Michael Halkitis
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
THE Christie administration yesterday brought a resolution to the House of Assembly to borrow $33m from the Inter-American Development Bank to improve the management of the country’s finances.
The object of the loan is to help the government to better use fiscal resources by monitoring projects and programmes more effectively and by improving the ability to collect data and provide quality statistics.
The objective is also to improve how funds are allocated and to modernise the country’s public procurement system.
During his contribution on the matter, State Minister for Finance Michael Halkitis also responded to his critics regarding value added tax (VAT), which was implemented at the beginning of last year with the promise that it would reduce the country’s national deficit and debt.
“If a boulder is careening down the hill and you want to stop it and push it back on top of the hill, the first thing to do is slow it down, then stop it, then you have to begin pushing it up again,” he said, trying to illustrate that reducing the national debt won’t be an action that begins immediately.
However, he said within “three or four” years the government expects the national debt to be “totally eliminated.”
When she offered the opposition’s official response to the government’s resolution, Long Island MP Loretta Butler-Turner attacked the administration over its lack of transparency in relation to numerous aspects of its financial management.
She also questioned whether key positions in the Ministry of Finance are filled as required by law.
Several weeks ago the Christie administration announced that John Rolle would leave his position as financial secretary to become governor of the Central Bank of the Bahamas.
Mrs Butler-Turner said: “Who is the current financial secretary and who, in accordance with the VAT legislation, is the VAT comptroller in charge of inland revenue and other things? When you’re talking about transparency and pushing things forward and being able to do this and that, right now we have millions of dollars coming into the public purse and being spent and I don’t think we have anyone confirmed in the position to oversee these things. So who’s carrying out the work?”
In his contribution last night, FNM Deputy Leader Peter Turnquest – who is MP for East Grand Bahama – cautioned the government against more borrowing. He told the House of Assembly that the country was not out of the economic doldrums as he questioned the need for accruing more debt.
Comments
sealice 8 years, 9 months ago
This is like making a fire with $100 bills.
They've already proven they can't manage their finances = FRUCKING BOB!!!! now they want more money? This is their pre-election get some money so we can give all our friends who never graduated highschool here (PLP's fault as well) jobs in the ministry of finance and then they can vote for us next year.
BahamaPundit 8 years, 9 months ago
Is this a joke? You're going to spend an absurd amount of money to try to fix your incompetence. What world is this? Who could lend someone 33 million for such a crazy plan? It's obvious that money borrowed to fix the problem will itself go missing, be squandered and just plain stollen. Which crony is going to own the shelf company that installs the "new" system that will probably be broken in two years time? These guys are unbelievable. No amount of money can make someone organised; this is a character trait, not a system, and, unfortunately, it is a character trait sorely lacking in most Bahamians. Just like BAMSI. You don't spend millions of dollars to start a farm, you get on your hands and knees and start planting seeds.
happyfly 8 years, 9 months ago
The PLP has figured out a way to borrow it's way out of debt. It is an amazing new form of alchemy that Perry is really excited about and is going to release a statement on some time in the future
Bahamaland 8 years, 9 months ago
Another teachable moment and 2200 laid-off employees from Baha Mar still have not received their severance payments and unemployment benefits runs out the end of the month. Wonder where I will get the $300 weekly benefit now to split between BEC, rent, food and gasoline. Cable, BTC and Carnival costume already get cut...
The_Oracle 8 years, 9 months ago
However, he said within “three or four” years the government expects the national debt to be “totally eliminated.” Whaat? Did he just say that? $6+ billion eliminated? They may not share what they steal, but should share what they're smoking!
Emac 8 years, 9 months ago
LMAO!!!
Economist 8 years, 9 months ago
Wow, I have heard that sometimes "you must spend money to make money", but this is just crazy.
More debt begets more debt. Have they no control, borrow, borrow and borrow. This country is going to see a devaluation, this year, if they keep borrowing.
BahamaPundit 8 years, 9 months ago
You can almost hear them thinking, "Let's see how much we can steal this time. 33 million. Nah, that's too high, someone will notice. These Bahamians are suckers, trust me. We can do it. Alright, 33 million it is you crazy SOB."
John 8 years, 9 months ago
“How bad is our economy? Well I’ll give you my two cents…which used to be a dollar.” – Stephen Colbert
“The new taxes are going to put rich people in a very tough spot. Paris Hilton may have to carry her own cocaine. Trump may have to fire the guy who trims that thing on his head. Warren Buffet may have to move in with his cousin Jimmy Buffet.” – Craig Ferguson
. “According to government auditors, the stimulus money is being held up because there aren’t enough government workers to oversee the spending. So follow me, in other words, government workers who aren’t there are needed to spend money we don’t have to create jobs that don’t exist.” – Jay Leno
. "President Obama became the first sitting president to visit a federal prison yesterday. Obama said it was a good chance to talk about prison reform, and to catch up with so many former congressmen." –Jimmy Fallon . "Police in Florida have arrested a man who said he finally achieved his goal of shoplifting in all 50 states. You know what you call someone who steals from all 50 states? A congressman." –Jay Leno . “It is a popular delusion that the government wastes vast amounts of money through inefficiency and sloth. Enormous effort and elaborate planning are required to waste this much money.” ― P.J. O'Rourke,
John 8 years, 9 months ago
***What I'm not saying is that all government spending is bad. It's not - far, far from it, but there is no free lunch, as a former colleague of mine used to say. There is no public tooth fairy. Father Christmas does not work on the Treasury staff this year. You can never bail someone out of trouble without putting someone else into trouble.
Arthur Laffer . . I believed the only thing that could turn around this government spending and mounting debt would be if the people rose up.
TalRussell 8 years, 9 months ago
Comrade PM Christie broke into his signature shuffle dance for the crowed in Bamboo Town Tuesday night. I thinks PM preparing rungs General Election bell, early.
Is PM Christie "Fired Up? Ready To Go Enough Rungs General Election Bell, Early!"
.....///https://www.youtube.com/watch?v=BjA2nUUsGxw
ThisIsOurs 8 years, 9 months ago
Didn't they tell us last year that VAT would reduce the national debt?
TalRussell 8 years, 9 months ago
Comrade ThisIsOurs don't's you knows that's why government needs the $33 million, or how else can they hire all new workers that are needed, if you want them add up all them numbers merchants have sent into ministry of finance? Like boxes and boxes fill sheets papers numbers printed and written all over them.
MonkeeDoo 8 years, 9 months ago
YES BUT THEY LIE THROUGH THEIR TEETH ! This Country is finished. I never understood how a lawyer could be the Finance Minister but both Perry and Pappa wanted to be close to the cash. This is the problem.
killemwitdakno 8 years, 9 months ago
Monitor what? Thought we could just call it all "filling the hole".
killemwitdakno 8 years, 9 months ago
I'm sure Quickbooks doesn't cost that much.
Emac 8 years, 9 months ago
Porky Pig is always at the forefront when bringing hogwash to the people. Halkitis is like a pig being led to the slaughter house. And he will get slaughter come 2017. But he will always be an invaluable member of the PLP, cause he is just as crooked as the rest. But the only difference is that he has a good poker face when telling these bold lies.
John 8 years, 9 months ago
Corruption is a social danger because it feeds organized crime, it drives up the cost of doing business, it denies opportunities to honest and hardworking citizens; it destroys the future.
DisgustedBahamian 8 years, 9 months ago
Un F** real
hurricane 8 years, 9 months ago
This country will end up like Greece in a few short years.
Voltaire 8 years, 9 months ago
Another slush fund to pay off cronies...
birdiestrachan 8 years, 9 months ago
No reason to call the young man a Pig. Call him anything you want. But he is a very smart young man. From Cat Island and he is not mean spirited. You can bet your last dollar. he will never call any of you ill names. He did say the deficit has been reduced. and the vat money goes into the consolidated funds. I pray that God will bless the Bahamas with more men and women like him. you do not have to like him. But respect him as a human being.
Emac 8 years, 9 months ago
Said "Porky Pig" By the way, being smart does not mean that one is morally fit to be in his position. Halkitis is a bold faced liar and everyone know it. But of course you wouldn't know the difference, because you are probably an under cover PLP troll whose job is to manipulate any publication that is negative about the PLP. Can't put nothing pass yall PLPs
MonkeeDoo 8 years, 9 months ago
What about Halkitis tell us what he did with all the Vat money and the overage too. Halkitis is a GREEK name, and we just seen what the Greeks have done to the Greek economy. IADB has told the PLP Government that it cannot manage a complex economy and therefore will "lend" us money to do the job for us. What the IADB don't know is that when these guys don't like the results, they'll just turn it off, or skew the inputs. These people are past masters of deception and cover up.
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