Nothing unusual about IMF visit, says Sinckler

Amid mounting calls for the Freundel Stuart administration to enter into a formal International Monetary Fund (IMF)  programme, Minister of Finance Chris Sinckler is assuring that yesterday’s visit to his office by an IMF team is well within the norm,

“It is a courtesy call. The IMF usually comes to do the Article IV. They are not doing the Article IV yet. Between the Article IV we have staff visits where they come down and meet with staff, they collect data, talk about things like the Budget, the Estimates and so on. And they are doing that this week,” Sinckler told reporters this afternoon following yesterday’s meeting with officials of the Washington-based financial institution.

He reported that the team, which is led by the IMF’s deputy division chief for the Western Hemisphere Department, is here collecting data ahead of its yearly Article IV Consultation on the country.

“They usually pay a courtesy call on me at the beginning of the session and at the close. So they will probably be back at the end of the week,” he added.

Government is currently struggling to lower its high debt in the order of 140-160 per cent of gross domestic product (GDP) and its fiscal deficit of 5.8 per cent of GDP.

Following a visit to the island last May, the IMF reported that the island’s economy appeared to have turned the corner with activity picking up, but since then the overall fiscal position has worsened, triggering calls by several leading economists for the island to embark on a structured IMF arrangement.

However, to date the Stuart administration has been reluctant to accept that advice, with many  Barbadians still seething over their last taste of bitter IMF medicine back in the 1990s, which is also seen as the straw that broke the back of the then Democratic Labour Party administration.

10 Responses to Nothing unusual about IMF visit, says Sinckler

  1. PumbAa Stillnotgivingashit
    PumbAa Stillnotgivingashit June 22, 2017 at 12:11 am

    Haha

    Reply
  2. Francis McClean
    Francis McClean June 22, 2017 at 1:56 am

    Oh dear. Ah pon mute.

    Reply
  3. Buun June 22, 2017 at 5:28 am

    Now sweet talking us on the IMF. Please.

    Reply
  4. James Franks June 22, 2017 at 5:54 am

    Let’s face it,we need the IMF to bail us out, sooner, rather than later.

    Reply
  5. Ali Baba
    Ali Baba June 22, 2017 at 5:58 am

    THESE WOEFUL DEGENERATES THAT RUNNING THIS COUNTRY HAVE PUT US NOT IN GROSS DOMESTIC PRODUCT (GDP) BUT IN GROSS DOMESTIC PROBLEMS (GDP). 120 MONTHS OF NOTHING, DOWNGRADES, CORRUPTION, PLUNDERING NIS, TAXES..BAD INVESTMENTS ETC. WE BOUND TO BE IN TROUBLE.

    Reply
  6. Mack June 22, 2017 at 7:32 am

    The IMF officials like the hospatality of Barbados . This is the reason they are here so often. The lady is in need of a tan that is why she is here.

    Reply
  7. Alex Alleyne June 22, 2017 at 7:54 am

    THEY JUST STOP IN FOR A “BIG-MOUT-DRINK”.

    Reply
  8. Dave D. Thompson
    Dave D. Thompson June 22, 2017 at 8:23 am

    Ok guys something is unusual about it if this man says walk run Fast as hell

    Reply
  9. Arthur Collymore
    Arthur Collymore June 22, 2017 at 9:04 am

    In 2013 the deficit climbed in excess of 11 % of GDP. In that year’s budget, measures were implemented to reduced said deficit, including retrenchment. After being lowered, the deficit has since risen. What would motivate a MoF to strive for a balance budget with a deficit of 5.8 % of GDP in a 9 billion dollar economy? When one considers that these cuts are to be done in 9 months with elections due within the same time frame, one may reasonably conclude that the MoF is taking instructions from someone outside of Barbados. Could it be the IMF with whom he’s reluctant to enter a formal agreement?

    Reply
  10. Come on ppl June 22, 2017 at 9:54 am

    First thing first- the government have basically sold off Barbados to any outsider with a dollar bill but yet the economy is going down, unemployment going up and debt. Where is all the money from all these sales going or we just giving Barbados away.
    Next outside of tourism, Barbados can’t make money. Well instead of importing so much and sending money out of the country, why don’t we try to rely on using products that can be grown and produce in Barbados. Let’s talk about making sure the youth and the Bajan ppl have all the necessary skills needed to gain gainful employment which would allow them to invest back
    Into the country and build the country up.

    Reply

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