No Doomsday!

No need to panic!

Minister of Finance Chris Sinckler acknowledged today that Barbados’ fiscal deficit was still “too high”. However, he sought to reassure Barbadians that there was no “doomsday” scenario facing the island, as he warned his political opponents of the danger caused in constantly suggesting so.

Sinckler also assured that the Barbados  dollar was not in any danger of devaluation, even in the face of what called a “stubborn” fiscal deficit and dwindling foreign reserves.

“It is not going to happen at no time in the foreseeable future,” he told reporters during a press conference at Government Headquarters.

In response to recent concerns raised about the state of the island’s foreign reserves which have fallen below the 12 weeks standard cover, the Minister of Finance said it was not the first time that such had occurred, pointing out that in 1998 the reserves fell to 9.1 weeks and in 1999 to 9.9 weeks of imports.

However, he said Government was committed to restoring the reserves to a “comfortable” level.

In this regard, he said a draw down was expected on the Sam Lord’s development project any day now. Sinckler also said Government had settled a loan with First Citizens from which proceeds were expected to flow in the coming days.

 

Sinckler was joined by Government colleague Donville Inniss (left) at the press conference.

Sinckler, who was flanked by Government colleague Donville Inniss at today’s press conference, was also confident that final approval will be given to the SOL oil deal, which when taken with Sam Lord’s and First Citizens’ monies are expected to rake in some $200 million, pushing the reserves “well above” the desired 12 weeks of imports.

He also revealed that inflows in the amount of $30 million were expected from the Development Bank of Latin America, otherwise known as CAF,  and a further US$35 million from the Caribbean Development Bank (CDB) to fund two water projects. Another $50 million in support is also due from the CDB for an education sector enhancement project.

Effective this month, the minister of finance said Government would be tightening up its foreign exchange monitoring.

However, as he prepares for the upcoming Estimates of Revenue and Expenditure, Sinckler assured that no major increases in taxes or major retrenchments were planned. However, he said in a bid to get the deficit down down from eight per cent to  5.5 per cent of GDP, Government was looking at proposals with a number of reputable financial institutions for the refinancing  of certain aspects of its domestic debt.

78 Responses to No Doomsday!

  1. Santini More
    Santini More February 27, 2017 at 3:15 pm

    I suppose if you have millions sitting in various off shore accounts then Sinkler is correct and there is absolutely nothing to worry about. However for the rest of us in Barbados, we are so screwed.

    Reply
  2. Danny Colombian Clarke
    Danny Colombian Clarke February 27, 2017 at 3:18 pm

    Of course we are not worried Chris . Don’t mind what all the figures say or what Delisle finally got the balls to stand up and say we have full confidence in you . After all we never had a mof as brilliant as you and we trust your every word

    Reply
  3. Gavin Dawson
    Gavin Dawson February 27, 2017 at 3:20 pm

    Santini More, ‘We are so Screwed’ So true , unless you have money stashed away like PM’s friend Parris.

    Reply
    • hcalndre February 27, 2017 at 9:38 pm

      @Gavin, remember there`s $10m that the bank tell Parris to come and get it out of their vault for what reason I don`t know, the ex Gov. told him bring it and let him keep it for him. But little did I know that when the government borrow from the CB the have to pay back at a very high interest so nothing would be loss on that $10m.

      Reply
  4. Rawle Spooner
    Rawle Spooner February 27, 2017 at 3:25 pm

    Guess he talking about rich and well heel folks not ordinary folks.

    Reply
  5. Caroline Eastmond
    Caroline Eastmond February 27, 2017 at 3:29 pm

    No need to panic, and all around the place millions of dollars owing and I gotta wait so long fa income tax and more taxes coming

    Reply
  6. Lilian Lloyd
    Lilian Lloyd February 27, 2017 at 3:29 pm

    I TIRED HEARING THE SAME OLE SAME OLE

    Reply
  7. Edmund Harrison
    Edmund Harrison February 27, 2017 at 3:38 pm

    PANIC

    Reply
  8. Kirk Nurse
    Kirk Nurse February 27, 2017 at 3:43 pm

    When Chris Sinckler says Don’t Panic, maybe one should as he has been quite contradictory in the last few years.

    Reply
  9. Cheryl Onita
    Cheryl Onita February 27, 2017 at 3:45 pm

    U really think that all Bajans r fool stupe

    Reply
  10. bradg February 27, 2017 at 3:46 pm

    Mr. Sinckler, in 1998 & 1999 Barbados had not been downgraded circa 16 times by the various rating agencies. Neither did the business community and so many economists and regular “Joes” been so concerned about the state of the economy with its high debt levels. In 1998 & 1999 we also did not have a problem with a lost of confidence!!
    Its important to add a bit of context.

    Reply
  11. Jackie Griffith
    Jackie Griffith February 27, 2017 at 3:46 pm

    His ass not even shame.

    Reply
  12. Lennox Hewitt
    Lennox Hewitt February 27, 2017 at 3:47 pm

    When Chris say don’t panic u panic .

    Reply
  13. Tiffany Robinson February 27, 2017 at 3:54 pm

    Hmm I wonder all off these loans….How are we going pay them back if we cant pay the civil servants. I guess print more money

    Reply
    • hcalndre February 27, 2017 at 9:58 pm

      Tiffany Robinson, all I heard today from MOF is that he got a $30M here, $50m there, another $100m. It sound like some fairy god parents have arrived. Is this borrowed money that the taxpayers have to repay?

      Reply
  14. Alison Blackman
    Alison Blackman February 27, 2017 at 3:55 pm

    All the lot of long talk CALL ELECTIONS

    Reply
  15. Lennox Hewitt
    Lennox Hewitt February 27, 2017 at 3:55 pm

    That what there feel dat we stupid that’s why everyone hates Chris remember d telivision show everyone hates chris .

    Reply
  16. Lennox Hewitt
    Lennox Hewitt February 27, 2017 at 3:56 pm

    Yeh he mean rich people .

    Reply
  17. Philip Clement
    Philip Clement February 27, 2017 at 3:59 pm

    To show the people of Barbados how much you all care and how serious you are … Announced that all ministers will take a pay cut .
    And hand in your resignation.

    Reply
  18. Keba Henry
    Keba Henry February 27, 2017 at 4:13 pm

    Oh no as he say don’t panic we should be worried he just talking pretty call elections early we don’t want no lot of long talk the country fed up with DEM

    Reply
    • Gavin Dawson
      Gavin Dawson February 27, 2017 at 5:13 pm

      Keba Henry who did he mean not to panic? himself and the rest of his cronies?

      Reply
    • Keba Henry
      Keba Henry February 27, 2017 at 5:16 pm

      I think he was trying to make his self look good

      Reply
  19. Dennis Connell
    Dennis Connell February 27, 2017 at 4:16 pm

    Dr.Eswick should have been there wid the two of you

    Reply
  20. Sean R. Phillips
    Sean R. Phillips February 27, 2017 at 4:17 pm

    Yet again we can see that this guy and his cronies don’t have a clue and they are existing in an alternate reality. Bajan better look to safeguard themselves.

    Reply
  21. Lana Walcott
    Lana Walcott February 27, 2017 at 4:17 pm

    I had a panic attack from the time they got in power

    Reply
  22. Divine Duchess
    Divine Duchess February 27, 2017 at 4:32 pm

    My f*ing eyeballs and ears have had it uuugghhh

    Reply
  23. David E Hall
    David E Hall February 27, 2017 at 4:35 pm

    I don’t ever believe a single word from the MOF but prefer to wait for independent confirmation as the minister seems to revel in Alternative Facts and Fake news.

    Reply
  24. Ann Thomas February 27, 2017 at 4:52 pm

    Well, after today’s ramblings, I feel no more confident, am no more assured and still left in no doubt in which this country is heading, downhill fast with a driver that is woefully unable to steer the ship.

    A lot of long talk, same old, same old that we have been hearing for the last how long, I forget now….. Projects yet to start, consolidation of the rich, while the poor still sucking salt. We all know that the long promised projects will not provide the much needed foreign exchange, when what comes in immediately goes back out buying the majority of goods and supplies needed for those same projects. The Chinese ain’t even giving you all the money as some of the value is being given in kind, apart from the between 40 to 60% Chinese labourers that are coming to build Sam Lords.
    Please we might have been fools in 2008 but we are much wiser and so much poorer now.

    Reply
  25. Hermine Alleyne
    Hermine Alleyne February 27, 2017 at 4:55 pm

    When you go to the supermarket on pay day and you don’t have to wait in a long line,to pay its panic time,we’ve had enough ,no more promises, time for action, my Granny always said a promise is a comfort for a fool,and we are no fools.

    Reply
  26. Sherry-ann Mayers
    Sherry-ann Mayers February 27, 2017 at 4:57 pm

    Don’t panic to the rich,government ministers and investors he’s making sure money there for you all but for the poor man suck salt

    Reply
  27. Cynthia February 27, 2017 at 4:59 pm

    So you borrow ing more money to prop up the reverse

    Reply
  28. Peter February 27, 2017 at 5:01 pm

    Where is his boss? Fruendel has taken a very passive unconcerned seat in the background. No one asked Sinkler about bank rates and how they do as they please, No one asked him if he was positioning himself to become the next leader of the DEMs. It was clear that Chris Sinkler was shadow dancing and Barbadians were sent on a “because I say so” trip. I wonder what’s going through the minds of Donville Inniss, Dr. David Estwick, Dennis Kellman must now realize that he is nothing but rotting old antiquated furniture. Carson Boy you only pick is family connection at the Tourism Authority.

    Reply
  29. Barker Antony
    Barker Antony February 27, 2017 at 5:07 pm

    WELL PANIC WOMEN AND CHILDREN FIRST!!!!!

    Reply
  30. James Austin Bynoe
    James Austin Bynoe February 27, 2017 at 5:23 pm

    not ALL bajans are foolish? but many many ARE ….

    Reply
  31. Oats Walton
    Oats Walton February 27, 2017 at 5:26 pm

    Panic attacks Anxiety Attacks is all we know . Mr Don’t Panic. This is sooooo sad . keep it REAL Please. God help our ppl. De ship sinking and ppl can’t swim. Advice Don’t Panic. Lord have Mercy.

    Reply
  32. Veroniva Boyce
    Veroniva Boyce February 27, 2017 at 5:44 pm

    Biggest Pothole in BIM! ENOUGH of the Pothole Spewing Sewage, GET DEMs OUT!

    Reply
  33. Keith Forde
    Keith Forde February 27, 2017 at 5:48 pm

    CHRIS SINCKLER USING SPIN AGAIN..

    Reply
  34. Eversley Lewis
    Eversley Lewis February 27, 2017 at 6:07 pm

    My country gone

    Reply
  35. Patrick Newton
    Patrick Newton February 27, 2017 at 6:33 pm

    Chris it is not us that is in panic .it is you and all like you. Time is on our side . better will be done

    Reply
    • Lennox Hewitt
      Lennox Hewitt February 27, 2017 at 7:12 pm

      Patrick u right dem panicking not we ball n we court .

      Reply
      • Sherlock Holmes. February 27, 2017 at 8:20 pm

        Remember the odds for Hillary Clinton to win were 98-1 i hope wunnah don’t get surprised. Wunnah counting nuff chickens before they hatch. @ Lennox Hewitt.

        Reply
  36. Lauraine Clarke
    Lauraine Clarke February 27, 2017 at 6:38 pm

    I think it is time to panic,because most of the minister on Dem side panicking.

    Reply
  37. lime juice February 27, 2017 at 6:45 pm

    Chris could only be talking to miss undecided and talk yuh talk DLP political parrots.

    Reply
  38. Carson C Cadogan February 27, 2017 at 6:58 pm

    The only important thing Chris failed to mention was the fact that the Barbados economy would be in better shape if the inept Barbados Private sector would collectively pay Central Govt. The almost $1billion it owes all Govt. agencies.

    Reply
    • harry turnover February 27, 2017 at 7:15 pm

      Wha ??? and this mechanical economist en talk bout it ? name those Companies CCC.
      Maybe there is 10% here,10% there and 10% everywhere

      Reply
    • Jennifer February 27, 2017 at 10:10 pm

      Correct about the private sector.

      Reply
  39. Tony Webster February 27, 2017 at 6:59 pm

    @Ann Thomas. On target, lady. The guy just (accidentally) overlooked the simple fact you mention…that paying for ANYTHING imported, depletes our F/X reserves, construction materials, furnishings, and a great deal of daily Food & Beverage, and housekeeping consumables. We then gotta pay this all back, in F/X…plus interest. Need I say, that 40 years of tax-free, duty-free anything, to any company, means that we sacrifice TWO THINGS: 1: the F/X that would needs be brought “on-shore” to pay such taxes, and 2: the fiscal impact these would lend to the Treasury in BB$.

    The hinted refinancing of “some” domestic loans ( most likely to also enable settlement of huge outstanding/ overdue balances to sundry creditors) are not going to be raised from ANY lender at rates easier than an I.M.F. programme. If the Chinese lend us at what appear to be concessionary rates, you can be sure that they will get their pound of flesh in another, concealed, form.

    Any chance you are on the new Financial Advisory Thing?

    Reply
  40. I in know too good February 27, 2017 at 7:00 pm

    chris sinkler always coming with a little soft voice and play he sounding so concern, he use to tell us that clico safe till thee cat get thee bag when he know that he don’t give a damm money done stache way and thee pension safe.

    Reply
  41. Carrington February 27, 2017 at 7:01 pm

    The period 1998/9 was the period of the 8% public workers reduction in salaries together with lay offs and other measures which were seen by overseas rating agencies as taking measures to get the economy back on track. Former PM Erskine Sandiford recently commented “how did we get back here?” How right he is.
    It is time the government cut back on various projects such as CARIFESTA which is to be hosted in August. It has only just appointed a secretariat which should have been established in April 2016. The planning is a fiasco. Those who were involved in 1981 when we last hosted CARIFESTA haven’t even been consulted nor have any of the creatives who are expected to make it a success. Minister Lashley commented recently that the cultural industries will help the ailing economy. Such a comment at this stage of developing our cultural industries is wishful thinking.
    When will government face the fact that it can no longer finance the Transport Board when the real cost of taking a ride is probably between $8 and $10 per person. CBC is a national disgrace. Its programming has deteriorated over the last thirty years.
    We need a serious debate in this country about what Barbadians can reasonably expect government to provide: Water and sanitation for everyone, health care, education etc

    Reply
  42. Maaz A Love
    Maaz A Love February 27, 2017 at 7:03 pm

    Save your USD …like the Indian men …just in case sh@t happens. …Lol!

    Reply
    • Patrina Drakes
      Patrina Drakes February 27, 2017 at 7:58 pm

      Some gold also cause even U.S. looking poorish

      Reply
  43. Carson C Cadogan February 27, 2017 at 7:19 pm

    I have never seen so many people refused to believe the TRUTH.

    Barbados Labour |Party members and supporters are a special breed of Bajans. They lap up lies, innuendo, DOOM AND GLOOM, disinformation, misinformation but have great difficulty accepting the TRUTH.

    That is why they are sitting comfortably on the opposition benches and they will return to them come the 2018 general elections.

    Reply
    • harry turnover February 27, 2017 at 7:53 pm

      CCC the TRUTH en come out yet and you know wha I talking bout.You seem to think that short men should only be seen and not heard.
      CCC the TRUTH is there for ALL to see and judge for themselves.People like you have to tell yourselves DEM telling the TRUTH.
      CCC wha kinda paling cock you is ? DEM don’t want to win the next elections….for what ? to gi DEM more gripe ?
      You need to get off the paling and go inside and see wha REALLY gine on jack.

      Reply
    • hcalndre February 28, 2017 at 5:38 am

      @C C C: do you honestly believe that if you or your party see the truth as big as the “Garrison Savannah” you all could recognize it? No way. There is one caller to VOB that should seriously think of writing a book entitled “The Untruths of the DLP” when they make their exit out of office. I think it would do well.

      Reply
  44. Arthur Collymore
    Arthur Collymore February 27, 2017 at 7:22 pm

    Politricks aside, when economist speak with one voice to highlight the many challenges facing the Barbadian economy, when this minister gave assurances in the past & his utterances came to naught, when an admin lacks the political will to take action, when PM Stuart begins to speak, when the debt & deficit remains high while the reserves plummet, frankly, whenever this DLP leads the country it is time to panic.

    Reply
  45. harry turnover February 27, 2017 at 7:38 pm

    Chris Sinckler I DON”T BELIEVE A WORD YOU SAY.Every year for the last 8 years you coming wid dis same SH8 .All a dah pretty long talk is to fool people that don’t know….MEASURES…..things working……seeing light at the end of the tunnel……economy expected to grow……economy turned the corner…..economy not grown as expected….. Economy no where near where it should be……..MORE MEASURES.
    Sinckler ,ya gine round in circles..ya gine get giddy and fall down
    ,come wid something new man…ya garbling upper 3.

    Reply
  46. Peter Lowe
    Peter Lowe February 27, 2017 at 7:39 pm

    After all that long talk that says nothing to improving de Economic situation …We still want to know why de man was fired

    Reply
  47. Antonio Cozier
    Antonio Cozier February 27, 2017 at 7:45 pm

    Why should I be standing in the middle of a burning Building and someone on the outside shouting do not panic

    Reply
  48. Jeremy No
    Jeremy No February 27, 2017 at 7:55 pm

    Dlp – dum , lame , promises

    Reply
  49. Peter February 27, 2017 at 8:05 pm

    With all these comments, Chris and the DEMs have only one person who favours DEM. that is an idiot named Carson C Cadogan. I challenged him to come up with a plan to bring Barbados back from the doldrums. He hasn’t ecause HE CAN’T.

    Reply
  50. Max Carter
    Max Carter February 27, 2017 at 8:11 pm

    abandon ship all i repeat all is lost

    Reply
  51. Ryan R A Charles
    Ryan R A Charles February 27, 2017 at 8:20 pm

    LOOK….BYE!!!

    Reply
  52. Angela Griffith
    Angela Griffith February 27, 2017 at 8:55 pm

    No need to panic and I in get 2015 tax yet

    Reply
  53. Big Brown February 27, 2017 at 9:02 pm

    Another deja vu moment. Big steupse.

    Reply
  54. Harry February 27, 2017 at 9:07 pm

    17 downgrades public debt doubled, people sent home after an election promise not to, ssa in trouble no trucks to collect garbage, sewerage issues and the island is still off under the DLP than the BLP according to CCC wow

    Reply
  55. Harry February 27, 2017 at 9:09 pm

    sorry i left out still better off

    Reply
  56. Sandra Madea
    Sandra Madea February 27, 2017 at 9:32 pm

    WHEN HE SAY WALK RUN FAST AS HELL….DON’T PANIC MAN I FRIGHTEN AS ASS NOW…..CALL ELECTIONS PLEASE….#DLPMUSTGO

    Reply
  57. Still Listening February 27, 2017 at 9:49 pm

    Unless I missed something which I might have. But can anyone tell me what purpose did Minister Inniss serve at the press conference? It seems he was there just to lend moral support which he might not normally do.

    Reply
  58. Tiffany Robinson February 27, 2017 at 10:15 pm

    #WalkoutagainstStuart
    #BarbadosOnStandStill
    ExtraLongWeekendApril1st
    NotAprilFools
    #FreundelStuartMustGO

    Reply
  59. Joan Worrell February 27, 2017 at 10:20 pm

    All the personal abuse here will not help Mia Mottley win the Government. She will be outfoxed by Chris Sinckler, mark my word. Say what you like, his address today wasn’t directed to BLP supporters . It was a message of hope to DLP supporters. He does not have to march to get support. He used the news media brilliantly. Where were the BLP operatives at the conference? Couldn’t Mascoll and Straughn prepare some questions for at least one BLP supporter to put Sinckler on the spot? What was the response to Sinckler’s charge that the Government was paying back the money for Dodds which the BLP borrowed? Once again the BLP supporters have been let down by running away from Sinckler and the DLP. Solutions Barbados , once again I am calling on you to come to the aid of the Barbadian people. The BLP is bare booo. A whole lotta long talk and nothing else.

    Reply
  60. Loretta Griffith February 27, 2017 at 10:30 pm

    No two economists agree.
    Mr Sinckler should limit the number of second hand vehicles imported into this country. Every day you look around all you can see are vehicles piling up in these lots. Also I am noticing residential areas now being turned into mechanical garages. Plenty derelicts harbouring rats and you don’t see an inspector.
    We need inspectors now, more than ever.
    Country real filthy especially in some of those so-called built up areas.
    Standards are falling fast. Will soon look like the ghetto.

    Reply
  61. jus me February 27, 2017 at 11:47 pm

    Graveside Eulogy.

    Reply

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