The Tribune

By KHRISNA RUSSELL

Deputy Chief Reporter

krussell@tribunemedia.net

DEPUTY Prime Minister Peter Turnquest yesterday accused Progressive Liberal Party Leader Philip "Brave" Davis of calling into question the integrity and reputations of key institutions in the country by making what he called "unfounded" and "unfortunate political" allegations.

In a statement released Sunday, Mr Davis asserted that not only has Mr Turnquest "failed" as finance minister but that he does not understand the sophisticated world of public finance.

He went on to accuse the minister attempting to change the way the Central Bank reports its macro-economic information; the way the Department of Statistics calculates its data and the way in which the Ministry of Finance accounts for its disbursements and receipts, saying all this was done in the name of politics.

However in the House of Assembly yesterday, Mr Turnquest hit back at the Cat Island, Rum Cay and San Salvador MP saying his assertions were "ill informed." He said this was reason enough for Mr Davis to offer an apology to the named institutions he sought to "besmirch."

Regarding the Department of Statistics, the East Grand Bahama MP said: "The public comments regarding the Department of Statistics are equally false and damaging.

"The government has demonstrated its commitment to the autonomy of the Department of Statistics through its plans to enact a new Statistical Act.

"This will establish the Department of Statistics as the lead institution and coordinating agency for all units that produce statistics in the Bahamas under the framework of the National Strategy for Statistical Development, providing the department with more resources and even more autonomy.

"As of today's date, there have been no changes in the method of accounting for government receipts and disbursements.

"The numbers reported at the June 2017 budget debate as well as the mid-term performance statement, were reported on a basis consistent with prior years," Mr Turnquest said of the government's accounting system.

"The Ministry of Finance will however make significant improvements in the accounting and reporting of public sector finances by moving away from a cash-based accounting system to an accrual based account system.

"This move is long overdue and is widely supported in the public and private sector, including by the Bahamas Institute of Chartered Accountants (BICA). All such changes will be done transparently and have been previously foreshadowed by the prime minister."

The comments led a seated opposition MP to loudly criticise Mr Turnquest, saying his summation of the economy last year led to the Bahamas nearly being downgraded by a credit rating agency.

To this he responded: "If you can corrode the confidence that individuals have in these institutions forget the Ministry of Finance and the professionals there that you have also sought to insult, but those two institutions (Department of Statistics and the Central Bank) are hallmarks that underpin the data that we present."

In concluding his communication to Parliament, Mr Turnquest said politicians must find a way to elevate the debate around the delicate fiscal state of the country, much of which he said was attributed to the last five years prior to the Minnis administration assuming office.

He told the House statements like those from Mr Davis erode the confidence of Bahamians as well as investors, bond holders, multilateral and ratings agencies, which does a disservice to the Bahamas' future.