No approach made to IMF

With rumours presently rife in the country, the Washington-based International Monetary Fund (IMF) today denied that an approach had been made by the Freundel Stuart administration for Barbados to enter into a formal IMF programme.

The rumours first surfaced last Friday and were alluded to by Opposition Leader Mia Mottley during a political meeting of her Barbados Labour Party (BLP) on Sunday night.

Addressing a large gathering at Top Rock, Christ Church, Mottley warned that the recent temporary suspension of trade in Barbados dollars by Guyana’s central bank – which also suspended trade in the Trinidad and Tobago currency – could be a sign that this island, which was previously forced to enter into a structural adjustment programme with the IMF in 1990s, could be headed back there again.

“The Guyanese stopped taking our currency in 1991 just before Barbados and Sandiford, under the Dems [Democratic Labour Party], went to the IMF,” Mottley said, while reminding supporters of the mass protests that eventually led to the fall of the Erskine Sandiford (now Sir Lloyd) Government in 1994.

She also alluded to the rumours of Government entering a new arrangement with the IMF, suggesting that Government might have already committed, or was about to commit Barbados to some form of financial bailout arrangement without announcing it publicly.

“Tell us what you are doing, or have already done in our name, because it is not for me, the Leader of the Opposition, to tell this country, but it is for me to make sure that the people of this country are told,” she urged Government.

“If things are being done in our name, if things have been done in our name, you have a duty to come to the people of this country and tell us the truth, and tell us how bad it is.

“That is the least that they must do as those who lead this country,” she insisted.

However, when asked directly by Barbados TODAY if the Barbados Government had indeed requested a formal programme, the IMF responded through its Senior Press Officer Raphael Anspach today saying that “no such request has been made”. Therefore, there was no need for consideration of any IMF conditionalities at this time.

Efforts to reach Minister of Finance Chris Sinckler for comment were unsuccessful.

However, Sinckler is on record as saying that there was no need for any public anxiety that Barbados would be forced to devalue its currency and enroll in an IMF programme to address the country’s fiscal challenges.

12 Responses to No approach made to IMF

  1. Loretta Griffith December 14, 2016 at 5:30 am

    What is paramount, is that the people of Barbados be told the truth.
    There is no sense having all the unnecessary rhetoric when there is no objectivity/impartiality. We need to hear the truth from both DLP and BLP, not what appears politically correct. It’s a national problem and should be dealt with posthaste.
    My view is, we need to run this country like the billion dollar industry it is and not like a penny shop. We need REAL MANAGEMENT of this economy.

  2. Greengiant December 14, 2016 at 6:26 am

    Sadly, none of them BLP or DLP appear able to give us decent, honest, transparent representation without the sharing of wealth with their campaign cronies and extensive financial overrun on projects. In a few cases heavy spending on projects then to have them abandoned. If we add this money up our country could have been in far better shape without the waste created by both parties.

    Oh by the way. Was the break up between Topping and Owen due to decisions on issues regarding our agreements with Cable a Wireless for control of telecommunication lines in Barbados? Was Topping being bullied by the then leader to give the lines back to C and W instead of Government again taking control of the telecommunication sector?

    Yes we need to know the political past as well as the present otherwise how can we see a future with either party.

  3. Francis December 14, 2016 at 8:31 am

    Greengiant you are spot on !!!
    DLP or BLP not one have a plan.
    Both just want power and want to hold on to power.
    The PM says nothing and leaves lots of queries
    unanswered. The Opposition Leader talks crap
    Just to oppose.
    A sad situation!!

  4. Peter December 14, 2016 at 9:57 am

    Greengiant I concur with Francis with regards to your unbiased comment above. With regard to the Toppin/Arthur differential, I have no comment as both men cannot be trusted. They’re both very vindictive.

  5. James Franks December 14, 2016 at 10:10 am

    Both political parties have much in common with the Island at present, particularly the South Coast,one big sewage pit.

  6. Peter December 14, 2016 at 10:13 am

    Open door statement by Raohael Anspach, Sr. IMF Press Executive. in paragraph 9 of this report, Quote – “there was no need for consideration for any IMF conditionalities at this time” Exactly what does “at this time” means? Many things can be read into what that means.

  7. Antionette Sealy December 14, 2016 at 10:25 am

    Cud dear Mia, stop nuh! Yuh meking yuhself luk foolish. The Bajan people are seeing right through you. If you continue like this, they will be turned off by the time elections are called and you will be Leader of the Opposition one more time unless General Secretary George Payne takes over the Opposition leadership.

    • Peter December 14, 2016 at 8:05 pm

      Clearly you are a strife maker working for the SEM. You got to be family to Richard. What is your claim to fame? You surely don’t have the learned nor qualified bstatus of Mia Mottley.

  8. Kevin December 14, 2016 at 10:39 am

    Well Mia’s theory has been debunked by the IMF themselves. Chose your fights wisely mam.

  9. Alex Alleyne December 14, 2016 at 12:41 pm

    When wanna run out of things , print something that all of us will be “relax”. You all ahve it all over the place , bajan dollar devalued, Central bank printing money like crazy, BDS want talk wid IMF. TRINI tell Chris then ain’t no ATM , etc,etc. and the beat goes on.
    Stay tuned , might hear something brilliant at any time.

  10. jrsmith December 14, 2016 at 1:16 pm

    Our government is so on the spot with everything ,try this, try that and see what works..
    We need our own Donald Trump ,the only problem with that the 1% who have all the money dont play politics in Barbados , no need to they are the establishment……..

  11. Alex Alleyne December 14, 2016 at 7:38 pm

    Oh, Guyana done wid Bajan money , What next ? . Just now I looking for an exodus.


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