By SANCHESKA BROWN
Tribune Staff Reporter
sbrown@tribunemedia.net
FNM MP for St Annes, Hubert Chipman said yesterday the country’s debt will rise to $5.5 billion – one billion of which was borrowed by the PLP in less than two years.
Mr Chipman made his comments during his contribution to the budget debate in the House of Assembly. He said the government’s borrowing over a two-year period represents the largest increase in government borrowings in the Bahamas. “They continue to point fingers at the FNM for their failures rather than blame themselves. This a sure sign of poor leadership and incompetent management in this PLP government. The government claims to be pulling us out of a spiralling debt, they inherited from the previous administration, yet they propose to do so by increasing borrowing and they are borrowing more than the previous government of the Bahamas. Indeed, $1 billion in borrowing over a two-year period represents the largest increase in government borrowings in the Bahamas ever,” he said.
“The budget is stingy in details and I must conclude that the details cannot stand the light of day or does not exist. This budget lacks creativity when it comes to allocating resources to the most pressing areas. They will always be a government of handouts and bail outs and will never learn fiscal discipline. While the FNM was criticized by the PLP for the level of borrowing during our last term in office, when we borrowed to keep the economy going, the PLP is borrowing haphazardly over a billion dollars over a two budget cycle. That is startling for a government that had the answers on day one. “They borrowed $594 million on the outset when they came into office and they came back for another $100 million at the time of the mid-year budget, now they are back for another $465 million. Can you believe that? In truth, total receipts from borrowing projected to be $520 million dollars. It is certainly unbelievable. The national debt after this borrowing will stand at $5.5 billion dollars, one billion of which was added by this government and represents over 65 per cent of GDP. Like Eddie Minnis said ‘l living in the hands of the finance man’.”
Mr Chipman said while he is not an economist it is clear to see that the government is not taking this country in the right direction financially.
Comments
PWGenesis 10 years, 10 months ago
Mr Speaker I submit the following to curb down and jostle the increasing plaque of crime in the islands in the sun. Initiate a "Gun buy back" program or start an amnesty for a period to last not longer than "90 days" and take guns of the streets, using various churches as a backdrop. Also start neighborhood curfews and put "A visible Foot policemen on every street and investigation as to set up a databank as to where these "weapons" i.e guns are coming from and by whom. Also offer a Reward for all murders and put a moving truck in the communities that broadcast the information and keep confidentiality of all who give up information leading to the arrest and conviction of the thugs. Mr Speaker whats your view?
PWGenesis 10 years, 10 months ago
" Lift up your head to the rising sun, Bahamaland, March on to glory, your bright banners waving high, See how the world marks the manner of your bearing ; Pledge to excel thro' love and unity.
Pressing onward, march together, to a common loftier goal ; Steady sunward tho' the weather hide the wide and treacherous shoal. Lift up your head to the rising sun, Bahamaland, 'til the road you've trod lead unto your God, March on Bahamaland."
Mr. Speaker that national anthem ought to be sung every day by ALL schools at Assembly in the islands of the Bahamas. Maybe these words have to be heard daily as to the " Why it was said " Its Better in the Bahamas" back in the days Mr. Speaker. I reserved the balance of my time Mr. Speaker."
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