‘All is well’

Despite moody’s triple drop, Inniss is upbeat about the country’s economic future

In the face of a three-notch drop in the Barbados Government’s bond rating, a senior minister says he is not overly worried and is, in fact, upbeat about the country’s economic fortunes.

In the first public statement from a Government official since Moody’s Investor Services announced the Ba3 to B3 downgrade yesterday, Minister of Commerce and

International Business Donville Inniss went as far as questioning whether the information on which that decision was based was up to date.

“I haven’t yet fully analysed the Moody’s report, but what I can say that jumps out at me is the question as to whether their analysis is based on stats available up until, maybe, March, or if it is really reflective of what has been happening in the first quarter,” he said late this evening as he addressed a private sector organization mixer at Hilton Barbados which was organized by the United Nations Environmental Programme (UNEP) and the Barbados Chamber of Commerce and Industry (BCCI).

“I am sure that in full time the Minister of Finance [Chris Sinckler] or the Prime Minister [Freundel Stuart] will address these issues with greater technical detail, but I will say from my end in the Ministry of International Business, Commerce and Small Business that we are feeling
very upbeat.”

Inniss insisted that Government had outlined a programme to stem the slide in the economy and put it on a sustainable path and it would continue to do so, but it should not be expected that it would happen overnight.

“Nobody ever said it was going to be an easy ride; nobody ever said it was going to be a seven-day wonder either. I am mindful, in the broader sense of the term, that Government’s revenues have not been as high as we all would have liked and our expenditure cuts, whilst going in the rate direction, may not have been going at the pace that some of these rating agencies and lending would have liked,” he said.

“But we are mindful that this is an economy and a society that we are dealing with, and there are those who would like us to quicken the pace and perhaps don’t appreciate the type of social dislocation that could occur in this society,” he told reporters this evening, noting that things had to be done in a measured manner.

As private sector bodies express concern about the impact of the Moody’s downgrade, the minister suggested that it remained to be seen whether the ratings agency’s report would put a damper on investment in Barbados.

However, he said, indications were that investors had renewed confidence in the economy and still wanted to put their money here.

Inniss said he saw that first-hand over the last two weeks as he visited Canada on investment promotion and trade matters.

“I can safely say to you that on the international business side there is a lot of interest in Barbados as a domicile for international business and financial services. As a matter of fact, a lot of the law firms and accounting firms that I would have met with have experience in dealing with Barbados and they also have clients who are very keen to make Barbados a part of their global structure,” the minister said.

He further disclosed that reports coming out of Canada suggested that Barbados continued or be the third largest recipient of foreign direct investment.

“Certainly within my ministry, we are seeing a greater level of stability and in some quarters even growth in some areas in the international business sector. So I don’t share the doom and gloom attitude that many in this society seem to want to have,” Inniss said.

The minister also took a turn in those whom he sees as revelling in the latest downgrade.

“What is most disturbing to me is how some individuals, in this society, would react with a great sense of joy over any negative thing that is put in the international arena about Barbados,” he said.

“There is not an ounce of patriotism on their part sometimes, as far as I am concerned. At a time when perhaps all of us should be showing a higher level of political maturity, there is this beating of the chest and rejoicing in a so-called downgrade of the Barbados rating.”

20 Responses to ‘All is well’

  1. Di-sharon Boyce
    Di-sharon Boyce June 5, 2014 at 6:14 am

    U believe this idiot do i wonder if the NCF get the jackass them the want cause DEM got one hey stupeeeeee

    Reply
  2. Di-sharon Boyce
    Di-sharon Boyce June 5, 2014 at 6:14 am

    U believe this idiot do i wonder if the NCF get the jackass them the want cause DEM got one hey stupeeeeee

    Reply
  3. Ryan Bayne
    Ryan Bayne June 5, 2014 at 6:54 am

    NOT SO, DONVILLE! Read Moody’s status properly and stop being so pompous and arrogant as though nothing is wrong.

    Reply
  4. Addison Cortlandt
    Addison Cortlandt June 5, 2014 at 6:54 am

    All is well my ass. Stupes…cowards and idiots!

    Reply
  5. Anson Sobers
    Anson Sobers June 5, 2014 at 7:19 am

    Mr. minister even if what u are saying is true. My question is the timing? I’m sure many ppl still want to invest but do you think ppl will invest in something they stand to lose greatly? Moody’s report is very detailed and what I must commend the minister on is his continuity in being first out the blocks to speak on these matters.

    Reply
  6. Marva Lashley-Todd
    Marva Lashley-Todd June 5, 2014 at 7:22 am

    lol joke of the day

    Reply
  7. David Hall June 5, 2014 at 7:30 am

    The harsh truth is this Mr Inniss- no one in the DLP at present knows a darn thing about how to manage our economy. The party has always had one basic problem and it is the inordinate and burning desire to lead even when they don’t know what to do. Therefore the lies and half truth and misinformation and propaganda which helped to bring the DLP victories in 2008 and 2013 are useless tools, in helping them to mange our affairs. Furthermore I think that before you say another thing on this matter you should be mindful of the following: “Even a fool, when he holds his peace, is counted wise: and he that shuts his lips is esteemed a man of understanding.”
 Proverbs 17:28 American King James Bible.

    Reply
  8. Santini More
    Santini More June 5, 2014 at 7:41 am

    Why should he be worried? His well paid job is secure for the next 3 years and he has a sizable pension to look forward to. If I was him I would also feel quite positive….The reality for most other Bajans is sooo very different.

    Reply
  9. David E Hall
    David E Hall June 5, 2014 at 8:12 am

    The harsh truth is this Mr Inniss- no one in the DLP at present knows a darn thing about how to manage our economy. The party has always had one basic problem and it is the inordinate and burning desire to lead even when they don’t know what to do. Therefore the lies and half truth and misinformation and propaganda which helped to bring the DLP victories in 2008 and 2013 are useless tools, in helping them to mange our affairs. Furthermore I think that before you say another thing on this matter you should be mindful of the following: “Even a fool, when he holds his peace, is counted wise: and he that shuts his lips is esteemed a man of understanding.” Proverbs 17:28 American King James Bible.

    Reply
    • Frederick Alleyne
      Frederick Alleyne June 5, 2014 at 9:01 am

      The problem is that the electorate believed all the misinformation and propaganda. Neither Mr Inniss or other members of this government care at this stage, they got what they wanted.

      Reply
    • David E Hall
      David E Hall June 5, 2014 at 9:20 am

      Unfortunately yes, that is absolutely correct.

      Reply
    • Ashantia Howard
      Ashantia Howard June 5, 2014 at 6:40 pm

      so why dont you two ladies tell the public how it should be run then since you have all the answers

      Reply
    • David E Hall
      David E Hall June 5, 2014 at 9:12 pm

      Mendicant DLP supporters just wont accept that their government is comprised of primarily losers. Consequently they believe that Deceit, Lies and Propaganda (DLP)mixed with insults will somehow remove their deep rooted incompetence.

      Reply
  10. Frederick Alleyne
    Frederick Alleyne June 5, 2014 at 9:09 am

    Mr Inniss is not alone. Even Dr Courtney Blackman said Moodys can be ignored. He however forgot to mention that he ignored these financial institutions because he managed well and held a strong economic hand to play with most of the time. These clowns have no such comfort.

    Reply
  11. Katharine Clarke-Weekes
    Katharine Clarke-Weekes June 5, 2014 at 9:57 am

    Jokers. As long as some people’s bank account. Savings. Investments and other things looks great. Dont give two hoots about nobody. Well time will tell. Some nerve. No shame

    Reply
  12. Julia Whitehall
    Julia Whitehall June 5, 2014 at 10:02 am

    This kind of attitude is what has us in the mess we are in currently.We can choose to ignore a problem and sweep it under the rug and pretend that it doesn’t exist but it doesn’t make the problem less real neither does it make it go away.You can only change something if you acknowledge that it is a problem in the first place.

    Reply
  13. Robert Foster
    Robert Foster June 5, 2014 at 10:09 am

    But could not tell his audience in Canada the level of export from Barbados.

    Reply
  14. Mac10 June 5, 2014 at 12:19 pm

    Inniss. If you are not worried by a 3point credit rating drop, you have now business being a government minister & should resign immediately.

    Reply
  15. Levi Mayers
    Levi Mayers June 5, 2014 at 1:11 pm

    bajans is a pack of goats doh dese people jus doin wat dem accustomed doing which is not one tail ..so y be vexed now get up off of wunna behinds and march an get them out hit d streets and let them know democracy is about the people and that barbados is a democratic country and not a friggin dictatorship wid dis broad nose fool

    Reply
  16. Rawle Maycock
    Rawle Maycock June 5, 2014 at 1:36 pm

    I know, better than that, our credibility is have been affected, an if we do get loans the rates would be higher, an each time we apply an is turned down, that too affect you along with the many inquiries for loans as I’ve often said there not Courts or Manning, that you pay when the month comes an it’s all over .

    Reply

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