The Tribune

By RASHAD ROLLE

Tribune Senior Reporter

rrolle@tribunemedia.net

PRIME Minister Dr Hubert Minnis tabled a Public Debt Management Bill, a Public Finance Management Bill and a Statistics Bill in the House of Assembly yesterday, legislation that he said will be “critical to advancing sound fiscal management and evidence-based decision making”.

“In keeping with the standard set by the Fiscal Responsibility Act 2018, which ushered in new levels of transparency and accountability, these draft pieces of legislation will remake and modernise the very foundation of public finance management in the Bahamas,” he said.

Dr Minnis said the Public Finance Management Bill addresses weaknesses with the Financial Administration and Audit Act, the significant legislation that governs the management of public finances.

“The PFM bill transitions to a principles-based approach to public financial management, thereby focusing on results, rather than taking an administration approach, as was the case with the FAA,” he said.

“This bill requires outcomes-based budgeting and reporting to support a comprehensive management of the budget.”

The Public Debt Management Bill, he said, “seeks to create a comprehensive legal framework that permits a clearly articulate and transparent framework for public debt management.

“The overriding objective of the PDM bill is to consolidate and modernise existing debt management provisions.

“The legislation will create necessary linkages with the Fiscal Responsibility Act, which provides parametres for debt ceilings that correspond to the trajectory of the country’s economic growth.”

The Statistics Bill, Dr Minnis said, establishes the Bahamas National Statistical Institute, a “quasi-independent entity that will replace the current Department of Statistics”.

“The bill,” he added, “also seeks to create a formal national statistical system, encompassing the inputs and requirements of a range of public and civil society stakeholders.

“The new institute, working within the parameters of a formal national statistical system, will establish and institutionalise common standards for collecting, compiling, analysing and publishing official statistics.

“It will bolster substantially the ability of public stakeholders to collect data and produce quality statistics in line with global standards. Importantly, the bill also enshrines the independence of the public entity responsible for the collection of official statistics while strengthening its capacity to enforce its mandate.”