Expect a lowered deficit: Sinckler

Barbados is climbing out of its deficit hole, and in three days the country will hear that Government has cut almost $100 million in spending in the 2016-17 financial year, Finance Minister Chris Sinckler said today.

Delivering a report on the work of his ministry to a mid-year conference of the Democratic Labour Party, Sinckler said that his presentation of the Estimates for the 2017-18 fiscal year will show that Government managed to take the deficit below the eight per cent projected in March 2016 when the last Estimates were presented.

Additionally, Sinckler said in the Queen’s College auditorium that he will announce an even lower projected deficit for the next financial year.

The Finance Minister told the party faithful at the conference, where most Cabinet ministers reported on work done in their ministries, that following the Estimates projection of a 7.9 per cent deficit, “we made a concerted effort behind our intent that eight per cent was too high”.

“We said we wanted to have $50 million [saved]. We ended up getting close to $100 million in cuts of expenditure without disrupting the entire country.”

Sinckler said that this amount of savings had positioned Government to aim for a much smaller deficit in the next financial year.

“We’ve also been able to get our revenue up to the extent where we have set a revised target of 5.5 per cent from the 8th [of March] and we are going to meet the 5.5 per cent,” he said, adding that it may go even lower.

“In fact in another couple days when we lay the Estimates you will see that we have actually bettered that target.”

He said that the new deficit target could be made even lower once the sale of the Barbados National Terminal Company Limited’s (BNTCL) assets is completed.

“We can go even better if the BNTCL money comes in.”

Sinckler’s confidence was high at today’s meeting based on assurance that the foreign exchange inflows for the BNTCL sale and projects that should have arrived in time for the 2017 fiscal year will be here for the next financial year that begins April 1.

The projects include construction work at the Sam Lord’s Castle site for the Wyndham Hotel, the handover of the Development Bank of Latin America (Corporacion Andina de Fomento, or CAF) bridging loan for work at the Barbados Revenue Authority, installation of scanners for Customs, and a Caribbean Development Bank Student Revolving Fund loan.

“The reason why we saw that dip in reserves was because there were delays . . . the decline in the reserves that you saw was predominantly because of that,” he said.

“If  those  had come in, between those accumulatively, it would have been about $220 to $230 million in reserves.”

He went on to explain that, “rather than reporting $681 million [foreign reserves] at the end of December 2016, we would have been reporting [over $800 million] which would have been above the 12 weeks of imports.

“But we are confident, since we know now that the money is starting to flow in, that would correct itself and we are doing additional things to ensure that we shore that up.”

Asserting that the DLP is achieving results, the Finance Minister told party members, “all it requires is a little time and some patience.

“Everybody wants everything to be turned around one time. It cannot be done like that,” Sinckler added.

41 Responses to Expect a lowered deficit: Sinckler

  1. Marty Carter Adams Bramble
    Marty Carter Adams Bramble March 4, 2017 at 9:29 pm

    No shame, no shame, Dlp have no shame.

    Reply
  2. Ryan Bayne
    Ryan Bayne March 4, 2017 at 9:30 pm

    Bare joke, Sinckler.

    Reply
    • Peter March 5, 2017 at 7:56 am

      I’m sorry to say this but Bajans are ignorant and stupid to have to believe this tripe emanating out of the mouths of politicians. In other countries that politician would have been replaced by the leader or do the dignifying thing and remove themselves from public office. How contradictive is Chris Sinkler? In one breath he says he shall appoint an advisory to give him advise on how to best lower the deficit and in the same breath he tells the nation that his because of his tax implementations, he’s expecting a lower deficit. My question here is where exactly is Prime Minister Mr. Fruendel Stuart? Is he managing these politicians? Can he manage them? Are they managed by a group of seniors seated at command center in George Street? ALL the unions need to call out their members and join with Mr. Abed and shut down this island completely. Not a Saturday afternoon march. It MUST be a Wednesday, Thursday and Friday whole day affair especially at the end of the month. Come on Mia, show DEM, BIM. PEP, and washed UPP that you will be a stern leader.

      Reply
  3. Bradg March 4, 2017 at 9:40 pm

    Cant trust this Government.

    Reply
  4. Santini More
    Santini More March 4, 2017 at 9:42 pm

    Look at the photo of the ‘party faithful’, they look like they are attending a funeral not a jubilant party conference…They know their time is up.

    Reply
  5. Angel Maria
    Angel Maria March 4, 2017 at 9:42 pm

    Madd has a song that would be apropos here…. Can’t remember the name, only bits and parts of its lyrics e.g. “My man, you name Lionel Lie?! ….The man could lie…talk bout lies…the fella could lie! “

    Reply
  6. Max Carter
    Max Carter March 4, 2017 at 9:51 pm

    april 1st already ?

    Reply
  7. Adrian Allison
    Adrian Allison March 4, 2017 at 10:00 pm

    One of the conditions that Owen Arthur should have made was that this idiots put a lid on making these grandiose and misleading statements that even the most uneducated person living in this country knows to be ridiculous, otherwise Arthur may find himself and his reputation sullied by association.
    Sinckler should just follow his leader’s example and keep his damn mouth shut.
    Enough already !!!

    Reply
  8. Philip Clement
    Philip Clement March 4, 2017 at 10:00 pm

    Lower deficit… Higher inflation… Blood pressure..

    Reply
  9. David E Hall
    David E Hall March 4, 2017 at 10:14 pm

    Not with the same persons at the Helm. Never happen.

    Reply
  10. Howard John
    Howard John March 4, 2017 at 10:20 pm

    These people really dont have any shame It is not fit the public trusts should be lodged in the hands of any, till they are first proved and found fit for the business they are to be entrusted with. Quote by Matthew Henry

    Reply
  11. Tony Webster March 4, 2017 at 10:23 pm

    Tell dat to those who set their standards, not on expectations, or promises, but on actual performances, achievements, and accomplishments . That way, dem doan get moody when it all falls flat.

    Reply
  12. David Hall March 4, 2017 at 10:31 pm

    Incredulous! is what can be said of this minister and his presentations. Every opportunity a set of proposals and assurances that dont materialized yet the next time around the minister presents an even rosier set of proposals which only he believes in. One word comes to mind: Bipolar!

    Reply
  13. Lennox hewitt March 4, 2017 at 10:48 pm

    All is lies if not wunna did not getting Arthur bare joke wunna could of well stop trying to fool people n working .

    Reply
  14. Mandy Unforgetable
    Mandy Unforgetable March 4, 2017 at 11:02 pm

    I’m sickkk

    Reply
  15. Tony Webster March 4, 2017 at 11:08 pm

    Stop press: Ice cream found evahwhere on Mars. Err….sorry….dat is yesterday’s newz.

    Lemme try dis one: “New ice-cream pipeline being laid from Mars to Earth, terminating on Bay Street, Bridgetown, Barbados.

    Yep,Relevant Honourable Minister of Ice-cream, shall “soon” be cupping ( sorry, cutting) de ribbon and opening tap. To Fifty sounding strumpets. Sorry, trumpets. Only sour note ( sorry): only one flavour available: Run and raisin’ hopes.
    Stay cool.

    Reply
  16. BIG SKY March 5, 2017 at 12:48 am

    Yes Sir,its that time again where everything is”Good”and the streets have milk and honey.I have to admit you fool me once but for you to try this strategy again.SHAME ON YOU.

    Reply
  17. Sunshine Sunny Shine March 5, 2017 at 3:32 am

    Well I guess you got to say something with elections looming around the corner. I wonder what all these downgrades where about if Sinckler has the pills to lower Barbados outrageously fiscal deficit. Sinckler you are the man, they will never be another finance minister like you in the history of Barbados again. You are now infamous

    Reply
  18. harry turnover March 5, 2017 at 5:50 am

    Sinckler you en shame ? ya mean you telling yourself that people doan understand by now how you does operate ? everybody including wunna die hards know that you does tell lies in phases.
    phase !…..tough measures
    phase 2….measures expected to yield dis and dat.
    phase 3…measures working.
    phase 4….growth expected
    phase 5….measures and growth didn’t work out as expected
    AND BACK TO PHASE 1

    Reply
  19. jrsmith March 5, 2017 at 6:43 am

    Not trust worthy..( Sinckler ) thats why everything politicians in barbados says cannot be believed…
    I said this and was rebuked by many, (Government dont build hotels , tell us why the involvement with (Sam lords Castle)….
    ……………………………………………………………………………
    Mr,Sinckler said,,, Everybody wants everything to be turned around one time, it cannot be done like that…….
    ……………………………………………………………………………..
    Party members were told all it takes is a little time and patience………….
    Mr, Sinckler is explaining so much financial information to the party faithfuls , ( thats our problem) only party faithfuls they are speaking to, not bajans…
    ………………………………………….
    This is a question to (,Mr,sinckler ) why the government cannot collect the necessary taxes and other which is owed to government…

    Why haven’t the government try collecting the near 500 to 700 millions of dollars which is owed by companies , all profitable operating in Barbados.. Why are these allow to not repay the barbados government , but allowed to keep channeling they profits out out of Barbados…….. why , why..

    Reply
  20. Lilian Lloyd
    Lilian Lloyd March 5, 2017 at 7:21 am

    THEY BELIEVE YOU BUT NOT WE WHO WILL BE MARCHING 11 03 2017

    Reply
  21. Max March 5, 2017 at 7:35 am

    I have never seen so many BLP supporters write so much garbage in sequence as yet. Amazing how blinded you are that even when there is good news you can’t even concede it. Amazing, I assume you prefer the traitor Mascoll to do a better job huh. Correct he might not be the best but the figures can be easily checked when the estimate come out. Until then try and be positive for once.

    Reply
  22. Jus me March 5, 2017 at 7:46 am

    MAX

    SHOVE IT!!!

    Reply
  23. Harry March 5, 2017 at 7:47 am

    @Max, surely Mascoll or anyone else can do a better job than the MOF, the facts are there 18 downgrades and all the other issues facing the Country and there is no “he might not be the best” he is in the fact the MOF ever in the history of this Country. And I am NOT a member of the BLP or any other political party. and by the way what is the good news????

    Reply
  24. Harry March 5, 2017 at 7:48 am

    should the worst MOF

    Reply
  25. Jus me March 5, 2017 at 7:49 am

    MrChris
    Just shuffling numbers.
    Whats he mean IF he report this or that??
    Just report The Facts man.

    We sick sick sick of you and your B S

    Reply
  26. greg Norville March 5, 2017 at 8:12 am

    to max,about his comment march 5th /2017 I made the BIG mistake of voting for prime minister Fraudel Stuart, i voted 2 times
    max would you believe that for the 2 terms All i try I cant get to
    see mr Stuart( my honest conclusion is that by observing ( his modus operandi) this man has no real sense of what a real priminister is suppose to do ,( i have now concluded ) that he is a JOKE & cannot Lead his party or the people of Barbados what we need9 IS ( a born leader or someone who understands the psycology of the Prime Ministers office,( at this time Max it is not about playing Blind open your eyes to the reality that Barbados has been goverened by a bunch of boys that dont know what their are doing( time for change).!

    Reply
  27. greg Norville March 5, 2017 at 8:22 am

    to max,about his comment march 5th /2017 I made the BIG mistake of voting for prime minister Fraudel Stuart, i voted 2 times
    max would you believe that for the 2 terms All i try I cant get to
    see mr Stuart( my honest conclusion is that by observing ( his modus operandi) this man has no real sense of what a real priminister is suppose to do ,( i have now concluded ) that he is a JOKE & cannot Lead his party or the people of Barbados what we need IS ( a born leader or someone who understands the psychology of the Prime Ministers office,( at this time Max it is not about playing Blind open your eyes to the reality that the prime minister is a JOKE!(& the party has FAILED Barbados

    Reply
  28. sticks and stones March 5, 2017 at 8:40 am

    @ Peter.. What madness coming from the mouth of a so called intelligent barbadian calling on the populace to shut down barbados. My question to you then what ?

    Reply
    • Peter March 5, 2017 at 2:06 pm

      What other way. a gun? Marches or walks are useless and passive. You frighten Hurricanes, earthquakes and many other disasters shut down mang countries for days even weeks. This is the only positive yey safe action to take. Your name says it all… Sticks and stones… let me continue…. may break my bones but words will NEVER hurt me. DEM silence is deafening.

      Reply
      • Peter March 5, 2017 at 2:08 pm

        That should be many and way… figure it out.

        Reply
  29. Keith Forde
    Keith Forde March 5, 2017 at 9:49 am

    CHRIS,WHAT I CAN SAY ABOUT YOU,,YOU HAVE THE GIFT OF THE GAB..YOU KNOW HOW TO USE SPIN,CHRIS VERY GOOD AT IT.

    Reply
  30. Cavil Best March 5, 2017 at 10:08 am

    Barbadians are not dumb to replace this Government that is working so hard to ensure that our Country economy is stabilized with some political dummies. I understand the cries of the haters, the political lackies, yardfowls and palling cocks of the blp. I know that they have badly missed the prestigious lifestyles and they will do anything necessary to gain political power.

    Reply
  31. Heather Cole
    Heather Cole March 5, 2017 at 10:11 am

    Bare lies. Not even sweet lies. He is guilty not only of burdening the taxpayers but seriously eroding the public trust in governance.

    Reply
  32. Bajan First March 5, 2017 at 10:20 am

    Why do some people so scared that the economy might not continue to decline in the coming months! What are they scored of! They certainly can’t be thinking of Barbados first! What do they have to gain if the county collapses. I am scared that there are those who think that the BLP would take the government and while the masses suffer for decades before recovery can be realized, they will be able to enjoy sweets like what happened in Guyana and continues to happen in Haiti!

    Reply
  33. Suezette Boyce-Griffith
    Suezette Boyce-Griffith March 5, 2017 at 12:50 pm

    What will happen here now he will he use the printed money to aid his constituants for tablet !houses phones and much more even jobs just to win his seat back barbadians has short memory vote his incompentent tail out useless now

    Reply
  34. jus me March 5, 2017 at 7:10 pm

    LOL Hah ha ha
    Mr Chris even getting it RIGHT get it WRONG!!!

    They expected 50,000,000 and got 100,000,000.
    What an admission.

    Jesussavemuh!!

    Reply
  35. jus me March 5, 2017 at 7:13 pm

    @ Cavil Best

    Cluck cluck DLP cluck.Read all you said ,SHOT YOUSELF in the foot.
    Cos all the reasons you say BLP wanna get in is what you see the DLP doing right now.

    But you right in was way doah Bo!!

    All politiciams crooks.

    Reply
  36. jus me March 5, 2017 at 7:19 pm

    one way

    Reply
  37. Cavil Best March 5, 2017 at 9:20 pm

    Its a waste of time responding to people who can’t put their names to anything they said.

    Reply
  38. Lennox hewitt March 5, 2017 at 10:36 pm

    He say 3 days ok by wednesday den ok np we wait and see now no alibi .

    Reply

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