Categorized | National News

Gov’t Saddled With Debt

Six months into the 2017/2018 budget and the government remains saddled with tens of millions of dollars in debt left by the former Progressive Liberal Party administration.

Deputy Prime Minister and Minister of Finance, Peter Turnquest, revealed during his presentation of the mid-year budget that more than $30 million in arrears had to be paid.

“To a large extent, this development reflects the ongoing overhang of commitments that the previous administration, that it had to be met during the current fiscal year.

“To date, we have had to make provisions to settle more than $30 million in verified payment arrears over and above what was known during the budget exercise last May.

“There are tens of millions of dollars in remaining commitments from the prior year,  the details of which I will provide during my substantive debate on the matter,” Mr. Turnquest said.

Mr. Turnquest  revealed that minor commitments are  to still be addressed.

“I am pleased to say we are on track in this regard,  as non-debt servicing expenditure totals $861.1 million against a mid-year prorated sum of $975.3 million.

“However, with prior commitments still to be addressed, I’ve asked ministries and departments to redouble their vigilance through the second half of the fiscal year to ensure that we meet our desired expenditure and deficit targets.

Mr. Turnquest is expected to give a more detailed update on the country’s fiscal performance during the actual debate on the mid-year statement.

Written by Jones Bahamas

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