Why we need all this money for natural disasters and we pay huge sums into the Caribbean Catastrophe Risk Insurance Facility to secure the Bahamas in such events? WHAT IS REALLY ALL THIS BORROWING ABOUT?
Nassau – The Finance Minister Peter Turnquest moved a resolution this week in the Parliament to borrow another $100 million from the IDB in what he described as a draw down in the event of a natural disaster.
This year no hurricanes came to the Bahamas. Turnquest told Parliament this special credit facility with Inter-American Development Bank (IDB) gives the Government access to up to $100 million after a hurricane or other natural disaster. The initial term is five years, subject to extension.
Now this special request is interesting because just a few weeks ago while in Parliament Prime Minister THE MOST Hon. Hubert Minnis told Parliament on Nov. 21st – the week he was booed in Rawson Square – that his government was proposing to utilize some $41.3m from dormant bank accounts to establish a disaster relief fund. The PM went on to argue what the funds should be used for.
Fast forward to this week [Wednesday 5th December]. We have had no natural disasters in 2018. Not one government building has since been repaired in hard hit Ragged Islands since Hurricane Irma. And yet this week [forgetting all what PM Minnis said in Parliament some 15 days ago] here comes Finance Minister Peter Turnquest telling the same Parliament he is borrowing some $100 million to establish the same fund PM Minnis said was created with the confiscated money from dormant bank accounts. So here’s the 141.3 million dollar question:
Could Peter Turnquest and Prime Minister Minnis now tell us what is the dollar value in the established disaster relief fund? Where in the government’s fiscal structures can this fund be found? Is the amount now $141.3 million? What is it? Or will these funds truly be used for any disaster at all? Someone must explain this!
WE the Bahamian People deserve the truth!
We report yinner decide