Bahamas News
DPM Turnquest: National budgets have presented a far rosier picture of national finances
#Nassau, June 2, 2018 – Bahamas – Deputy Prime Minister and Minister of Finance K. Peter Turnquest said for too long, national budgets in The Bahamas have presented a far rosier picture of national finances than was actually the case.
“Worse still, the unpaid bills and unfunded obligations have kept appearing,” DPM Turnquest said during a press conference to provide supplemental details for the Budget Communication at the British Colonial Hilton, Thursday, May 31, 2018.
“At my insistence, the team at the Ministry of Finance worked hard to pull every file from within the Ministry, and to liaise with their colleagues throughout government, to ensure that we once and for all obtained a full accounting for all outstanding and unfunded obligations.
He said, “This was a key driver in our recent budget preparation exercise. As I said in the Budget, the end result of this exercise, we now find ourselves with a mountain of such bills, to the tune of some $360 million.
The DPM said for the first time in a long time, the government is being fully open and transparent about this and – more importantly – it is addressing it once and for all.
“Such flagrant mismanagement of the country’s national finances must never, ever be allowed to happen again.”
The DPM explained that in developing the Budget, the government needed to square a number of pressures and challenges:
- First, it must pay off the $360 million in arrears, which it will do responsibly over three years;
- Second, the government must fully and properly account for all of the known expenditure commitments across all Ministries and Departments, so it does not accrue any more unpaid bills;
- Third, it must provide financing for a selected number of the highest priority new initiatives in its growth agenda, and;
- Fourth, the government must do all of that in a way that leads to significant and permanent reductions in the fiscal deficit, and to a balanced budget in three years.
DPM Turnquest said, “I want to stress at this point that, while balancing the budget is the responsible thing for Government to do, it is also critically important to the prosperity of this and future generations of Bahamians.
“Sound public finances set an environment that is conducive to confidence in the future, the blossoming of entrepreneurship and investment, both domestic and foreign, and the creation of well-paying jobs for our people.”
He said this is what this budget is ultimately all about. “It is not simply about reducing the fiscal deficit just for the sake of doing so. It is truly about stronger growth, more jobs and a higher standard of living for all.”
The DPM said Government deficits and debt matter to all of all the population, because if the government does what other governments have done – to obscure the facts and play games with the budgets and just kick the can down the road, the country would one day wake up to find out that it cannot pay its bills and that it cannot maintain the value of its currency.
“Experience in other nations clearly shows the very real economic and social costs on society when Government debt is allowed to grow unchecked to critical limits.”
DPM Turnquest said, “As the responsible government you elected, we had to do what is right, as opposed to what is politically convenient.”
By: Llonella Gilbert (BIS)
Photo Caption: Deputy Prime Minister and Minister of Finance K. Peter Turnquest brings remarks at a press conference to provide supplemental details for the Budget Communication at the British Colonial Hilton, Thursday, May 31, 2018. Seated is Financial Secretary, Marlon Johnson.
(BIS Photo/Patrick Hanna)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
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