PM Stuart: Barbados cannot be downgraded

Downgrades of Barbados’ sovereign bond ratings cannot downgrade Barbados, and the island is not looking to borrow, so it cannot be affected in the area of loans either, Prime Minister Freundel Stuart has said.

Though the country’s leader did concede that the island may at times find it necessary to borrow, he told a Democratic Labour Party (DLP) mid-year conference that his administration is looking towards Barbados earning its way and not existing on foreign currency loans.

Addressing Saturday’s conference in the Queen’s College auditorium one day after international rating agency Standard and Poor’s downgraded the island from ‘B-‘ to ‘CCC+’, meaning that Barbados’ ability to repay loans is ‘speculative’, Stuart said, “rating agencies can only downgrade Barbados’ credit worthiness, its ability to borrow. They cannot downgrade Barbados itself”.

The downgrade is the 18th suffered in this administration’s eight-year rule of the island, but Stuart told his party faithful,  “the most they can do is to say to us that if you want to go and borrow, because we’ve downgraded you, persons who might be inclined to lend you will make the money they want to lend you more expensive.

“But we are not looking to borrow,” he added, explaining, “we’re looking to earn foreign exchange, not to borrow”.

“We’re trying to get away from that habit of borrowing foreign exchange to earning our way in the world,” he said after recalling that the previous Owen Arthur-led administration had also borrowed on the bond market and suffered downgrades.

The Prime Minister did, however, issue a word of caution, “[I’m] not saying that from time to time you may not have to go in very extreme circumstances to the market but that is not any first resort for the present Government.

“We are trying to earn our way in the world.”

The conference featured most of Stuart’s Cabinet ministers reporting on work done and achievements in their ministries.

Wrapping the conference following those presentations, Stuart said that based on what his ministers reported, party members in attendance are now, “better able to understand, not only where we are, but how we got here, and what we are doing to make sure we get away from here”.

He stressed that no international downgrade can contradict the reported achievements.

Stating that his Government has been placing, “Barbados on a much sounder footing than the economy we inherited in January 2008,” he said that by the time the job is done Barbados will be earning foreign exchange through a ‘flourishing’ Cultural Creative Industries sector, a Renewable Energy sector, International Business and Financial Services Sector, all of which will join the Tourism Sector as the main producing industries.

“We have nothing to be ashamed about. We have nothing to feel disgusted about. We have every reason to feel triumphant, and therefore the march of triumph begins today as we embark on our quest to win the next general elections.”

The DLP President added, “we did not come here to ask you to prepare for any march of disgust.

“You are here today because today begins the march of triumph which will culminate in the return of the Democratic Labour Party to office after the next general elections”.

92 Responses to PM Stuart: Barbados cannot be downgraded

  1. Sam Clarke March 5, 2017 at 8:54 am

    EUREKA!!!! THE SOMNAMBULIST HAS BEEN AWAKEN!! LORD HAVE MERCY UPON BARBADOS, IN THIS SEASON OF LENT.

    Reply
    • Peter March 5, 2017 at 1:56 pm

      I wouldn’t even waste my time commenting on that. The man can’t help it, he was born that way. Ugly and stupid. sinkler is his boss bur Richard will be his replacement.

      Reply
  2. Tracyann Simone Mitchell
    Tracyann Simone Mitchell March 5, 2017 at 8:54 am

    Looking really stress

    Reply
  3. Danny Colombian Clarke
    Danny Colombian Clarke March 5, 2017 at 9:00 am

    Keep fooling yourself and your faithful minions. Sensible ppl know better . If you think the NIS and the printing press going save you forever I sorry for you .

    Reply
    • Ione Mitchell
      Ione Mitchell March 5, 2017 at 10:00 am

      Did we hear recently that the NIS is accepting bonds in lieu of cash as repayment for loans. If it is so NIS will cease to be an option sooner than we expect.

      Reply
  4. Mickell Als
    Mickell Als March 5, 2017 at 9:02 am

    Why do we let him speak?

    Reply
  5. Keera Harding
    Keera Harding March 5, 2017 at 9:04 am

    Before we asked you to speak to us now we beg u to shut to hell up.

    Reply
    • Richard Grace
      Richard Grace March 5, 2017 at 10:22 am

      but he does not speak to us only his faithful who believe his every word. When last has he come out and spoken directly to the people of bim,

      Reply
  6. Angel Maria
    Angel Maria March 5, 2017 at 9:14 am

    he’s right. Why? Because we’ve reached rock bottom. Nothing to downgrade to…unless DEM start digging.

    Reply
  7. Zino March 5, 2017 at 9:32 am

    I have not heard such crap in a long time. This man is truly a goat.

    Reply
  8. Santini More
    Santini More March 5, 2017 at 9:33 am

    Behold our delusional Prime Minister!

    Reply
  9. Sebastian Da Costa
    Sebastian Da Costa March 5, 2017 at 9:44 am

    Well I just saying but he seems not to be to popular now days. Should just cut the wage bill by 1/4 or more

    Reply
    • Margaret Thorpe
      Margaret Thorpe March 5, 2017 at 10:35 am

      Civil servants salaries a the lowest. Only certain people have the right to earn a decent salary?

      Reply
  10. Sunil Brome
    Sunil Brome March 5, 2017 at 9:44 am

    These ratings are more serious than our PM would have the people of Barbados believe. It is absurd, the way he takes this information.
    When that printers can’t print and the NIS Become depleted you will have no other options by then the loans offered will be at rates that would make anyone cringe. That is reality.
    We are being dragged out until then next due election…no no, no early election for these guys drag on to the very end. I strongly believe that the opposition will win. If that is a task they really want to take on. God knows what we will be by then.
    As much as I am critical of the Current state I also wonder how will things be handled under New leadership.

    Reply
  11. Paula Husbands
    Paula Husbands March 5, 2017 at 9:45 am

    Because there’s nothing left to downgrade thats what he means actually say blasted goat

    Reply
  12. clint March 5, 2017 at 9:52 am

    Does anyone ever question why the DLP is so confident on a return to power? Are there any parallels between 2007 and 2017? If there is any, which I do believe there are, then I can see the DLP being returned to power.

    Reply
  13. RHB March 5, 2017 at 9:53 am

    Delusional is definitely the word that comes to mind. Maybe he is taking lessons from the Donald – alternative facts

    Reply
  14. Donita Callender
    Donita Callender March 5, 2017 at 9:55 am

    O loss…who tell ‘e open ‘e mouth?

    Reply
  15. Heather Cole
    Heather Cole March 5, 2017 at 10:02 am

    It is time for this man to remain silent pernamently. It is folly to make the statements that he is making. These are alternative facts. Barbados has no control over the Standard and Poors rating system or any international monetary systems we can only accept their statement which the rest of the world accept. I hope no one is taking him seriously.
    It is no wonder there is an economic crisis in Barbados. Our delusional leader is in permanent state of denial.

    Reply
  16. Lynda Bonnett
    Lynda Bonnett March 5, 2017 at 10:04 am

    Ugly like sin

    Reply
    • Donild Trimp March 5, 2017 at 12:32 pm

      Lynda Bonnett, if you do not have anything sensible to contribute, who come here and prove what an ass you are.

      I am looking at your profile picture and you are no beauty queen.

      Reply
  17. Bradg March 5, 2017 at 10:08 am

    Never thought in my lifetime that I would have such disgust with a Government. What a waste they are!!!

    Reply
  18. Kamila Burrowes
    Kamila Burrowes March 5, 2017 at 10:10 am

    Lol

    Reply
  19. Sunshine Sunny Shine March 5, 2017 at 10:12 am

    This man is absolutely out of touch with reality. I hope that we do not ever ever have to set eyes on this simpleton again.

    Reply
  20. Lilian Lloyd
    Lilian Lloyd March 5, 2017 at 10:13 am

    HIS LAST WORDS BEFORE THE SHIP DISAPPEAR UNDER WATER AND DOWNGRADES !!!!!!!

    Reply
    • Ryan Bayne
      Ryan Bayne March 5, 2017 at 10:18 am

      And our hearts will go on and on.

      Reply
    • Marilyn Lorimer
      Marilyn Lorimer March 5, 2017 at 11:30 am

      Lol

      Reply
    • Sonia Romain
      Sonia Romain March 5, 2017 at 12:59 pm

      Lillian behave…but this pic hard tho.

      Reply
    • Marquita Reece
      Marquita Reece March 5, 2017 at 8:06 pm

      Is that what you ppl want for our Beautiful country, even in our present state thousands of ppl will die to live here,Stop the hatred,I PRAY GOD’S BLESSINGS ON MY BEAUTIFUL COUNTRY,

      Reply
  21. Rawle Maycock
    Rawle Maycock March 5, 2017 at 10:15 am

    Since 2010 I mentioned about the renewable energy the government got off to a Good start with the program and then stalled,dispose of what the oil prices are Barbados should have been much farther with the program unless now that you sell the oil terminal you plan to go ahead .

    Reply
  22. Zeus March 5, 2017 at 10:16 am

    Wanna cussing the man for being corrected… It’s time Barbados started earning foreign exchange other than through tourism and by borrowing… We need to stop living in a fools paradise…. The last Prime Minister to be lambasted like this one was proven to be correct in his decisions….

    Reply
  23. Ryan Bayne
    Ryan Bayne March 5, 2017 at 10:18 am

    Mister Fumble Sleephard, you gotta be outta your goddamn mind. This country has been downgraded since Recession started back in 2009. You really need to wake up and smell some Nescafe coffee to understand this.

    Reply
    • Lilian Lloyd
      Lilian Lloyd March 5, 2017 at 10:22 am
      Reply
    • Salena Spice
      Salena Spice March 5, 2017 at 12:04 pm

      Not NESCAFE – ECAF PLEASE – this odour permeates the biggest and dumbess of NOSTRILS!!!!!

      Reply
  24. Susan Clarke
    Susan Clarke March 5, 2017 at 10:41 am

    No but you should be

    Reply
  25. Sonia Romain
    Sonia Romain March 5, 2017 at 10:42 am

    He is in denial or hallucinating….#cuddear

    Reply
  26. Christopher Hill
    Christopher Hill March 5, 2017 at 10:57 am

    he is in lala land not Barbados. mr PM lat me inform you of the current state of affairs at the ground level. people having a hard time just balancing their household requirements, plenty repossessions of cars, furniture and homes, propertymarket is all FOR SALE but nobody buying, bank giving a menscule interest on savings all the while asking for big profits via interest rates, retail businesses have been failing for quite some time, the solar and renewable industries have collapse due to untimely and biased policies by your administration, all social services have all but collapsed, housing for the masses non existant, constant international downgrades, fisheries left to wonder why your government has done nothing about the new crab fishery discovered in 2014, man i could do this all day. BRING THE ELECTION.

    Reply
  27. Sean R Gittens
    Sean R Gittens March 5, 2017 at 11:05 am

    Which rock has he been hibernating under …boss we been down, cross under everything but upgraded for de past 8 years….

    Reply
  28. Ardith O
    Ardith O'nell Prescod March 5, 2017 at 11:11 am

    Mr. Stuart makes it a habit to trivialise issues important to Barbadian that have affected and will continue to affect our way life. My advice. Stop it. You’ve demonstrated that you’re living somewhere else. Down the rabbit role, perhaps?
    Say hello to Alice.

    Reply
  29. Mazie Taylor
    Mazie Taylor March 5, 2017 at 11:12 am

    When I got up this morning I thank God I was not in a country with war like Turkey and Syria or in the Trump racist states or in Somalia where people are starving. I am glad that I am not in Jamaica or Trinidad’s excessively violent country, but I am in the beautiful Barbados where I can be free to talk walk swim chill with a neighbour enjoy this pleasant land and pray that we will be delivered from all the evil around us.God bless this Island.

    Reply
  30. Ziggy Blessed
    Ziggy Blessed March 5, 2017 at 11:12 am

    lost lost lost…..wake up sir…..bed time gone since 2014

    Reply
  31. PS March 5, 2017 at 11:17 am

    You realize that is a rating lower than Greece with out an economic block to prop Barbados up. More concern and action is needed than just hey guys all’s go from the PM.

    Reply
  32. Mike Baje
    Mike Baje March 5, 2017 at 11:47 am

    Why does he bother to mumble????

    Reply
  33. Dave Small
    Dave Small March 5, 2017 at 12:15 pm

    Freundel Stuart is by far the most lame Prime Minister not only Barbados has ever had but the entire caribbean has ever seen

    Reply
  34. Suezette Boyce-Griffith
    Suezette Boyce-Griffith March 5, 2017 at 12:42 pm

    Fumble ugly need to keep his big mouth shut it is the same size as he nose but looking at it he is just the sleeping gaint may be when the boat is finally under water he will wake up worst pm ever given a chance

    Reply
  35. Ryan Videodv
    Ryan Videodv March 5, 2017 at 12:43 pm

    As he take the Money from Arabs..He sold you all to Muslims..Again..So you all going be Muslims.Allah Akabar

    Reply
  36. Nico HL Beckles
    Nico HL Beckles March 5, 2017 at 12:54 pm

    18 downgrades later…. Stuart ” Barbados cannot be downgraded” deport yourself, find someplace and go

    Reply
  37. Sonia Romain
    Sonia Romain March 5, 2017 at 1:02 pm

    But you know when a person get up from sleeping….they does get u “dotish”. He needs to “catch” himself first.

    Reply
  38. Mar Git
    Mar Git March 5, 2017 at 1:07 pm

    They do it anyhow

    Reply
  39. Keba Henry
    Keba Henry March 5, 2017 at 1:24 pm

    Wow now ya see why he should continue to keep quiet he don’t got a clue

    Reply
  40. David Small March 5, 2017 at 1:27 pm

    I voted for this party five times and believedo in it but I am of the opinion that it is time for a change in government.

    Reply
  41. Zheifetz March 5, 2017 at 1:32 pm

    The man is a mistake!

    Reply
  42. jrsmith March 5, 2017 at 1:33 pm

    This priminister is living in la,la land, bajans has given up on him and his government years ago…

    Reply
  43. James Austin Bynoe
    James Austin Bynoe March 5, 2017 at 1:39 pm

    You need to just shut up …. what a total jackass statement …. not the time for “PHILOSOPHICAL RUBBISH” ….

    Reply
  44. Tricia Cox
    Tricia Cox March 5, 2017 at 2:10 pm

    May God help Barbados.

    Reply
  45. Pat BB
    Pat BB March 5, 2017 at 2:17 pm

    Oh loss!! Fraudel Fraudel Fraudel,

    Reply
  46. marva March 5, 2017 at 2:40 pm

    Sounds like an echo from senator Ince’s view that the Barbados dollar can’t be devalued.

    Reply
  47. T.B-Callender March 5, 2017 at 3:11 pm

    Utterances of stupidity! With no vision the people perish. I think it is better you stay asleep Mr. Pm.

    Reply
  48. Penny March 5, 2017 at 3:54 pm

    If he living on mars?

    Reply
  49. Earl Crichlow
    Earl Crichlow March 5, 2017 at 3:54 pm

    It’s clearly he is in denial or suffering from dementia..

    Reply
  50. Denzel Williams
    Denzel Williams March 5, 2017 at 4:57 pm

    True or false?

    Reply
  51. Heather March 5, 2017 at 5:19 pm

    Really are all of you people for real slating a prime minister in such a way rediculing his features , bananarising him for Christ sake start seriously thinking how much better you would feel if you could get on with helping people around you in the big clean up rather that being quite frankly cruel. Forgive him his mistakes and grant him honor for trying to help his people. Love you all i do Barbadians are the most fantastic prople in the world xxx. Oh send him some get well soon cards!

    Reply
  52. Tony Webster March 5, 2017 at 5:29 pm

    This gentleman, has not been reduced, or been disrespected. It is a willfull, deliberate, and repeated, self-inflicted injury. Unfortunately, the resulting pain will be shared with all breathing citizens. Additionally, deep scars will long remain, on another injured party: The Office Of The Prime Minister of Barbados.

    Reply
  53. John Q March 5, 2017 at 5:31 pm

    OMG……. has he finally awakened out of his deep slumber….. all of a sudden we have a crisis; tell us something we DON’T know. So how are you going to fix it ??? Do you have a plan ????

    Reply
  54. Steve Jemmott
    Steve Jemmott March 5, 2017 at 5:36 pm

    …….the appropiate word to use here is “degraded” Sir. ……..Our Country and the lifestyle of majority of its people which they have once enjoyed have been downgraded.

    Reply
  55. Arthur Collymore
    Arthur Collymore March 5, 2017 at 6:31 pm

    He said the same thing after a previous downgrade. We are in this mess partly because he takes nobody’s advice or criticism seriously. This arrogant …..is of the opinion that nobody can tell him anything. It is now left to us, the electorate, to send him a loud & clear message, “you’re fired”. The one report that he cannot rubbish, that he would have to take seriously.

    Reply
  56. Max Carter
    Max Carter March 5, 2017 at 6:33 pm

    this man is a jackass?

    Reply
  57. jus me March 5, 2017 at 7:01 pm

    Oh brother I like to be paid HALF what he does get for being a Jackass.

    I read someplace it only take two people to sign to ask a Dr to classify someone as mentally incompetent and they and the Dr sign and this person then in the Mental.

    NO need to queue we only need TWO.

    Reply
    • James Lynch March 5, 2017 at 7:07 pm

      Ah choo dat… but I see a crowd in line already!! LOL!

      Reply
  58. Jay Manny
    Jay Manny March 5, 2017 at 7:01 pm

    This man is stuck on stupid.

    Reply
  59. James Lynch March 5, 2017 at 7:06 pm

    Well, I kept saying he is a jackass, but now he has opened his mouth and brayed. And his herd of jackasses will of course follow him off the cliff.

    So my point is proven, but there is no guarantee he will not be returned to power next election, you know how the yard fowls are.

    God save beautiful Barbados. Our country needs all the help it can get. No man is an island, and no island can stand alone.

    Reply
  60. jus me March 5, 2017 at 7:46 pm

    Bow tie nose Bow tie Brain.
    I hear when he born Dr push him back three times cos he figure he a breach birth.

    Man he ent UGLY he jus Classically UNBEAUTIFUL!!

    He head a lil flat from all dat pushin!!
    LOL

    Reply
  61. Lux March 5, 2017 at 9:46 pm

    That was the most amount of bullpup ever spoken. All he got to say to every problem is “there is no problem”. Every country depends on carrying debt, no country has a profit per se. Of course we need to borrow, government projects in any country depends on borrowing. He is trying to spin it as if it was a plan that is good for us but the truth it has simply happened out of incompetence. He couldn’t pour water out of a boot if there were instructions on the heel

    Reply
  62. Dave Holder
    Dave Holder March 5, 2017 at 11:21 pm

    Oh..

    Reply
  63. Tony Waterman March 6, 2017 at 7:20 am

    Does he NOT Realise that it is the ENTIRE Island that is Downgraded, and NOT His Government alone ???

    That is why Sagicor had to relocate to Bermuda, and i am NOT optimistic that Goddards will not be doing the same SOON.

    He seems to be unaware that any Company/Corporation/Business that deals in Large sums of Money Borrowing,Buying,Selling,Trading etc are going to be impacted.

    Fools rush in, where wise men fear to trod, right now he sounds like the Biggest Fool of all.

    Reply
  64. Nathaniel Samuels March 6, 2017 at 9:58 am

    Talk yuh talk, Freundel. Now leave the stage. I wonder what Owen will think after hearing these clowns talk about what they found when they came to office and trying even after two consecutive terms, to assign blame on the former administration.
    By the way, Mr. Prime Minister, Barbados CAN BE downgraded. Let me show you how. If we have no money to care for Barbados, it will sooner rather than later go to ruin. Then those who come to Barbados because of its beauty will then stay away. Loss of foreign exchange. The tourism industry is then on the way down.
    Look at the corporations. If Barbados loses its beauty and has been downgraded to a point where it will be difficult for them to raise foreign exchange, they will think twice before committing to do business or relocate to Barbados. remember the Sagicor situation where that company decided to relocate to another country? So now we other companies are not interested in doing business with Barbados so we lose business and therefore foreign exchange. The international business sector loses and we lose foreign exchange. This becomes a vicious circle and slowly Barbados becomes bogged down and is not attractive to visitors or corporations.
    So Mr. Prim Minister, you need to amend your message that our beloved country Barbados cannot be downgraded and adopt a more conciliatory tone and acknowledge that we are in a bad position and state categorically that you, as Prime Minister, will do your utmost to uphold the Barbados brand and not allow it to be further downgraded.
    Your ebullient postures are not helping us in any way as we see, experience and know what is taking place in our island.

    Reply
  65. Smooth March 7, 2017 at 12:09 am

    People you are preaching to the converted do you all think the prime minister really reads what you all have to say to, about or around him. He has said already he dont listen to the call i. programs so why would he read this. I have told people to let the man remain silent eons ago. As soon as he opens his mouth you will sish he kept it close. A philosopher of garbage.

    Reply
  66. eddy murray March 7, 2017 at 8:26 am

    Zino, please do not put that man with my Goat at all.

    Reply

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