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Sinckler fends off S&P downgrade


by George Alleyne

One day after Standard and Poor’s downgraded Barbados’ long-term foreign and local currency sovereign ratings from ‘B’ to ‘B-minus’, Finance Minister Chris Sinckler has advised Barbadians not to be pessimistic about the economy, saying that the glass was half-full, not half-empty.

The international credit rating agency on Friday also issued a “negative” outlook for the island as it expressed concern that the Central Bank continues to finance the Government’s spiraling deficit, which it stressed was at “odds with its goal to defend Barbados’ long standing currency peg with the U.S dollar.”

However, a defiant Sinckler told the BET Credit Union 50th anniversary celebrations at the Hilton last night, that the country must see the current circumstances, “not through pessimistic lenses, but a lens that tells us that the glass in Barbados is not half-empty, but in fact is half-full, and we’re working to go to the top”.


Acknowledging growing concern about the state of the economy, the Finance Minister said there were challenges but he was adamant that Barbados would return to growth and emerge stronger.

“Many would suggest that today as we go through varying levels of stress within our society, and we see some social systems challenged, by new waves and new cultures, as we see economic systems challenged by ongoing battering and buffering in the international economy, and even in domestic policy choices, that Barbadian society has reached a level of plateau from which we will not recover.

“I do not share this view, however, I believe that the Barbados society is repositioning itself for a new platform on which we will launch a higher level of existence with better quality lives and higher standards of living”.

Sinckler stressed that just as the credit union movement overcame its challenges and embraced new opportunities to become a strong financial entity, Barbados could achieve the same and more with the right approach.

“We just have to ensure that the spirit, which guided the creation, establishment and growth of credit unions such as this … that we embrace that culture and ensure that we move our society to a higher level of achievement,” he said.


36 Responses to Sinckler fends off S&P downgrade

  1. Lennox hewitt September 25, 2016 at 4:04 pm

    So all deese tings u doing in working den all deese taxes in seying nein den ? Yea d glass may b half full but b4 it till over in through way ?

  2. Lilian Lloyd
    Lilian Lloyd September 25, 2016 at 4:10 pm


  3. Lilian Lloyd
    Lilian Lloyd September 25, 2016 at 4:14 pm


  4. Brien King
    Brien King September 25, 2016 at 4:31 pm

    Half empty and have full means the same thing, however, stating something is half full, gives hope of eventually having it full.
    However, if the greedy, wicked , one sided people of Barbados would only work together for the benefits of the people of Barbados, most measures would work, but because only certain people here must have their mouth stuff with food, while the real poor go hungry, that is why no measure will work, unless those people out side Barbados have their way with the country and woe to the government that allow such.

    • James September 25, 2016 at 9:53 pm

      I agree with you Brian too many Barbadians are selfish and single minded. They have lived off the hog for so long while others worked hard and sacrificed . so its difficult for them to work together and build . Even in these challenging time they are seeking only to grab what they can and frustrating the process with their own greed.

  5. Hal Austin September 25, 2016 at 4:45 pm

    The principal role of the official Opposition is to hold the government to account.
    The Opposition is yet to make a statement about this downgrade.
    What is the Opposition for?

    • harry turnover September 25, 2016 at 7:24 pm

      So when the Opposition makes a statement WHICH THEY DID …HOW WILL THAT HELP THE SITUATION ?…will it result in an AUTOMATIC UPGRADE ?
      You mean up to now you don’t seem to realize that Parties in OPPOSITION CAN”T DO NUTTEN….they don’t even have to offer alternatives.
      You seem to forget that the late David Thompson when in Opposition when asked WHAT HE WILL DO……CORRECTLY said ” what I will do ? they are the GOVERNMENT,they must find solutions”

  6. Ryan Bayne
    Ryan Bayne September 25, 2016 at 4:49 pm

    Minister Sinckler, accept responsibility for this country’s biggest downfall and do something about it. Stop being so reactive every time Standard & Poor’s give this country a hard grading like in school. Better must be done in this Bajan economy because it is so messy.

    • Brien King
      Brien King September 25, 2016 at 5:06 pm

      What are some of the options you would use or do to better that which was done already ?

    • Ryan Bayne
      Ryan Bayne September 25, 2016 at 5:18 pm

      Bring down the VAT on food items because many family households can hardly have a bellyful unless you are in the States.

    • Brien King
      Brien King September 25, 2016 at 5:47 pm

      Sounds good, unfortunately the business here wouldn’t allow the customers to get it, so that would be a waste.
      Is that it ???

    • Pam Fazio
      Pam Fazio September 25, 2016 at 6:02 pm

      Ryan Bayne yes bring down the vat. More $ in people’s pockets the more they spend. ..which in turn makes more jobs.. the more taxes imposed means less spending power,which means less jobs…case in point why do u think Sandals wanted so many cocessions..more $ in their pocket which allowed them to expand,which meant more jobs. You are on the right track of thinking.

    • Ryan Bayne
      Ryan Bayne September 25, 2016 at 6:05 pm

      Thanks so much. I always make sure I check myself before I talk because I, too, am a part of the unemployment army and back to school.

    • Pam Fazio
      Pam Fazio September 25, 2016 at 6:15 pm

      Ryan Bayne good luck in school.

    • Ryan Bayne
      Ryan Bayne September 25, 2016 at 6:22 pm


    • Cherylann Bourne-Hayes
      Cherylann Bourne-Hayes September 25, 2016 at 6:51 pm

      I agree Ryan Bayne

    • Alison Branch
      Alison Branch September 26, 2016 at 12:06 am

      Ryan Bayne add this to your list- reduce the size of the civil service and create more online e-commerce to pay your yearly dues like land tax, road tax (which should be abolished) etc; replace road tax with a 5cent per litre levy on all gas purchased except LPG, and I could go on………

  7. Eddy Murray
    Eddy Murray September 25, 2016 at 5:49 pm

    A month ago the man told the whole of Barbados the country turn the corner only to fall in a ditch. Increase in interest rates on our borrowing that mean our 2% levy have to help pay the high interest rates that will be charge on the loans that we have, more on my credit cards.

  8. Eddy Murray
    Eddy Murray September 25, 2016 at 5:51 pm
  9. André Edghill
    André Edghill September 25, 2016 at 5:58 pm

    I am not suprised

  10. Eddy Murray
    Eddy Murray September 25, 2016 at 7:14 pm

    What I want them to do stop light and power from charging me 32 day for my light, it is robbery

  11. Phil September 25, 2016 at 7:34 pm

    Hi, Nostradamus here. I see devaluation up ahead. followed by social unrest. and stray bullets. Then, elections will be called by Funkey Donkey This will be followed by five years plus another five years plus another five years plus many more five years of peacde, and economic recovery and prosperity. But Mighty Mia must get rid of that pain who wants Marshall rule.

  12. Harry September 25, 2016 at 7:41 pm

    It is accepted that to grow an economy it has to be stimulated the 20 or so taxes this Govt has imposed on taxpayers over the past 8 years means that one’s take home pay is considerably less. How, if one is taking home less money can one be expected to spend more.

    The definition of insanity is doing the same thing repeatedly and expecting a different result – perfect example this Govt actions. Its a mighty long corner we turning……….

  13. harry turnover September 25, 2016 at 8:18 pm

    “not through pessimistic lenses, but a lens that tells us that the glass in Barbados is not half-empty, but in fact is half-full, and we’re working to go to the TOP”.
    Working to go to the TOP Sinckler ??? how wunna gine get there when wunna just turn de corner and brek down.
    First you saw light at the end of the tunnel you look through a lens ( concave or convex? ) and you see Bdos as half full
    Seems to me DEM have been looking through a bundle of convex lenses not knowing that CONCAVE lenses are there to correct SHORT SIGHTEDNESS

  14. Heather Williams
    Heather Williams September 25, 2016 at 8:38 pm

    Should be removed as mof ever since

  15. Martyn Ackee Tree
    Martyn Ackee Tree September 25, 2016 at 9:22 pm

    Should one expect different?

  16. James September 25, 2016 at 10:06 pm

    I agree with Brian we have too many Barbadians who have lived off the hog for so long without any conscience . Now the world and markets have changed they want to continue with the sane nasty behaviour having no consideration for anyone else. They cannot help their behaviour because they do not know how to work honestly nor cooperate to benefit Barbados only their greedy selves.
    If vat is lowed prices will remain the same and another excuse will be found to justify the high prices. Everybody wants to take from the pot but very few want to make the sacrifice and give back

  17. Tom Cabrinie
    Tom Cabrinie September 26, 2016 at 4:26 am

    Imagine being out in the ocean on a moses boat with a hole in it & can’t swim. Do you jump off and drown or sit down and wait until it finally sinks?

  18. Tony Webster September 26, 2016 at 4:40 am

    Our PM has a half-full glass of my sympathy: he is a prisoner in his own castle, since he has few – if any- workable options for re-shuffling the cabinet. The time for jokes…and jokers…is long past.

    Ring the bell, effin anyone relevant yet has a back-bone, and puts “Country First”.

  19. Alana B September 26, 2016 at 7:36 am

    Please people. You are the Gem of the Caribbean. Pull yourselves together and work with each other to find a solution to the growing economic challenges. Find a way so that the ‘parasitic’ institutions like the IMF do not come knocking at your doorsteps. Maintain your foreign reserves at high levels so that your dollar remain at the value it is and become stronger.

  20. Joan Wickham
    Joan Wickham September 26, 2016 at 8:13 am


  21. jrsmith September 26, 2016 at 9:57 am

    One of our major problems the government is not capable of efficient tax collection..( Bad Management)…
    Lots of friends good friends and family friends and people who know the big ups is getting away with tax avoidance ,which is a criminal offence…
    Businesses is collecting (VAT) and is not paying the said ,this is another criminal offence…(Bad management)….

    The Barbados governments over decades seems not to do audits on any departments and this they know is to hide the
    corruption ,,,,,,,,,,,,,,,,,,,,,

    Again 10s of millions of Barbados tax payers the honest ones money have been loan to business in Barbados , with out paper trail this money needs to be recovered or expose who arranged the loans or gifts , We the people of Barbados needs to know about these millions .The (AUDIT GENERA’S ) report ..
    We want our monies back try sending lots of people off to (DODDS) there is room there for people other than shooters of knifemen….


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