The Tribune

EDITOR, The Tribune

I WAS was just reading up on the Moody’s and S&P’s downgrade from their official website.

In my honest opinion, I feel like the Minister of State for Finance Michael Halkitis and the Financial Secretary Simon Wilson should resign. In any other country this would be unacceptable.

I read several articles and listened to a few talk shows and they are basically saying (including former Governor of the Central Bank James Smith) that the downgrade was unfair and to paraphrase, that it was just the credit rating agencies’ opinions. Well guess what? It’s their opinion that actually matters. Unlike the opinions of the Bahamian people, you just can’t dismiss them or shut them up or victimise them. You have to actually address the issues.

The Financial Secretary was heard on Guardian Radio saying that the downgrade was unfair and all economic indicators are looking up. I am so tired of these political appointees, the Department of Statistics and politicians trying to insult our intelligence. What economic indicators are you referring to Mr Wilson? Unemployment is at an all-time high. Non-performing loans in the banking system is at an all-time high. Debt to GDP is at an all-time high despite the implementation of VAT. Oil prices and energy cost are high. Government expenditure is high. Tourism and foreign investments are down. So please explain to me which ones are looking up?

Minister Halkitis, unlike the rest of your Cabinet Ministers, you are seemingly qualified for the job. You hold the prestigious title of Chartered Financial Analyst (CFA). The fact that after millions in revenue have been collected at the expense of the Bahamian people, you were unable to devise a plan to reduce debt, raise unemployment and pay the Bahamian people what is owed to them (teachers salaries, Police overtime, hazardous allowance, etc) you need to go as well.

PS: You can’t deny Moody’s a spot on Rawson square or take S&P off the air. You can’t terminate their contract. You can’t give them $50 and a free t-shirt. You can’t feed them empty promises. You can’t offer them a job or give them a political post. All of your tactics just won’t do. Put in work!

KAMARAH FRANCIS

Nassau,

January 1, 2017.