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Bahamian Politics Last Updated: Mar 8, 2017 - 2:39:07 PM


Sidney Collie: Bahamas Debt Hitting $7 Billion
By The Free National Movement
Mar 8, 2017 - 2:21:29 PM

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Nassau, Bahamas - Sidney Collie, Chairman of the Free National Movement (FNM), issued the following statement on:
 
“‘Hope’ is not a strategy to lower our deficit.”Sadly, that was Minister Halkitis’ response when asked if this year’s deficit would be under $300 million.  ‘We hope so,’ was his response.  He’s right-now that the national deficit has grown to over $7 billion according to the Central Bank of The Bahamas, we all ‘hope’ the deficit comes in lower than it is projected. But while Bahamians ‘hope’, Minister Halkitis and this inept PLP Government should be doing something about it.  After 5 years under their disastrously failed leadership, the people are all out of hope.”
 
“This Government has charted a reckless economic course that has The Bahamas sinking into the abyss. Their onerous VAT tax has taken $1 billion out of our economy.  And while they promised their VAT tax would go towards eliminating the deficits, none of them can explain where the VAT tax revenue has actually gone.  Their policies have led to repeated downgrades dropping our nation’s credit to junk bond status.  And to make matters worse, beyond hoping the deficit goes lower, Minister Halkitis is suggesting the deficit reduces later in the year; if only that were the case.  Last year alone the deficit ballooned to $291.5 million by the end of that fiscal year.  No wonder people have lost trust and confidence in this ineffectual Government.”
 
“The only ‘hope’ the Bahamian people have is the upcoming election where they can finally rid themselves of this PLP Government. They want a government that will act on our problem and challenges, and not just ‘hope’ they go away.  The FNM has a plan to reduce our deficit and diversify and expand our economy.  We are ready to be the leaders that have sadly been missing from Government these last five years.”

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