By Gerrino J. Saunders
Journal Staff Writer

Hours after the government through Prime Minister Philip Davis the Minister of Finance
and Deputy Prime Minister Chester Cooper the Minister of Tourism Investments and
Aviation signed a $55 million loan agreement with the Saudi Fund for Development
Official Opposition leader Michael Pintard scolded the government for signing the deal
without first providing more details.
According to the government the loan is to expedite required upgrades to the North
Eleuthera International Airport.
In a statement late Monday afternoon Mr. Pintard said, “The Davis Administration has
yet again entered into a significant loan agreement with Saudi authorities—this time
bringing the total to $125 million in just one year.
“This follows the $70 million loan secured by Deputy Prime Minister Chester Cooper last
year, further entangling The Bahamas in bilateral debt without providing transparency to
the Bahamian people,” he argued.
He said, “In typical fashion, the Davis government has refused to release crucial details
regarding these transactions. Are these loans directly tied to the central government?
Are they funneled through government corporations or private entities? What are the
undisclosed conditions or guarantees attached to these loans? The Bahamian public
deserves full disclosure, yet the Davis Administration remains silent,” he said.
“We must remind prime minister Davis that under Section 16 (4) of the Public Debt
Management Act (PDMA), all central government loans are required to be deposited
into the Consolidated Fund. So, the question remains: Will the proceeds from these
loans be properly allocated to the Treasury, as the law mandates?”
Continuing Mr. Pintard said, “If these loans are instead tied to government corporations,
and the government is backing them, the Davis Administration must immediately
provide the legal authority for such borrowing, including necessary Parliamentary
approvals.” 
He said, “Tax payers are fed up with a government that consistently refuses to tell them
how their money is being spent.”
Mr. Pintard said Bahamians deserve better than a government that operates in the
shadows, making deals behind closed doors.
However on Tuesday Minister Cooper reminded the opposition leader that the
government provided details on the loan agreement during his contributed to the budget debate in Parliament in June. Mr. Cooper also said the opposition including Mr. Pintard
supported the resolution authorizing the borrowing from the Saudi Fund for
Development.