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Last Updated: Feb 13, 2017 - 1:45:37 AM |
 Speaking notes in The Senate on The 2015 – 2016 Budget by Sen. The Hon. Allyson Maynard Gibson, QC Attorney-General and Minister of Legal Affairs Wednesday 24th June, 2015:
Madam President we live in a wonderful country, The Bahamas, a Christian nation, where democracy reigns and in which annually the government is called upon to account for its performance and to enunciate future plans. At moments such as this we all are reminded that we SERVE the Bahamian people and they are entitled to hear from us. We are called to account and we readily respond.
Madam President I would like to commence this important national debate by acknowledging the facts about the condition of The Bahamas’ affairs in 2012:
· Unemployment had doubled from 7.6% in 2007 to 14.7% by 2012. It is estimated that 14,000 persons were put out of work.
· Debt to GDP steadily increased.
· There was over $100 Million dollars in cost overruns on roads.
· Standard and Poors had downgraded The Bahamas twice - in 2009 and 2011
· Moody’s downgraded The Bahamas in 2011
· Crime rates had skyrocketed – the opposition like to talk about the number of murders…well the murder rate in 4 of the 5 years of the FNM reached record levels since they took office
o 2006 – 61 murders
o 2007 – 78 murders + 28%
o 2008 – 73 murders – 6%
o 2009 - 85 murders +12%
o 2010 – 94 murders +11%
o 2011 – 127 murders + 35%
Madam President, at the outset, it is important that we ask our colleagues from the Opposition to acknowledge their former government’s role in implementing and overseeing the policies that put us in this position in the first place. Indeed, it is hard to imagine a former government more poorly placed to now critique the clean-up job our government has had to undertake. Their legacy is especially bad given the “headroom” that Hubert Ingraham in May 2012 admitted the FNM found in place.
Faced with the failed plans and fiscal mismanagement of the FNM, the PLP set about to achieve a dramatic turnaround in the state of our public finances – and we succeeded. As the PM said, “The GFS Deficit this fiscal year is now estimated at $198 million, as compared to the $539 million Deficit that resulted from the fiscal structure that we inherited in 2012/13. That is a reduction in the Deficit of $342 million.” That is a deficit cut of virtually two-thirds.
History will show that Perry Christie is an exceptional Prime Minister. Faced with the daunting task of turning the country around, he could have chosen patchwork. Simply putting a finger in the dyke. But he did not. He is an experienced visionary Leader. He is a Christian, whose legacy will be one of “heavy lifting”- laying a sound foundation for The Bahamas and Bahamians for economic freedom in the 21st century. He is a courageous Leader. The right man for the times. It takes courage to do the “heavy lifting” and to stay connected to and consult with Bahamians as we build a Stronger Bahamas. I repeat, Perry Gladstone Christie is a courageous and visionary Leader.
The job has not been an easy one, and drastic change does not happen overnight. It may not happen in a year, two, years or three years. But change is happening every day. Every day The Bahamas is getting stronger.
Mr. Speaker, this Budget is faithful to the reform plan for a Stronger Bahamas that the PLP led by Perry Christie has been pursing since May 2012. Our plan is working. This Budget builds further on that plan.
The PLP is steadily working towards a more Prosperous Bahamas.
VAT was implemented in fashion that some tax consultants have called the smoothest ever in their experience. I wish to thank the private sector stakeholders who partnered with the GOB in taking this step which is so important for a strong economic future. Among other things, they acknowledge that Bahamians across this archipelagic nation have the right to the same opportunities and infrastructure as Bahamians in New Providence and that nation building means building the entire Bahamas. Responsible pursuit of these objectives requires the revenue provided by VAT. The FNM executed a contract to build a wing onto Princess Margaret Hospital in the face of rising deficits and over $100 Million in road cost overruns. No provision was made for cardiac surgical facilities in the new surgical suites. No provision was made to furnish the surgical suites and virtually no improvement was made to clinics across The Bahamas. The $60 Million the Government has allocated to immediately improve health facilities is possible because of our improved fiscal position.
Government expenditure IS UNDER CONTROL thanks to systemic changes that continue to focus on elimination of excess and wastage. Bahamians are seeing the benefits of a fairer tax system, through reductions in property taxes, customs duties and through the ability of the government to fund important social programs like National Health Insurance.
The debt to GDP ratio is moving in the right direction. As can be seen from the below chart, the last time that debt to GDP was moving in the right direction was under the last Christie administration....
Full 2015-2016 Budget attached below...
© Copyright 2015 by thebahamasweekly.com
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