The Tribune

By NICO SCAVELLA

Tribune Staff Reporter

nscavella@tribunemedia.net

DNA Deputy Leader Chris Mortimer yesterday said the government’s plans to request funds from China to help restructure the country’s national debt has turned the Bahamas into a “beggar nation.”

He said the decision could have “serious ramifications” for Bahamians.

Mr Mortimer made his statements during a DNA press conference yesterday morning.

Last week, Prime Minister Perry Christie, with Foreign Affairs Minister Fred Mitchell, Tourism Minister Obie Wilchcombe, and Aviation Minister Glenys Hanna Martin, travelled to the People’s Republic of China for the Community of Latin America and Caribbean States (CELAC) forum in Beijing, China.

During the trip, Mr Christie announced plans to seek funding from China’s US $3 billion investment fund to support the national budget, refinance and restructure the country’s debt.

However, Mr Mortimer yesterday said the move was the government’s way of asking China for “help” in rescuing the country from “30-40 years of corruption” in government.

“When I say corruption I mean the fact that poor policies, poor planning, friends, families and lovers getting all the grits and the juiciness from the Public Treasury, to the point now where we have to go to China and say ‘please help us,’” he said.

“Once you understand that the Bahamas does trade with China, but in terms of trade with China, China is fifth on the list. The United States is our largest trading partner. The questions that I have, because I think they are serious questions, is if the government believes (in) supporting China, are we now going to be supporting their position with respect to Russia over the US? Are we going to be supporting their position on Libya over the US? Or all the world nations when it comes to where they stand versus where the US stands?

“This is a serious issue, because 80 per cent of (our) trade is done with the US. And I would expect that before making some determination, just because you have made us a beggar nation, that you would take into consideration the ramifications of what that could possibly mean.”

While making his inaugural address as chairman of the Caribbean Community (CARICOM) to delegates in China, Mr Christie said the $3 billion fund was a “commitment on China’s part for investment on concessional terms.”

He said the government proposes to use that funding for “budget support, as well as debt restructuring and refinancing.”

Mr Christie said the government would also be promoting opportunities for investment in the energy sector, gas exploration, mining, forestry, tourism, airline services, financial services, agriculture and fisheries. He also noted that China is a “significant source of investment capital” and has “established itself as a worthy economic partner.”

However, Mr Mortimer said it was “shameful” for the government to “put us in a position whereby our future and our lives can be dramatically altered.”

“I expect and I think the Bahamian people should expect, the government has some serious answers to give us,” Mr Mortimer said. “We want to know what they have promised, what they have given in order to secure this support. It is absolutely important. We cannot have, again this secrecy, the distortions. We need the facts from this government. It cannot continue.”