Bahamas, June 1st 2017 – Nassau – “It is shocking that the FNM government is within its first weeks borrowing an unprecedented $722M to run the business of the government.” This was the reaction of Opposition leader, Phillip Brave Davis after hearing Deputy Prime Minister and Minister of Finance, Peter Turnquest’s budget report.
The FNM-government made the announcement in the House of Assembly on Wednesday, that in order to cope with the financial mess they met when they entered office, $400M would be needed to finance the Government’s shortfall 2016 – 2017 fiscal year and an additional $322M to aid the 2017 – 2018 fiscal year. As a result, Davis lashed back calling it “shocking” and also refuting claims of bad spending saying, “it is not mismanagement at all.”
Minister Turnquest went further to reveal that at present, reports indicate that the former government has a GFS deficit of $500M, which is $400m more than was predicted. “Let me be quite blunt, the fiscal situation in the current fiscal year is far bleaker than we could ever have imagined. Our predecessors have literally left us with the cupboard totally bare,” said Turnquest.
Though both parties agreed that Hurricane Mathew, which hit The Bahamas in 2016, was part to blame for the overrun of the deficit, Turnquest also blamed side deals made by the PLP mere weeks before the general election. Once again, however, Davis responded to those allegations saying, “There are no deals but expenditure in the public interest.” In support of the leader of the Opposition, MP Englerston, Glenys Hanna-Martin also pointed to reduction in taxes as a reason for the overrun in the deficit.
The opposition said they are now looking forward to debating the budget statement, which will take place in the House of Assembly next Wednesday.
Story By: Kay-Marie Fletcher
#MagneticMediaNews
