The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Democratic National Alliance’s (DNA) leader yesterday branded the mid-year Budget as “more pie in the sky” from the Christie administration, questioning where it was getting its $6 billion resort investment ‘pipeline’ from.

Branville McCartney told Tribune Business that the Government had frequently failed to deliver on its Budget promises, and that yesterday’s report on the 2015-2016 fiscal year’s first six months provided little hope for Bahamians of an immediate economic turnaround.

“The mid-year Budget does not say how we are going to make money for this country,” Mr McCartney said. “He’s [the Prime Minister] putting in things that they’re looking for Bahamians to grab on to, but it’s a promise to a fool.

“It’s been like that for every Budget for the last four years. All Budget promises by the Prime Minister have been pie in the sky. That’s the only way I can describe it; pie in the sky.

“There’s nothing substantial to hold on to, and there doesn’t appear to be any light at the end of the tunnel at this stage.”

Mr Christie, though, attempted to strike a decidedly upbeat tone on the Bahamas’ economic prospects, promising that 7,000 construction, and 5,000 full-time, jobs were “on stream or in the pipeline”.

“With over $6 billion dollars in resort development committed, and with over 7,000 construction jobs and 5,000 permanent jobs either on stream or in the pipeline, our efforts to expand the economy and increase direct investment in the tourism sector and other sectors continue unabated.

“Coupled with these developments and strategic PPPs (public-private partnerships) with developers, the Government has committed millions of dollars of infrastructure spending to improve roads and airports in several of the Family Islands to modernise the country’s infrastructure and improve access.”

Mr McCartney, though, questioned where the $6 billion in investment was coming from, telling Tribune Business: “I don’t see it.”

He added: :”I am curious about the $6 billion in resort developments the Prime Minister mentioned. I don’t see where that’s happening; I couldn’t identify $6 billion in resort development.

“He spoke about there being 7,000 construction jobs. He did not identify of all those jobs are for Bahamians, as recently it is the Chinese getting all the construction jobs.

“Where are those 5,000 permanent jobs coming from? He did not elaborate on that. It’s good to say there’s 5,000 jobs on stream, but where are they coming from?”

Mr McCartney was joined by Opposition deputy leader, K P Turnquest, who told Tribune Business that the mid -year Budget was “more of the same, nothing new”.

He suggested it was Mr Christie’s typical standard, talking up foreign direct investment (FDI) and job creation on projects that may or may not succeed, in a bid to distract attention from Government woes in other areas.

Mr Turnquest said the projects referenced by the Prime Minister yesterday were largely the same ones he had been touting in the 2014-2015 and 2015-2016 Budgets.

Mr Christie said yesterday that more than $1 billion had been “committed in resort development and refurbishment” in Nassau/Paradise Island, although it was unclear whether his $6 billion figure includes the $3.5 billion sunk at Baha Mar.

He added, though, that the Island House and Ocean West boutique properties in western New Providence had together produced investment of $45 million and the creation of an additional 143 jobs.

The Pointe project in downtown Nassau was set to open in late 2017, while Albany was in the process of a $500 million investment set to generate 1,500 jobs in construction and operations within the next five years.

Mr Christie added that Sandals Royal Bahamian had invested $3 million in upgrading is ‘back of house’ facilities, while the Marley Resort will re-open this month after a $250,000 renovation project.

He said the Warwick Hotel, formerly the Paradise Island Harbour Resort, will open in July this year, while the Ocean Club and Atlantis were investing $12 million and $48 million, respectively, into renovations.

And Lyford Cay home owners had undertaken a $20 million development of a commercial and residential complex to replace the existing shopping centre.