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  

Regional nations plus U.S. condemn Venezuela’s new constituent assembly

Nicolas Maduro CARACAS/LIMA, (Reuters) – A group of 12 regional nations plus the United States rejected Venezuela’s new government-allied legislative superbody, saying they would continue to regard the opposition-controlled congress as the country’s only legitimate law maker.

18 Lusignan prisoners hurt after reported bid to kill ‘informant’

Eighteen prisoners at the Lusignan penitentiary were being treated for injuries last night following a reported attempt to kill a fellow inmate during which warders fired shots.

Girl, 12, crushed to death by LBI house

A 12-year-old girl is now dead, while her brother narrowly escaped a similar fate yesterday after their aunt’s La Bonne Intention (LBI), East Coast Demerara house, which they were under, collapsed on them.

By ,

Guyana applies to key EU watchdog on natural resources revenues

Guyana has officially applied for membership in the European Union’s Extractive Industries Transparency Initiative (EITI) which will help in tracking revenues from oil and other natural resources.

Halt of police promotions to prevent damage to force -Harmon

State Minister Joseph Harmon yesterday reiterated that President David Granger’s directive to the Police Service Commission to halt its consideration of promotions was intended to prevent damage to the image of the Guyana Police Force but he could not say under what authority the head of state acted.

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

×