Sinckler not surprised by downgrade

 

Minister of Finance Chris Sinckler is seemingly not surprised by this country’s latest economic downgrade.

Earlier today the international ratings agency Standard & Poor’s lowered its long-term foreign and local currency sovereign credit ratings on Barbados to ‘CCC+’ from ‘B-’, while warning that the sustainability of the Barbados dollar was now under threat, amid Government’s continued reliance on the Central Bank to finance its deficit.

S&P also lowered  its short-term foreign and local currency sovereign credit ratings to ‘C’ from ‘B’, while issuing a negative outlook for the island, which it said reflects its view that Government was either unable or unwilling to take timely steps to redress the situation.

Chris Sinckler

Following is the full statement issued by Sinckler’s Ministry in response to S&P:

“The Ministry of Finance and Economic Affairs notes with regret the recent downgrade of Barbados’ credit rating by rating agency Standard and Poor’s. The downgrade by Standard and Poor’s lowers the credit rating one notch, which puts their rating in line with that of Moody’s.

The downgrade was expected and largely driven by the decline in our international reserves reported in the recent Central Bank Economic Report. The decline in the reserves was largely due to legal and administrative delays in public inflows linked to various projects as has been explained before. The Government’s expectation is that this situation will begin to ease shortly leading to a restoration of reserves to more comfortable levels.

In the coming week, Government will release its fiscal outturn figures for the financial year ending March 2017 and Estimates for the coming Financial Year 2017-2018. In both cases, it will be noticed that not only has Government met its fiscal target for the current fiscal year, but it has planned its Budget to realize a further reduction in the deficit for the coming fiscal year. This should ease Government’s financing requirements for the coming financial year and lead to a claw back in the level of Central Bank accommodation of the fiscal deficit going forward.

Apart from these gains, Government expects growth levels in the domestic economy to continue to accelerate behind stronger performances in key sectors such as tourism, international business and financial services, construction, and wholesale and retail services. This progress is already being seen this year and forecasts are for at least two per cent growth for 2017.

Throughout this process, the Government of Barbados remains committed to sensible and responsible fiscal adjustment that achieves our ultimate objectives of a balanced budget, stable and growing reserves, increased economic output and a cohesive integrated social fabric that promotes the well-being of all its citizens while protecting the most vulnerable. ”

 

 

37 Responses to Sinckler not surprised by downgrade

  1. Lennox hewitt March 3, 2017 at 7:21 pm

    U mean a next downgrade year just begin .

    Reply
  2. Alex Alleyne March 3, 2017 at 7:22 pm

    I am surprise you still have a job.

    Reply
  3. Nikolaos Yarde
    Nikolaos Yarde March 3, 2017 at 7:31 pm

    One big long nasty watery stupse …

    Reply
  4. Penny March 3, 2017 at 7:43 pm

    Oh what a mess that HSS been created. Mr Arthur do us best to help those poppets

    Reply
  5. Veroniva Boyce
    Veroniva Boyce March 3, 2017 at 7:48 pm

    Downgraded Sinkhole!

    Reply
  6. Demetri Gill
    Demetri Gill March 3, 2017 at 7:50 pm

    He will not be suprise cause he who got it downgrade

    Reply
  7. Lanceford Skeete
    Lanceford Skeete March 3, 2017 at 7:51 pm

    And down we go again.

    Reply
  8. Natalia Reid
    Natalia Reid March 3, 2017 at 7:55 pm

    He ain’t even got nuh shame to say so…all he sins showing in he face, look at he look!!

    Reply
  9. Jack O
    Jack O'Neal March 3, 2017 at 7:55 pm

    He just running graft all the time when he know well the country sinking.

    Reply
  10. Sabrina Brathwaite
    Sabrina Brathwaite March 3, 2017 at 7:58 pm

    The man worst than I thought. Wow

    Reply
  11. Sherwin Patterson
    Sherwin Patterson March 3, 2017 at 8:03 pm

    His pockets getting fatt while people starve.

    Reply
  12. James Austin Bynoe
    James Austin Bynoe March 3, 2017 at 8:04 pm

    Sounds familiar

    Reply
  13. Tony Webster March 3, 2017 at 8:09 pm

    Many “well educated” Bajans, will read this and think…hmmm. t’ings not really dat bad after all….seems DEM is really “looking up”. Yes, if you happen to be here at the bottom of a 300ft.-deep well….wid all of us keeping you hapless lot company, and also looking sky-ward ….wideout ladder, or rope…or hope. If you look carefully at the top of the well, you might discern a group of happy, smiling, folks….all fondling their pension-approval letters.

    Dig and further down the ratings well….an’ we gine soon buss-out in China!

    Reply
  14. Kim Smith
    Kim Smith March 3, 2017 at 8:17 pm

    Hmmmm and still take 10% stupes

    Reply
  15. Adrian Doyle
    Adrian Doyle March 3, 2017 at 8:18 pm

    Ohhhhhhhhhhhhhhhhhh

    Reply
  16. Shari A Lobo
    Shari A Lobo March 3, 2017 at 8:27 pm

    Don’t care if he isn’t surprised. Question is “Where is the plan to get Barbados on track?”

    Reply
    • Eddy Murray
      Eddy Murray March 3, 2017 at 8:47 pm

      The man with the snake oil will get us out of this again.

      Reply
  17. Philip Matthews
    Philip Matthews March 3, 2017 at 8:35 pm

    Hurting the country ever six months, there will be no investors, and the worst economy because of the terrible government actions

    Reply
  18. Shade Cox
    Shade Cox March 3, 2017 at 8:35 pm

    Where is all the bail money, vat money, solid waste tax money, land tax road tax. All the taxes that people pay every month. These ministers are all the same. They are only interested in getting rich, helping their friends and family while people suffers. Y don’t he cut all their money. I sure it will help the economy. Long stupse

    Reply
  19. Oliver O C Corbin
    Oliver O C Corbin March 3, 2017 at 8:36 pm

    I’m not ashame to say I does dlp but if them to go to save my sweet country den so be vote them but I want to see who wud be finance Minster when BlP takes power to turn sweet Barbados around

    Reply
  20. hcalndre March 3, 2017 at 8:36 pm

    Can anyone find the captain of the SS Bim? Can`t hear a word from him and the ship is taking in water faster that his crew can bail it out. Send out an SOS somebody.

    Reply
  21. Peter Sheppard Barbados
    Peter Sheppard Barbados March 3, 2017 at 8:41 pm

    Yes .. inflows from the sale of the oil business to Sol, Sam Lords, Hyatt, four seasons etc … heard it all before … 50% of which is pure bull ca ca!

    Reply
  22. Petra Mccollin
    Petra Mccollin March 3, 2017 at 8:46 pm

    stupsssssss

    Reply
  23. Tamesha Padmore
    Tamesha Padmore March 3, 2017 at 8:48 pm

    He shouldnt be suprised

    Reply
  24. Elvis Williams
    Elvis Williams March 3, 2017 at 8:50 pm

    Boy these bunch a ministers is real seans yah

    Reply
  25. Maria T Holdipp
    Maria T Holdipp March 3, 2017 at 9:03 pm

    Mr Sinker does it again… Well done son..I congratulate you on your ignorant stubborn ways

    Reply
  26. Sherwin Patterson
    Sherwin Patterson March 3, 2017 at 9:06 pm

    This country got some real dumb ass people.A Minister in finance who has no background in Economics and was voted in.He has the most important position in the country.I really cant beleive some of you people.

    Reply
  27. Janna Jones
    Janna Jones March 3, 2017 at 9:24 pm

    Look . No surprise. Wake up Bim.

    Reply
  28. Anthony Small
    Anthony Small March 3, 2017 at 9:34 pm

    In reality God can help us with this trust me how many paster came and pray for Barbados we still in this shit how many paster pray for David Thompson he still die wake up people prayer don’t work I said it what to be will be

    Reply
  29. Ryan Bayne
    Ryan Bayne March 3, 2017 at 9:43 pm

    Minister Sinckler, you ain’t even got no shame in yourself. No concern for this country you have and yet you and Dems keep dodging bullets aimed at y’all by Standard & Poor’s and Moody’s.

    Reply
  30. Tom Cabrinie
    Tom Cabrinie March 3, 2017 at 9:50 pm

    The struggle continues .

    Reply
  31. Rawle Maycock
    Rawle Maycock March 3, 2017 at 9:51 pm

    The only person that can help Barbados is someone who have lots of money and doesn’t want lots I’m return.

    Reply
  32. Pam Fazio
    Pam Fazio March 3, 2017 at 10:09 pm

    Just the road tax alone where is it? According to recent reports there are 130,000 vehicles on the road. If you use the lowest road tax $400.00 x 130,000 cars you have $520,000000 Million dollars..where is it??? Certainly not being used to repair roads. Wages and equipment are not half of this..Just asking.

    Reply
  33. Mark Fenty
    Mark Fenty March 3, 2017 at 10:15 pm

    The truth of the matter is, countries go through periods of economic vicissitudes, and Barbados isn’t free of this ever present reality. However, that does not go without saying that we have to accept the reality that a country cannot sustain a level of economic prosperity in perpetuity. Because even America with all of its intellectual-ingenuity, have had to grapple with this reality, throughout its existence, so why should Barbados be of any difference?

    Reply
  34. Lori March 4, 2017 at 12:05 pm

    Int surprise but yet all was supposedly doing so well he can get his 10% back…SMFH

    Reply

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