Daily Archives: October 21, 2014

Barbados Government borrows $35 million to repay previous $35 million loan

Barbados payday loan

Like a drunk going back to buy another bottle

by Rainmaker

Let me try to figure this out. It might take time because even though I went to univercity of de West Indys on guvment money, I’m not the sharpest pencil in the box, I know. Them univercity teashurs let me in to be fair and inclusive and I didn’t have to pay a dollar. Different now though because for some reason the guvment ran outta money for univercity. They should just borrow more and pay it off with other money they borrow.

Also I don’t know too much about guvment financing or stuff like that. I got fired before from Uncle’s store becuase I couldn’t make no good change for peoples. He said for every hour I worked for him on cash it cost him twenty dollars in misteaks.

Wuhloss! I was just doing the best I could but it weren’t no good. Uncle said I shoulda been a politician cause my mathematical skill set and handling of cash was just about like a politician.

I doan know ’bout that buy I know the guvment ministers know alot more about finanshul stuff than I do. So I’m gonna use science-tiffic raisoning to try to figure it.

Here goes…

The Barbados Advocate paper say “GOVERNMENT will today be seeking Parliamentary approval to borrow $35 million from the Republic Bank (Barbados) Limited.”

Okay. Got that. Now why are we borrowing all this $35 million dollars?

The paper say, “According to the Resolution, the money is being sought to repay a $35 million line of credit.”

Okay. Got that. We is borrowing this $35 million to pay off another $35 million that we borrowed before. I guess we filled up or tapped out that line of credit over time and didn’t pay any of it off. I guess we just paid the interest as we went along. I guess. Or maybe there was another loan we took out to pay the interest. The guvment probably does that so the peoples can’t marry up payments and interest charges with specific loans. Or somethin. Continue reading

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Filed under Barbados, Economy