Economic reports in

Prime Minister Freundel Stuart now has in hand the reports of the recently established fiscal deficit and foreign reserves working groups, set up to advise him on the way forward for the ailing economy.

However, so far officials have been tightlipped on the contents of the two documents, which were hastily produced following a two-week deadline issued by Stuart at the year’s first full Social Partnership meeting on Friday, March 3.

“I can confirm that the deficit committee has submitted its first report to the Prime Minister,” one official told Barbados TODAY Wednesday afternoon.

“We need to give the Prime Minister enough time to see it and show it to Cabinet before we go public with it. We will go public with it in time. We just want to show the right respect,” the official added.

Official sources also confirmed that chairman Peter Whitehall had handed in the report of the foreign reserves working group, ahead of next Friday’s meeting of the Social Partnership sub-committee, at which the two reports are to be considered.

All indications are that the Barbados economy is seriously in the red, with tough decisions now needed to pull it back from the brink. Just last week, the Central Bank released the latest Financial Stability Report which showed that while there was signs of recovery with growth of about 1.6 per cent last year and a slight fall in unemployment, the fiscal deficit was simply still too high and remained a source of concern.

The report also raised concern that Barbados’ debt was further downgraded by international ratings agencies during the year, causing a reduction in the financial institutions’ appetite for domestic Government debt.

“At the same time reserve levels fell [below $700 million] to around the equivalent of ten weeks of imports of goods and services,” it added. 

12 Responses to Economic reports in

  1. Mark Adamson March 23, 2017 at 1:49 am

    “Many things are fundamentally wrong and false in many areas of social and intellectual life in Barbados.

    Take for instance, the arrant foolishness by some people about a government of Barbados, or any other entity, having a deficit in its accounting affairs.

    The fact is that there is no such thing that can be referred to as a deficit!!

    Furthermore, no amount of use by any one of any putative mathematical formulae can be enough to measure a deficit that has no existence.

    So, imagine the Front page of today’s Daily Nation newspaper (22/03/15) screaming out the headline: DEFICIT PLAN.

    Absolute rubbish on stilts about an already very inept and incompetent DLP government (a similar thing could have been said about all previous government) embarking on a program to reduce its large fiscal deficit.

    The fact is that a deficit (that does not exist) CANNOT be reduced by the use by a government or any other entity of whatever supposed means.

    Thus, the symbolism behind such stupid thoughts, in the case of this present and monstrous DLP government ( and as it was also the case with previous and despicable BLP governments), is that, it will continue to greater violate and ransack certain fundamental principles pertaining to money and its uses in Barbados, and therefore to greater help direct and position the country deeper and deeper in the financial doldrums.”

    The above is a published Facebook comment helped done by me about 2 years ago.

    Reply
  2. Nathaniel Samuels March 23, 2017 at 1:52 am

    “We need to give the Prime Minister enough time to see it and show it to Cabinet before we go public with it. We will go public with it in time. We just want to show the right respect,” the official added.
    Well, well, well. You are making a grave mistake as we all know how long this sloth takes to get things done. I hope you have also given copies to those who will advise so that some decision will be made. God bless Bim, please!!!!!

    Reply
  3. Sunshine Sunny Shine March 23, 2017 at 2:01 am

    Give him enough time to do what? You people are friggin amazing. This man has serious credibility issues. Besides he more than likely will speak about this in another party faithful meeting or at some function over over and away.

    Reply
  4. jus me March 23, 2017 at 6:34 am

    Y,all feel this heah boss big pig, has he face in de trough, way up en above he ears.

    HE ENT HEARIN NUFFIN

    Reply
  5. chris hill March 23, 2017 at 7:15 am

    How much time should we give the sloath. Balance sheets and deficit reports dont take any time to read and digest especially when you have summarized reports. just looking for time to figure how he and his cabinate is going to spin the bad news. return to the electorate Mr. Stuart you have had your time.

    Reply
  6. Arthur Collymore
    Arthur Collymore March 23, 2017 at 7:30 am

    An advice contained therein is exactly that which was freely given by the many economic & social commentators over the years. Why is it that whenever an important decision have to be made by this clown of a PM that he delegates the task to some one else. A Commission of Enquiry, an Employment Rights Tribunal & now a Working Group. The purpose, that he can then say, “it was not a decision made by me” when the inevitable criticism erupts. Then there is the painful reality that this sloth suffers from an implementation deficit syndrome that renders any immediate action virtually impossible. There are people in this country who are poised to take the corrective action to turn this economy around. Man, get out the way so that Barbados can progress. Do us all a favor & Call elections so that we can rid the country of this Dead Lazy Party (DLP).

    Reply
  7. Aneta March 23, 2017 at 8:10 am

    People. The article states that our PM needs time to digest the fiscal report. As citizens of Barbados we need to give him (them) the alloted period of time required. Please don’t be hasty. It took the inept DEMS nine years to come to most apparent conclusion so why can’t we extend a little more time for them to fully commit suicide? In all seriousness, this country is in a depth of shit s… that will see it very difficult for us to climb out of. Let us all pray and pray steadfast for our country. We need it.

    Reply
  8. Sonia Small
    Sonia Small March 23, 2017 at 8:39 am

    please just give reading and stop using his photo cheesus!

    Reply
    • Lavern Hinds
      Lavern Hinds March 23, 2017 at 12:41 pm

      Lol murdah, I endorse this comment 3000%

      Reply
  9. Alex Oconnor
    Alex Oconnor March 23, 2017 at 8:44 am

    Lies lies lies lies

    Reply
  10. Ossie Moore March 23, 2017 at 10:57 am

    Jus Me we aint mekkin nah souse up in hey!

    Reply
  11. James Franks March 23, 2017 at 11:32 am

    The Prime Minister a sloath??

    Far too kind, the man is an abject failure!!

    Reply

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