Dominica is at a high risk of a government external debt crisis, a report in the international newspaper, Business Insider, has said.
The island was named among 14 countries, and the only one in the Caribbean, from around the world facing this problem.
The Business Insider based its report on the new analysis by the Jubilee Debt Campaign, a coalition based in the United Kingdom which calls for the cancelling of unpayable debts by the world’s poorest countries.
According to the report the problem lies in the fact that Dominica, and the other countries named, have a net debt of over 30% of GDP, a current deficit of over 5% of GDP and future payment of debt of more that 10% of government revenue.
The reports states that the countries named “lie in a debt danger zone, where an economic downturn or a sudden jump in interest rates on world debt markets could lead to disaster.”
“One of the lessons from the 2008 crash was that hefty debt levels can leave countries vulnerable to sudden shifts in market mood,” the report reads. “But Jubilee reports that the rock-bottom interest rates across major economies, which have been a key response to the crisis, have in many cases prompted governments, firms and consumers to go on a fresh borrowing binge, storing up potential problems for the future.”
The report notes that analysis by Jubile Debt Campaign “defines countries as at high risk of a government debt crisis if they have net debt higher than 30% of GDP, a current-account deficit of over 5% of GDP and future debt repayments worth more than 10% of government revenue.”
“We estimate that 14 countries are rapidly heading towards new government debt crises, based on their large external debts, large and persistent current account deficits, and high projected future government debt payments,” it says.
The report also states that, “Falling commodity prices as growth in China slows, as well as the strong dollar – a danger because much of African governments’ borrowing is dollar-denominated – will create pressures on many other developing countries.”
Below are the countries named by the Business Insider which are at high risk of government external debt crisis
Bhutan
Cape Verde
Dominica
Ethiopia
Ghana
Laos
Mauritania
Mongolia
Mozambique
Samoa
Sao Tome e Principe
Senegal
Tanzania
Uganda
The chinese will be moving in for there piece of the pie soon. Here goes DASPA and the police force…. Like what is happening in africa
What a beautiful aerial view DNO. Dominica is really a God bless country. If only we could appreciate our country and not jump for joy when we believe what others are telling us about our country and do not allow our eyes to boil our own peas.
When I read about Greece, I say thank God for Dominica. When I listen of what is going on around the world, I say to myself why can’t I see some non-supporters of the Government of Dominica love their country enough to put whatever it is they are lacking behind them and what positives they have, bring forward because I want to believe everyone of us have something positive to contribute towards the development of this beautiful land of ours.
Thank God for this present Labour Party Government and its Leadership; and if we are honest with ourselves we would agree we have no alternative to this government presently and that we would be doing ourselves a disservice to want any of the present opposition to handle our affairs.
Shame on you, Your name says it all, You are smiling even on your way to be hung, What is wrong with you people? why make wisdom a chain around your neck, and common sense, your grave, The more victimization is up on your back, The more foolish you become,
People on here saying that its just a risk. Are you ridiculous? We’re in debt yet still the government spent millions of dollars on a campaign and you people see no problem with that. The government has only done questionable and outright wrong things which greatly foreshadow any right they could have or have done.
We as people elect a government to make decisions on our behalf. If you are allowing people to make decisions for you they better be competent. This government is incompetent and its obvious. Basic economics will tell you that you cannot just incur debt and have no sources of repayment. We need to use our natural resources and create revenue earning enterprises that will sustain us in the long run. What about our water, where are the bottling plants, why not export water on a large scale. Where are the factories? I pray for the day that Dominicans will wake up and start to use their brains and see clearly that we are going down a dangerous path of destruction.
It’s too late.
I’m surprised Puerto Rico is not on the list. The country is on the verge of Bankruptcy. One of the biggest banks in PR just failed because the PR government owed them $250M and couldn’t pay the bank.
Puerto Rico is a territory – not a country
Yes man, they too much like us. Mainland U.S.A. always struggling with them and wipe their bottom.
Some of you are trying hard to get recognition from the lies you tell, however, none of you little weasels who lie can use your name when you are talking such crap!
How could ($250,000,000.00) million dollars caused Puerto Rico to go into bankruptcy; can’t you see you are mad?
Banks goes into receivership everyday in America; they go out of business, sometimes the larger banks are ordered to take them over by buying their assets, every Bank in the United States, Puerto Rico, the USVI has to be a member of the FDIC, long before a bank closes the Federal Government know they are in financial difficulties, if a bank goes out of business, in Puerto Rico; I doubt it is because the government of Puerto Rico fail to some peanut change to the bank.
You are not even talking a billion dollars you know, hard as you all try to justify Skerrit crap, by making comparisons it the more stupid you people make yourselves!
telemaque, you know you guys don’t seize to amaze me,the way you all come across with you all criticizim of skerrit and the government of dominica,people would swear that dominica was always high and mighty with millions of dollars,dominica has always been a poor little banana expoting country,when geest stop buying bananas dominca got shut down,we hard marketing board,all that gone,this is the reason why people like you live in a America,and just running you all mouths,like you all care and can do a better job,no you all are depending on people Edison james,linton and the UWP to do any thing for you all,not you all spinning the wheel,just on the sidelines,every now and then screaming out,like in a football game,come in and do a contrubtion,run for political office,seeing you all know so much,you all does just live me shaking my head,when I read you all comments
Don’t worry about PR. The IRS lives there.
If you want the true picture of the world figures, go to CIA Dominica. Or fact Book. Central intelligence Agency. Stop creating dramatic nonesense in your heads. Find solutions to the problems to the countries problems. Call on Dr Fountain to help you solve the problems. After the British left what did you do to create private jobs for your fellow Dominican. Stop depending on Government to dolve all of your problems. You created the problem , because you like free stuff. Start creating your own wealth with your hands and brains. You should want limited Government, be come the job creators and not the Government begger.
The bankers took over at the end of May due to the debt. End of story. The PM greatly helped put it in the hands of receivership.
The progressive countries are in a crisis. Remember the US Stimulus?
Since last week I read Canada is also in a crisis. This week I heard on the news what the Canadian PM said, he does not want to go the way of Stimulus which will give Canada a low credit rating.
I leave it at that. As I said, life has to go on. I am eating, sleeping, etc. Thank God.
The world is topsy-turvy in many respects. As the saying, we have no choice but to go with the flow; do what is best for us and pay our taxes, shut up and have respect.
The country and the economy will survive. It is only a roller coaster for now. Brace yourselves for better times. Do not let negativity take charge of your enter being. Live with confidence because God is in control. He will never give you what you cannot support. Why worry?
“Remember the US Stimulus?”
Yes Facts, we who live in America, and were recipients of it remembers the stimulus, which George Bush gave to millions of people. However, it had no effect on the credit rating of the United States, so I do not see the giving of a stimulus to the people of Canada will have any effect on Canada’s credit rating.
First of all you do not know the meaning of word, and though it has different meanings the one in question means “something that rouses, or incites activity, it is an incentive given to people in the form of money so that they can spend it in their communities allowing the merchants and shop keepers to remain in business; a stimulus usually revamp the economy!
Yes, I was a recipient of that stimulus!
If this information is factual, we need a detailed explanation from the Minister of Finance, especially how he plans to deal with this debt.
“Dominica messed up by requesting and getting independence from Britain. The island was better off under the British flag.”(John).
Why are you so stupid and lie? If you are too young to know, why don’t you ask an older person who was there when it happened! Say I Francisco Etienne-Dods Telemaque, told you on DNO, that none of the islands in the Caribbean from “British Guiana” which became Guyana after independence, to Trinidad & Tobago, to all of the islands in the Windward islands including Dominica: none of the islands in the Leeward islands to Jamaica in the North, ever requested independence from England.
You are making yourself a nuisance, talking nonsense. The British government decided to ‘de-colonize’ cut the islands of the Caribbean loose, because we were a burden on the British economy; they decided to retain Montserrat, and Tortolla, due to their small population.
They kept Bermuda, because it is a fully developed country, with a very large British…
They kept Bermuda, because it is a fully developed country, with a very large British expatriates residing on the island of Bermuda. However; they cut the Bahamas too; I think the kept the Turks and Caicus islands, and let go of the Cayman islands.
Educate yourself; know your history before you come on DNO and indulged in lies! Skerrit told you all the reason he has changed the name of the airport from Melville Hall Airport to Douglas-Charles, is because they fought for a lot of things for Dominica. That is a Skerrit lie!
I challenge Skerrit to point to one single thing Charles, and Douglas fought for in Dominica and achieved it! None of the islands Prime Ministers in the Caribbean can make the claim that they fought for independence, or request independence from Britain and got it!
If you wish to be heard, perhaps you could wish that the British would resend our sovereignty treaty; our instrument of independence, and re-colonized us as they have don to the Cayman…
If you wish to be heard, perhaps you could wish that the British would resend our sovereignty treaty; our instrument of independence, and re-colonized us as they have don to the Cayman island, because of all the corruption which went on there after Independence. You know Patrick John, is alive and well, he took on the burden laid on him by the British Government, many Dominicans hate Patrick, but it might be wise for him to clare the air by telling the truth about how independence came about in Dominica, because the way it is being told by the politicians in the Labor Party, it will be come history, and that will be false history; it will be a lie!
They even tried to get rid of Anguilla by foisting it on St. Kitts and Nevis. But the Anguillans would have none of it, and essentially fought a successful revolution to remain an overseas territory of the UK. If you can find it, there an amusing account of this bit of Caribbean history called “Under an English Heaven” by Donald E. Westlake.
Yes, yes, Steve; I had completely forgotten about that, now you said it I remember the people of Anguilla fought to remain British, in the process they tied up four police officers from St. Kitts and put them a boat, and set them adrift in the direction of St. Kitts. When Bradshaw called in the British Army to quash the so called rebellion in Anguilla, when the troops landed, they found the island calm, and found the people existing in poverty, and deplorable conditions, they had no alternative than to retain Anguilla. and the
At lease one person knows the truth, it is time our people know the truth about how the English speaking, former colonies became independent!
make no excuse for Dominica, Our corrupt leaders ,and our backward thinking people are the ones to blame, These things happen when we put square pegs in round holes
well I am stunned that in the whole Caribbean dominica is the only one included,dominica must be huge,to be listed with the likes of Ethiopia,in this day and age these people are taken us for monkeys in the Caribbean,ethiopia and columbia sells all the coffee that the world is drinking,not to mention starbucks and the rest,dominica sells passports,and yet dominica is listed in that category
Dominicans don’t love Dominica, if Skerrit was in America he out already, elections or not. Dominicans say they love there
country but now is time to show it they all chicken on Q95, continue talking parrots.
Who are you?
What do you know about Dominica?
What have you personally experienced in Dominica?
Are you Dominican?
Are you an economist?
If not, shut up!!!
So facts, what are you doing in Canada? You remember Dr. McIntyre famously commenting about Dominicans overseas trying to run Dominica by remote control? He wasn’t referring to you was he?
The facts
Pot calling kettle black!
You have demonstrated time and time again that you know absolutely nothing about everything, yet that does not deter you from delivering your embarassing idiotic comments.
I am pleased that someone has rattled your cage.
Please our DA people, stop reading all this false information from these countries that cannot solve there own problems , think for a moment that Puerto rico is in our waters right there, a US state, is bankrupt, cannot pay its bills. talking 73 billion dollar US. So put this aside and work on our country.
Stop giving half facts. Puerto Rico is not a US state and the reason they in debt is because of corruption and mismanagement of finances. Corrupted practices and lack of values is what will keep us forever in bondage. Stop twisting facts to make your point. A country cannot come together when it leadership is reckless and irresponsible.
Well, as long as those governments (setting D/ca aside) become more and more godless, as also legislating so-called same sex marriage, prostitution and abortion, they will experience this dilemma.
Some worship no God at all or an animal, tree, the moon, everything that God created but do not worship Him, the Creator.
Some are too bent on violence against humanity. What good do you expect? The worst is yet to come.
As Our Lord Jesus Christ said, “It is the beginning of the labor pains.”
what foolishness am i hearing?? Put WHAT aside? facts??
so your advice here is to IGNORE a report based on a review of economic facts and financial data b/c Puerto Rico is doing terrible?! It is precisely because our neighbors are either already in crisis or close to it that we need to be more cautious.
if the dr told you that your child was at risk of getting diabetes and u see 2 of her friends already got it, u gonna just say ignore the warning and keep maintaining the same habits??!!!
uh uh all you really taking ignorance to a next level now!
You are so stupid: how can Puerto Rico be bankrupt, do you think the Federal government of the United States would allow that to happen? All some of you ignorant Dominicans can do is talk fart, which nation on earth does Puerto Rico owe a debt, and cannot pay the debt!
Name the country!
I invite you to slaughter me exposing me as an idiot, when you are naming the country. Puerto Rico is not even a State within, nor outside of the United States of America, it is not a sovereign country, in reality, it is a colony of the United States, with a governor, who deals whith a higher authority in the United States.
People will forever call Dominicans stupid because of idiots like you!
You should be concern that our nation is at the brink of collapsing, but rather than concern yourself with that; you are protecting that idiot Skerrit. Go right ahead vote for him for the next fifty years; but before his term of fifty years is over, Dominica will only exists in name only!
I agree with you. Dominica will not fall. In bygone years Dominica did not have what it has today.
God is in control and always will be.
Dominicans, especially those who are not employed, some through their own fault of not being studious, better get with it and pull themselves up by their bootstraps. Too many of them depend on the government and not on themselves as they criticize it.
There is land in Dominica to clear, rake, cultivate and grow fruits, vegetables and herbs which are what Our God gave us in the first place. There is also water.
In bygone years there was no electricity and people lived accordingly.
There were two world wars. Imported flour and rice, etc., were scarce. Our ancestors knew this very well. They survived and with children, not only one or two.
In most homes there was only one bread-winner, the husband. No one starved.
I would not panic about what is stated but resolve to move on with determination, patience and perseverance.
“Dominicans, especially those who are not employed, some through their own fault of not ”
Could you describe the fault of Dominicans, which prevents them from being employed, or finding a Job! I invite you to elaborate on that comment. You are in Canada, unemployed, how come you do not have a Job? You are like me, who do not have a Job, that is why everyday both of us are on DNO wrecking havoc!
Now, in my case I have my Real Estate investments from which I make my living, I make hundreds of thousands of dollars per year. You are either retired, or living on Canadian welfare, living high on the hog( the pig)!
Hahahahahahahahahahahahahahahahahah! Do you really believe that there are people in Dominica who would like to work, a not jump at employment when it presents itself? Facts, take some time out, and concentrate a bit on the life’s of our suffering people, and conclude if that’s the way any human should exist!
“I agree with you. Dominica will not fall.”
That your perception of the way things are in Dominica; I however reminds you while “Rome was burning Nero was in bed having a homosexual orgy, with several other homosexuals.”
Dominica is already a failed state, yet you deny it will fall!
Poor, poor, poor Facts!
i so agree with you st. joe people.. those haters just making up stories so to hell with their false reports.. let world bank give that report n i will believe.. SMH
Worldbank report PAD659 of 2 April 2014 re. a proposed credit for Dominica. Read it, especially what it says about our debt sustainability and fiscal management.
to st.joe people…. You are the reason why we Dominica cannot move. When you come out saying things that are not facts and the other people like you who do not read to get their facts but just jump to conclusion, will believe you when you speak rubbish. When did Puerto Rico become a US state? You don’t even know a basic things like that so how can you comment on the broader issue. so please keep all your dumb comments to yourself. But I will tell you this. Puerto Rico is in a far better position that we are in Dominica.
They love their PM, lol
Why not? It is their right.
True facts, and some people are masochists.
I vowed not to comment on this forum, but this report, which, by the way is not news to many of us, has forced me to comment.
My first observation is that the size of the national debt quoted is understated. Now I would like to hear all those overnight financial analysts that sprang up during the UWP administration, explaining the now approximately 90% debt to GDP ratio, and the unsustainability of such debt; which by all accounts is unmanageable by this administration.
Before you functional illiterates on here start attacking, please go inform yourselves, and quote relevant sources in your response.
i would like to hear de PM on this.
Does he have balls to order Jubilee to clear our name off this list?
De PM is also Minister of Finance for over 10 years of this DLP administration in Dominica.
Skerrit’s failure record as finance minister equals his failure as prime minister.
How far have we come along this DLP route eh?
China can’t save our behinds and neither can Venezuela.
De King of morocco apparently not that friendly to skerrit no longer…..therefore de demise of de Moroccan Hotel at Portsmouth.
What happened to de layou River Hotel project?
Oh and de chinese built/funded hospital?
PM said we borrowing money from cash-strapped venezuela to pay public servants.
By de way gardahkan has yet to do anything substantial on de Bois Diable to delice road.
Feeder road pothole patching going on in DLP constituencies to keep de people begging bowl greasy!
What a party!!!!
What a failed DLP administration!!!
SKERRIT FAILED US11111
Do not worry all will be fine, when China calls all the debt owed by Dominica Skerrit can just sign over Dominica to China and China can make Dominica a colony.
Maybe you should cease your criticism and sarcasm and do something good for Dominica for a change.
Yes Dominicans….put that in your pipes and smoke it. “Things so good in Dominica, Dominicans sending money abroad to the families living in the USA” Remember that is what the PM said a few years ago? He never told us to try to save a penny because we are sinking much faster than we think. Look now he is telling us if he don’t sell passport for him (not Dominica) to make money, he will have to raise taxes on everyone. Can you imagine VAT moving from 15% to 21%? We will learn when things get worse than Greece, but poor Dominica might not get a bail out because we do not have any means of making money but to beg china and Venezuela and look now both of them are having their own financial woes. More than half of the Dominican population are unemployed so we cannot get much taxes that way. How will we service our debts… sad times in Dominica, sad times.
Those who are unemployed should know what to do. Go to the land and work it. They have that option.
Yeah!!!! Labor Power!!! We still voting them in, no matter what!!
You are fortunate that Labor is in power. If it were the other way around, crapaud smoke your pipe. Hope I spelt “frog” in French – Creole correctly.
music producer;;;
Because your future is doom , You want others to be doom also?
i understand if you want to drown yourself’ Just jump over board , dont sink the ship ,because there are other people on board who did’nt make the mistakes you made ,and deserve to live, Please allow them to survive ,and just go on and commit your suicide ,
Well papa, allu don’t see the sarcasm in my post??? Allu have no sense of purpose.
While it is true that there is a list of countries already down in the pit of “doom” to include Grenada how long are we going to use the excuse that if another is bad then it i s OK for us to v e terrible too. It was interesting to hear thePM and his appologist state that it is ok for hospitals to be infested with penez because hospitals in the US has their own problems ( although he the PM will elect to have his kid born in the US).
The same people who would like to point to the fact that Grenada is already in the pit of doom will ignore THE fact that ST Kitts,StLucia ,Antigue etc are not on any of the bad lists
Talk about the chicken s coming home to roost. You cannot build an economy on make beliefs. We cannot tackle problems bg pretending theg dont exist. When theg dont exist to the government the people cant help a situation that does not exist..Whena generation of people are led to believe that it is ok to build on bandouts fro m politicians it is just a matter of time.
Do you realize that these have more investors and tourism than Dominica which is why they are not on the list?
Minister of finance, he couldn’t organise a drink up in a rum bar. Let alone do finance for a Caribbean state Dominica. It’s not a joke.
How can you expect to follow Venezuela and not end up like Venezuela? I will live to see the day when Dominicans will have no toilette paper.
You will live to see the day? Since you are presumptuous, If God wills, you will live to see the day. And if you live, you may not see the day to see them with no toilet paper. Dominica will survive and so will nationals.
This should not be news to people who pay attention to the the numbers and not what the politicians tell us. With debt at 30% of GDP that is boderline. We have been lucky thus far. The main problem like most people in the country already know is that the productive sectors are not performing. This means less revenue for the government through taxation and subsequent collection. They therefore find it necessary to rely on short term borrowings such as overdrafts and issuing short term T Bills to cover immediate government expenses.
The government must find some way to stimulate the various sectors with meaningful action that will produce results. The Central Bank has already dropped rates on savings hoping that it will spur lending by the Banks. But the Bank’s are gun shy to lend after taking some very bad hits from lenders over the last few years and suffering major defaults.
So it will be a joint effort to solve this. The government and private sector must work…
About a year ago I brought attention to the fact on DNO that one of our biggest issues is that there is no transparency with our government . DA is small enough that one should be able to look at a ledger and see our balance of payments. You will find that we owe China a boatload of money . Prove me wrong otherwise . Perhaps we will sell enough passports to cover some of this debt. We re probably too deep in the hole right now for a decent turn around. If we do not watch out we will become like Greece !
And remember…lots of MOUs were signed in Malaysia. We have yet to know for what exactly!
Skerritt is the best prime minister in the Caribean, he knows how to budget or else you would be in bigger problems. Because where do you thing the money is coming from to build toilets in Grand Bay. Stop going to Roseau and beg Skerritt for houses, scholarship for your kids, so now you have to pay you are blaming a great leader who will bend backwards to help you and your kids. Do you have a leader who can managed better. Who will not go and beg, build the factory your self , employ people and pay the debt .
During the reign of the UWP, our debt to GDP ratio was 64% according to the ECCB. Today under Skerrit that ratio stands at an incredible 130%. Which means if our GDP which is the dollar value of all the goods and services produced in our country during one year is 1 billion EC dollars then the amount of money that the country owes in debt is 1 billion 300 million EC dollars under this incompetent Skerrit Government. With the same GDP under the UWP the debt would just be 640 million EC dollars. WHAT THIS SIMPLY MEANS IS THAT SKERRIT HAVE CAUSED DOMINICA TO HAVE MORE OUTSTANDING LOANS THAN THE INCOME MADE IN DOMINICA. USELESS BORROWING HAS LED TO BEGGING AND BOBOL. One day laborites will wake up and smell the coffee, I just hope it will not be too late. I wonder what Simeon Albert, Rayburn Blackmore, Tony Astaphan, Ian Douglas and Lennox Lawrence now have to say about our looming debt crisis, in light of all the misinformation they told Dominicans about our debt situation.
And what did UWP do for Dominica during their reign?
You people keep blaming Skerritt , you elected him twice, you want big Government to solve all your problems, blame your selves, the British gave you freedom , 40 yrs latter you have not created not one factory. Good for you stop begging Skerritt for crumbs, so now dont complain pay the piper. Let fountain tell you what to do. You people like to much free stuff.
Dominica messed up by requesting and getting independence from Britain. The island was better off under the British flag.
I have to agree with you on this one. I have considered it and stated it many times. Sad though, it is too late for regret. There is no turning back.
Well my dear Dominicans if we pay our taxes and our license there will be no crisis.
What an idiot.
How many people are currently employed? How could taxes obviate the need for borrowing, when Dominica does not have any viable industries.
Are my fellow afominicabs getting thicker?
Some people still owe the government back taxes with interest. Maybe now the government should demand it of them.
If there were no duty free for the infinity,the Range Rover of Krazy,the vehicle of Daryl tooth paste, the mooo mooo union leader , kools liat tig and more we could at least pay back penny haypnee on ou debts.
If Matt pay his license we would pay another 2 cents
Skerrit stop ridfibg in Rolls Royce
Leave Dobsld Peters in Dominica,Alick Lawrence,Emmanuel Nanthan dont go to Malaysia
If Martin Charles dont go to China
Francine Baron dont have to prepare like John the Baptist
If Charlie Jong dont work in St Kitts and Dominica at the same time
Boy leave alone eh
You Must be one of the dumbest people in Dominica…and Dominica has alot of dummies like you..so think about that
I am not surprised. This country produces nothing. Feeder roads are abandoned. Agriculture is in its coffin,DEAD and
BURRIED. We are lead by a gang of nobrainers. They are DUNCE AND CLUELESS, lack the wisdom to lead.
Looks like some people just sit with their fingers crossed, waiting to hear bad news on Dominica. We are at risk but not yet in debt crisis, unlike countries like Jamaica and Dominican Republic. So you haters out there stop gloating!
Really? We are at risk, then you recommend we stop hating and gloating. Shouldn’t we be figuring out what the hec to do to ensure we do not turn like Jamaica and DR?
You’re not interested in DA not becoming like JA or DR; the more negativity, the better, for people like you to gloat on.
There you go again, making comparisons, regardless as to how difficult things are in Jamaica, it cannot come close to what Skerrit has done to Dominica.
The tourist industry is booming in Jamaica, I see lots of Jamaican goods (manufactured and processed industrial commodities) which are sold here, When I was in Germany I saw the same. Yo are talking a cat and a ram sheep. Jamaica will survive Dominica under Skerrit will collapsed.
When that happens, Skerrit and his immediate family will flee the to either France, where his a citizen, or the United States, where his kid was born, so continue talking rubbish while Rome burns!
Sorry my mistake (while the nature island burns).
Start praying rather than hating and criticizing. Some of you seem to do the latter two very well and not the former.
God wants you to pray for your country, politicians, other nationals and yourself.
I didn’t see Jamaica and Dominican Republic on the list, did you?
Two lessons learned:
Don’t give a hungry man food to share.
A fish rots from the head.
Yeah that tells me we would really have created 5000 sustainable jobs between 2015 and 2017 as promised by team, club alternative government!
Wave allu magic want and turn DA into the perfect debt-free, crime-free, snake-free, little island. Countries like the Dominican Republic and Jamaica with strong tourism industry and many more resources than DA are already experiencing debt crisis but allu want to bawl an DA that is said to be at risk.
We are bawling, cause our leader gave us the hope that the country was doing well; so well that we are even sending money to our love ones in Antigua, etc……..so, u can understand how shock we are to hear that we are on the brim ready to tumble down into dankruptcy; alas not even Antigua and the other OECS except St. Vincent and Grenada are on the lists……Let my ask my bro in Antigua to save some money for me, tone.
I would not lose sleep over this report. Life has to go on and it will.
Yet, NEP will continue!!! SMFH
Countries currently in government external debt crisis
• Armenia
• Belize
• Costa Rica
• Croatia
• Cyprus
• Dominican Republic
• El Salvador
• The Gambia
• Greece
• Grenada
• Ireland
• Jamaica
• Lebanon
• Macedonia
• Marshall Islands
• Montenegro
• Portugal
• Spain
• Sri Lanka
• St Vincent and the Grenadines
• Tunisia
• Ukraine
• Sudan
• Zimbabwe
Ye Ma John they forget to put that in their news, this was all over FB yesterday look how quick they bring it out, the man that got stopped and found with an expired license still can’t make it on here yet.
For those giving thumbs down, the same article that listed the countries at risk also listed the countries already in debt crisis. This one doesn’t sit too well with you all. I don’t know why some people dislike their country so much and they rejoice over anything negative but turn a blind eye to the positive.
Ma John, or whatever cheap psychologist you are. This is the oldest trick in the book, played by misbehaving schoolchildren saying “look, I’m not as bad as the others”. You want to compare yourself with the likes of Zimbabwe, go ahead. I’d rather look for the best performers as a role model to follow.
Let’s not forget Puerto Rico
How stupid are you!
I hope you are not impersonating my dead grandmother Ma John. You all can ignore reality, kiss up to Skerrit, but in the interim the inevitable cannot change.
Dominica is going down, with Skerrit, and idiots like you in it! if is one thing I know Ma John was not a fool, she She was born in 1890, died in 1993, she told me when she went to school her mother paid a penny per month for her education. Her teacher was a man by the name of Watty, the father of old doctor Watty of Goodwill, I do not know if he is alive or dead!
She mold me, and I am sure if she was writing in a forum like this she would use her original name which is Margarita Alfred, and not a fictitious.
Google them and see which one is better off or worst.
Some of those countries have had uprisings.
I wonder how accurate is this report?
most of it are costs from elections
People just always remember the great us is number one
I would take Dominica any day.
I AM NOT BLAMING ANY ONE BUT THERE IS A JOB TO BE DONE.
DOMINICA’s problem can fix in one year but the people in charge are not focused to fix the problems all we hear is talk talk talk no action . Building roads and bridges and other infrastructure works does not put money in our pockets .
MY SOLUTION is :- We need 100 million dollars XCD LOAN OR GRANT FROM OUR FELLOW O E C S PARTNER COUNTRIES 11 MILLION EACH COUNTRY FOR FOOD SECURITY FOR THE REGION . To kick start agriculture now and in one year we export produce and money start coming and start paying back that loan .
DOES THAT NOT SOUND SIMPLE AND EASY TO DO KINDLY LET ME KNOW BY LIKING OR DISLIKING ON MY COMMENT.
Buuttt i thought Skerrit say we were doing better than other countries?
He is right. In recent years we have been doing better than some countries who are not on this list. But this list is about “overall debt” and a few “ok years” is far from enough to turn around our huge accumulated deficit around. We need much more, and it needs to be sustained over a longer period.
Yes, Dominica ridden with debt, but it’s leaders have their bank accounts full. When are we gonna put a stop to it? When are we gonna asked Skerrit to give us the full picture? When are we gonna hold him accountable? I challenge the UWP to step up and ask these questions on Dominica’s behalf. Set a timeframe in which we expect answers. If the answers are not forthcoming within the timeframe call upon the citizens to go to the Financial Center and protest until we get answers. Answers we want, not lies, not spin…
yeah….the problems are mounting. And more alarming is the question of what have we gotten for the monies raised. Poverty is everywhere. Seemingly funds were borrowed to largely address current obligations and not for lasting development or revenue producing programs or industries.
We truly need to get back to agriculture, first and foremost….to take care of the largest percentage of our domestic consumption (food, shelter and even clothing), then export oriented service industries (from music and sports to high technologies, a sharp reduction in expensive imports (like cars etc) and a national culture of self reliance, frugality, sharing and sacrifice.
There is no short cut here.
I love your brevity. Succinct! You know, politics aside, this is these are the kinds of programs one was hoping the Opposition would have identified for funding with their pronouncement last week. I for one would be more willing to give them serious thought.
Thanks for being short and to the point.
Dominica has made strong investments into infrastructure, education, agriculture and other industry that will bring revenue in the future. These investments are termed long term, as returns are not immediate. Therefore this assessment i think is skewed by a temporary investment period of safety. Not reflecting our actual position.
Keep on dreaming in cloud-cuckoo & lala land. Yes, your view is skewed alright by Skerrit myopia. You are like the gullible young lady who exclaimed to her mother: “But he promised I would not get pregnant”. Good luck my friend and keep on wearing your rose tinted specs.
Money ain’t for free for what has been done infrastructurally, actually positioning dominica better able to accommodate internal economic growth. Growth is a process. All indicators won’t pan out at first.
You are a damn fool!
In what sort of industry you all invested! And what are the industries manufacturing, and exporting. Investing in education is one thing, but what type of Education?
Medicine; we have more doctors in Dominica than people to serve, when they return what are they are going to do, If Skerrit is around they will all kiss his butt for a political position the same as puppets, and clowns as McIntyre, Darroux, Christmas, and others has done!
What investment have you and the clowns in the Labor Party made, in the development of the island infrastructure. The State House, and the Chines Stadium, and the handout from the red clinic, and the five hundred thousand to your boy bishop?
An International Airport is one of the most essential, and imperative investment a government could make in a country, Skerrit allowed Ralph Gonzalez to make fool, a buffoon out of him causing him to spend almost a billion dollars on the red Elephant, when that could have built a…
it is a simple solution. we need more output. Our leaders are not serious bout the tourism sector, we need a serious resurgence in agriculture. I cannot understand for a counry like D/ca how up till now we do not have an proper gri trade setup within the carib.
Output requires input first. There is plenty of that but in the wrong places.
this news is fishy all the others are poor african country.,i know on my 43 yrs on earth my islands always in dept..those government before did not know how to manage a house so they let it rotten and other would only fix a few patches and take all the money to put in there pockets..that is y some off us has to run away.now we eh looking for right investors not making the country compar.table so ppl can come and invest
“The island was named among 14 countries, and the only one in the Caribbean, from around the world facing this problem.”
That is what Labor Party Power (Skerrit’s) economic power is all about!
Here is this little mouse running of his mouth pretending he is a power in the scene of things, talking about Embargo, on Cuba, Venezuela Guyana issue will not affect Dominica Venezuela’s relationship.
The man was in Barbados last week talking crap, telling the more developed islands in the Caribbean where they should buy, yet his country is about to fail, Dominica is actually a failed country already. Interestingly, Haiti they say is the poorest nation in the Caribbean, is safe, not on the list!
This is the man who want to rule over Dominica for fifty years, by the time Skerrit is finished with Dominica, there will be nothing left, our country will collapsed! Nobody can term me negative over this one.
Grenada, Saint Vincent and the Grenadines, Jamaica, and the Dominican Republic, along with Central American countries Belize, Costa Rica, and El Salvador were among 24 countries currently in government external debt crisis — similar to Greece’s situation, though not at the same level.
You have to find the compatibles; nevertheless, they are not on the list at the moment, Dominica is! If you look carefully, search carefully, you will find that Dominica is a more backward place than all of those you indicated, you will find that money is generated into their economy.
All you people are looking forward to is getting a envelope with two ($200.00) hundred dollars in it the words written on the envelope: “From the Prime Minister.” Not one of you who supports Skerrit has the guts to tell the man he is not a very good influence to our country.
The man and his cabal lack the knowledge, and ability of how to attract industries into the country! Nature island is what you all want, so remain primitive! Skerrit however, is a multi-millionaire, all of you his supports including some family mine has is the color red. A thriving business account stays in the black, once it gets in the red, its bankrupt!
and your point is?
So what is your message Dominican? Are we o.k. and the report has it wrong? You know what happened to Greece. Their bluff did not work and now they have to go cap in hand to their partners and lenders. You know that mr. Skerrit’s ambassador to Greece is also his special financial adviser? That could be seen as an ominous portent.
Francisco, you must be smoking something. Go read the entire article or just look at the list posted by Ma John and you will see the countries already in debt crisis. What has Dominican done to you that you dislike her so much. Instead of spending your retired life on DNO, go down to Dominica and volunteer your services. Stop trying to bring down my country.
Running your mouth again? Rather your fingers? I am not moved!
the passport economy in full swing… bell bef pour jeff
This is sounds like Greek to me. In the run up to the elections last year we heard from the Dear Leader to the effect that Dominica had survived the global financial crisis. Because of good economic policies his government, we heard, had been able to ensure that the country and its people were not severely affected by the financial meltdown. So how did we get to this point?
Good food for thought and an opportunity to examine our spending. It must be noted that Dominica is in the danger zone of entering an external debt crisis it is not at this time in crisis. Unlike Jamaica, Grenada, and St Vincent who are already in crisis mode, Dominican can avert a crisis situation by applying proactive fiscal policies some of which might be unpopular.
Point, you ever hear of the law of diminishing returns? It works something like this. You putting up your prices to show a fantastic margin but the trouble is that your sales go down because few people can afford your goods. It is the same with tax. At a certain point you revenue will go down because your high taxes are preventing people from spending.
Typing error, not Gap but Gnp
Canada is in debt crisis,Iran so Dominicans must simply understand.
Facts, another short bit of rubbish from you again: Countries such as Iran are never in debt crisis; people in Iran do not go to banks and solicit loans.
Iran sells more oil on the world markets than all of us Dominicans can drink! A debt crisis in Canada is not the same as what you have in Dominica. One cent increase in tax on cigaret’s in Canada alone can raise many millions of dollars, if there is a 1% increase in over all taxes on everything sold in the country, that could generate billions of dollars.
You can bleed the few people who are working for peanuts change to defray Skerrit’s debts the country will still fall of the edge!
You see the nine devil head you respond with, they are biting your behind every second of the day, the devils are your influence, that is why you are telling lies in the defense of that Mountain Chicken brain crapo mentality Skerrit.
Devils’s can’t touch whom God protects; I am protected by God!
You are protected by pope and his false religion.
Hahahahahahahahahahahahahahahahahahahahahahahah!
pope, what is a pope?
I wonder how much he has paid you to continually make a fool of yourself?
Venezuela is in v debt crisis and so why cant we. But with massive passport selling scheme the government will pay its debts ASAP. Take f o r example $1.5 million was imported on behalf of one civil servant and all of it from passport sales and that is notwithstanding the money that the many other passport sales people are raking in. So if individuals are doing these numbers what about the country.
We the government have decided that agriculture is unimportant and passport export must be the way forward. The brilliance of our leader is unsurpassed.
FAST N IDIOT
KID ON THE BLOCK
REAL POSSIE
THE REAL FACTS
You all are part of the conspiracy also, since you all continue to piously accept and propogate to the less educated,all the propogandas of the corrupt cabal, in the meantime, the country is teetering on the brink of being a failed state.
Two weeks ago I wrote on DNO in response to a labor boomboom fly,that Dominica was another Greece in the making.My advice was to simply google “national debt of Dominica” and be shocked by close to $1 billion in national debt.The Gap per capital is $18.This surely is a recepie for a desaster and a failed state.I’m not at all surprised.When the inept government,led by Pm Skerritt,kills the agricultural productive sector,and have not put in place anything substantive to take it’s place,yet the government keeps on borrowing money,what do you expect.
The prime minister suggested that VAT is the new productive sector,coupled with the sale of passports.Clearly this is not sufficient to meet the financing needs of the country.Labor has failed and it’s time for them to step aside.Just google “national debt of Dominica”
Dominica will not fall apart.
Dominicans have to stop asking Government what can you do for me, and start asking their selves what can I do for my self. Skerritt must tell these people the truth we do not have the money to save you all. Stop coming to Roseau begging gor money go to work.
The government must set the pace to influence development. The Dominica concentration is Nature, we want a nature island, ruling out all forms of industrial development, people can only help in the development of country based on their economic status.
I hear there is a certain man in Dominica who owns millions of dollars in Real Estate, and he claimed his source of income was selling of Crabs. Not many of us Dominicans can accomplish that, no spending power, means one cannot help.
People born live, and die in Dominica , and never engaged in gainful employment; so, what can they do for the country?
@SF HE started it he like to give handouts, that’s
how he controls the people, and keep himself in power.
. . . and for their country.
This is no surprise to those of us who are witnissing the downward spiral in economic activity on island.The country produces virtually nothing. The lazy, wicked, inept and corrupt gang has decimated agriculture, TO THE POINT WHERE THEY FIGHT THE FARMERS, rather than providing them roads to access their farms. This debt crisis can only be cured WHEN this lazy gang demits office..A population of largely Red Clinic Beggars,was cultivated to perpetuate a winning legacy forDLP,now the harsh reality of the mendicancy syndrome, and little productivity has befallen all of us! I AM CERTAIN THAT THE PETROCARIBE debt was not even factored in..The spectre of Dominica becoming a failed state is no longer a figment of the imagination. IT IS INDEED REAL.In the meantime a few greedy AND OBESE LEADERS,some you cant even see their necks(neckless) are wealthy and opulent indeed!I pray to God that one day I will leave long enoughto say THE WHEELS OF JUSTICE TURNS SLOW, BUT IT TURNS ALL THE SAME.!
And yet still they love their PM. ……..Leave my PM alone………
We will find out the hard way. Dominica is not Greece in the Eurozone. It will fall flat on its face !!!!!!!
like a dry bakes… olol
Wow, love the pessimism Maddie. Sounds like you really want the best for the country…
as expected. Not an economist by profession but this is inevitable. We been feeling it for some time. Before month end was like the festive season. you could feel the vibrance in the place. Commerce was happening. Now its like a ghost town at times. everyone trying to hold on to the little dollar they have. people want employment but businesses tryin to lower operational cost, most of which might be salaries. so they laying off and not hiring. young people want to start their own business but banks not givin. Now govt want to use CBI $ to pay civil servants, its either that or higher taxes. We are not taking advantage of the opportunites we have before us. instead we are chasing something we dont even know what it is. we have no direction, and get fooled by pretty words and rhetoric in prewritten speeches. soon we will be like the Ukraine with empty shelves and Greece with austerity measures. Tie allu waist from now because if all you think things bad now, is now we having the nice tim
No surprise to me,Skerrit has to suck you all dry,when he is don will live out his life in luxury @ his home in New JERSEY.POOR SOULS.
In order to bring the debit to GDP back in balance. The govt and citizens alike will need precise focus on developing a stronger economy (Tourism , Agriculture, etc). At the end of the day, the economy needs more output.
Not sure of the source of this writer but still to those who know the economics of Dominica well enough, this should not be too much of a surprise. We have been on the guard against a debt crisis for many years now. In fact we have exceeded expectations. However, Dominica is not the only Caribbean country in such situation. According to the same article, Dominican Republic, Jamaica, Grenada and St Vincent are already in a debt crisis. Hope we can somehow hold up and not get to the point of an actual debt crisis.
Thanks Gordon. Ir is a great consolation to know that Jamaica, Grenada and St. Vincent & the Grenadines are worse off than we are, but that does not pay the bills, does it Gordon??
I am from Dominica and don’t care about St Vincent,Grenada,Jamaica Ethiopia. I want the best for Dominica,period.
DNO get your stories straight, this is not. Dominica, tell Linton and his crew they need to come better than that.
mr ignorant, this is international news… stop being foolish and read. I am sure you can see the effects are starting
…..really??…you are THAT politically ignorant????????????
i lnow rite lies lies lies
you sir/madam are a damn fool. None of these guys put this out there. Read, blind bat!
Is that the best you can come up with? Labour supporters blind, deaf and foolish for true! You guys are just as much to blame for the downfall of Dominica as your leader is. Shame on you all! Just for a few Dollars!
Obviously, you are one of the kindergarten kids, who has problems with reading.
No wonder Doninica is in such a deplorable state!
hello there…..your jackass…… follow the link provided.
Now I want the pm explain why Dominica is on that list. Because he keep saying they are not taking loans their getting gifts from friendly government.. smh.
I see we are in exalted company. Thank you Roosevelt. Only a year ago, when presenting the 2014-2015 budget to the House on 23 July you said:
“We have made prudent fiscal management the platform on which our growth strategies are built and have put measures in place to make our debt sustainable”.
In a subsequent GIS release Ambrose George stated:
“Through expert financial management , the current administration has been successful in keeping Dominica’s economy afloat”
Some prudence, some expertise, some management some growth Roosevelt!
I bet we are not even able to place a 90 day T-bill on the market these days.
I am looking forward with anticipation and trepidation to what salvation , if any your budget presentation will bring us next week.
Are you guys surprised??? You have a psychology major who has no background in finance running the country’s Treasury, with an inflated social agenda on borrowed money. The country has lost its production bug and everything Dominican has been marginalized. It does not take a rocket scientist to tell us we are heading down the abyss. A few folks here have been pointing this out and some idiots argument is we jealous of pm and all that crap. I will never wish bad for my country, but as the ole people use to say ” who does not hear will feel”.
I am not at all surprised as there are so many issues which are impeding Dominica’s development.
I cannot reconcile the idea that the Prime Minister has the dual role of PM and Minister of Finance
Dominica has some of the most accomplished economists and Financial experts, yet those professionals are ostracised because of their non-affiliation to the Labour Party. Other countries are benefitting from the expertise of those capable individuals.
Incompetents are elevated to positions for which they do not have the pre-requisite capabilities.
The agriculture sector has been dessimted with no obvious replacement.
Like some of my fellow DNO cobtributors, I believe that our island Dominica is regressing not progressing, hence the adverse report.
Our PM and Minister of Finance (which he knows nothing of) run Dominica down to poorness (if there is such word). He stated Dominica doing so good, he always begging and borrowing, does he know he has to pay back. Alas poor Dominica, There ignorant people that keep voting for him does not even know such things are happening. We need to educate our people. POOR DOMINICA, I praying for you.
How can someone be both Prime Minister and minister of finance at the same time, something fishy going on. Surely there has to be someone in Dominica that has enough education to be minister of finance besides the PM.
well said
Oh say it is not so! I thought we are doing very well, even better than the united States! :lol I heard the PM boasting on how we are doing well. I cant help it, but laugh to see the list of corrupted countries that are on the list.
http://www.stlucianewsonline.com/st-lucia-not-mentioned-in-debt-crisis-report/
St. Lucia is mentioned in the report actually. go to page 13 of the report. St. Lucia is “at risk” whereas Dominica is “at high risk”….
Our people have to be told the truth money does not grow on trees you have to work for it.
Tell Skerrit!
Amen!
We have to many proffesional beggers coming to Roseau instead of working the land. Dominicans like to much free stuff, people have to to told the truth , we dont have money yo give out, we are not producing enough of nothing. The British left us dry , wr have to swallow the bitter medicine , which means tie our wast s nd go to work to feed our selves.
the British left us years ago, as we voted for that. That is what ‘independence’ means.. it’s means you’re on your own and you do it yourself. When are we going to learn to be independent instead of expecting hand outs all the time! Not under this government by the looks of things… We’ve had 30 years to produce something… but nothing has been done. Too many layabouts, too many corrupt politicians and too much maypuis!
That is Dominican Republic not Dominica. The article seems fake and made up.
You in denial pal? what you think all the money Skerrit getting from China on Loan leading to? You don’t think that the lack of an export industry will contribute to a downfall? You so red you blind? Poor thing…
dominica republic is allready in the countries i external debt crisis if you read the article lower part dominica is at high risk. read the article
You cannot read. Read the article again slowly or have someone read it to you
Please read the full article there is a second list of countries already in crisis and the Dominican Republic is on that list with Jamaica.
I thought we were doing well….
John, you have to read between the lines. SOME of us are doing well, I dare say very,very well! But don’t give up hope. They need us here, poor as we are because without us they don’t have a country for an excuse to enrich themselves.
According to my brother: “thought make a man poopoo on him in church.! he thought he was going to poom but he poopoo”
DNO I know you not going to print it, but all you can take all you kicks privately…
lol. This is unexpected and therefore very funny