Not in danger

Sinckler hints at economic growth

Barbadians will be shocked at the size of the economy when information is released on its performance soon, Minister of Finance Chris Sinckler said today.

Insisting the economy was not in danger, Sinckler told Parliament a report compiled by his ministry with support from the International Monetary Fund had found that the situation was not as dire at the Opposition Barbados Labour Party was portraying.

“I know the Leader of the Opposition is always talking about the size of the economy and how much it shrank. One body said it shrank by 27 per cent. Well we have done a complete analysis aided and assisted by the International Monetary Fund’s Fiscal Affairs Department, the experts on GDP [Gross Domestic Product] and they have sorted that out and we are very shortly going to issue that GDP series to tell people what the real size of the economy is and how it has risen by size over the last ten years and it is going to shock a lot of people,” Sinckler said in his contribution to debate on the Banks’ Tax on Assets 2017 Bill during this afternoon’s sitting of Parliament.

Opposition Leader Mia Mottley had earlier demanded that Sinckler and Prime Minister Freundel Stuart address pertinent issues relating to the economy, insisting she would “not participate in long or protracted debates in circumstances where the Prime Minister and the Minister of Finance are not prepared to answer the legitimate concerns of Barbadians”.

However, while Sinckler did not reveal when the GDP analysis would be released, he was adamant that neither his office nor the Central Bank of Barbados had withheld information from the public.

“We don’t hide information. In fact I can say without fear of contradiction that the Central Bank at present, whether you like the Governor or don’t like him, the fact is that under the current leader of the Central Bank, more information can be gleaned on the Barbados economy from their website and releases than at any period of time in the history of Barbados and that is simply a fact, so no one is hiding information on the Barbados economy. When the information comes due we will release it,” he stressed.

The minister also gave little credence to the recent downgrade by the Caribbean Information and Credit Rating Service (CariCRIS), which lowered its rating on the debt issue of US$300 million to CariBBB from CariBBB+ and its foreign and local currency rating from CariA- to CariBBB+.

Sinckler suggested the rating agency was insignificant and no attention should be paid to it.

“All of a sudden, CariCRIS which nobody pays attention to has become a big expert on the Barbados economy. The Leader of the Opposition said the Jamaica Money Market Brokers issued a release to sell Barbados bonds. Well . . . how are the bonds trading? Has there been a sell off of Barbados bonds since the Jamaican Money Market brokers advised persons to sell off the bonds? You all does really take these people seriously? Because the people who hold Barbados bonds not taking them seriously,” Sinckler argued.

13 Responses to Not in danger

  1. Ali Baba
    Ali Baba January 18, 2017 at 12:08 am

    lies lies ad more lies,

    Reply
  2. Jim Done January 18, 2017 at 2:17 am

    “CariCRIS which nobody pays attention to”, he was basically saying that about the other rating agencies as well; until he realized that investors do actually pay attention…

    Reply
  3. Sue Donym January 18, 2017 at 6:22 am

    Not in danger…
    of inspiring investor confidence or of being described as the region’s best or of showing rapid and significant growth.
    Not in danger at all.

    Reply
  4. freeagent January 18, 2017 at 7:45 am

    The Barbados Labour Party is shouting to the world that the
    Barbados economy is in bad shape. Why then does that party want to take over the government?

    Reply
    • Peter January 18, 2017 at 8:28 am

      Simple freeagent. No. 1 – They LOVE Barbados and are truly committed. No 2. – Everyone knows what a bunch of incompetent jackasses ruling this country. No. 3._ the BLP are confident that they can and do a better job in the capacity of rulership. People should be reminded that Owen is no longer there and the favours handed out to Wilkinson. Mariano and Hallam as was exposed in Haggat Hall by England born David Thompson . Mia is a completely new and different leader in waiting.

      Reply
      • Gearbox1964 January 18, 2017 at 12:46 pm

        I wouldn’t even answer Freeagent because that was one stupid question. No sensible person would ask such a question.

        Reply
  5. Peter January 18, 2017 at 8:34 am

    Sinckler is being clever. He said he will resign alas, as Finance Minister. Pray tell us Sinckler You will have NO CHOICE !!. Talk is cheap. Politicians do it all the time. Especially You, Donville, Dennis _ both of them. Boyce, and the loudest speaker OF ALL Fruendel. Hold strain Richard You are the designated leader of DEM in time to come.

    Reply
  6. jus me January 18, 2017 at 12:09 pm

    Devaluation is NOT the choice of SINCLAIR or SLEEPY its a choice of the Countries who buy our currency.
    They will say what its worth.

    Otherwise we will be like a Supermarket that TRIES TO sell its bread for 12$ a loaf.

    NOBODY buying the Bread.

    Then take a Good Look at you Grantley , its just coloured paper, just coloured paper ,baby and nobody wants it , just like they ent want 12$ BREAD.

    HELLO BANANA REPUBLIC GOODBYE BARBADOS

    Reply
  7. Sunshine Sunny Shine January 18, 2017 at 12:27 pm

    A real donkey goat. So why Guyana of all countries decided they do not want anything more to do with our dollar? I would love them to investigate you. Heard you are no longer a poor boy. You, Lashley, Low Lowe and a few others.

    Reply
    • Gearbox1964 January 18, 2017 at 2:21 pm

      Exactly Sunshine…and some silly partisan supporters would want to dismiss that by saying that politicians from both sides does get rich when they in office. They don’t seem to understand that it is the taxpayers’ money being inappropriately managed and disappearing into the pockets of certain individuals. As Maria Agard said, there needs to be a revolution. Is it any surprise that the integrity legislation that David Thompson had promised in the first 100 days has not come to past?

      Reply
  8. Hal Austin January 18, 2017 at 3:10 pm

    I think Sinckler is using semantics to cover his back. The reality is that there has already been internal devaluation with retailers not only passing n factory gate inflation, but adding to it by increasing prices further.
    Second, this is impacting the real incomes of the low and moderately paid since they spend a higher proportion of their incomes on basic essentials: food, travel, ultilities, etc.
    So, the minister of finance could only be talking about technical devaluation regarding the peg to the Greenback.
    Further, sterling has just been devalued by 20 per cent, making long distance travel hugely expensive for ordinary UK travellers. Elegant Hotels has just issued a warning of how this is impacting local hotels.
    There is a further danger, which we will know about within the next 100 days, if President Trump launches a currency war against the yuan/renimbi.
    China has US$3trn invested in US gilts, if they divest gradually it will be like a slow car crash, if it is a speedy divestment, although this will cost the Chinese dearly, the most pain will be felt by the US.
    Barbados will suffer in the slip stream. What we badly need are independent, empirical data to spell out the real picture.

    Reply
  9. Sue Clandell January 18, 2017 at 3:59 pm

    People will be really shocked when they learn the truth! Who cares about a Carib rating when the world looks at the ratings of major rating agencies and sees that BB has been going down year after year. Shame on those who brought us there.

    Reply
  10. hcalndre January 18, 2017 at 4:21 pm

    Barbados will soon be going cap in hand to Guyana. Guyana has got oil now. Someone should remind them that plenty of bajans are in BG from away back and was remitting money to barbados to help their families and now you hear “however welcome wait for a call.’ I hope the Guyanese never forget.

    Reply

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