Stay away from IMF

Condor believes Barbados can solve its problems without fund

A visiting Kittitian politician has endorsed Barbados’ decision not to enter a structural adjustment programme with the International Monetary Fund (IMF) to remedy its economic ills.

Deputy leader of the People’s Labour Party Sam Condor contends that Barbados is better off crafting its own plan to return to growth.

 “I haven’t seen the IMF go into any country and come out without leaving the country worse off than they met it . . . Wherever you go in the world the IMF is not dealing with the reality of the situation,” he told Barbados TODAY in an interview.

 On Tuesday, Minister of Finance Chris Sinckler declared there was no plan to enter any formal arrangement with the IMF at this time, though the island has been working with the Washington-based financial body on the fiscal adjustment programme.

 Condor, a former deputy prime minister in the Denzil Douglas administration which entered a US$84.5 million three-year Stand-By Arrangement with the IMF in July 2011, argued that the Caribbean has a strong record of devising systems that work and there was no reason to look outside.

Deputy leader of the People’s Labour Party Sam Condor.
Deputy leader of the People’s Labour Party Sam Condor.

 “I believe the Caribbean has the resources – the intellectual and other resources – to bring our countries to what we want them to be. We have a history . . . of building a standard of living where our people built a middle-class; not just an economy but a society. We have good education systems that could match [others] anywhere in the world, a health system that we could be proud of, and now we are turning to the IMF to tell us what we have done already,” Condor said.

 Three years after St Kitts and Nevis implemented its IMF programme, the latest report from the international financial body issued in September said the two-island federation had made substantial strides and fiscal sustainability has improved.

 The Fund forecasts that “growth is expected to continue at a relatively rapid pace, following a stronger-than-expected recovery of nearly four per cent in 2013, after a four year contraction.”

 Still, Condor is not buying into the IMF and its methods, arguing that it does not deal with real people and real lives.

 “The IMF report is based on statistics, economic growth and per capita income. What is per capita income when there are people getting less than a living wage?” he questioned.

 “. . . There are some people with millions of dollars and people who don’t even have a bank account. So what is per capita income? What is economic growth of three per cent when people are losing their electricity, people can’t turn on their light, people can’t pay their bus fares? On the ground, people are suffering; there is tremendous hardship. The IMF report is a superficial overview of our situation and it is not getting down into the nitty-gritty of the hardship of our people.”

 Condor suggested Barbados and other Caribbean countries needed to increase their cooperation to reverse the downward economic slide.

 He also called on politicians to put aside their differences and put the welfare of the people first, as he charged that greed was partly to blame for prevailing economic conditions.

 “It is not that we are not making money but it is the distribution. Inequality has widened. We have the resources here but we have to make sure that we get together and pool our resources and our ideas,” Condor insisted.

 The opposition politician says St Kitts and Nevis is not overly concerned about Barbados’ ability to bounce back, stressing that the island’s strong system of governance would see it through.

  “Barbados is used as a model in terms of democratic policies and principles, in term of your parliamentary democracy. If you use those systems properly, Barbados will be alright . . . Keep doing what you are doing, involve all the people and contend with all the ideas. Barbados will solve its problems.”

10 Responses to Stay away from IMF

  1. Cecily Jones
    Cecily Jones October 9, 2014 at 11:48 pm

    Not sure Jamaica would agree…

  2. Noel Tomasz
    Noel Tomasz October 10, 2014 at 12:20 am

    He has good reason to believe so. Barbados should stay far away from the IMF.

  3. Veroniva Boyce
    Veroniva Boyce October 10, 2014 at 4:04 am

    Well since Mr Kitts have first class knowledge about the IMF he should be willing to step in and offer advice to HeKnows and Sink the best way forward. Everybody i.e country contribute to IMF the funds are used to help when countries or islands come into difficulities. Greece, Spain, Italy even the UK had input from the IMF. WAKE UP and stop relying on tourism that does not even scratch the surface.

    • Orlando Newton
      Orlando Newton October 10, 2014 at 5:15 am

      IMF baby become IMF Adults…. Tell me an IMF Success story… Here it in a nut shell.. I lend you money Family . I will tell you When to spend it. Where you can Go , Who you can import from (back to my group) What you can own and what you have to sell ( my Group will buy the best) Why your Value system must change ( to my value system) WE ,As a highly Educated people of This Island,Must come together to Work for the Common Good of this

    • Veroniva Boyce
      Veroniva Boyce October 10, 2014 at 11:30 am

      Reality check, The Lord has been the peoples guide well over three hundred years, and most of you never or had any intentions of taking any notice only when it suits you. Now on the subject of Highly Educated People some of you left wanna brains at home and voted in a SLEEPING government and all like now wanna can’t wake them up. Education and common sense go hand in hand. You cannot expect to have loans after loans and make no effort to repay the debt. The Governement have been living on borrowed money and time with no solutions or ideas how to rectifty the situation. As my loving Bajans would say ‘Trindad dollar don’t worth anything’ but funny enough the Trini managed to buy every major business in Bim including The Barbados National Bank, we can’t get much lower than that and the only thing now left now is the Rock and the way things are going Heknows soon sell that from under wanna. A Big Thanks to Trindad.

  4. Tony Bascombe
    Tony Bascombe October 10, 2014 at 5:46 am

    Imf bim stay away !!! Go on that & you’l never come back road to ruin; i wont even list the countries too many; as for the uk dont know where that person got they info but the uk currency was never devalued; its the strongest currency in the world go do research b4 u talk.

    • Veroniva Boyce
      Veroniva Boyce October 10, 2014 at 11:50 am

      In 1967 Prime Minister Harold Wilson devalue the pound stating it will tackle the root cause’ of economic problems and it meant putting Britain first. If you cast your BRAINS back the exchange rate for GBP was $2.80 (US) and it was cut to $2.40 (US). Convert the pound to Barbados Dollars $5.60 then it went down to $4.80. I don’t have to do any research because my granny had a Rediffusion Radio in her house and we use to sit down and listen to BBC World Service and The Archers.

  5. Prince Nick
    Prince Nick October 10, 2014 at 6:37 am

    Sooo what happens when we hit rock bottom ? We still have to go

  6. Dean Scantlebury
    Dean Scantlebury October 10, 2014 at 9:22 am

    In other words: The IMF is not interested.

  7. Tony Bascombe
    Tony Bascombe October 10, 2014 at 12:46 pm

    I stand corrected Veroniva Boyce but thats a world away when that system worked & bim dont have no export industries to bring it back; in short population & economics dont add up its a short road to ruin.and bajans overseas wont be investing in bim like their parents b4 them;


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