The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

GRAND Bahamians took to social media yesterday to voice their concerns and uncertainty over Prime Minister Philip “Brave” Davis’ announcement earlier this week that the government is establishing a $200M Family Island Development Trust Fund.

The fund he told the House of Assembly on Wednesday will facilitate immediate and significant investment in infrastructure in the out islands.

According to the Davis administration’s 2022/2023 Budget, plans are to allocate 10 percent of overall revenue collected in the Family Islands from property tax and road traffic fees to create the fund.

The Tribune canvassed social media to gain insight into the thoughts of Grand Bahamians about the announcement.

One person said: “I am all for developing our Family Islands, however, I am concerned that the funds may not be directed where they should.”

The user referred to a recent National Insurance Board actuarial review that said the fund could be depleted by 2028. The individual expressed concern that a similar situation could happen with the Trust Fund.

“NIB contributions are supposed to be for us, the people. Because so much of the funds have been spent on building construction or for some other venture, there is concern that the fund will be depleted within the next few years.

“As a result of this, the working man, who is usually part of the middle class (or even lower), is constantly faced with increases in order that our senior citizens can receive pension payments, etc.”

Another resident of Freeport added that there were concerns about the sustainability of the fund.

“I don’t know much about it; that sounds good,” he said. “But how is it going to be funded and sustained? The government is making lots of announcements about expenditures and if you look at the US economy when big US companies like Amazon and Walmart are cutting back.

“When America sneezes we don’t catch a cold anymore, we catch the flu,” he said. “So, I am watching all these expenditures.

“So, I wonder what else are we going to do for revenue generation and sustainable viable means for government to sustain itself outside of taxing its people.”

The prime minister said the fund would be a sub-fund of the National Infrastructure Fund.