UPDATED: October 31, 2012
In light of the recent disastrous financial performance stats for the Barbados economy and the statements from Dr. Delisle Worrell, Governor of the Central Bank of Barbados – BFP revisits Dr. Worrell’s upbeat commentary from April, 2012.
What happened? How could Dr. Worrell be that wrong?
Or… as we surmised at the time… was he just shining us on?
Well Dr. Worrell? How about just the truth? We’re big boys and girls and we can handle it. What we can’t handle is more bullshit.
BFP’s original article…
Shining it on a bit too much?
Yesterday Dr. Delisle Worrell, Governor of the Central Bank of Barbados, posted a professionally-done video on YouTube that is essentially an advertisement of our economic strategies and long term stability. The script was also published at Business Barbados.
That’s fair enough – but how much shining on can there be before eyebrows start to raise? True, we should be putting our best face forward but at a certain point if you push too far the whole message can start to lose credibility.
As Auntie Moses told Shona as a child, “I catch one lie, I think you all lies.”
How can Dr. Worrell say that Four Seasons and Merricks resorts will “provide foreign direct investment inflows in 2012″ ???
How credible is that statement?
Has Dr. Worrell forgotten that government is using our pension money to the tune of 60 million dollars to bail out Four Seasons? Has he forgotten that no private funds – domestic or international – could be found anywhere to restart the project? Has he forgotten that people are suing for their money back?
What is this nonsense about Four Seasons will provide an inflow of foreign direct investment?
And Merricks? Any school child knows that project is on a ‘go slow’ basis and there are serious questions about the whole operation.
Here are a few quotes from Dr. Worrell in the above video, but you really should view it all yourself. What do you think… did the Governor of our Central Bank shine it on a bit too much?
Quotes from Dr. Delisle Worrell, Governor of the Central Bank of Barbados
“The Central Bank Financial Stability report, published online in January reveals a system that is stable, well capitalized, liquid and profitable: even though there was some deterioration of credit quality in 2010.”
“Stress tests revealed no systemic weaknesses among commercial banks, insurance companies, large credit unions or other entities large enough to pose potential risks to the financial system as a whole.
There was also no systemic risk exposure from financial linkages to the rest of the Caribbean, Canada and elsewhere. The resolution of the failed insurance company CLICO has no implications for the stability of the financial system as a whole. (Editor: Or did Dr. Worrell really mean “as a hole”)
“The economy is expected to grow by a little less than 1% in 2012, with the major contribution coming from tourism and construction, much of it tourist related.
Foreign direct investment in tourism projects is expected to by higher this year with inflows from major projects such as The Four Seasons Resort, the Merricks Resort and Port Ferdinand.”