LISTEN NOW – Mid Year Budget Report – Prime Minister Ingraham
Prime Minister and Minister of Finance the Rt. Hon. Hubert Ingraham delivered the Government’s Mid Year Budget Statement to Parliament, outlining the performance of the 2008/2009 fiscal budget to-date, the Government’s responses to the ongoing global economic crisis and tabling associated Bills for supplemental appropriations and Budget realignments in accordance with Cabinet Portfolio changes.
CLICK HERE TO DOWNLOAD: mid-year-budget-communication-2008-2009
I agree with Drama King most of our Bahamian people is not that illiterate as our Politician may think.
MID YEAR CRAP is exactly what it is!! This FNM government DEFINITELY thinks the people of this country are ignorant and illiterate. I am growing tired of them insulting us!!
Wow…Right to the point this is so true we have a crisis in our country and the Prime Minister is living in a bubble this mid year crap should be thrown in the mid year waste basket the FNM administration came to parliament on a few occasions and appropriated so far close to 400 million dollars for so call stimulus plans and yet they plan to come back to the people and appropriate 200 million in this mid year review and by June when the budget is actually due there must be a 200-300 million borrowed to offset the budget fall off …..again Bahamian’s they gat to be crazy
Kevin you are right. Also factor in increases to Governments over-draft facility with the banks, the amount is closer to 700 million. With tourism and customs income down, we are going to be hard pressed to repay these loans. We as a concerned Bahamian citizens must demand proper accounting for the distribution of these funds. Not just this mid-year report nonsense. Do you all realize that each time they come with these mid-year debates, they essentially say that “Oh, what we reported last time was waaaaaay off, here’s what actually happened”. Do you all realize that all the hoop-la they make about a balanced budget, at the end of the year it is far from actually being balanced.
Yes Kevin you are so true when this Prime Minister is going to leave us in the poor house instead of any type of real help to people this government is intent on borrowing more money which will increase our deficit and will enlarge our budget.
Instead of bringing down mortgage rates for homeowners and freezing the current bread basket items and reversing the already 150million award of the NRIP from a foreign own company and awarding it to Bahamians instead this Prime Minister will borrow us into the poor house …..and why waste time with a budget review when the budget is due in 3 months as I said before this government gat to be crazy
STATEMENT BY
RT. HON. PERRY CHRISTIE MP
LEADER OF THE OPPOSITION
The Mid Term Budget 2009
25th February, 2009
For Immediate Release
We recall the 2008/2009 budget that was heralded as the poor man’s budget. That budget had hidden in it one of the most widespread tax increases in the history of the Bahamas; tax increases that fell disproportionately on the poor and working people in the country. Those tax increases have added greatly to the suffering that many in this country are experiencing today.
By our reckoning, counting the Budget debates and the supplementary appropriation bills, this is the sixth budget exercise that this administration has put the country through in less than two years of governance, (2007 budget, supp in Sept. 07, midterm in Feb 2008, supp in 2008, budget in 2008, midterm now) and the Bahamas is no better off economically.
Notwithstanding the global economic downturn that has adversely affected the Bahamas, there were critical policy decisions, or the lack thereof on the part of the government, that have exacerbated an already bleak current state of affairs in our country.
It is in the public interest that we point out that the termination of many in the public service added to the unemployment rate, the downturn in consumerism, loan defaults, and an increase in the misery index.
The government’s decision to stop, review, and cancel $80 million worth of public works projects contributed significantly to the slowing of the economy to a trickle. I have said before that the economy of The Bahamas is not like a faucet that can be turned off and on at the whim of the government.
The government engaged in a protracted suspension and review of the public housing program for about 18 months. This put many contractors out of work and disenfranchised scores of first time home owners. The restart the housing program was late as the economy had already stalled.
The government had options open to it when discussing the layoffs with the owners of hotel properties which could have saved these jobs, but the FNM government appeared not to have appreciated the consequential results these layoffs would have on our financial markets, the enormous impact to the social fabric of our nation and the increased strain on public services provided by the government, including but not limited to the social services department, the public school system and the public hospital.
Unemployment in The Bahamas is on the rise, loan defaults are escalating, children are unable to return to university, Bahamians are unable to pay electricity, telephone and water bills. The high price of food has resulted in persons moving away from a healthy eating lifestyle and eating whatever they can. Persons are losing their health Insurance with their job and this is placing a tremendous burden on the public hospital, which is already incapable of coping with current demands. Parents are taking their children out of private schools and placing them in public schools adding to the overcrowded under resourced public school system.
The country continues to see deterioration in the economic fortunes of The Bahamas and its citizens, while the government that was elected by the people to act on their behalf sits by and waits to see what happens next.
We have again seen today a description of the problem. What The Bahamian people are looking for are solutions to these problems.
We have seen policy pronouncements before; accompanied by much fanfare, blaring headlines and lead stories on the evening news.
1 We recall the much publicized mortgage assistance programme that was supposed to help Bahamian homeowners struggling in these hard times. Sadly, that programme turned out to be an illusion. The question remains, what is happening to those homeowners?
2 The unemployed were promised an unemployment assistance programme. Tragically, it was another FNM promise accompanied by the failure to deliver.
3 The so-called poor man’s budget was supposed to result in the decrease in the price of food. We have seen the price of food and other necessities continue to escalate dramatically.
Those are but three, of many examples of all talk by this government and no result.
We wait to see if the policies announced today will be implemented or if these will be added to the heap of broken promises by this FNM government.
Government failed to acknowledge the specific threat to the Bahamas financial services sector, such as the “Stop Tax Haven Bill” before the United States Senate, sponsored by Senators Coleman, Levin and President Obama. There have been no effective announced plans in response to these threats by the government.
We again however, invite the government to recognize the unprecedented challenges we face and convene an economic/financial summit of various stakeholders throughout the Bahamas to gather the best and brightest minds together to assist with finding solutions to the overwhelming challenges we face as a people. The PLP is ready, willing and able to be part of any such summit or to meet with the government independently in this regard.
–END–
If these figures are true where and when,would this country ever be able to pay back this debt.
The Prime Minister’s midyear budget consists of borrowing and more borrowing to the tune of two hundred million dollars.Bahamians must note that in November,2008 mr.Ingraham borrowed one hundred million dollars from the Inter American Development Bank,January,2009 one hundred and seven million dollars in Bahamas Government Register Stock,February,2009 one hundred and sixty million dollars from the Chinese Government so in four short months mr.Ingraham would have borrowed almost six hundred million dollars!SOME ONE PLEASE STOP HIM!
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