Bahamas, August 1, 2017 – Nassau – In order to meet fiscal targets, Bahamas Finance Minister and Deputy Prime Minister told Rotarians last Thursday that The Bahamas Government will now be run like a private company. “… the business case for expenditures must be made. This is a practice in the private sector that will be strengthened within the public sector as we take and encourage our internal stakeholders to take an entrepreneurial view to Government business and services provided to our clients [namely] you the public.”
The comments come following the National Address by Prime Minister Hubert Minnis, where it was explained there will be a 10% across the board cut in an austerity move to revive the economy of the country. The DPM explained that every little bit helps as he outlined a reduction in emoluments and less travel and smaller travel delegations.
“We will ask our Permanent Secretaries in their roles as Chief Financial Officers and our Directors, in their technical role, to review the services and programs that are offered and to look for areas of wastage, duplication, low-level priorities and extravagance.”
On the earning side, the Finance Minister explained, “We expect to ramp up our investment promotions to jumpstart the economy over the coming months.” DPM Turnquest said the Government is also in the process of developing fiscal responsibility legislation inclusive of consultation with the International Monetary Fund and the Inter-American Development Bank that will provide a legal framework for reducing government debt to prudent levels.
Deputy Prime Minister, Peter Turnquest was speaking on Fiscal Reform & Accountability in Government Finance during a meeting of Rotary Club of West Nassau at Poop Deck Sandyport.