Sinckler not focused on downgrades

Minister of Finance Chris Sinckler says he will not despair over the fact that the sale of the state-owned Barbados National Terminal Company Limited (BNTCL) to regional petroleum products giant Sol, will not be finalized in time to be factored into the calculations of international credit rating agencies Standard & Poor’s and Moody’s, who are expected to published their next quarterly report in June.

The sale of the of the country’s lone oil terminal for US$100 million -together with the Wyndham Resort at Sam Lord’s Castle and the construction of the Hyatt Centric, which has also been halted by a court injunction – had been touted by the Freundel Stuart administration as a means to shore up the dwindling foreign reserves, which fell to a worrying ten weeks of imports.

Rubis West Indies Limited last month secured an interim injunction until May 26, stopping the proposed sale, which it claimed would create a monopoly.

The company also filed an application in the High Court for judicial review of a decision to approve the inclusion of a 15-year moratorium clause in the Sale and Purchase Agreement between a Sol subsidiary and the Barbados National Oil Company Limited (BNOCL).

However, in the face of further possible downgrades as a result of these setbacks, Sinckler told Barbados TODAY that Government had no intention of marching to the beat of the rating agencies.

“I am not running my ministry with one eye on any rating agency, we are doing what we are doing in the best interest of the country,” Sinckler said Monday at the Carlton cricket grounds, where he hosted kite flying competition for his St Michael North West constituency.

“The rating agencies would do what they have to do – their actions do have an impact on us but we have to do what is in the best interest of Barbados. The people who do the assessments would have to judge by what action we take,” he added.

Just last month, Moody’s downgraded Government bond and issuer ratings to Caa3, placing Barbados on the same level as Greece, the Ukraine and Venezuela, and all but stating that the home-grown austerity programme had failed.

It came six days after Standard & Poor’s had reduced the country to ‘CCC+/C’ on account of its limited financing alternatives and low international reserves.

Notwithstanding, the minister urged Barbadians not to despair as he argued that the sale of the BNTCL was by no means Government’s only plan to return the foreign reserves back on solid footing.

“There are inflows other than through the sale of the BNTCL. Those were some key ones and quite frankly critical, but there are many other projects, some of which have come in. We
would not have listed them or reiterated them as we did those three because those three are significant.

“There are others that flow into the country all the time, we just have to make sure that we manage the demand until such time that the bigger ones come in and to ensure that we defend our currency. We believe we have enough of those and there is no case for any devaluation,
so we feel reasonably comfortable in that regard, but that does not mean that everything is settled, “ he stressed.

22 Responses to Sinckler not focused on downgrades

  1. James Austin Bynoe
    James Austin Bynoe April 19, 2017 at 12:20 am

    “pride” :::::: would rather see the nation downgraded to -F than do the honorably thing and “resign”

    Reply
  2. RB April 19, 2017 at 6:26 am

    If government were a company, he would long have been fired for his inability to produce the required outcomes.

    Reply
  3. RB April 19, 2017 at 6:30 am

    …and yet, they happily berate the private sector, which is the only reason that government has any money to spend on the social good. Governments actually produce nothing, they survive off of private sector earnings and employment of people.

    Reply
  4. Christopher Foster
    Christopher Foster April 19, 2017 at 6:59 am

    The economy is so bad, the government is in such denial and this news is so repetitive, it’s like nothing surprises me anymore. Watching Trump and North Korea seems more exciting.

    Reply
    • Carson C. Cadogan April 19, 2017 at 1:42 pm

      The economy is bad in your opinion. I bet that you are still living large.

      Reply
  5. Cisco Wolf
    Cisco Wolf April 19, 2017 at 7:09 am

    Sinckler not focused……………..

    Reply
  6. The Negrocrat April 19, 2017 at 7:36 am

    I don’t blame this idiot, I blame the people of Barbados for letting a clown handle their finances way past his expiry date.

    Reply
  7. Marlon Ellis
    Marlon Ellis April 19, 2017 at 7:44 am

    Ain’t have 2 focus on things that don’t affect u as an individual ……smh

    Reply
  8. Ali Baba
    Ali Baba April 19, 2017 at 8:17 am

    WHAT AN ASSHOLE, INFACT ALL AH DEM….NO WONDER THE INVESTORS TAKING THE WORK TO OTHER PLACES. ONLY LTHING LEFT NOW IS BARBADOS UP FOR SALE…WHEN WANNA HAVE NO MORE TO SELL, I HOPE WANNA TURN ON YOUR OWN SEVES….SIN SICK B!TCH ‘ASTARDS

    Reply
  9. Santini More
    Santini More April 19, 2017 at 9:15 am

    He is unable to focus because his head is in a giddy panic. How long before our economic armegeddon Mr Sinkler?

    Reply
  10. Philip Matthews
    Philip Matthews April 19, 2017 at 9:26 am

    can’t get loans and getting deeper down in a hole the DLP is Putting this country in. what will we do when the next credit downgrade happens? Incompetence in my opinion

    Reply
  11. Sandra Madea
    Sandra Madea April 19, 2017 at 9:48 am

    We know ur not focus on anything u or the DLP GOVERNMENT.

    Reply
  12. Lilian Lloyd
    Lilian Lloyd April 19, 2017 at 10:12 am

    CHRIS SINTAX UNCLER

    Reply
  13. Keisha Hall
    Keisha Hall April 19, 2017 at 10:51 am

    I’m really sick of him and this administration
    #fedup

    Reply
  14. Ann Thomas April 19, 2017 at 12:04 pm

    Sinckler not focused on anything but staying in power at all costs.

    Reply
  15. Carson C. Cadogan April 19, 2017 at 1:40 pm

    The wicked Barbados Labour Party is focused on downgrades, because they feel it is their trump card.

    But lets face it, in spite of the downgrades life in Barbados continues apace. Bajans are going about their daily activities as normal.

    Everything in Barbados is functioning normally.

    You are right to ignore the downgrades and concentrate on keeping the country afloat.

    Keep up the good work. Challenges in the lives of individuals, businesses and Govt. are to be expected, as you know Min. Sinckler.

    Reply
  16. Sunshine Sunny Shine April 19, 2017 at 1:46 pm

    Why the shyte should he focus on downgrades when he know we already donwgraded and heading down for another one. The man spoke the truth for once. Good for you Chris!

    Reply
  17. Macmood Tata
    Macmood Tata April 19, 2017 at 3:45 pm

    HE DID NEVER FOCUS EXCEPT FUH D DEMS

    Reply
  18. Tony Webster April 19, 2017 at 4:49 pm

    @Carson-ci-ci: Sir, your two attempts at cogent comment, have elevated you one notch UP ( wow, upwards on onwards, hmmm?) on the scale of willful blindness. You are now within touching distance of the level above rose-tinted spectacles …to where those with rose-hued cataracts reside…( or resile from responsibilities?) ..I dunno which ….as I have never, ever witnessed such fumbling, bumbling, Gobellian hogwash; such shameless sycophancy; apologistian contortions; bruising of known facts; and sheer brown-nosing, in plain public view, than memory might serve me.

    You stand, Sir, at the Very Apogee, the Universal Zenith of the peak of Mount Yardfowlism. Thanks to the generally level plane of this beloved rock, any citizen can admire the prospect of your exposed parts….from any perspective or distance.

    The gentler, (slightly) Christian streak within, stays my hand from reaching for my copy of “African Proverbs”, which I am sure, would be even more explicit.
    Hmmm?

    Reply
  19. Rubertha Blackman
    Rubertha Blackman April 19, 2017 at 6:34 pm

    Most CEOs would fire you after that statement. A stable economy with a sound management skills invites investors. This is such a sad response, this does not inspire any confidence.

    Reply
  20. Ali Baba
    Ali Baba April 19, 2017 at 7:49 pm

    WOULD LOVE TO SEE ALL DEMS BANK ACCOUNTS, WHERE EVER THERE ARE HAHAHAHAHAHA STINKING DOGSSSSSSSSSSSSSSS

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *