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Last Updated: Dec 29, 2011 - 2:18:31 AM |
 Nassau, Bahamas - Presenting his contribution to the House of Assembly on the Mid-Year Budget statement, Minister of State for Finance the Hon Zhivargo Laing reminded Parliamentarians that the mid-year budget presentation takes place within the National Development Project.
He explained that the National Development Project is about “promoting an environment in which each citizen of this nation, acting alone or in tandem with others, has the opportunity to realize their God-given potential, doing what is necessary by his, her, or their own enterprise to have that potential realized”.
In this regard, he said the Government has a specific role primary, which is to secure the public freedom, peace, safety, health, education, economic enablement and national cohesion.
“It is in ways a simple project, but in so many other ways a complex one because it involves the collective participation of the most complex among God’s creatures whose free will must be balanced against common purposes, not always easily agreed,” Minister Laing said.
In pursuit of the national project, some historical traditions and inertia have developed, Mr Laing said. “That is clearly seen in our economics where our successful pursuit of international customers in tourism and financial services have intimately tied us into the global economy and financial system.
“That system facilitates the movement of goods, services and capital throughout the world to the benefit over the years of many, including ourselves.”
Minister Laing noted that from time to time the global economy into which The Bahamas is tied experiences significant downturns and in the process greatly impacts the country’s fortunes, even “jolting” efforts regarding the National Development Project.
“This has been our lot over the last two years or so where the worse economic recession in a generation has significantly and negatively impacted upon our own economy and in the process brought enormous difficulties to the lives of many of our people.
“Undaunted by this economic storm our focus was clear: protect our nation, assist our people, keep the National Development Project in Focus,” he said.
Many Bahamians have benefited from the efforts expended to assist those in need. Among the efforts are unemployment benefits, social assistance, small business guarantees restructuring and the provision of 2,500 job opportunities.
“The cost of this assistance to the public purse was high and in keeping with good governance, we pause at this mid-point in the fiscal year to review, reflect upon and make adjustments to the Government’s financial affairs,” Mr Laing said.
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