Barbados seeking BDS$66M IDB loan

(Barbados Nation) Barbados has applied to the Inter-American Development Bank for a BDS$66 million loan to shore up its finances.

The loan application is in the “preparation” stage and if approved by the bank’s board of directors would “provide the country with balance of payment support”, according to the IDB, in a loan document posted on its website.

However, the bank has expressed concern that Barbados’ fiscal situation has worsened.

The loan document specifically points to:

• a weak tax administration, which was “dispersed across several ministries, Government departments and agencies, including the Customs Department where it said 30 per cent of those paying value added tax filed returns late and only ten per cent of the Customs declarations were “post clearance audited”.

• the absence of an information system for the administration of excise taxes.

• tax exemptions costing the Treasury $500 million every year or 5.6 per cent of GDP, adding that Government was unable to “quantify in detail the revenue loss” for every incentive scheme now in place.

• Government’s approval of transfers to public corporations and agencies “with no economic rationale or efficiency analysis”.

• many of the 169 public agencies relying on the Treasury for operating funds had collectively run up an “aggregate deficit (of) between 1.5 and 2.1 per cent of the nation’s GDP.

• Government procurement rules and information were “biased in favour of financial management and fund control”, but paid scant attention to the monitoring and the evaluation of procurement procedures.

 

Comments  

Hurricane Maria blasts Puerto Rico with high winds and flooding

People walk on the street next to debris after the area was hit by Hurricane Maria in Guayama, Puerto Rico September 20, 2017.

Protest at Victoria over state of roads

Residents of Victoria on the East Coast of Demerara this morning came out with placards protesting the deplorable state of their main access road and are calling on the Government to urgently intervene.

Victoria residents in roads protest

Some of the residents protesting this morning. Residents of Victoria on the East Coast of Demerara this morning came out with placards protesting the deplorable state of their main access road and are calling on the Government to urgently intervene.

At least seven reported dead in Dominica from hurricane hit

Dominica is reporting that at least seven persons were killed after Hurricane Maria ravaged the island on Tuesday.

Pakistan batsman Latif handed five-year fixing ban

LAHORE, (Reuters) – Batsman Khalid Latif has been handed a five-year ban for his role in a spot-fixing scandal during this year’s Pakistan Super League (PSL), the country’s cricket board said on Wednesday.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×