Nassau, Bahamas — It is absolutely unbelievable but from all indicators it could be true, information now being gathered by forensic accountants in the ministry of finance raises the question as to whether the Public Treasury of the Commonwealth of The Bahamas is BROKE as they revealed the government’s account in the Royal Bank of Canada has run in deep overdraft.
BP has gone deep off the edge on this one and with explosive information in hand, we question the frankness of the minister of finance and his bragging Canadian trained ‘farmer brain’ economist. They both have much explaining to do to the Bahamian people. BP has learned there is little money left in the treasury [COOKIE JAR] to pay current bills incurred by the Ingraham government and to make matters worse the government has reached its maximum ability to borrow more funds from international lenders.
This incredible news being discovered by Bahamas Press reporters on the ground are indeed shocking, and it is believed to be the reason for the government’s distraction plan in plotting a by-election in Elizabeth.
An accountant in the Sir Cecil Wallace Whitefield Building has confirmed to BP the Ingraham government is now running deep in the red, causing pressure to steam on its ability to pay bills. The accountant told BP, “We are in the most serious crisis of our lives in the Bahamas. To date, the government of the Bahamas is finding grave difficulty in paying its debts. We have a situation where government workers must be shaved in the most drastic fashion in order keep the country stable. WE ARE IN CRISIS!”
The government began that shaving exercise this month [January] as it closed the Bahamas Hotel Corporation doors and sent all its staff home.
Such a crisis was thought to be headed off as current junior minister of finance, Zhivargo Laing, in February of 2009 during a reception at the official launching of Generali Worldwide. The minister then said, “Recessions are general declines in economies but they don’t suggest there are not pockets in the economy that can still thrive. So you can have niches of positive growth even in a recession struck economy.” However, readers would note the Ingraham government ended the year racking up a national debt of over $872 million in two short years; almost equally the total debt incurred in 25 years by the Pindling government. WHERE DID ALMOST $1 BILLION UNDER INGRAHAM’S WATCH IN LESS THAN 3 YEARS GO? WHERE ARE MEMBERS OF THE WUTLESS MEDIA ON THIS ONE?
Readers would also remember Laing telling the Bahamian people in January of 2010 at the Bahamas Business Outlook Conference that there are signs of recovery, thus hinting an end of the financial crisis now fanning the Bahamas and calming fears that our state-of-affairs were not so severe. Laing should note that in 2009, the same year he taunted growth in sectors, more than 1 Million tourists didn’t show up in the Bahamas and this is just the tip of our findings.
Reports coming into BP have also confirmed while the Ingraham sent home some nine  police officers in December of 2009 on early retirement leave, to date, due to the government’s FINANCIAL CRISIS with a possible BROKE TREASURY and fear of a collapsing dollar, none of the officers have received their packages including their gratuity and vacation pay.
“This simple suggests the government is broke and cannot pay the officers,” the accountant said. And that’s not all.
The accountant confirmed, “Teachers hired in September have yet to be paid. The fact is that there is no money to pay them because the files of these people are still in the human resources department waiting on financial clearance.
“One teachers was hired to quell a sit-in at C. I. Gibson Senior High as a Language Arts teacher. The educator was not told there was no money to pay a salary. The Ministry of Education has basically said there is no money to pay and does not know where the money would come from at this time.”
Readers would remember in August of 2009, former Minister of Education Carl Bethel informed the public of the suspension of the Student Loan Guaranteed Programme following his firing of some 60 teachers in the MOE prior to that announcement. To make things look pretty he suggested the government was hiring teachers from the College of the Bahamas. Could this be why he was tossed out of the class [Cabinet]? Inquiring minds want to know!
As the nation reels in this financial CRISIS; hitting the Ingraham lead government hard where it hurts, we at Bahamas Press avoid the SMOKE AND MIRRORS crafted by MUGABE and his tribe of smoking goons as they toy the nation with a bogus, unnecessary by-election. We wish, however, to ask one–question we know members of the public seeks to know after all this new revelation: “Is the Treasury of the Bahamas is BROKE?”