The Tribune

By RASHAD ROLLE

Tribune Senior Reporter

rrolle@tribunemedia.net

DEPUTY Prime Minister and Minister of Finance Peter Turnquest said government debt under the Minnis administration has increased by $977 million since taking office.

He was speaking during the start of the 2020/2021 budget debate yesterday and was responding to Progressive Liberal Party criticism of borrowing under the administration.

The $977 million, he said, comprises gross borrowing and total debt repayment for the first two years in office.

“When you take the difference between gross borrowing and debt repayment, you get net borrowing, which is in fact the true and proper measure of government borrowing,” he said.

“Furthermore, our net borrowing favourably compares to the opposition, who increased government debt by $1.2 billion during their first two full years in office. It only requires basic math to know that $1.2 billion is bigger than $977 million. In other words, the opposition borrowed more money in the first two full years than this administration has so far. So we wonder why they are contorting themselves in the way they have just to spread fake news. Three billion dollars is fake news.”

Mr Turnquest also discussed impending legislative changes. He said the government will amend the Financial Administration and Audit Act 2010 to “require that all government authorities, companies, and corporations that receive more than 50 percent of their operating budget from the central government produce and submit monthly and quarterly financials.”

“This amendment will not only allow for a more programmatic approach to government budgeting but will also aid in the cost rationalisation project currently conducted on (state owned enterprises),” he said.

The Small Business Development Centre, a major new initiative under this administration, had registered over 9,700 people for their business advisory, disaster recovery support and business continuity programme as of mid-May, Mr Turnquest said.

“The SBDC approved nearly $40 million in funding across its programmes, with just short of $6 million approved for hurricane-impacted businesses specifically, and another $29 million for those impacted by COVID-19. Further, the SBDC has disbursed close to $20 million in funding, of which $3.4 million assisted businesses in Abaco and Grand Bahama after Hurricane Dorian, and $10.4 million to businesses affected by the virus. For those businesses seeking advisory and funding outside of the hurricane and COVID-19 programmes, some $2.8 million has been disbursed,” he said.