Category: Budget

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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Look out for the ‘real’ Budget by October, warns Inniss

The man seeking to take over the leadership of the Democratic Labour Party (DLP) following its humiliating 30-nil defeat in the May 24 general election is warning Barbadians that the worst is yet to come. Reacting to yesterday’s $1.2 billion austerity package presented by Prime Minister and Minister of Finance Mia Mottley, former Minister of […]

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Labour movement falls in line behind Budget

The umbrella trade union representative body here says the fiscal measures announced in the so-called mini Budget presented in the House of Assembly this morning by Prime Minister and Minister of Finance Mia Mottley will diminish the value of the just agreed salary increase for public workers. At the same time, President of the Congress […]

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PSV sector ‘not consulted’ on Budget

The privately-run public transport sector is complaining that it was not consulted by the Mia Mottley-led administration before the announcement of today’s budgetary measures, which a top official of the transport sector said will hit operators and owners hard. Interim Chairman of the Association of Public Transport Operators (APTO) Morris Lee said while Government officials […]

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Bitter pill

Prime Minister Mia Mottley today served up a dose of bitter medicine that will impact every single household and business here as her newly elected Barbados Labour Party (BLP) administration announced a $1.2 billion adjustment plan over the next three years to tackle the island’s economic woes head-on. In what was termed a mini-Budget presentation, […]

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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 FISCAL MEASURES & IMPACT Effective July 1, 2018 the National Social Responsibility Levy (NSRL) will be repealed.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-Mottley announces increased pay for pensioners

As promised in the Barbados Labour Party’s manifesto for the May 24 general elections,  the two-week-old Mia Mottley-led administration will raise the minimum non-contributory pension from $155 to $225 per week. “Protection of our pensioners will cost approximately $18 million,” said Prime Minister Mia Mottley in making the announcement in Parliament a short while ago […]

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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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Blame yourself, Sinckler tells the private sector

Minister of Finance Chris Sinckler is essentially telling the private sector to blame itself for any confusion it had about how his recent budgetary measures – including the contentious National Social Responsibility Levy (NSRL) and two per cent tax on foreign exchange – would be implemented. Following his announcement of the belt-tightening measures at the […]

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NOW: Single mothers disadvantaged by Budget

After two days of meetings with business community and a third scheduled on Friday with the trade unions, it seems Minister of Finance Chris Sinckler will now have to smooth over the harsh 2017-2018 budgetary measures with single mothers in this country. The National Organization for Women (NOW) has signalled its intention to seek a […]

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Double recall

Former Prime Minister Owen Arthur is not the only one who seems to think that Minister of Finance Chris Sinckler does not know what he is doing. Today, the Chairman of the Opposition Barbados Labour Party (BLP) George Payne issued a statement on the party’s behalf in which he echoed much of what Arthur had […]

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McDowall hopeful about Budget talks with Sinckler

Despite the war of words between the trade unions and Minister of Finance Chris Sinckler over the 2017-2018 Budget, President of the National Union of Public Workers’ (NUPW) Akanni McDowall is hopeful that Friday’s sit down with the minister would yield some positive results. Sinckler met with private sector representatives earlier this week and has […]

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Worry not!

Minister of Finance Chris Sinckler today assured that Government is meeting its foreign debt repayments. In fact, he told journalists gathered at Government headquarters where he has been meeting all week with the private sector that a payment of more than $40 million was recently made to Credit Suisse. And with more payments due in […]

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They’re parasites!

A Government Senator has described the local business community as parasites who are only bellyaching about the recently announced budgetary measures because they are unwilling to carry their share of the economic burden. The Barbados Manufacturers’ Association (BMA), the Barbados Private Sector Association (BPSA) and the Barbados Chamber of Commerce and Industry (BCCI) have all […]

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Heartless Budget!

Minister of Finance Chris Sinckler is facing more criticism over his recent Budget in which he announced a whopping 500 per cent increase in the National Social Responsibility Levy (NSRL) from two to ten per cent and imposed a two per cent tax on foreign exchange transactions, effective July 1. Management consultant Sandra Husbands, who […]

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All eyes on the Budget

It was Budget week in Barbados. Many business people and members of the public were hoping for a package that would provide some tax ease, but Minister of Finance Chris Sinckler had other plans. Come July 1, he announced in Parliament, the National Social Responsibility Levy (NSRL) will move up significantly – from two per cent […]

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‘Mia’s off the mark on Wyndham’

A Government spokeswoman has taken serious issue with a claim made by Opposition Leader Mia Mottley in Parliament this week. In fact, Parliamentary Secretary in the Ministry of Tourism Senator Irene Sandiford-Garner has described as “a blatant untruth”, Mottley’s declaration that construction on the US$200 million Wyndham Grand Resort in St Philip was started without […]

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