDB’s support to the Barbados Government during an official visit in June 2018, IDB President Luis Alberto Moreno returned to the island on […]
Government has issued a memorandum to Permanent Secretaries and Heads of Department with an offer of voluntary separation from the public service. The memo, dated November 16, was issued by Head of the Civil Service Dr Louis Woodroffe. “As part of its programme to modernise the public service and implement the Barbados Economic Recovery and […]
Standard & Poor’s has raised its long- and short-term local currency sovereign credit ratings on Barbados to ‘B-/B’ from ‘SD/SD’ (selective default). At the same time, S&P assigned its ‘B-‘ issue-level rating to Barbados’ long-term debt issued in its debt exchange. S&P also affirmed its ‘SD/SD’ long- and short-term foreign currency credit ratings on the […]
Former Prime Minister Owen Arthur has been conferred with the title of Professor of Practice: Economics of Development by the University of the West Indies, Cave Hill Campus. The appointment, which it took effect at the start of this month, was confirmed at the University Appointments Committee meeting in October. Arthur, who thanked the university […]
The Central Bank of Barbados today advised that the restructured securities under Government’s new debt offer will be issued on November 15, 2018. The Bank explained that technical and data issues had delayed the process. “The Bank regrets not meeting the original October 31 deadline. We are working assiduously to complete the process by mid-November,” […]
Prime Minister Mia Mottley has assured residents that the long wait for the disbursement of their 2017 tax returns is over. “. . . Next week [you will] start to receive your 2017 income tax refunds on time for the first time in years . . .” Motley said to loud applause as she delivered the […]
Mostly temporary workers, but not more than 1,500 people across the public sector, will be laid off over the next few weeks, Prime Minister Mia Mottley disclosed in an address to the nation this evening. “We give the country the assurance that while we do not have the exact number because we are following process, […]
Attorney General Dale Marshall has assured the public that the Mia Mottley-led administration is “absolutely committed” to purging the country of a “stain of corruption” that it has uncovered since taking office in May this year. Marshall, who joined Prime Minister Mottley in an address to the nation Sunday evening, said having taken the reins […]
Barbados Credit Union League last night celebrated 60 years of existence by awarding outstanding member coops and officers for contributing to building cooperatives. The Barbados institution has grown to now touch the lives of more than 200,000 Barbadians and account for $2 billion in financial assets, most of which have been loaned to residents here. […]
The island’s main creditors have given the green light to the Government’s debt restructuring plan, Barbados TODAY has learnt. There were initial reports last week that some creditors had rejected the offer made on September 19, which sought to exchange existing Government paper, for new debt instruments. The plan proposes a haircut to interest rates […]
The Executive Board of the International Monetary Fund (IMF) today approved a US$290 million Extended Arrangement under the Extended Fund Facility for Barbados to help the island restore debt sustainability, strengthen the external position, and improve growth prospects. The approvals allows for the the immediate disbursement of about US$49 million. Below is the IMF’s statement […]
by Lashawna Griffith The island’s small businesses will be the main driver of the Government’s economic recovery plan, says President of the Small Business Association (SBA) Dean Straker. “At this particular juncture of our history, Barbados now finds itself having to press the reset button in 2018. I am confident when I say to you […]
The Central Bank of Barbados, in its capacity as exchange agent, will be hosting a debt exchange forum exclusively for holders of treasury bills, treasury notes and debentures outstanding as of September 30, 2018. As part of its debt restructuring programme outlined last Wednesday, Government is offering to exchange existing government papers for new […]
