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Minister Straughn Holds Talks With IMF Mission Chief

Minister in the Ministry of Finance, Ryan Straughn, has expressed renewed confidence in the Barbados Economic and Recovery Transformation Programme (BERT).

He said Government would continue to emphasise the benefits of the programme to the entire country because it had “catalysed a whole set of access to other things beyond what we had initially anticipated”.

Minister Straughn gave the undertaking on Monday, as he, along with Minister in Economic Affairs and Investment, Senator Chad Blackman; Central Bank Governor, Dr. Kevin Greenidge; and other senior government officials met with Barbados’ International Monetary Fund (IMF) Mission Chief, Michael Perks, and his team during a staff visit at Government Headquarters.

Mr. Straughn stated: “Our job really is to ensure that the reforms continue to be implemented because they are important, and the Barbados Economic and Recovery Transformation Programme is critical to Barbados’ future success. Therefore, irrespective of what happens politically, these are the things that we have done, and will continue to do…”

The Minister pointed to the upcoming World Cup Cricket T 20 finals and other key events slated to be held in the county as a sure sign that confidence was returning in several key areas.

He assured the IMF team that Government was “even more committed today and energised to ensuring that these things happen in a timely manner”.

Mr. Straughn also reminded the team that Barbados had been removed from the Financial Action Task Force’s (FATF) List of Jurisdictions Under Increased Monitoring, also referred to as the FATF Grey List.

He shared that there were 53 areas that needed to be addressed when they came to office in 2018. Minister Straughn said last December there was one area to be dealt with and now “Barbados is officially off the FATF list”.

He continued: “So, the EU (European Union) and those who had us on those various lists will be addressed shortly in relation to upping the compliance based on what we have done for the last five years to address some of those issues.”

The Minister also mentioned continued work with the Corporate Affairs and Intellectual Property Office to provide better business facilitation and enhanced regulation of growth.

Mr. Straughn stated that he also wants to see greater business opportunities; and the recruitment of the right skills set to ensure consistent communication among the business community to facilitate accurate reporting with regulation agencies for the exchange of information, among other things.

He also provided an update on the global minimum tax framework, the proposed Patent Box Regime to unlock opportunities to attract overseas businesses for the purpose of carrying out research and development into new products, specific internet portal related investments, and other areas.

Meanwhile, Dr. Greenidge gave a report card on the island’s economic performance saying that the island had met all of its targets at the end of last year.

He added that the economy grew by 4.5 per cent last year and this was “on top of the 13.2 per cent the year before. So, we are back to our pre-COVID levels…slightly bigger in nominal and real terms. There are some areas like agriculture, manufacturing, and the changing business model of one of our major players – the Arawak Cement Company”.

He continued: “But generally, our unemployment level is one of the lowest…. In fact, the only time it was that low was when we did the Kensington Oval for World Cup in 2007, and ironically this year, we are doing some investment in that area, so we expect that to support strong growth.”

Mr. Perks congratulated the Government of Barbados on being removed from the FATF Grey List, deeming it a “major achievement”. “Even though the public may not really understand it, the board feels really strong about it, so that was a big thing,” he underlined. (PR/GIS)

CAPTION: Minister in the Ministry of Finance, Economic Affairs and Investment, Ryan Straughn, speaking at yesterday’s meeting with new IMF mission Chief, Michael Perks at Government Headquarters while Minister in Economic Affairs and Investment, Senator Chad Blackman (right), Central Bank Governor, Dr. Kevin Greenidge (third from right); and other senior government officials, look on.

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Remembrance Day Parade On November 10, 2024

Barbados will remember the servicepeople who lost their lives during World Wars I and II, with the customary Remembrance Day Parade and a short inter-denominational service at the Cenotaph, National Heroes Square, The City, on Sunday, November 10.

The parade will commence at 8:00 a.m. and will be broadcast live on national television and radio.

Several armed and unarmed uniformed groups will be on parade, including the Barbados Defence Force, The Barbados Police Service, the Barbados Legion, the Barbados Fire Service, the Barbados Prison Service, the Boy Scouts, and Girl Guides.

Wreaths will be laid at the Cenotaph by the President of Barbados, Her Excellency The Most Honourable Dame Sandra Mason; Prime Minister Mia Amor Mottley, Chief Justice Leslie Haynes, members of the diplomatic corps, and other dignitaries.

The service will be followed by an informal inspection of veterans and a march-past by uniformed groups. Members of the public desirous of attending the event are asked to collect tickets from the receptionist at Government Headquarters, Bay Street, St. Michael, from Monday, November 4, between 8:30 a.m. and 4:30 p.m.

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Key Reminders When Considering Investment Opportunities

The Financial Services Commission (FSC) is reminding the public to exercise caution when considering investments in Multi-Level Marketing (MLM) schemes. While MLMs may present themselves as legitimate business opportunities, some can be risky or even illegal, leading to significant financial losses.

Here are some key things to consider before making any investments:

1. Research the Company/Person(s): Thoroughly investigate the background, business model, and reputation of any of the company or persons involved. Verify whether the company or persons associated with the investment are registered and regulated by relevant authorities like the Financial Services Commission.

2. Understand the Business Model: Genuine businesses generate revenue primarily through the sale of products or services, not recruitment of participants. Be wary of models that emphasise recruitment over product sales.

3. Check for Red Flags: Promises of high returns with little effort, emphasis on recruiting others, or pressure to make large upfront investments are warning signs.

4. Consult with Experts: Seek advice based on your financial goals and wherewithal from regulated individuals or companies set up to provide such guidance.

The public is urged to approach all investment opportunities with caution and conduct their due diligence to safeguard their financial well-being.

It is an offence for persons not registered or licensed with the Commission to offer investment advice, sell financial products or deal in securities.

The public is encouraged to notify the Commission of any situations where entities or individuals engage in these practices without being duly registered and/or licensed. (PR/GIS)

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Barbadians Continue To Benefit From UNESCO Training In Cuba

Barbadians continue to benefit from UNESCO training courses in Cuba, despite the country experiencing an island-wide blackout from Friday, October 18.

Three Barbadians are currently in Cuba participating in the Caribbean Cultural Training Hub of the UNESCO Programme Transcultura: Integrating Cuba, the Caribbean and the European Union through Culture and Creativity, which was organised by the UNESCO Regional Office in Havana, and funded by the European Union.

Historian and Genealogical Researcher, Stacia Martindale, is participating in the course Designing Small Businesses in Heritage Tourism Destinations, while Landscape Architectural Technician, Kodi Husbands, and Assistant Coordinator and Researcher of the Barbados National Register of Historic Places, Rhianna Smith, are participating in the course Introduction to the Management of Integrated Development of Historic Centers.

They shared their experiences of being in Cuba and about the courses they are studying.

Ms. Martindale said: “So far, the experience has been very amazing. I’ve been loving the culture of Cuba and the general experience in class.

It’s really been exciting for me. It’s my first time in Cuba. I think I know quite a bit about Cuba just because I’m really interested in History. I’m actually a History teacher, so to come here, where that history has happened, is really, really exciting for me.”

Mr. Husbands, who is on his second visit to Cuba, shared that the first time he visited was on a vacation. “It really resonated with me. I got to understand the culture a lot more [and] I was able to identify with the people after speaking to them about their experiences and how they live. That’s what inspired me to continue working in sustainable architecture and design, and cater for society and the people, rather than doing it for money.

“So far, I’ve found different methods or techniques and practices which can be useful for back home in my field of architecture. And different ways I can further develop my country, whether it’s towns like Bridgetown, Speightstown, or Oistins. Or even smaller communities like in the East Coast, or in St. George or more rural areas as well,” he remarked.

It is also the second time for Ms. Smith, who previously benefitted from a course in June, this year, at the prestigious International Film and Television School of San Antonio de Los Baños, on the outskirts of Havana.

“This experience has been a lot different compared to when I was in San Antonio. Havana is a lot more active and has a lot more to see. And so, I’ve been able to immerse in the culture in ways that I was not able to the first time around,” Ms. Smith said.

She added: “We have been having some tours where we have been seeing examples of not only the restoration of historic sites and buildings, but also the repurposing of those buildings for uses that really fit the community. For instance, earlier this week we visited a daycare. But it was a day care for the elderly which doubles as a day care for babies, and so on.

“And so, what they are trying to do is to integrate those two generations and, of course, develop a consciousness of caring for the elderly. Things like that have led me to conclude that it’s been nothing short of inspiring so far, and I’m just looking forward to seeing where things go.” (PR/GIS)

Caption: From left to right – Rhianna Smith, Barbados’ Ambassador to Cuba, Dr. Sharon Marshall; UNESCO Director Anne Lemaistre; Stacia Martindale; and Kodi Husbands pose for a photograph