0

DPM: ‘No more runaway trains’

Deputy Prime Minister Peter Turnquest. 
Photo: Terrel W. Carey/Tribune Staff

Deputy Prime Minister Peter Turnquest. Photo: Terrel W. Carey/Tribune Staff

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The deputy prime minister yesterday pledged that the government’s finances will be placed “in check”, with “no more runaway trains” leading The Bahamas to the “fiscal brink”.

KP Turnquest, kicking-off the fiscal strategy report debate in Parliament, said: “We are going to restore order to the public finances, and strength to the Bahamian people, by putting the government in check and keeping the government in check.

“That means no more runaway trains leading the country to the fiscal brink. All governments will have to plan ahead, as we are; they will have to be transparent, as we have demonstrated; and they will have to accountable to the people every step of the way.”

He added: “When we get our fiscal affairs in order, we create room for spending to be used for capital needs, such as infrastructure, that creates jobs for individuals. In fact, a three-year capital expenditure plan is currently in the works that seeks to take a hard look at capital projects that are already developed, those in the pipeline, and those not yet developed to see how best we can accommodate them into our medium-term plan, with the aim of garnering fruitful, and sustainable improvements in national productivity and economic growth.”

Mr Turnquest then admitted that the Government’s $95m deficit overrun for the 2017-2018 fiscal year, which resulted in $410m worth of “red ink”, should have been picked up by the Ministry of Finance.

“We acknowledge that our forecasting for expenditure patterns and our budgetary management should have allowed us to pick this up when we presented the budget in May,” he said. “The reality is that this poor forecasting is not a new phenomenon.

“When we examine the last five budget years of the previous administration, we see the same exact pattern. The former minister of finance came to Parliament during the Budget debate with a forecasted budget deficit, and invariably the final deficit number would end up being larger – usually much larger.”

Meanwhile, Dionisio D’Aguilar, minister of tourism and aviation, said the industry’s growth for the 11 months ending November 30, 2018, injected $300 million in extra visitor spending into the Bahamian economy.

He added that preliminary data showed the number of foreign visitors to The Bahamas increased by “a whopping” 425,000 persons, or 7.7 per cent, for the 11 months ending November 30, 2018.

Stopover visitors, that portion of foreign visitors that spend the most, increased by over 205,000 persons or what the Minister termed “a mind blowing 17.1 per cent”.

“These additional visitors contributed over $300m of additional spending into our economy in 2018,” Mr D’Aguilar said.

Comments

TalRussell 5 years, 10 months ago

Yes, or no - I was getting the part that, all governments will have to plan ahead............that is until I ran smack head on into comrade KP's - as we reds are; they will have to be transparent, as we reds have demonstrated. Yes, no..... why none else but red joke-steer in likes comrade KP, could've originated this up?

DDK 5 years, 10 months ago

"Mr Turnquest then admitted that the Government’s $95m deficit overrun for the 2017-2018 fiscal year, which resulted in $410m worth of “red ink”, should have been picked up by the Ministry of Finance." If this was HIS money, I guarandamntee this would not have happened, it's ONLY The People's money!.

bogart 5 years, 10 months ago

DA....NO MORE RUNAWAY TRAIN.S...???.......DUH....,!!.....recent memory ...hmmmmm......Cost overruns....Contracts..2x 3x overruns.....Baseball stadium cost overruns....Water Treatment Gladstone Rd....Big hole in Cental Eleuthera...Clinic underutilized....Potter Cay renovatoons....Seawall Freeport....School Holmes....Contract Computers....Rental apts....Financial injections support.. to Bahamasair....BAMSI ...W&S...Mortgage Corp....BoB....Development Bank...Taxpayers money to pay off Lucayan Hotel severance salaries......not collecting taxes. ...on some fradulent Customs taxes..invoives....measly immigration $300. Fines on per illegal and costing more money in apprehending and deportation expemses.... not seemingly collecting Fines on Employers employing illegal foreign strippers.....others.........etcetcetcetcetcetcetc......RIGHTLY BELIEVE .....NO MORE RUN AWAY TRAIN.......!!!!!!!..

John 5 years, 10 months ago

So y'all wasn't reading between the lines ay? The Prime Minister all 'round the place saying how all these multi-million$, even Billion$ projects about to start and jump-start the economy creating thousands of jobs and reducing unemployment, maybe to mid-single digits (5-7%). The Minister of Tourism is blowing his horn saying Tourism figures are at unprecedented levels, 20% increase in Eleuthera and almost as high in some other Family Islands. And Deputy Prime Minister, K.P. Turnquest is saying some of the red ink on the books is turning blue with the potential to turn black in a matter of years. So ya tink dey hinting that while erry body spreading rumour that VAT is going to increase, it may actually be decreased, if only to 10%, before elections. Money flowing ay?

Sign in to comment