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A Gloomy Time

A Gloomy Time The announcement on Friday 13 December by the government of Barbados that it will lay-off over 3,000 public servants in January as a first step in cutting back government expenditure and reducing national demand for goods and services has rightly rattled other Caribbean Community (CARICOM) members. 

Concern has been greatest in neighbouring Eastern Caribbean countries, particularly the six independent ones that, with the British overseas territory, Montserrat, form the Organization of Eastern Caribbean States (OECS). 

While the economic recession that began in late 2008 has abated in North America and Europe, its effects have been prolonged in those Caribbean countries whose economies are highly reliant on services, the principal one being tourism.   From the start of the recession, policies were required to cut government spending on anything but economically sustainable projects, scale back borrowing to finance only infrastructural development that would lift the tourism product, and prepare the economies to take immediate advantage of a return to economic health of their main markets.  Instead for many countries, it was business as usual. The net effect is large debt-to-GDP ratios, significant fiscal deficits, and in many countries little capacity by governments to pay wages and salaries without incurring even more debt. 


Of the 14 independent CARICOM States only the four commodity-exporting ones - Belize, Guyana, Suriname and Trinidad and Tobago - have escaped the now alarming prospect of implementing austere measures in order to survive. 

The Barbados situation was set out by the International Monetary Fund (IMF) after its annual inspection in early December of the state of the country’s economy.  The inspection is euphemistically called an “Article IV consultation”, and the statement issued by the IMF at its conclusion is a highly sanitized script designed not to offend the government concerned while, at the same time, setting out worrying developments. 

In short, the IMF report on Barbados was as follows:  Central government debt had risen to 94% of GDP by September 2013; the government’s deficit is expected to rise to 9.5% of GDP in 2013/2014; the government wage bill rose to 10.3% of GDP in 2012/13 – “the highest in the region”; and, most worryingly of all, international reserves had fallen to US$468 million at end-October. 

The majority of CARICOM countries should be troubled by the Barbados situation for two reasons.  The country has been regarded for decades as a model of good governance and stability in the Caribbean.  To the extent that this reputation is eroded in the international community, the region will suffer on the perception that if matters have reached a sorry pass in Barbados, it must be a lot worse in other countries. 

At a more fundamental level, Barbados is the second largest importer of CARICOM goods and has been so for many years.  As an example, Barbados imported goods from CARICOM worth US$616. m (2012), US$600.2 m (2011) and US$523.3 m (2010).  Therefore, a cut in Barbados’ demand for goods (resulting from a lay-off of over 3,000 public servants and consequential job losses in the private sector) will have an impact on the quantum of Barbados’ imports from CARICOM countries.  Those affected countries will either have to find alternative markets or face losing some foreign exchange earnings and jobs associated with their exports to Barbados.  

The economic situation in the majority of the neighbouring six independent countries of the OECS has been similar to Barbados’ for some time. Unemployment has been in double digit figures for over four years and rises every year; foreign exchange receipts are moderate; and investment in education and knowledge creation has declined. 

Over the last four years, none of the OECS countries, The Bahamas, Barbados or Jamaica has enjoyed economic growth of 2% or more; indeed for much of the period their economies weakened.   When it is considered that these economies require approximately 5% growth per year simply to absorb school-leavers into employment and maintain existing infrastructure, it can be seen that the last four years of minuscule or no growth have set them back significantly.

The only CARICOM countries that showed growth over the period 2010 to 2012 were three of the four commodity-exporting countries – Belize 5.3% (2012), 1.9% (2011), 2.7% (2010); Guyana 4.8% (2012), 7.8% (2011), 3.0% (2010); and Suriname 4.8% (2012), 4.7% (2011) and 4.1% (2010).  In the case of Trinidad and Tobago, it had a mere blip in economic growth of 0.2% in 2012 after a decline in 2011 of 2.6% and a similar blip in 2010 of 0.2%, but consistent oil and gas revenues helped it to weather the storm. 


On top of all this is the high debt-to-GDP ratio of almost all of the CARICOM countries projected for 2013 by the Western Hemisphere Department of the IMF. With regard to debt-to-GDP ratios, apart from Trinidad and Tobago (33.4%) and Suriname (37.1%), the others are troubling. At the high end are Jamaica (142.7%), Grenada (115.8%) and Antigua and Barbuda (95%); and at the lower end are Guyana (58.2%) and The Bahamas (56.1%). None of the others are below 75%.  Unless debts are reduced considerably by the countries with debt-to-GDP ratios of over 70%, debt repayment will consume much of their dwindling foreign exchange reserves summoning them to the hard path that Jamaica has travelled recently with the IMF and that now beckons to Barbados. 

The financial institutions in Barbados and the members of the OECS are also facing difficulty.  The asset quality and profitability of many of the banks are now troubling given that clients are finding it difficult to repay both personal and commercial loans.  In the case of some banks – particularly the indigenous ones – over exposure to governments for loans and advances pose a real problem.   Some time ago – certainly among the members of the OECS – a programme of mergers and acquisitions of the indigenous banks should have been actively encouraged. Now one collapse could spell calamity. 

It is a gloomy time. 

Sir Ronald Sanders is a Consultant, Senior Research Fellow at London University and former Caribbean diplomat

 

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32 Comments In This Article   

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@tenman » 2013-12-23 15:50

#32 Observer... » 2013-12-24 01:02

Thanks for your clarification on that.
What I still try to understand is why when people are talking about a country they are removing the people from it. Is a country, like a company a legal entity? Because a company can go bankrupt, but a country is continuous. That is why we say government is continuous. There is no end. And precisely because of this I am of the opinion that debt is not a scary thing. It is just a point in time that we have to go through. But if we, country, are eternal than what does that matter.
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@eb » 2013-12-23 12:35

#31 Observer... » 2013-12-23 22:13

Who is your brother, who is your sister. How do you feel when someone calls you brother or sister. Makes you feel loved, belonged to. Brotherly love Sisterly love. These phrases are used for that purpose and that purpose only. A brother stick closer than an friend. Whereas a comrade is a friend. Likeminded. No love involve just camaraderie. Of the same goal. Going in the same direction. No love involved whatsoever. This all is part of the Machiavellian teachings. It is very power psycho. In the 70s during the Black Power movement whenever you meet another black on the street he was your black brother. Until later you came to the realization that that was not true. Some were scumbags, tugs and trying to rip you off. But the word use of brother made all the difference in accepting them. The Church also use this word out of real love. As Jesus calls his disciples his brothers. And his command was that they should love one another. So my friend let know one confuse you by calling you brother. He/She most likely don't even know the real true meaning of the word.
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Observer...

Mr Bynam & Observer

#30 tenman » 2013-12-23 15:50

Proving your 30K public sector figure is www.caribbeanelections.com/blog/?p=3219
Quote:
Information supplied by the Ministry of the Civil Service indicates that there are 16 956 Public Sector posts in central government and another 9 000 spread across the various Statutory Corporations. In the general service 15 333 posts are established and I 623 are temporary posts.

Further, there are 5 341 temporary employees in the public service composed of 1 082 in temporary posts and 4 177 in established posts. Some 70 public sector posts are filled with contract workers, another 72 listed as “Apprentice” and 80 persons working on a part-time basis.
Question is, do we even know the A&B data on this issue? Before 2004 I recall 13K being bandied about for central government alone. Recall Lovell in 2009 saying a public service manpower audit was needed. Then in 2011 the Hesketh Williams echoed the same sentiment, indicating it was yet to be done.

Observer, I would never suggest that persons be laid off with no proper safety nets and a proper program to get them back into the work force
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tenman

jeb

#29 tenman » 2013-12-23 15:28

jeb, its called lead by example. Its what should happen when leadership see themselves as servants of the people. Time we started making decisions for country and not ones to keep the political elite in place at the cost of the country's future

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tenman

PM Stuart is right

#28 Mr. Byam » 2013-12-23 14:09

The bloated Civil Service must be cut. Bim has a population of 200K, but nearly 30K on the government payroll, and it’s even worst in Antigua. These small economies can’t afford a “British” civil service. The civil service must be cut, no new work permits should be issued or renewed (the private sector must be made to hire locals), and they must diversify the economy. Tourism isn’t dying; Tourism is d double d dead.
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Mr. Byam

CBC link interesting

#27 jeb » 2013-12-23 12:35

Thanks for the CBC link @Bajan Patriot…How interesting to hear that the Barbados government will be taking a PAY CUT. If that cut really amounts to something substantial and is NOT compensated by “perks”, then that news should be headlined, flashed, stuck up on every pole and broadcasted every day in Antigua. As a tax paying citizen I am totally sickened by our monies being used to finance luxury homes, theft, useless non-achieving travelling with entourage in tow, free electricity and phones for all and sundry to live the high life to a cool and entertained extreme and not least of all over priced contracts to the favoured to in some instances do almost nothing of benefit to the country and so the list goes on and on………..And these persons have the testicular fortitude to stand on podiums and use words like “my brothers and sisters” and “my people” etc. when in actuality it is all about power, riches and self.
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jeb

@tenman

#26 Bajan Patriot » 2013-12-23 12:12

Basically IMF saying Tax the poor people to death or layoffs. Barbados couldn't tax the poor people anymore so they laying off the hungry, the temps, those who really need the money. Now everyone suffers. No income for 3,000 and no taxes for inland revenue. What needs to happen in the Caribbean is we ought to bring in more manufacturing of durable hi-tech goods, agricultural products for world markets and better paying jobs. The result, lots of cash to buy food and products and lots of tax revenue to pay those loans off. In order to do this the politicians need to come back from their vacation and huddle into serious working sessions to bring in the beef. If they can't, vote them all out.
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Bajan Patriot

Bajan Patriot - same script

#25 tenman » 2013-12-23 09:50

Bajan Patriot, elections are in the air. We tend to go into pretend mode, during election season (at least the government side). If you can recall just before the 2009 election the finance minister informed us we were in the luxury compartment of of an express train headed to prosperity. After the election, the finance minister (same party as the prior) then informer us that we are facing a category 5 storm. If you look at our financials we continue to have deficits (there is no time in recent history that it at least balanced). The IMF in its last consultation issued a warning:

Quote:
Nevertheless, significant challenges remain. Much of the adjustment under the program has come from cuts in public spending and investment, while tax revenue targets for 2013 have been met largely through one-off payments of back taxes. Another risk looms in the expiration of debt relief and upcoming payments due to foreign creditors. Further improvements in the collection of tax revenues are necessary to allow the authorities to meet their targets and while making needed public investment. In particular, the elimination of tax exemptions and a broadening of the tax base could help.Press Release No. 13/200
June 5, 2013
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tenman

@Observer

#24 Bajan Patriot » 2013-12-23 07:13

WOW! If what you are saying about the Venezuela and Chinese loans are true then how come IMF bypass ANU and taking their vengeance out of Barbados? I guess ANU has a brilliant spokesman. ANU and the caribbean better be careful with IMF. They will soon come back to your shores when they investigate all these loans and need more cash in a hurry.
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Bajan Patriot

@Observer

#23 Bajan Patriot » 2013-12-22 23:35

lol. Ballswin did not get his name for nothing. The poor temp workers in Barbados going home first. Next will be the rest of us.Check Barbados CBC TV news for more on the details of the 3,000 public servants layoff.

www.cbc.bb/index.php?option=com_content&view=frontpage&Itemid=1
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Bajan Patriot

@Bajan Patriot » 2013-12-22 17:27 #2

#22 Observer... » 2013-12-22 23:32

And I also saw an ad PDV placed in the Observer showing how many things they funded so far. And I mentioned in a post already that some of these project are not social project at all. Dredging Nevis Street Pier. I thought that was not yet done. SJDC still complaining that they are loosing cruise ships because of that. So if PDV said they paid for it. And SJDC said work not yet done. One has to wonder. Where the money gone? VC Bird Airport expansion! Thought we borrowed Chinese money for that and ABIB money. More questions coming. Codrington Airport upgrade. Wait what upgrade? How much money. Thought Barbudans still crying about their airport condition. Nibbs should tell us what happen to that money. Sir Vinvian Richard Stadium. Thought the Chinese did that. Some one need to tell us what all these projects are all about. These are monies we should pay back Venezuela you know. And Lovell utilizing this kitty for his shortfalls. What a man. Smart man he be.
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Observer...

@Bajan Patriot » 2013-12-22 17:27

#21 Observer... » 2013-12-22 23:22

Misconception. Petro Caribe ALBA deal aint no handout. It's just credit purchase. It's like going to court to buy furniture. When you can't pay courts later courts will come and repossess their goods. When that situation will come Venezuela will not have much recourse. They probably can go to the IMF and World Bank or some international court for settlement. Same thing Singapore did I believe it was did with Greneda. They freeze their assets overseas. I was speaking to someone who told me WIOC pays cash for the oil to PDV Caribe Antigua. They then take the money and pay Venezuela only half. The other half they invest in high interest securities and with the profit they fund the social program. If that is so nothing wrong with that. But then why the secrecy. I think most of the money invested in Government bound.
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Observer...

@tenman » 2013-12-22 16:32 #2

#20 Observer... » 2013-12-22 23:14

And when you find that things are not fair you will one day rebel. The Pope is hinting against this. But there was also a European King or Queen that charge the rich to pay more in taxes in order to give the poor a break. I believe it was the king of Spain. In the mid ages they went through similar revolutions. That’s how we got the Robin Hood figure. And for a while the European rich did take care of the poor and paid in the taxes. But I guess the rat race is back on. Who can be the richest man in the world? I honestly connate understand how you can see you’ve solved an economic problem by sending home thousands of people and leave them to their own fate. No compassion whatsoever for them. As long as the numbers are back in the black. Humanity should be more than money.
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Observer...

@tenman » 2013-12-22 16:32

#19 Observer... » 2013-12-22 23:13

I still maintain that solving the financial problem on the backs of the poor is the easiest and the most cowardly thing to do. They are the ones that need help the most and are the most vulnerable. In fact they have not contributed to the bad economic situation that exists. Most of the time it’s the wasteful spending of the politicians. It is unfair to penalize those at the bottom of the ladder. Another myth you always hear is that the rich will not invest if you tax them. That is the problem why the rich are getting richer and the poor are getting poorer. They usually fail to pay their fair share in the economy they make their money. They realize they have become indispensable. So they make absurd and unfair demands in order to invest. And then politicians have no answer to that. Little by little the world on the whole is getting closer to a revolution against the rich that will change capitalism as we know it. Because fairness is something that everyone is born with.
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Observer...

It's a "Gloomy time..."

#18 Jumbee Picknee » 2013-12-22 19:08

The first phase in curing a disease is to diagnose, that disease. Economical viruses has the same effect and affect on the health of an economy, as is the case with the health of a human body. There are always warning signs which are usually ignored while the same bad habits are practiced over and over again.
The Gloomy Time which Sanders is referring to, does not necessarily means death to Our Economy's but rather death to a particular way of living. Obesity is a disease brought on by poor eating habits and dietary choices which has associated with it other serious side effects. As in the case of obesity and its side effects, there is no cure but rather measures which will make living more tolerable even though some of those measures can be referred to as a "Bitter Pill..."
We can call the IMF a bitter pill; but I am hoping, that once the bitter pill/IMF does its cleansing like a colonic, we in the Caribbean Region will feel much more healthier as a result.
I never like to take aloes, senna, mauby tea etc given to me by my elders, however, in time I came to REALIZE the usefulness of such remedies.
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Jumbee Picknee

@Bajan Patriot » 2013-12-22 16:04

#17 Observer... » 2013-12-22 18:11

Bajan Patriot, sorry to tell but Antigua men lost their balls. Baldwin cut them all of. No bady dare to o and protest. All a them fraid for their job. Victimization bad. The man wicket can't done. we need a savior. Are you volunteering?.
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Observer...

@jeb et all

#16 Bajan Patriot » 2013-12-22 17:27

I hear Lovell and Baldwin providing lots of social democracy/goodies to some who need/qualified from the Petro Caribe/ALBA. What do you think will happen to ANU when the next party or Venezuela quit those handouts?
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Bajan Patriot

jeb et al

#15 tenman » 2013-12-22 16:32

jeb, do you recall what they did in the 90's to turn things around? Many will tell you its the unpopular programs by Erskine Sandiford which fixed the problem for almost 2 decades. Politicians tend to run from those kinds of fixes preferring something short term, because for them its all about the next election cycle. Its best to when sick to vomit because doing otherwise, you will not get healthy. I agree with sentiments that the taxes in Barbados are simply too high. There are 2 articles on what fixed Bardos in the 90's which may interest readers:www.barbadosadvocate.com/newsitem.asp?more=&NewsID=31695
jamaica-gleaner.com/gleaner/20030202/focus/focus3.html
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tenman

@Observer: From the Arab spring to the IMF Caribbean spring

#14 Bajan Patriot » 2013-12-22 16:04

The Arab spring was successfully now its time for an IMF Caribbean spring. Where is Antigua on this spring movement? See the Arab spring outcome here.

www.albawaba.com/slideshow/arab-spring-outcomes-541496
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Bajan Patriot

@ jeb » 2013-12-22 15:10

#13 Observer... » 2013-12-22 15:53

Agree with some of what you says. And that is your observation as to the same party that brought Barbados to its knees is doing it again. So that tell me Bajan's love it so. Just like Antiguans. The same party that brought us down in the 72-76, the same is bringing us down now. 2004-2013. So if we don't like it, we know what to do. If Barbadians didn't like it they would have choosen Owen back.
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Observer...

Contin......

#12 Microwave chef » 2013-12-22 15:34

The UPP like any and all of us knew what IMF was about. We saw what they did to Jamaica and Guyana but the bright blue boys saw no problem selling out everything Antigua stood for when it came to rejecting the IMF.Today our sister and brother in Barbados will find out first hand what it means to make a deal with the IMF and trust Chef Antigua it is not a matter of If but simply when we will share the same fate.
Thank you UPP, thank you Spencer, thank you mister Nissan mother one time minister of the UPP crime syndicate and WPP Shoulin . you have all taken our hard earned money and made sure you are fat enough to survive the future as dictated by the IMF. May you all rot in hell.
To the rest of you. Season greetings..be prepared because an storm like never before called" pay me now" IMF is coming.
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Microwave chef

RE: A Gloomy Time

#11 Microwave chef » 2013-12-22 15:32

very nice piece Observer...Spoken like one who really knows what IMF has in store for Little Antigua. Let Antigua be warned IMF only cares about IMF and have no regard what so ever for the people. Ironically enough the IMF is ruled by countries that have far greater debt and borrow from china so in order to pay china and keep there false economy going they have no problem destroying the social fabric of the developing world . The last head of the IMF D Strauss Kahn Quote:
www.huffingtonpost.com/tag/dominique-strauss-kahn-sex-scandal - Cached - Similar Former IMF chief Dominique Strauss Kahn was the "king of the party" at orgies hosted around the world, according to documents leaked to Le Figaro
did not even bother to use the loan trap he simply raped a back woman and believed it was OK and he would get away with it. He almost did..
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Microwave chef

@Bajan Patriot...just an outside opinion

#10 jeb » 2013-12-22 15:10

Barbados presently appears to have taken social democracy to an extreme and unsustainable level at this time. This type of “government sponsored everything” does not work as can be seen in parts of Europe. I am still of the opinion that rather than try to tax the rich to death (which does not work because they will move their funds elsewhere) in order to redistribute for excessive social program spending (such as I have witnessed in Barbados recently). IMO, encourage the wealthy (and FDI) to invest and keep their funds locally and do not destroy the middle cl** by over taxation either because they are vital to any economy in the free world to have any hope whatsoever of working and eliminating unemployment and poverty. If memory serves correctly the government Barbados has now is the same as in the late eighties that succeeded in bringing Barbados down to its’ financial knees during that term in office…for me personally I recall visiting B’dos in 91/92 and was totally shocked at the depressed state of affairs in comparison to previous times and then came the turnaround after ’94.
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jeb

@Bajan Patriot » 2013-12-22 08:04 #6

#9 Observer... » 2013-12-22 14:24

All in all debt doesn't scar me and doesn't make me feel like it is gloomy. What should be gloomy if our people do not have the ability any longer to feed themselves. To earn a living. That is why we should be about creating jobs and growing the economy. That will always be there. So will we always be there. Not we personally. But we the people until such time as we say Kingdom come. And then I guess we will settle all debt. The only debt that need to be settled. Which is not paid with money, but with blood. The blood of our savior Jesus Christ. AMEN
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Observer...

@Bajan Patriot » 2013-12-22 08:04 #5

#8 Observer... » 2013-12-22 14:20

We politicians and the world system seems to have our priorities so wrong. No wonder why the rich are getting richer and the poor are getting poorer. And that is why I was so please with the statement from Pope Francis to call out the rich for what they are. The poor man is who always suffers. It is finally the world system. Numbers are more important then humans. Although there is enough food in the world to feed everyone it will be done in such a way that some will have everything and other will have nothing. By the way the IMF should try to tell the US to go on austerity. Cause there national debt is what is killing all of us. just publish how much percent that is of there GDP. But still they are spending there way out of it. And are actually saying the same thing. Come and get it if you can. I.O.U. that's all. I always am amazed how in our system banks can lend you money at 13% but give you only 5% if you give them money. The difference is for their shareholders and others to pocket. In the meantime making millions and billions of dollars in profits. Just look at your car loan. By the time you finish paying for it. You have paid about three times the value of what you first borrowed. Wicked and selfish. But legal in our system.
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Observer...

@Bajan Patriot » 2013-12-22 08:04 #3

#7 Observer... » 2013-12-22 14:10

Tell me something, who are these creditors at the door, that wants to have their monies paid now? Well tell them come and get it. Government is continuous and only therefore I would say, I. O .U. should be more then enough. You know how many generations we are waiting for reparation money? That is OK. Tell IMF to go get our reparation money cause we need it now. Among one another these countries forgive and write off billions of dollars each times. The little bit we owe should be no problem for them. Peanuts. But yet they are trying to squeeze us and make sure we stay poor. Sorry but it doesn't really bother me if we cannot pay our bills at one point in our live. It is not a great sin. We never said that we won't pay. It is just that we are not able to pay at this time and so be it. Feeding your people is much more important than paying your bill. Same thing if a father has to feed his children and chooses to pay the bank first than let his children go hungry. That is what the government of Barbados is telling the people. Go home and go hungry. That is your business. I have an IMF program to follow. Because finance is more important that anything else.
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Observer...

@Bajan Patriot » 2013-12-22 08:04 #2

#6 Observer... » 2013-12-22 13:43

Politicians are chosen to look out for people. That is what made Papa a man for the people. That is what made Nelson a man for the people. IMF is just hiding behind the scenes and telling our leaders what to do. Not given too hood what the consequences are for the ordinary men and women. Tell me what will this mean for 3000 Barbadian families not having an income. How will they feed their families. Who will pay for their medical. And so on and so on. And all in the name of balancing a financial position. So humanity has to be thrown out the door for that. That is what austerity means. Everyone for themselves and God for us all. If so why then live in a community where you have the common good for all. When does that come into play. Only when we have to pay taxes.
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Observer...

@Bajan Patriot » 2013-12-22 08:04 #1

#5 Observer... » 2013-12-22 13:37

Thanks for the link. What I can tell Bajans, just like Antiguan, Arl yuh get what you deserve. You choose to vote our Labour, Owen, and put in those idiots. You get idiotcracy. Just like we here. Dunceness can't done. Name we one Island that was better of after following and IMF program? It's nice to have these guys in the world, but know that they mean no good whatsoever for the people of the under-developed world. All they preach is the same austerity for everyone. They are not dealing with people. They are looking at numbers.
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Observer...

RELITIES OF TIMES

#4 RAWLSTON POMPEY » 2013-12-22 13:21

Greetings Sir Ron,

Notwithstanding, it is the season of good cheer, as " ...Gloomy" as it may look, " ...Go tell it on the mountain; ...Over the hills and everywhere."

Some day others may " ...wake up or shape up."

Realities of the times.
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RAWLSTON POMPEY

RE: A Gloomy Time

#3 Time to pay » 2013-12-22 09:47

SO ANTIGUA THE WRITING IS ON THE WALL. OUR GOVERNMENT NEEDS TO DO THE SAME.. AND FAST CUT GOVERNMENT JOBS LIKE SIMON , LOVELL AND SPENCER... THEY ARE NOT DOING A GOOD JOB SO TIME TO CUT THEM OFF AND LET THEM GO.


WE NEED TO GET A HOTEL UP AND RUNNING AT HMB FAST TO GIVE JOBS AND NEW TAXES... TIME FOR THE GOVERNMENT TO STOP THE GAMES......! :cry:
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Time to pay

CA - LIVE FROM BARBADOS

#2 Bajan Patriot » 2013-12-22 08:04

After reading the article from the link below, try the comments for more truths. Our politicians won't listen to the people. Read the truth and what we have to say to the government of Barbados and IMF.

bajan.wordpress.com/tag/imf-report-barbados/
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Bajan Patriot

Petro Caribe? Would that habe made the difference?

#1 Simon Bolivar » 2013-12-22 07:17

When your neighbour house is on fire wet yours. Barbados avoided the Petro Caribe reliefs calling the loans nuts but I believe it would have helped then but watch this; as Venezuela increase the repayment interest options on the loans going firward the islands that are currently enjoying the deals today will get stabbed in the back when those loans options alone kare more than the islands GDP and some like ANU may have to sell their entire island to Venezuela for the moneys owed.
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Simon Bolivar

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Sir Ronald Sanders

Sir Ronald Sanders is a business executive and former Caribbean diplomat who publishes widely on Small States in the global community.

 

 

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