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Sinckler tells bank officials to put up or shut up

“Scaremongering and foolishness.”

That’s how Minister of Finance Chris Sinckler today slammed calls for the country to consider devaluation of its currency.

Hitting back at the critics of the Freundel Stuart administration this morning while leading off debate on the Estimates of Revenue and Expenditure for 2016/2017 in Parliament, he declared they should “put up or shut up”.

He singled out officials of Royal Bank of Canada (RBC) who recently suggested that the country should formulate a restructuring plan to bring down its debt, as well as give consideration to an adjustment of the currency peg, which is currently tied at BDS$2 to US$1.

“I am saying this morning Mr Speaker, from the floor of this House, that if anybody, including the people from Royal Bank whose chief economist came to Barbados and said that Barbados should restructure two years in a row, if they believe that is the case, I am saying to them meet me on Monday at Government headquarters at ten o’clock and walk with . . . the Government paper that you have in Barbados Government,” said Sinckler.

“Meet me and tell me which ones you want to cut, which ones you want to extend the maturities, which interest rates you want to lower and we will have a conversation,” he said.

However, he warned: “Don’t come ‘bout here talking that rubbish . . . don’t come bout here every year trying to create confusion in this economy . . . put up or shut up! And I am saying that as Minister of Finance of Barbados because it is rubbish to be doing that constantly every year and trying to give people the impression that you have some secret way or some special way of getting things done in Barbados. If you want to do it, come. Don’t tell me anything about restructuring in terms of domestic debt, because you have to look at both the domestic and foreign [debt],” he added.

In his stinging attack, Sinckler argued that suggestions about restructuring and devaluation were being promoted because it “suit some people’s purposes”.

He further complained that every year someone would “come down here” giving [an] outlook for Barbados and suggesting that there should be a restructuring of the debt “in a hurry to achieve some particular results”.

He also lamented that there were people who were “latching on” to anything negative and anything that reflected badly on the country because they believed that was “their pathway to Government.

“It suits their purpose to hear when people come bout here talking about issues that we have long settled as a country,” said Sinckler, adding that Government whatever was necessary to defend our currency.

7 Responses to Sinckler tells bank officials to put up or shut up

  1. Brownskin Joy
    Brownskin Joy March 15, 2016 at 5:48 am

    For the truth smh you guys just don’t care PERIOD so many ppl in BIm no work, Taxessssssssssssssssssssssss going kill yah stupseeeeeeeeeeeeeeeeee

  2. Kevin Lorde
    Kevin Lorde March 15, 2016 at 5:53 am

    The ego is only fed for so long ,when reality hits home I wonder how it would be

  3. BaJan boy March 15, 2016 at 6:35 am

    He cursed Moody’s,he curse the IMF, he curse the private sector,he curse the women of Barbados,he rushed the head of BIPA, he cursed the people of Barbados. We know he cursed Freundel too. He is Donald Trump clone and we got to tolerate him as a leader of this country.
    He won’t curse the Govenor of Central Bank they are the senseless tag team destroying our country.
    Bajans we cannot continue to allow this deterioration of out country and the lack of a future for our children.

  4. Cheryl A Rollins
    Cheryl A Rollins March 15, 2016 at 7:04 am

    That man is a financial criminal. People who work in the banking sector does barely laugh at him and his coherts. His ineptitude offends me.

    • Donild Trimp March 15, 2016 at 11:00 am

      Cheryl Rollins you do not know what you are talking about.

      This time the Minister is correct. Devaluing the Barbados Dollar and restructuring the Domestic Debt at this particular time will be devastating to the majority of Barbadians but extremely beneficial and profitable to a select few.

      I am not a supporter of any political party but this time the Minister of Finance got this one right.

      • Sunshine Sunny Shine March 16, 2016 at 5:09 am

        You are right. The minister is making the right decision. Lord, I cannot believe I said that. But when you are right you are right. They are a few conglomerate vultures waiting to take advantage of a devalued Barbados dollar as the financial climate under devaluation is ideal for cost-push inflation due to import cost increases, with export cost decreases. Where companies are depending on raw material imports to sustain their production and keep overheads high, high imports will result in increased cost pressures forcing companies to increase prices thus causing an inflation to rise. Most companies, unfortunately, do not the ability to sustain under such conditions and the environment for take-overs becomes the environment the vultures in-waiting love. The finance minister is right. I am in agreement with his decision.

  5. andrew rudder March 15, 2016 at 10:56 am

    Lets say only ! There’s the Id, The Ego and the Super Ego! Now lets take it from there!


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