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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Nassau, Bahamas - The following is the Contribution to the 2015
Mid-year Budget Debate by Hon. Hubert Chipman, MP, St. Anne’s on
February, 23rd in the House Of Assembly:
Mr. Speaker,
I rise on behalf of the wonderful people of St. Anne’s who I have the honor and good fortune to represent and to make my contribution to the Mid-Year Budget Debate 2014/2015
Mr. Speaker,
I would like to start my contribution from article in the Tribune Business Section dated February 17, 2015 entitled ‘DOWNWARD TREK’ URGED FOR GOV’T EXPENDITURE. Mr. Speaker, and I quote from that article “THE Tax Coalition’s chairman yesterday described the increase in the Government’s recurrent spending for the 2014-2015 Budget year first half as “cause for concern”, reiterating that real cuts were necessary to achieve the desired fiscal turnaround.
Calling for the Government’s fixed-cost spending to take “a downward trek”, Gowon Bowe recalled the Tax Coalition studies showing that a 10 per cent cut in real public expenditure between 2015-2018 had to accompany a 7.5 per cent Value-Added Tax (VAT) rate for fiscal consolidation to be successful” That’s a serious statement…..
Mr. Speaker,
A budget is an official statement from a government about how much it plans to spend during a particular period of time and how it will pay for the expenses. It’s also, an estimation of how much money will be raised during that period. Well Speaker, we are at the Mid-Year point where the Bahamian people expect to see numbers, a breakdown, and an analysis of what was spent and received from each ministry and what the money was spent on. Where the shortfalls are and an explanation as to what caused the shortfall. Mr. Speaker, that’s what we call accountability and transparency in government. Mr. Speaker, I listened to the Prime Minister last week during his presentation and now having had the opportunity to read the Mid-Year Budget presentation, I can conclude that there is nothing new from last year’s presentation except for the implementation of Value Added Tax and a promise for more pain with National Health Insurance. The enthusiasm and excitement is still there but the country is still in trouble. Just like all the PROMISES which the member for North Eleuthera spoke about according to their Charter for Governance. Mr. Speaker, what we have before us are changes in various Blocks with no explanation for the changes. One would have to go back to the annual budget to determine what’s included in each block. But as we all know when we ask for an explanation we are told, “I will get back to you”. Mr. Speaker, this shows a total disregard for the Bahamian people. Mr. Speaker, I will address the numbers later on.
Mr. Speaker,
The Prime Minister expressed enormous confidence in our economic future again and he has a right to do so. I must say only the Prime Minister and his band of merry men could believe this. The Bahamian people are sick and tired of PROMISES……He is again promising economic prosperity. The people are hurting Mr. Prime Minister, can’t you see that? They are losing their jobs and their home. Where is the Mortgage Relief Plan you promised? We are heading into year three and you are still promising. Mr. Speaker, again I say elections are over, it’s time to get to work. Promises don’t buy groceries, pay light and water bills or mortgages or school fees. Everywhere you go in this country the cry is; I need a job. Sometimes I hear, “We don’t have anything to eat, or the light and the water are off again, or I am about to lose my house”. Just look at the headlines last week. Hundreds seek jobs at Sandals!! Some frustrated, others hopeful. Over a one thousand people showed up for a few dozen jobs. The line stretched onto to the side street of Sandals’ west side all the way to the beach behind the property. Mr. Speaker the sad part about this is most of these are young people. Yet the Prime Minister expressed optimism. What world is he living in….? The burden on Social Service has increased many folds. Just look at the lines at Social Services on a monthly basis!! Now we hear the Minister talking about a card that was introduced. The fact remain the same. People are hurting. It is real Mr. Speaker!! Yet the Prime Minister is parading around like a peacock talking about that he will ensure that Carnival works Mr. Speaker. It all about celebrating this Government’s third year in office. It is my hope that it works!! This can’t be right for a Government which was supposed to be ready on day one. Crime continues to destroy our nation and the Bahamian people are more fearful than ever before.
What is working Mr. Prime Minister…..? Today is February 23th and we are already up to 21 murders. Just last week while we were in this honorable house, four young men were shot on Plantol Street and we are talking about how great this country is? Ready on day one Mr. Speaker. US State Department has once again rated the crime threat in New Providence as “critical”. Mr. Speaker, that does not augur well when are relying on the growth in tourism to pull us out of this mess. Yet again we hear our Prime Minister saying we are turning the corner. Mr. Speaker, how many times we are going to hear about this corner. I am not sure he can even see the corner much less turn it. It appear to me that it may read “dangerous curve ahead”. Mr. Speaker, I pray that the corner is not a dead end for the Bahamian people. As the saying goes, “you can fool some of the people some of the time but you can’t fool all of the people all the time….. “How can he mention turning the corner? When last you visited your constituency office? Just ask them if they see any change since you took over again or if they see the corner. Are your headquarters open? If not, do not pass GO, pay the money back into the Treasury. Like the former Prime Minister did.
Mr. Speaker,
The Prime Minister and his Government continues to show disrespect for the Department of Statistics. They need to start believing in those numbers issued.
The national unemployment rate has again risen on this government’s watch, up from 14.3 percent in May 2014 to 15.7 percent in November 2014.
Unemployment has risen in both New Providence and Grand Bahama. In New Providence, unemployment grew from 15 percent to 16 percent, and in Grand Bahama it increased from 14.7 to 18.6 percent. Yet the Minister for Grand Bahama painted such a rosy picture the other night. My colleagues are now saying, he can’t be talking about same Grand Bahama they live in. Mr. Speaker, I can only assume all is not well in Grand Bahama.
However, the once booming and prosperous Island of Abaco recorded a stunning unemployment level of 20.3 percent. What is going on? Where are these so call Jobs…..The member for South Abaco said he can recall when people were coming from Grand Bahama to fill the job openings and some people had two jobs. Now he see more and more businesses are closing down. On the other hand the member for North Abaco is talking about prospects he sees. We need not talk about the youth unemployment. Just look at the numbers and the line at Sandals’ last week. Need I say more Mr. Speaker? Now he talking about the National Training Agency. Is it working? Oh Mr. Prime Minister, we await your announcement of a major new initiative to target at-risk adolescents you spoke about in your presentation. These young people are frustrated with your government’s PROMISES. Mr. Speaker, there are over 43,000 people living below the poverty line. Mr. Speaker, that equates to a person earning about $4200 a year or just over $11.00 a day. Now they have to pay VAT out of that. Remember now these people are not included in the unemployment numbers. They are working Mr. Speaker. Can you imagine that? We need to fix this situation and fast.
In a recent press conference the Department of Statistics noted the following which is of critical interest.
In May 2012 the Department of Statistics reported that 6,190 jobs had been added to the economy between 2009 and May 2012. 28,125 persons were listed as unemployed and 163,330 were listed as employed.
In January, 2015 the Department of Statistics reports that there are 31,540 persons unemployed, that is 2,415 more than were unemployed when the FNM left office in May 2012. We later heard that there are more people in the workforce because of graduation. Mr. Speaker, while I agree with that statement, the Government is in the business of “creating” opportunities for its people. Where are these opportunities? We must remember that another four to five thousand young adults are coming out of school in a few months. What are the plans for the increased workforce. It can’t be business as usual. We also heard during the election campaign in a speech in Hatchet Bay by the Deputy Prime Minister, that there are 10,000 immediate jobs waiting if they voted PLP. Mr. Speaker I want to repeat that because we keep hearing different things as to what was said. Well Mr. Speaker, it’s almost 3 years and according to the Department of Statistics, there are only 8,000 plus jobs created over a three year period…. My, my, my. Desperation and promises.
Mr. Prime Minister, we all agree that the rise in the unemployment rate resulted from an expansion of the labour force that simply outstripped the growth in jobs. But it was you and your Deputy who promised all of these employment opportunities. Ready on day one. Bahamians First. You remember those slogans… So my brother don’t cry wolf now!! You knew what the situation was going in. So Mr. Prime Minister it is your job to fix it like the member Golden Gates use to say “FIX IT”! You are the Government.
Mr. Speaker,
While I am on the subject of employment, the Prime Minister said we should applaud the opening of Baha Mar because the entire nation of PLPs and FNMs alike stand to benefit from what it is going to mean to Bahamian tourism and employment. Mr. Prime Minister we agree with that statement and we applaud the opening of Baha Mar. However, the Government is in breach of its obligations as outlined in the Heads of Agreement to pay for the road works. In 2012/2013 Parliament authorized the Government to borrow $47.8 million for payment to Baha Mar in accordance with Government’s obligation under the Heads of Agreement concluded between Baha Mar and the Government. That sum was included in the list of borrowing Parliament approved in respect of 2012/2013. I understand that Baha Mar has received only $18 million of this sum and it is reported that the Government proposes to pay the resort developer a total of only $29 million!
Without commenting on the merit of the Government’s position on the sum to be paid, Again, I demand to know what happened to the rest of the money that was borrowed FOR THE PURPOSE OF MEETING GOVERNMENT’S OBLIGATION TO BAHA MAR AS ESTABLISHED UNDER THE HEADS OF AGREEMENT? Where has the other $20 million gone? Payment for the roads was supposed to take place upon completion. Mr. Prime Minister if Baha Mar’s opening means so much to the Bahamian people, please pay them their money. This can’t be right….Mr. Speaker what would other investors think of this Government and the Bahamian people?
Mr. Speaker,
The Prime Minister is tooting that VAT is going to be a major success story for The Bahamas and he is convinced of it! Is he a Prophet Mr. Speaker…..? While it may appear that there was a smooth introduction on VAT and the registrants are beyond what was expected, Mr. Speaker, it’s far too early to predict that it will be a success story. The Government hasn’t collected any of its quarterly or bi-annual filings in which inputs and output would be measured to determine a success story. The Prime Minister needs at least until the end of the year before he can talk about success story. Mr. Speaker, many people are grumbling about having to pay VAT. The cost of living is expected to increase but nobody is talking about increase in salary. As I said during one of my contributions people can be seen in the food store with calculators or cell phones adding before they reach the checkout counter just not to be embarrassed. Mr. Speaker, VAT is not a good word on the street. Like my colleague from Long Island said we don’t have a choice. Mr. Speaker, the member for Golden Isle said that in the Barber shop he admitted that the IMF didn’t force the government to implement VAT. Well we now know that that’s how much regard for the Bahamian people the Government has. Tax and more taxes. These are the same people who campaigned on no new taxes. Remember VAT is going to pull a lot of money out of the private sector. We started with 7.5% this year what it will be next year if the Government doesn’t control its spending. Lest we forget recurring expenditures increased by almost $100 million over the previous year. Yet Mr. Speaker, the Prime Minister said they have tightened their belt and took their medicine. What medicine? Time will tell if the medicine works or whether they need surgery.
Mr. Speaker,
The Prime Minister spoke about Customs and Real Property Tax Reforms. These are not new. The FNM Government started both of these reforms along with a proposed Procurement Plan. We heard last year that Government was outsourcing the collection of Real Property Tax to two firms. Can the Prime Minister tell this honorable house how much of the $50 million shown at Mid-Year as collected was collected by these firms? As we all know, there is $570 plus million outstanding at the end of fiscal 2012. The collection of Custom duties is down by $11 million at Mid-Year. Are we to expect a shortfall in the budgeted amount of $146 million by the end of the year? These are the things the Bahamian people want to know….. As it stands now, we are about $200 million short of budgeted revenue at the Mid-Year point. Please forgive me Mr. Speaker, I forgot to add VAT of $150 million. How could I forget that….As the young people would say, my bad Mr. Speaker…..?
Mr. Speaker,
“Stringent expenditure control efforts will have to be maintained if we are to achieve our goal of eliminating the primary deficit by FY 2015/2016 and realize the targeted significant reduction in the GFS deficit to less than 1 per cent of GDP by FY 2016/2017. To that end, my Government will bring comprehensive procurement regulations into force before the end of this fiscal year. We will also step up efforts to ensure that vendors providing goods and services to the Government do so on a basis that provides the best value for money”. Mr. Speaker, these are the Prime Minister words not mine. Mr. Speaker, I believe in our young people and they would say “WELL BLOW ME DOWN”. Mr. Speaker, there are policies in place for procurement. However, this Government chose not to follow them. While I agree that a separate department should be set up for procurement to obtain better prices, procedures are presently in place. Mr. Speaker, the policy requires, that bids come from qualified bidders. When we look at the BAMSI Project, does procurement come to mind? Mr. Speaker, there was no competitive bidding in place. Mr. Speaker, if you was my boy you got a contract. It’s as simple as that. It’s alleged that contracts were issued to persons who were not qualified contractors. Do you know how bad it was Mr. Speaker? The building that burned the other day was not insured. The contactor did not have insurance. The Minister of Agriculture can say all he wants. Mr. Speaker, the building was not insured. It is also alleged that the Police Department is going around to the various insurance companies asking whether BAMSI was insured with them. Mr. Speaker, the Bahamian people will have to bear the cost of over $1M to restore that building. Mr. Minister you ga swing. Take your medicine like a big boy! Can you believe that? That can’t be right… Oh let’s talk about the Urban Renewal Program. Contracts were issued on the instruction of MPs and Social Services. Again, no competitive bidding. Millions of dollars were spent on cleaning vacant properties and abandoned buildings all in the name of Urban Renewal. Now the Prime Minister come here talking about a Procurement Plan? Let get serious Mr. Speaker……
Mr. Speaker,
Oh Mr. Prime Minister, to quote Dionisio D’Aguilar in the Tribune Business section February 12, 2015, and I quote “if the Prime Minister was an insurance salesman, I would purchase insurance from him. He is always very upbeat and very positive about how things are going to turn.” end of quote. If we are to believe the Prime Minister why is crime so out of control considering he pumped an additional $24 million to combat crime and promote greater social cohesion? None of this has come to fruition. Crime is certainly out of control. Yet he boasts about spending $230 million on Defense force new patrol vessels and other equipment and infrastructural improvement in Nassau, Ragged Island and Inagua. All started under the FNM. I am told there are no boats stationed in Inagua. Illegal immigrant, poachers and smugglers of contraband are on cruise control while our marines wait on a boat from Nassau. They are grilling and chilling. Mr. Speaker, Nassau might be the capital but it’s certainly not the Bahamas. By now we should have had a proper Detention Centre in Inagua along with several boats patrolling the passage and our borders. With this, we would able to process illegal immigrants and repatriate them to their homeland. This would certainly bring the cost of repatriation down. The Minister spoke about the Ministry is out of money. We could fix that Mr. Speaker.
Mr. Speaker,
Turning now to cellular liberalization which been the hot topic over the last week. Mr. Speaker, when the Prime Minister made his communication it wasn’t clear who would own the 51%, the Government or the people. Mr. Speaker, I said to myself, why on God’s green earth would this Government want to own 51% of the shares in the new cellular company. This deifies logic. Why would you want to compete against yourself? Only to find out the next day that that was not the intention. The Minister of State for Finance in newspaper article explained that the Government will be facilitators for the Bahamian people. Mr. Speaker let’s see where transparency end up here. Well Mr. Speaker, the former administration left an agreement in place to sell 9% of BTC shares to the Bahamian public. What happened to the sale of those shares? We always hear Bahamians first. I guess we are not Bahamians? Now Mr. Speaker, we are reading that BTC is about to offer voluntary separation packages to all staff with hope of reducing staff between 150 to 200 people. Mr. Speaker, the Bahamian people was under the assumption that Government owned the majority shares by virtue of its 49% shareholding and in addition to the 2% shares which were transferred into the BTC Foundation last year. Mr. Speaker sounds like 51% to me. The real question that needs to be answered is who own the Foundation. The Prime Minister got up and say the deal is done. To demonstrate control Mr. Leon Williams a Bahamian was appointed CEO in June 2014. Now we hear the Deputy Prime Minister saying it’s a private company and he leave it to CWC to run business. Then we have the Minister for Labor saying the Government is unable to prevent CWC from laying-off these people. Also said the Government intervened in December to save these jobs. Why not now? We all know what the unemployment rate is? Just like that we have more people on the street. Mr. Speaker, I don’t care what type of packages are offered, these people still have mortgages, rent, school fees to pay and they have to eat. In some cases there are people in their late 40s and early 50s that will find it difficult to find another job. How are they going to make….Mr. Speaker, this PLP GOVERNMENT GET DO RIGHT IN BY CWC!
No spin would work............
You CLAIM to own 51%..........well use your majority vote power to protect 150 Bahamians. One day the Prime Minister paints rosy picture and a week later people are being laid off. Wow!! Can’t you believe that…..? Lord recuse us from this Government……
Mr. Speaker,
The Prime Minister spoke about the Economic Development Plan and Prospect in glowing terms and expressed confidence that we would have a growth rate of at least 2% according to the IMF and what is predicted for the US. Well Mr. Prime Minister we have heard the same story over the last three years. None of the prediction by the IMF have been achieved. You will recall two years ago we were expecting a growth rate of 1.7% only to be adjusted down to .7% of real growth. We must not continue to expect overnight success based on the US growth rate. Most US economist are optimistic about the growth rate but its citizens are cautious with their spending. They all remember the great recession which the Prime Minister hasn’t come to grips with as yet. He is still comparing the previous five year period, 2007 and 2012 with today. The previous administration had no choice but to spend and borrow just to keep the economy afloat. Mr. Prime Minister, what is your excuse…..? Even with the implementation of VAT, recurrent expenditure increased by almost $100 million. Mr. Speaker, without VAT we are looking a deficit of over $500 million. Is that something to be excited about Mr. Speaker? Like Mel Don would said the “Man Gone Crazy”. Mr. Prime Minister, stop counting those chickens before they hatch.
Mr. Speaker,
This brings me to a point I made in this house on several occasion and which I will continue to make about accounting standards and the need to change the basis of accounting from a cash basis to an accrual basis of accounting. Under the accrual basis of accounting all outstanding obligations, commitments and guarantees would have been captured and we would know the true picture of the economy. As it stands now we don’t know what the Government owes. The numbers presented in this Mid-Year budget performance report only accounts for what was paid and what was received. Failure to present a proper balance sheet makes analysis of the National Debt very difficult if not impossible. What Government owned assets are there to show for the monies borrowed? We are now talking about Tax Reform for Real Property Tax and Customs. What we need to be talking about is Accounting Reform. This is one of the biggest reforms that needs to happen in this country. It is essential that the Government consider converting its accounting system from a cash basis to an accrual basis. How can we account for VAT when the present system is not working? How do we account for the unfunded pension plan? Serious questions, Yet Mr. Speaker, he wants us to applaud
Mr. Speaker, I now turn to the numbers. Specific comments on Annex and Budget Performance Recurrent Revenue.
During the Mid-Year Communications the Minister of Foreign attempted to explain the changes or the shortfall in his budget? He spoke about revenue administration and what VAT means to the whole process. I guess it was just reading the script without questioning it.
Mr. Speaker,
Looking at the revenues numbers, the Government is projecting that they will collect more revenue in the second half of the year if they are to make the forecasted numbers. That’s $1.08 billion compared to the $689 million collected in the first half. I am not sure if that’s possible seeing that Christmas is over. Where is this going to come from VAT? The total forecasted revenue was $1,770 BILLION. That’s billion with a B Mr. Speaker. If we were to compare year over year revenues are up by $20 million.
Import and Export Duties are down by $11million
Interest and Dividends are down by $17million
Property Tax is down by $6 million
Mr. Speaker,
We know that Customs duties have been reduced as a result of the introduction of VAT. Therefore I can’t see how the shortfall will be made up. Was the reduction of custom duties taken into account when the budget was done last year? As for Interest Dividend, The government have to rely heavily on BTC, Cable Bahamas and Arawak Port to make up the shortfall. However, I doubt BTC will make up the shortfall because of the Capital work being conducted. Mr. Speaker, the Prime Minister or the Minister of State for Finance needs to explain to the Bahamian people why Property Tax is down at this point considering the bulk of it has been outsourced for collection. What has been collected to date? The people need answers Mr. Speaker. On the positive side there were increases in:
Excise Tax of $27 million year over year but still short by $13 million against forecast
Gaming Tax of $7 million year over year but still short by $12 million against forecast. I have every reason to believe that this shortfall will be made up based on what has been reported in the newspaper about the proposed taxes on the number boys.
Tourism Tax of $11 million year over year which is ahead of forecast.
Stamp Tax $7 million year over year. However, down when annualized
Mr. Speaker,
From my analysis of the Mid-Year Performance it appears to me that the government will have a challenge meeting its recurrent revenue forecast. On the Capital side, there is a $3 million increase revenue at the Mid-Year point against $1000 forecast. Can somebody please tell me where this money came from? Mr. Prime Minister, you can’t just read a communication, you have to explain it Sir.
Mr. Speaker, I now turn to the Recurrent Expenditure side. Mr. Speaker, in the MOF communication he spoke a lot about controlling expenditure in the various ministries and government departments. However, when one reviews the numbers this is not evident. As I said earlier, Recurrent Expenditure increased by almost $100 million. Mr. Speaker Recurrent Expenditure at the Mid-Year Point stood at $889 million or 48.7% of the full-year budget estimate. Now what’s behind these numbers? As I said earlier, this only represents what was actually paid for not what was incurred and owing. Mr. Speaker, that’s a big difference. What a rosy picture we paint. The same thing will occur at year end. Everything seems to be in line with the forecasted numbers. This is nothing more than smoke and mirrors. Mr. Speaker, most of the smoke is hidden in Block 30 Rent, Communication & Utilities in all Ministries and Departments. In most cases this block is forecasted very high when compared to actual spending at Mid-Year. Mr. Speaker, rent is fixed expense and utilities are a fixed/variable expense that can be controlled. Therefore, there is no good reason why forecasted numbers are so high compared to what was spent at the mid-point. The Government will meet its forecasted estimates because of the beef in this block.
Mr. Speaker,
The Governor-General and Staff:
Head 1 Block 10 Travel and Subsistence down by $35,187. This amount was transferred between Block 30 Rent, Communication & Utilities $20,187, Block 50 Other Contractual Service/Family Is Dev. $5,000 and Block 50 RM & Upkeep of Capital Assets $10,000. Mr. Speaker, who are we paying rent for the Governor –General? The people want to know!
Department of Public Service:
Head 5 Block 30 Rent, Communication & Utilities down by $4.9 million year over year. Mr. Speaker, $33M was forecasted and $9 million was spent at end of December. That a $24 million difference. That can’t be right. So Mr. Speaker, now you see what I am talking about. The beef is definitely in Block 30 Cabinet Office Head 6 Block 10 Travel and Subsistence down by $140,000. This amount was transferred to Block 50 Other Contractual Service/Family Isl.Dev. Mr. Speaker, Block 50 revised estimate is now $970k. The largest item Block 50 in the annual budget was $500,000 allocated to National events. $782k was sent at the end of December. Can the Minister tell the Bahamian people what this is all about? Numbers just don’t make sense.
Court of Appeal
Head 9 Block 1 Personal Emoluments Approved Estimates 2014/2015 was $2.6M. However, only $563,375 was spent to the end of December. Whereas the actual amount spent in the previous was $606,450. Why such a large budget? Mr. Speaker, at end of the year all will be well because number are very high. You will hear how they controlled spending
Ministry of Foreign Affairs & Immigration
Mr. Speaker, I must commend the Minister with his presentation of the Mid-Year. This is the first time he come here with real numbers and explanations. He explained that the Department is out of money for repatriation of foreign nationals. He claims that the Department spent around $1.7M in 2014. Well Mr. Speaker, I would like to know if he talking about calendar 2014 or fiscal 2014/2015? Mr. Speaker, in the 2014/2015 budget estimates only $500,000 was budgeted for the repatriation of illegal immigrants. Whereas $1.2M was budgeted for in 2013/2014. Mr. Speaker, I asked at the time why such a large reduction. I was told at the time to check with the PS and he would answer any question I have. Mr. Speaker, if only budgeted $500,000 for year the new immigration policy could not have been thought about at that time. At the end of December, block 10 Travel and Subsistence showed a total $811,131 being spent which includes repatriation. Mr. Speaker, when we speak we have to compare apple to apple. To make the shortfall $418,500 was transferred in. So Mr. Speaker, I am not clear on these numbers.
Mr. Speaker, when we look close at the numbers in this Department revised estimates for Rent, Communication & is $906,550. Whereas, only $333,416 was spent during the first six months. What’s going on here? There is a lot of fat in this whole budget Mr. Speaker. Mr. Speaker, the Minister has to be careful when he speaks because he is confusing his Ministry and Department. They are separate as it relates to budgeting.
Office of the Prime Minister
Mr. Speaker,
An additional $1,081, 620 was transferred his office. The approved estimate was $3,395,138. After the transfer the revised estimates now stand at $4,476,758. Mr. Speaker, that’s a 32% increase. The bulk of the transfer went to Block 90 which represents Provision for Contingencies $836,811. Mr. Speaker could you believe only $25,000 was budgeted? But we hear about tightening our belts and taking our medicine. Another $281,901 was transferred to Block 10 Travel & about Subsistence. We understand that. Enough said about the Prime Minister’s Office.
Mr. Speaker,
If we are to achieve our goals we must work together for the common good. We must not look at this as just an exercise year in and year out. We are more intelligent than that. We often hear that we doing better than our Caribbean brothers and sisters but are we satisfied with our position? Are we doing better than them? Mr. Speaker, we do not live in a bubble. This is the real world. Reading an article by Paul Hay in the Caribbean Journal dated February 15, 2015 on Doing Business. The Bahamas has slipped 20 position over the last two years to its Latin American and Caribbean Region partners. Mr. Speaker we have to do better. I am an Accountant Mr. Speaker, and I get excited when I see numbers that make sense.
I thank you Mr. Speaker.
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