Opposition Leader Philip Davis Q.C. during the Mid-Year Budget Communication to Parliament…
NASSAU| Citing the enormous level of borrowing that has been recorded by the present FNM government, PLP Leader Philip ‘Brave’ Davis warned that the country cannot afford mistakes like these as in the end, it is the Bahamian people who are paying the bill.
Davis, who said this during his contribution to the midyear budget presentation in the HOA, noted how the government has also managed to engage in record levels of borrowing, to the tune of some $2 billion per year, without a single new school, or hospital, or clinic, or major road
to show for all that borrowing.
“It is this government’s mistakes, their misguided priorities, and their failures to plan ahead, that have deepened our crisis leading us to this very dangerous moment,” he said.
“…..the Bahamian people deserve to be told the truth, which is that if we stay on the present course, the country is moving towards having to apply for an IMF Program Loan.
That is what the markets clearly expect. The way they are pricing our bonds reveals that they do not believe the government has a credible plan for the economy.”
The PLP leader stressed that Bahamians must know about the present economic crisis the country is in and that a plan to lead this country out of that crisis is needed. He advised that the mid-year budget presentation was an opportunity for the Prime Minister and the country’s new Minister of Finance to address the seriousness of this issue, and propose a path
forward. Unfortunately, he said this government has not offered one.
“Mr. Speaker, I don’t make a habit of giving my colleagues who sit opposite political advice, but I do urge them to step out of their fancy cars and talk to the Bahamian people,” he said.
“They will find that there is no tolerance at this time for their political games. They will find that fear and despair are widespread.”