Positive Outlook for Economy

 

 From the Advocate

IN a decision that contradicted recent criticism of the way Barbados’ economy is being managed, the influential Wall-Street-based credit rating organisation Standard & Poor’s (S&P) has given thumbs up to this island’s performance. A division of The Mcgraw-Hill group of companies, S&P gave its latest assessment of Barbados amid allegations that the economy is in crisis and that public expenditure in particular is leading to a disastrous foreign exchange decline. That dismal view appears to have been strengthened by the negative outlook which S&P previously gave for Barbados. However, the rating agency has now changed the outlook from negative to positive.

Furthermore, instead of issuing a down-grade as local critics had predicted [and a few Wall Street analysts expected], S&P confirmed the island’s long-term foreign credit rating at BBB+, unchanged from 2005. S&P also noted that fiscal adjustment now under way should result in a surplus of the gross domestic product [GDP] in 2007, compared to a deficit of 0.9 per cent in the current year. The long-term local rating stands at A- and short-term sovereign currency rating is at A-2.

Most analysts are of the view that Barbados’ economy continues to be sound as evidenced by the affirmed investment grade ratings. Like S&P, which says it likes what it saw in the management and prospects for the local economy, they also feel that, should severe external shocks occur, Barbadians will need to co-operate with any corrective monetary and fiscal policies that could be introduced to maintain economic stability.

According to the rating agency, a substantial surplus in the National Insurance Scheme [NIS], along with lower spending on capital projects in the coming year would reduce Government’s debt from 40 per cent of GDP in 2005 to around 37 per cent, and would also cut the interest burden from 11 per cent to five per cent. S&P’s analysts observed that while a large part of the capital expenditure resulted from preparations for Cricket World Cup 2007, there would be a lessening of outlay during 2007, thus improving the island’s fiscal position.

In addition, a statement from S&P indicted that the present level of expenditure had been part of Government’s deliberate plan to undertake extensive upgrade s, many of which were already in the pipeline and others introduced to take advantage of any hospitality, commercial trade or other investment prospects that might accrue from CWC 2007.

Well after this regrading by the esteemed firm of Standard and Poor’s and all the resources that they have at their disposal to release a statement agreeing that the economy is doing well and is expected to continue to do well.

 What would the Doc (economist) on the other side say now after seeing this statement. He has been preaching doom and gloom every Tuesday for 2 years and now to be contradicted and proven completely wrong as this blog previously proved time and again. It will be interesting to see him whimper into insignificance once again.   

This economy continues to be astutely and professionally managed.

To all involved keep up the good work.

Improved Roads for our People

 Taken from article in the Advocate by Janelle Riley

Just take a look at some of the roads in St. John, St. George and St. James and you would understand what I mean and they are being repaired so quickly, with little or no disruption, it seems almost like an act of Divine Intervention. Take the example of the road leading from Four Roads, St. John to Venture, that stretch was completed in a weekend and it didn’t take much longer than that to complete the repaving of the Charles Rowe Bridge area which had been in disrepair for sometime.

So kudos to the Ministry of Public Works for a job well done so far, but please do not stop there as there are many other roads that need to be fixed, including the road leading from Four Roads, St. John to Ellerton, the road from Church Village to Bayfield, St. Philip and indeed Oldbury, St. Philip and the list certainly does not stop there.

But is it really CWC 2007 that is at the root of all these road repairs, or is elections in the air? I could argue that few of the people coming to Barbados for the biggest cricketing event will be staying in the heart of the island and because of the games they are not likely to see much of the length and breadth of our paradise, so perhaps a lot of this road work is being done in preparation for the general election constitutionally due in 2008.

The improvements in the infrastructure of this country are being done for the people of this country.

These roads were to be done whether there was a Cricket World Cup or not. Yes this event has hightened the urgency but the intent is primarily for the people and to improve the infrastructure.

After the CWC they will not be removed they will remain to be used by the people for many years  and this goes for every permanent development being done at this time. This propaganda by the other side to suggest that everything is being done just for CWC 2007 is nothing more than spin to the Barbadian public.

Nonsense and the public will not be fooled by those spin doctors on the other side. CWC has given a thrust in development that will continue even after the CWC has finished with more hotels to be built and other developmental projects to be done including the expanded Harrison’s Cave and upgrade to the QEH and others.

We have a goal to become a developed Nation and already the economy and the infrastructure are showing signs of development in terms of low unemployment, high wages and an enhanced infrastructure. Long may it continue as the economy continues to be prudently managed by two well trained and determined economists PM Arthur and Minister Mascoll.

Who is the economist on their side?

Nobody knows.

Towards a Better Road Network

 

Work has started this week in earnest on a set of measures designed to ease traffic congestion on the ABC highway, popularly known as “the Tom Adams Highway” which was the subject of intense criticism when it was built nearly 20 years ago.  We are very pleased that work has started to end the gridlock on our roads.  The three year programme will see the widening of the highway at certain points, the construction of underpasses in critical areas, the erection of six flyovers and measures such as synchronization of traffic lights and the building of a park and ride system.

The present and past BLP administrations have a very proud record when it comes to road works.  On many occasions, they did so in the face of stiff opposition from the Dems, who in any case are well noted for their lack of vision.  We particularly recall the things that were said when Tom Adams proposed the ABC highway.  Comments – such as it was a waste of money, money could have been spent on housing – were heard all over this country.  We are still aghast that the Dems, who completed the road, had the gumption to put Mr. Barrow’s name on it in spite of opposition to it.  We are well accustomed however to their political machinations.  We marvel at the foresight that the BLP showed and wonder where we would be today without it.

The BLP’s record on roads is even more outstanding especially since we carried them to the people in the communities where they live.  This was a hitherto neglected part of our road system, especially when some persons had to walk about with two pairs of shoes given the mud many of them had to contend with.  The work of the Rural Development Commission and its Urban counterpart is most noteworthy as relief was brought to thousands of Barbadians.  There is still some work left to be done and we will not rest until every settled community has a paved road on which to travel to and from their homes.  This country now has a road network better than many developed countries.

Another noteworthy aspect of our road programme is the involvement of the private sector.  The major construction companies have been very proactive, in some cases bringing in expensive new equipment and technology in order to develop our road system.  They have even procured financing on their own, easing the burden on the state. 

However, it is not only the major companies that have reacted.  We now have a few locally owned entities that have done some splendid work for the two commissions. We are gradually building up a set of small entrepreneurs who are prepared to invest in this country’s future.  We have even noted that the emergence of a few new concrete firms selling their products all across this island.  The general population is benefiting from the attention this BLP Government is paying to the development of an infrastructure worthy of a first world country.

The greatly improved economic situation and the vastly improved employment situation has caused a substantial increase in the number of cars on the road.  The reduction of taxes on cars soon after this BLP administration took over meant that many more families are now able to afford to own vehicles and as a result more pressure is placed on the road network.  We are not going to respond by curtailing ordinary working class people’s ability to own cars.  Our approach is to improve the road system to allow them to drive in comfort and in safety.

Queen Elizabeth Hospital Upgrade

Chief executive officer Winston Collymore, speaking to the media briefly yesterday following the launch of the Greeters programme, an initiative to help people find their way around the hospital, said they were looking at physically expanding the A&E and reducing waiting times

“We are looking at the waiting times there. We will agree to standard times in-house whereby if you go to the A&E, you would be expected to be seen and admitted within a certain number of hours. Those certain number of hours we are working on now to define,” he said.

Collymore said they had indicative standards which were now being discussed.

Other improvements being worked on include a new dialysis unit, new cardiac unit and re-equipping of the imaging department.

“By September, it will be the best of its type outside of Puerto Rico. Some of that equipment is already in place, the rest of it will be in place by the end of September.”

He added that the critical care unit was also being upgraded.

This is a good move by the Hospital as they strive to continue to provide top quality service to the people.

This hospital was built in 1960’s and has served Barbados well for decades. It is however a tragedy that it was starved of resources under the DLP admininstration in the 1990’s when they used the resources destined for the QEH to build the St. Joseph’s Hospital which in the end saw very few patients and turned out to be a complete was of resources.

It never properly recovered from this tragedy and lost good people and countless oppoutunities during that time. We are very happy and extremely pleased to see that as a result of the good and consistent work by this adminstration tp put the institution back into a state of good health that it is now on the road to recovery.

WELL DONE  to the staff of the QEH.

Keep up the  good work. 

Cell Phone Ban While Driving

Government will be introducing legislation to parliament to ban the use of cell phones while operating a motor vehicle.

This practice has been found to be a major hazard as holding and using the phone presents a major distraction to motorists. However the “handsfree” variety will still be allowed.

This brings us inline with many metropolitan cities as they have recognised the inherent danger and taken action.

We would like to hear  from the bloggers on this issue.

Operation Freeflow

 

From the Nation

“Operation Free Flow addresses the traffic solution for the next 20 years. It addresses road widening: four lanes from Warrens all the way through to Garfield Sobers. Overpasses: because of the four lanes vehicles will be able to travel from the widened highway over the roundabout, back to the widened highway without interruptions,” Danos said.

He said that road widening was not going to be enough, and to be doing that alone would end up moving traffic to the congested area faster.

“Flyovers are the key to maintaining uninterrupted flow and will cope with the traffic increases for the next 20 years,” he said.

When the ABC highway was first conceptualised there was a tremendous hue and cry. Can we now imagine life in modern Barbados without it. It has made a tremendous difference to how we travel in Barbados and enabled works like the sewerage project on the South Coast to be carried out by providing alternate routes. Indeed when it was first designed it was suppose to be 4 lanes but the BLP Government of the day succumbed to public pressure and reduced it to two lanes.

Now the traffic congestion has increased significantly. The economy is doing well. More people have jobs and are able to afford cars and there is an abundance of reasonable reconditioned cars. We are now victims of our own success and we have to increase to four lanes as originally intended.

This will also happen with fly overs and traffic management programs to ease the congestion and improve conditions for the travelling public. As we learn to use them and benefit from the improvements we will quickly forget how it was before. All part of a modern society as this country continues to develop towards its goal of becoming a developed state.

Harrison’s Cave Upgrade

 

 Borrowed from the official site for Harrison’s Cave

Reported in the Advocate

THE Caribbean Development Bank (CDB) has approved a package of financial assistance for a project which will enhance Barbados’ national tourism product.

The Bank’s Board of Directors approved a loan equivalent to Bds$33.9 million (US$16.9 million) to assist in financing the expansion and upgrading of Harrison’s Cave one of Barbados most popular land-based tourist attractions.

Approval for the financing was given at a meeting of CDB’s Board of Directors held at the Bank’s Headquarters in Barbados, on July 13, 2006. This follows the approval of a technical assistance loan of Bds$7 million in May of this year to the Government of Barbados for the modernisation of the regulatory environment in the country’s financial sector.

This investment in improving the cave will add tremendous value to our tourism product as we continue to diversify the industry and attract a wider range of visitors to our shores and surely we all will be able to benefit and enjoy the natural beauty that Harrison’s Cave has to offer.

We anxiously look forward to the re opening of the upgraded and improved cave.

BLP Blog has 5000 hits

 

 Thanks to all of our regular visitors this blog has now recorded 5000 hits.

In such a short period of time to have had so many hits is an indication of the continued impotance of the internet and blogging as it relates to modern politics.

We will continue to provide a place where people can come and share their views about politics in Barbados. Log on and we will blog on.

Questions for Thompson

 

  It has become a depressing and most pitiful sight to see David Thompson shamelessly walking about with crouch under arm and begging Barbadians for support for him and his band of political misfits in the upcoming election. This Englishman is really begging for a vote to complete the task he started back in 1994 when he was Minister of Finance.

The management of the Barbados economy requires a skillful economist at this time in our development if we are to avoid a repeat of the early 1990’s. It is therefore reasonable that the people of Barbados ask Thompson the following questions during his harmless walk abouts.

 1. Has Thompson gained any economic skills since the 1994 disaster by the DLP. 

2.     Will the IMF be invited to manage the day to day affairs of the Ministry of Finance and hence Barbados as they did in the early 1990’s

3.     Is David Estwick seriously the leading spokesperson on economic affairs in the DLP? 

4.     Will you Thompson make David Estwick the Minister of Finance should the DLP win the next election

5.     If Estwick fails to manage the economy well will civil servants have to pay the price with their jobs as they did under the last DLP when you Thompson was the Minister of Finance?

6.     Why did the DLP including you Thompson vote against the Bill brought by the BLP in Parliament to never cut public servants salaries again

7.     Thompson – you keep saying that the economy is in trouble.  Can you tell us your plan to rescue the economy?

8.     Our employment is at a record level. Our foreign reserves high and investor confidence in the country is strong. How do you Thompson intends to sustain this.

9.     Is it true that during the last DLP regime when public servants were being sent home left, right and centre, when both income earners in the same home were sent home and hard earned assets like homes, land and cars were being sold off by mortgagors and bailiffs were chasing down Barbadians were you Thompson reported to have boasted that the only thing a bailiff can ask you is the time of the day?

10. How does that make you Thompson feel now having to face some of those same people asking for a vote to run their affairs?

Sylvan Greenidge Press Secretary to the Prime Minister

Deputy PM has her Say

The Deputy Prime Minister’s call for a “framework of accountability” on our talk show programmes and internet blogs is most timely. The call was made during her address to the conference of the Commonwealth Parliamentary Association’s
Caribbean,
Americas and Atlantic Region currently in progress at the Hilton hotel. 

Based on comments made to us by persons who care little for the political mud-slinging on these call-in programmes and in Letters to the Editor, Ms. Mottley’s comments are echoing their sentiments and deep concerns for the lack of accountability on these unregulated forms of public discourses that can have a direct impact on the kind of society we can become. We agree with the Deputy Prime Minister that the work of the conference should lead to a policy to reform the
Westminster system so as to protect the credibility of our Parliaments. 

This column (BLP NATION Column) has been relentless in calling for accountability on these call-in programmes for some time now. We feel strongly that in an era driven by technology of the kinds we see today, the information we put across our air waves will permanently form the basis of how the rest of the world sees us. Gone are the days when our call-in programmes were aired primarily at home and when our newspapers hardly made it out of the Country and region.  

Today globe trotters like investors, social planners, economic advisors and even the criminal elements are using whatever medium at their disposal to help them understand the kind of society with whom they will be interacting. It is therefore critical that the criticisms we have of ourselves are constructive and reflective of the pride and patriotism that we should all have, first and foremost in our country and then in ourselves as a people. 

To bear out the accuracy of Ms. Mottley’s call, the Advocate Newspaper of Wednesday, May 24, 2006 under the headlines “What are some of the radio call-in programmes coming to”, writer Eric Griffith expressed some concern about the quality of information that is allowed to go on to our air-waves. He, like this column and Ms. Mottley, believes that outlets must be created for citizens to air their views. In fact he puts it this way, “I am in favour of giving people opportunities to let off steam and to share their opinions with fellow citizens, but one should consider the message that is going out on the air-waves and what effect it might have on this county’s reputation in the eyes of others”.      

 Mr. Griffith was at time referring to comments made by a caller to one of the call-in programmes which he described as offensive. The caller is reported to have said that the government was “slow poisoning” the people and Mr. Griffith felt that no self respecting radio station should have allowed such a comment to go abroad unchallenged. Recently, a number of persons have been expressing their disgust at the level to which the call-in programmes have been sinking and to be fair to David Ellis he has been making a valiant effort clean up the programme. He must be complimented. 

Political parties will come and political parties will go but the institutions and pillars of our democracy which are the bedrock of our socio-economic and political stability must always be protected and held in the highest esteem for the rest of the world to see. These are the things for which Barbadians derive their respect and honour when they travel.