Minnis Government borrows $1.6 Billion since coming to office and fires Bahamians who have to pay it back!

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IMPACT OF IBD RESOLUTION ON CURRENT FISCAL OPERATIONS

PM Minnis in Parliament.

Nassau – Today the Honourable K. Peter Turnquest, Deputy Prime Minister and Minister of Finance, introduced a resolution to facilitate loans from the Inter-American Development Bank (IDB) totalling $90 million to fund three key development initiatives.

The multifaceted, multi-year projects funded under these loan programs are for (i) Airport Infrastructure, geared primarily toward upgrading Family Island airports; (ii) Climate Resilient Coastal Management and Infrastructure, and (iii) Skills for Current and Future Jobs, aimed at improving prospects for employability of Bahamian youth.

In the interest of clarity, be advised that these loan facilities will lead to no addition to the net sums to be borrowed for the current fiscal year, as had been approved by Parliament during the most recent budget exercise in May of 2017. Any loan drawdowns, interest payments or principal repayments due to the IDB during this fiscal year for ongoing projects would have already been factored into the government’s existing borrowing plan. As is customary, provisions for the ongoing debt-servicing requirements related to these facilities coming on stream will be factored into the planning for ensuing fiscal periods.

The government’s commitment to fiscal discipline remains unshaken and is readily apparent in the improving budgetary numbers as reported recently by the Central Bank.

The government shall continue to make use of the facilities of the IDB, the Caribbean Development Bank and other mutli-lateral lending institutions to which we as a country are shareholders. Their capacity to marshal affordable lending, regional know-how and technical expertise has consistently added tremendous value to important development initiatives.