The Tribune

THE Inter-American Development Bank has approved a technical co-operation plan entitled ‘Strengthening the Capacity of the Office of the Prime Minister’, Minister of State for Investments Khaalis Rolle said yesterday.

The objective of this initiative, Mr Rolle said, is the development of an economic planning mechanism for the overall management of the Bahamian economy.

“In line with this initiative and our commitment in the Charter for Governance to change our economic course by placing greater emphasis on planning and effective execution of the nation’s blueprint to the future, the government plans to establish an Economic Planning Unit (EPU) within the office of the Prime Minister,” he said.

“This unit will have the mandate, organisational structure, staffing and capacity to carry out effective feasibility and impact assessments of all investment projects including foreign direct investments as well as public and private sector investments. The EPU will also ensure the alignment of all prioritised projects with the national economic development strategy.

“The government also intends to create a national development plan. The plan would provide a comprehensive overview of the economy, set policy direction for economic growth and identify strategies, programmes and projects to improve the overall health and sustainability of the Bahamian economy.

“Since receiving approval for the co-operation on April 30, 2013, a national development planning workshop was been held by the government in collaboration with the IDB.

“The workshop focused on best practices of Small Island States in advancing an economic development planning instrument for the management of our economy.

The facilitator of the workshop was economic planning expert Dr Nicholas Miles, who has also been contracted to draft the Terms of Reference for the preparation of the national development plan.