June 27, 2022
EAST Grand Bahama MP Kwasi Thompson. (File photo)
Stories this photo appears in:
FNM claims govt broke law on finance
THE Opposition’s finance spokesman yesterday challenged whether the Government may have violated public finance laws by drawing on $133m from its “sinking funds” to pay debts coming due.
Kwasi: Make sure $2bn investment felt by GB
KWASI Thompson, MP for East Grand Bahama and Shadow Minister for Grand Bahama, has urged the PLP government to ensure the $2bn investment touted by the government brings tangible benefits to Grand Bahamians.
FNM: ‘Why BPL $184m debt not paid down by fuel hikes?’
The FNM’s finance chief yesterday said he is in the dark over why the proceeds from hiking Bahamas Power & Light’s (BPL) fuel charge by up to 163 percent have seemingly not been used to cut its $184m debt.
Concern over Margaritaville at Sea discontinuing ticket sales in Grand Bahama
Kwasi Thompson, Member of Parliament for East Grand Bahama, is concerned about Margaritaville’s decision to stop selling tickets originating from Grand Bahama.
Opposition: ‘Adjust’ Budget as 91% of deficit room used
The Opposition’s finance spokesman last night warned the Government “must adjust” its Budget targets and figures despite year-over-year improvements in its October revenues and deficit.
Boat registration hikes ‘life and death matter’
The Opposition’s finance spokesman yesterday blasted the “cruel” magnitude of the boat registration fee hikes which he branded “a matter of life and death” for his constituency’s subsistence fishermen.
Opposition: IMF deficit warning ‘wake-up call’
The Opposition’s finance spokesman yesterday argued the IMF’s deficit warning should serve as “a wake-up call” for the Government not to waste “record-breaking revenues”.
Opposition alarm on S&P’s three times’ higher deficit
The Opposition’s finance spokesman yesterday voiced alarm over Standard & Poor’s (S&P) prediction that the fiscal deficit for the 2023-2024 Budget year will come in more than three times’ higher than the Government’s forecast at $466m.
‘Tremendous pressure’: FNM fears for $131m deficit target
The Opposition yesterday voiced fears that the potential $160m VAT under-shoot in the prior fiscal year puts the Government’s 2023-2024 revenue forecast “at risk” and leaves its $131m deficit target under “tremendous pressure”.
Thompson: Davis administration making a mockery of accountability as fiscal responsibility report late again
EAST Grand Bahama MP Kwasi Thompson said the Davis administration has again failed to release a fiscal responsibility report in time.
Deficit in ‘jeopardy’ on VAT under-shoot
The Opposition’s finance spokesman yesterday warned the failure to hit VAT targets for 2022-2023 could place the current year’s forecasts in “even more jeopardy” and potentially trigger spending cuts to meet the $131m deficit goal.
Inflation’s high but ‘not as frightening’
Inflation “may not be as frightening as it was a year to 18 months ago”, a governance reformer argued yesterday, despite food and beverage costs rising by almost 13 percent during the year to April 2023.
‘Is council still active?’ demands Thompson
Kwasi Thompson, Member of Parliament for East Grand Bahama, released a statement yesterday urging the government to provide an update on the Fiscal Responsibility Council and to produce the overdue Fiscal Strategy Reports.
PM: COVID lockdown led to employment shrinkage
The Prime Minister yesterday blamed the former Minnis administration’s COVID lockdowns and other restrictions for the shrinkage in the workforce and number of employed Bahamians amid a bitter House of Assembly row.
Unemployment rate drop labelled a 'smokescreen'
The Opposition's finance spokesman last night argued that the 8.8 percent unemployment rate, the lowest for 15 years, is a "smokescreen" that masks the "significant" reduction in the labour force's size and number of working Bahamians.
Thompson say that Davis administration’s budget doesn’t account for $110m BPL loan
KWASI Thompson, former State Minister for Finance, said the Davis administration presented an incomplete budget that does not include all estimates as required by law.
Thompson accuses Davis of subverting democratic process
FORMER State Finance Minister Kwasi Thompson accused the Davis administration of trying to subvert democratic processes by introducing taxes without following established parliamentary procedures.
Deficit's 75% cut hinges on $400m revenue surge
The Ministry of Finance's top official yesterday asserted he is "very confident" the Government will increase revenues by $400m year-over-year, and slash its fiscal deficit by 75 percent, in the absence of new and/or increased taxes.
Corporate income tax is 'wrong way around'
The Opposition's finance spokesman yesterday argued that The Bahamas has corporate income tax "the wrong way around" because the proposed reform options are forecast to suck "more money" from the private sector via taxation.
Central Bank's $9m HQ hit 'wasteful and absurd'
The Opposition's finance spokesman yesterday slammed the decision to cancel the Central Bank's new headquarters project as "absurd", arguing it was "an ideal project" for providing a post-COVID economic boost.
Grand Bahama water regime enacted before rate rise disclosure
Grand Bahama businesses and residents yesterday said it was "amazing" that the island's new water regulatory regime appeared to have been implemented almost two weeks before they were warned of imminent rate hikes.
Gov’t borrowing limits ‘smoke and mirrors’
The Opposition’s finance spokesman has branded the tightened restrictions on Central Bank lending to the Government as “smoke and mirrors” designed to distract attention from the IMF SDRs controversy.
GB residents ‘up in arms’ over water hike process
The Government “must act now” and directly intervene to prevent the Grand Bahama Port Authority (GBPA) “regulating itself” over imminent water rate hikes, the Opposition’s finance spokesman charged yesterday.
East Grand Bahama MP calls GBPA utility hike ‘unfair’
EAST Grand Bahama MP Kwasi Thompson said the Grand Bahama Port Authority’s proposed utility rate adjustment would be unfair.
Kwasi Thompson: IMF holds ‘serious concern’ on fiscal reforms
The Opposition’s finance spokesman yesterday asserted that the International Monetary Fund (IMF) had voiced “serious concerns” over legal reforms that seemingly reduce the Fiscal Responsibility Council’s (FRC) independence.
‘Come clean’: $232m loan made lawful retroactively
The Opposition yesterday demanded the Government “come clean” over its $232.3m IMF special drawing rights (SDRs) borrowing after reforms were tabled in Parliament to retroactively make the transaction lawful.
‘Severe water crisis’ in Sweetings Cay
FORMER State Minister for Finance Kwasi Thompson MP has called for action over a “severe water crisis” in Sweetings Cay.
Opposition finance chief: GBPA has 'outlasted time'
The Opposition's finance spokesman yesterday backed calls for change at the Grand Bahama Port Authority (GBPA) and argued that its present structure has "outlasted the times".
Broker integration vital to end $50m Customs loss
The Ministry of Finance yesterday asserted that broker “integration” with Customs’ systems is vital to eliminating more than $50m in annual revenue losses amid a continuing dispute over whether such requirements are lawful.
Residents await decision over extension of SERZ orders
RESIDENTS in Grand Bahama and Abaco are anxiously awaiting government’s decision on the extension of the SERZ order, or a new exigency order since the recent passage of Hurricane Nicole, Kwasi Thompson, member of Parliament for East Grand Bahama, said.
FNM: Govt silent as Bahamas attacked on FTX
THE Free National Movement criticised the Davis administration’s delayed response to the collapse of FTX, adding that the reputation of The Bahamas is “under attack” due to the silence of the government.
Bahamas ‘under attack’: Do more to combat FTX
A former finance minister yesterday argued that not enough is being done to protect The Bahamas’ integrity - and that of its entire financial services industry - which is “under attack” from all sides over FTX’s implosion.
‘PM has missed deadline to publish fiscal strategy report’
KWASI Thompson, MP for East Grand Bahama, accused Prime Minister Philip “Brave” Davis, of failing to fulfil his obligation as finance minister after his ministry repeatedly missed deadlines to publish the annual fiscal strategy report for 2022 as well as quarterly budget reports for 2022/23.
Thompson: Extend Recovery Zone Order
EAST Grand Bahama MP Kwasi Thompson called for the government to extend the Special Economic Recovery Zone order for Grand Bahama and Abaco in the wake of Hurricane Nicole.
TRAVEL BUDGET SOARS FOR GOVT: $11.8m spend exceeds allocation by 11%.
The Government’s travel spending yesterday ignited further Opposition attacks after it was revealed that the total $11.8m outlay for the 2021-2022 fiscal year exceeded Budget allocations by 11.1 percent.
Deficit target missed if not for aborted $86m PHA loan
The Opposition's finance spokesman yesterday charged that the Government would have missed its 2021-2022 deficit target but for the repayment of an aborted $86.2m Public Hospitals Authority (PHA) loan.
‘COME CLEAN’ ON $90M PUBLIC SERVICE FEE HIKE: FNM asserts Gov’t trying to ‘sneak’ increase through
The Opposition yesterday urged the Davis administration to “come clean” over plans to raise an extra $90m from increasing user fees paid by the Bahamian people to access multiple public services.
$20m housing financing ‘shouldn’t be secret deal’
The Opposition’s finance spokesman was yesterday less than impressed with the Government’s efforts at “transparency” over its flagship $20m housing initiative, asserting: “This should not be a secret deal.”
‘Speed up system on disaster missing’
EAST Grand Bahama MP Kwasi Thompson wants the government to consider allowing the Magistrate’s Court to hear missing persons cases “in circumstances of peril”, noting the need to make the death declaration process faster for affected families.
WHY SUDDEN AXE FOR BOAT DUTY?
The Opposition last night accused the government of “sneaking” in a tax break for the rich by ordering Customs to eliminate the ten percent duty rate on so-called “pleasure vessels” outside the normal Budget process.
Comments
Use the comment form below to begin a discussion about this content.
Sign in to comment
Or login with:
OpenID