The Tribune

By KHRISNA RUSSELL

Tribune Chief Reporter

krussell@tribunemedia.net

PRIME Minister Philip “Brave” Davis has told Official Opposition leader Michael Pintard “to do his homework” before raising questions about the make-up of the country’s national debt.

Last week, Mr Davis spoke of the country’s $12.131bn national debt at the opening Plenary Session of the Caribbean Regional Heads of Government Meeting (CHOGM) in preparation for the COP27.

He said that 50 percent or more of the sum was connected directly to consequences of natural disasters.

The disasters, Mr Davis said at the time, occurred between 2015 and 2019, requiring government to borrow money for recovery.

In response, Mr Pintard called on the government to clarify the statement or substantiate the claim.

Yesterday, Mr Davis said people with questions need only look at recent hurricanes along with the loss and damage associated with those events.

“What clarification (does) one need?” Mr Davis asked on the sidelines of an event at SuperClubs Breezes.

“Let’s start with what is our national debt and let’s start with just Dorian and the loss and damage occasioned by Dorian. It was about $3.4bn.

“Think about our national debt and see what percentage that is and then just don’t think about Dorian. Let’s go back to Matthew. Let’s go back to Joaquin. Let’s go back to Irma and look at the loss and damage.

“He needs to do his homework before he asks me questions. If he don’t believe it, check it out himself. At the end of the day, it is all there to see,” Mr Davis said.

Though Mr Pintard agreed that The Bahamas and other small island developing states bear the brunt of pollution from more developed nations, he on Monday called on the government to indicate the source of its calculation that 50 percent of the outstanding debt profile of $12.1 billion was caused by climate events between 2015 and 2019.

“At the beginning of fiscal year 2015/16 the public sector debt stood at approximately $5.4 billion. To conclude that 50 percent of our current outstanding debt came from climate events would mean that almost all the growth in the debt in that time would be attributable to climate change events that happened between 2015 and 2019,” said Mr Pintard.

“It clearly leaves out the fiscal effects of the pandemic and the unprecedented steps that the then government had to take in order to support tens of thousands of displaced persons, while doing as much as possible to keep the economy afloat. The initiatives were supported unanimously by the then PLP in opposition and contributed substantially to the increase in the debt profile,” he said.

Mr Pintard added that it is important that the government “maintains its credibility” when giving public statements and moves past “bemoaning” situations to actually governing and dealing with them.

“We accept that climate change events over the years have caused restoration efforts and revenue losses that have caused the country billions of dollars in necessary borrowing. But we believe it is important that the government maintains its credibility in its public statements. It is thus important that the government substantiates its claims on the fiscal impact of the climate events or clarifies its statements.”

He said more important than that, the government needed to move past bemoaning the situation and get on with the job of governance.

“We call on the government to lay out its detailed plan to improve the fiscal and economic situation and put the country on a solid foundation for sustained and inclusive economic growth. We also expect to see the plan to address the effects of climate change to ensure more robust and resilient infrastructure and greener means for generating power,” Mr Pintard said Monday.