Worry not!

Govt meeting its debts –Sinckler

Minister of Finance Chris Sinckler today assured that Government is meeting its foreign debt repayments.

In fact, he told journalists gathered at Government headquarters where he has been meeting all week with the private sector that a payment of more than $40 million was recently made to Credit Suisse.

And with more payments due in the coming months, the Minister of Finance said he was not worried about the island defaulting at this stage.

“I am not worried about it at all. Actually our foreign debt profile is pretty good. It is very flat and we have designed it that way,” he said.

“We now pay less than ten per cent on foreign earnings to service debt and that is how it should be. I think it was seven per cent when last I checked and that is good. We try to keep the profile as flat as possible,” he added.

However, with Government papers due to mature in 2021 and 2022, and approximately $400 million to become payable, Sinckler said “we need to make corrective action now so that we can return to market and be able to source resources if we determine that we either want to pay those off or roll them over for a longer period”.

With that said, the Minister of Finance was confident that “we will be able to meet those commitments” until 2021.

In defence of the tax measures announced in his May 30 Budget, Sinckler said it was critical that the island strengthen its foreign reserves, which fell below $700 million, or below the recommended 12 weeks of import cover last December.

He also stressed the need for Government to “contain anything that may contribute to an outflow from the reserves of the country.

“We want to make sure we keep the Barbados dollar stable. Secondly, we have to finance the operations of Government. We have been running a fiscal deficit for a number of years now and of course these have cumulative effects,” he said. 

25 Responses to Worry not!

  1. PumbAa Stillnotgivingashit
    PumbAa Stillnotgivingashit June 21, 2017 at 11:28 pm

    You could look at that face n dont worry !!!!!!

    Reply
  2. Ryan R A Charles
    Ryan R A Charles June 22, 2017 at 4:35 am

    boy BYE

    Reply
  3. Buun June 22, 2017 at 5:24 am

    Da

    Reply
  4. Samantha Trotman
    Samantha Trotman June 22, 2017 at 5:42 am

    he look more worried than we, like he sleep in weeks

    Reply
  5. Ali Baba
    Ali Baba June 22, 2017 at 6:17 am

    WORRY NOT! WORRY NOT!!! WANNA IS AH BUNCH OF DISGRACEFUL, DISTASTEFUL, WANTON, INEPT PLUNDERERS……..EVER TO RUN THIS COUNTRY…….WANNA WERE POOR WHEN U ALL GOT IN, THE POOR HAVE BEEN MADE RICH & TURN NOW, EATING UP EVERYTHING OF WHAT LIL THE POOR HAS……..

    Reply
  6. E Jerome Davis
    E Jerome Davis June 22, 2017 at 6:17 am

    De stress can kill yuh.

    Reply
    • Eddy Murray
      Eddy Murray June 22, 2017 at 6:59 am

      Stress is a Killer alone.

      Reply
    • Colette Felix
      Colette Felix June 22, 2017 at 7:53 am

      I surely hope it kills him

      Reply
      • lester June 22, 2017 at 9:41 am

        not nice to hope such for someone because of what? you too could die today becareful what you wish for others, you are dust too

        Reply
  7. Shaun Yarde
    Shaun Yarde June 22, 2017 at 6:34 am

    Are you jesus?????????

    Reply
  8. Angus Benn
    Angus Benn June 22, 2017 at 6:40 am

    WHY you don’t resign. Like how you force the governor to resigned. Your government destroyed this Beautiful country.

    Reply
  9. J Ann Dripping
    J Ann Dripping June 22, 2017 at 7:05 am

    He tax bajans so much it telling in he face. Next thing he gine ease is cosmetic surgery cause he gine need it.

    Reply
  10. Ma Barka
    Ma Barka June 22, 2017 at 7:06 am

    U in know that God watching u.

    Reply
  11. Andrea Carter
    Andrea Carter June 22, 2017 at 7:22 am

    Sinckler looking like a worried beetle juice over his job more than about the island people pockets

    Reply
  12. Lionel Gittens
    Lionel Gittens June 22, 2017 at 7:27 am

    Should you not meet with these people before the budget? As I keep saying your advisers are not doing a good job.

    Reply
  13. Lionel Gittens
    Lionel Gittens June 22, 2017 at 7:30 am

    Don’t like the look Minister.

    Reply
  14. Dave D. Thompson
    Dave D. Thompson June 22, 2017 at 7:47 am

    With u in charge of the finances of this country Bajans have lots of reasons to worry #worseweeverhad

    Reply
  15. Winnie Meade
    Winnie Meade June 22, 2017 at 7:50 am

    Lionel Gitten do you think they take advice please dont make me laught so early every thing gone up in the supermarket everywhere they dont care for the poor hell no from the dlp take office it taxs water gone up done people dont do were the next dinner comming from but i dont blame them i blame the blp they never want mr arthur to be no leader so they stay home and now they are crying the old people have a saying never burn the bridge you cross because you will need it to cross back

    Reply
  16. Michael Walcott
    Michael Walcott June 22, 2017 at 8:28 am

    If Sinckler said to walk then run as hard as you can! People can’t see that Sinckler will continue to sink Barbados.

    Reply
  17. Milli Watt June 22, 2017 at 9:18 am

    when this man tells you not to worry you check your self into black rock post haste

    Reply
  18. Richard Johnston June 22, 2017 at 9:48 am

    For comparison, the US is paying 1.3% for 2-year financing, 2.1% for 10-year and 2.7% for 30-year. Germany is paying 0.25% for 10-year financing.

    Reply
  19. jrsmith June 22, 2017 at 2:34 pm

    These politicians has got it made in barbados, they say what they like, do what they like , when they like because they are not accountable to the black masses who vote for them ..
    *****************************************************
    As I said before I am of the opinion this government is going to remain in power , after the coming election….. bajans are frighten for our politicians and scared of the 1% of our nation who have no real worry , because they are in control…… Just think the same (DLP) government ………. next time around..
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    I want bajans to think of a way how to remove any (MP) from office , by the same vote he/she got which put them in office , just think if the above becomes reality…………………………

    Reply

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