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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Peter Turnquest, Deputy Leader of the Free National Movement (FNM) and MP for East Grand Bahama, issued the following statement on S&P downgrading The Bahamas Credit Rating:
“Once again, we are reminded of the ineptitude and untrustworthiness of the PLP as Standard & Poor’s (S&P) announced another downgrade (the 4th in four years) of the Bahamas’ sovereign debt. S&P confirmed that under the PLP our economy has gotten smaller; PLP produces budgets that cannot be relied upon; the PLP does not know how to create jobs; our debt level has placed us at the edge of the economic precipice; and under this PLP government we spend more on interest than we do on healthcare, security and education.
“In short, they confirmed that our fiscal and economic affairs are in a mess and the fact is we cannot expect the architects of this economic malaise to get us out of the problem. They cannot be trusted. They talk a good talk, but the facts betray their words. It is unforgivable that despite one billion dollars in VAT revenue, fiscal deficits are still rising. That is so because we have a government that spends the people’s money like drunken sailors and refuse to provide adequate accounting. They believe they own the public treasury.
“The Bahamian people would be justified in asking what an FNM Government will do to immediately reverse this perilous trend. The first thing we will do is bring integrity back to the budgeting process. We will not lie to the Bahamian people and international credit agencies as the PLP government has been doing over the past five years. We will ensure that our fiscal affairs are in order by employing new budgeting techniques and requiring that funding sources for all new government initiative are clearly identified before those projects are implemented. Moreover, we will ensure that there is greater transparency and accountability. Ministers will be accountable to Parliament.
“Among the major initiatives that will be pursued by the FNM will be the creation of a National Infrastructure Fund, which will be funded by the Government and to a greater extent by private Bahamians and foreign participants as well. Once implemented, this program will reduce the government’s capital budget deficit. As significantly, it will result in both improving and modernizing of our current infrastructure while diversifying our economy and creating opportunities for entrepreneurship and high paying jobs.
“With respect to economic growth, an FNM government will create the environment for new and existing Bahamian entrepreneurs to flourish. That will be done through a number of means including tax incentives, government guaranteed loans and other creative measures. Of course, we will reverse the trend of our declining ease of doing business ranking. It is unforgivable that in a challenging economic environment such as we have, the PLP government is making starting and doing business harder. Simply unbelievable.
“Moreover, we will achieve real economic diversification through a energy revolution which will be pursued immediately, not 4.5 years into our term; exploitation of our natural resources by and for the benefit of Bahamians; inspiring a cultural renewal; among other measures.
“Within the tourism sector, exponential growth and increased per capita tourist spend will be achieved as we expose the world to our rich culture in New Providence and all our Family Islands.
“S&P’s downgrade is a clear reminder that we need a new direction. The trajectory that the PLP government has the Bahamas on is unsustainable and will result in unimaginable pain and suffering. The PLP government is irredeemable. The only solution is to call elections now and vote them out.”
© Copyright 2016 by thebahamasweekly.com
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