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Last Updated: Nov 22, 2018 - 4:24:13 AM |
FOR IMMEDIATE RELEASE
From: Bahamas Information Services
November 21, 2018
 NASSAU, The Bahamas - Making good on his commitment of transparency and accountability, Prime minister, Dr. the Most Hon. Hubert A. Minnis tabled the Fiscal Strategy Report 2018 in the House of Assembly.
During the morning session on Wednesday, November 21, the Prime Minister, in a communication, stated that it was a proud moment for him and his Government.
“I take great pride in asserting that this landmark document represents yet another historic milestone in my Government’s quest to ensure responsible and credible management in the fiscal affairs of our nation,” the Prime Minister said.
He added, “We firmly believe, as do our citizens, that putting the nation’s fiscal house in order is a clear prerequisite to a more buoyant private sector and stronger job growth.”
According to the Prime Minister, such reporting serves the enduring principles of transparency, accountability and good governance.
“We are also securing sustainable improvements in our medium- and long-term economic viability and health,” he said.
The Prime Minister affirmed that his Government has held firm to a commitment made to the Bahamian people “to enshrine fiscal discipline as a core element of our innovative and transformative growth agenda.”
And, he said that his administration has “clearly” delivered on its unwavering commitment to Bahamians to strengthen fiscal management, enhance the transparency and accountability of Government in fiscal matters and deliver concrete and visible improvements in the nation’s fiscal position and prospects for the future.
To secure these fiscal gains, his Government developed and introduced the Fiscal Responsibility Act, which came into effect on October 1 of this year.
“The Act provides a strong, depoliticized institutional framework for fiscal policy,” the Prime Minister noted. “This will help to ensure that no future Government ever again engages in flagrantly irresponsible fiscal policies that could once again threaten the future prosperity and stability of The Bahamas.”
A key objective of the Act is to improve fiscal transparency, and to ensure the accountability of policymakers.
“If our policymakers are to be accountable for the design and implementation of fiscal policy, then there must be mechanisms to ensure that both the public and Parliament are provided with comprehensive and timely information on the Government’s fiscal intentions and performance,” the Prime Minister said.
Under the Act, a new key public reporting obligation is the preparation of an annual Fiscal Strategy Report (FSR) that is fully consistent with the fiscal responsibility principles, objectives and content established in the Act.
Also under the Act, Parliament is to debate the FSR and to inform the Minister of Finance, no later than January 31, of any recommendations on the report. The Minister may amend the FSR, as applicable, and table it in Parliament, and then publish it. The FSR will then set the parameters for the preparation of the Annual Budget.
“I remind the House that the FSR will also lay out the Government’s medium term fiscal targets, detailing what deficit and debt positions are targeted,” the Prime Minister said
He added, “It will rightly provide the public financing benchmarks against which this House and the Bahamian people will pass judgment on the stewardship of the government in respect to the people’s money.
“I firmly believe that this annual document will serve to greatly enhance the transparency and accountability of this and future Governments in respect of the management of the fiscal affairs of our country. “
The document is publicly available on the Government’s website:
www.bahamas.gov.bs
© Copyright 2018 by thebahamasweekly.com
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