The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Prime Minister Perry Christie must inspire confidence of an economic turnaround in today’s Budget, the Opposition’s Finance spokesman said yesterday, adding: “More of the same just won’t cut it.”

 K P Turnquest said: “The primary thing that we are looking for coming out of this Budget is optimism; some real projects that will give the Bahamian public some level of confidence that there is a turnaround in the economy, and that they can look forward to opportunities for jobs and entrepreneurship.

“I think that more of the same will not cut it. We need to see some initiatives that will stimulate economic growth rather than bragging about how much taxes you have collected from the Bahamian people.

“We need to hear about incentives that will be given to businesses, small and medium-sized in particular, to assist them with the ease of doing business, which will give them the confidence to reinvest and to hire.”

With the fate of the stalled $3.5 billion Baha Mar development still unknown, Mr Turnquest said: “We also need to hear some positive and concrete decisions that have been made with respect to Baha Mar as a major catalyst for economic growth in 2016.”

He added: “We also need to hear about the plans for Grand Bahama, not just chest beating with respect to getting the Port Authority to agree to some equity stake, but how this new arrangement will actually result in a stimulated environment where investors will feel confident again to come to the jurisdiction and to invest.”

The Government and the Grand Bahama Port Authority (GBPA) have signed a Memorandum of Understanding (MOU) to create a new framework for performance-­based development incentives that will replace the expiring tax concessions of the Hawksbill Creek Agreement (HCA).

“We’re not interested in hearing a regurgitation of the litany of projects that have been talked about since 2012. We need action; we need dates and certainty,” said Mr Turnquest.