Categorized | National News

DPM: Fiscal Consolidation Plan Reasonable

Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday responded to comments made by former Minister of State for Finance Michael Halkitis, who expressed that the government’s schedule for reducing the country’s deficit is “too aggressive”. 

Mr. Micheal Halkitis suggested in a local daily this week that that instead of targeting a reduction in three years, expand it to five to six years, as the country didn’t accumulated its multimillion dollar deficit in three years and shouldn’t attempt to adjust it in such a short time frame.

In response, Mr. Turnquest said, “The government has listened to the opposition and considered advice from domestic and international agencies to ultimately determine that the schedule outlined in the government’s fiscal consolidation plan was reasonable and achievable.

“The reality is that we cannot continue the reckless tax and spend policies of the past and expect that something would change.”

The deputy prime minister said in order to create a stronger Bahamas, the time has come for political leaders to speak the truth of what is possible within the resources available and manage expectations and development in accordance  with what the Bahamian community can afford. 

Written by Jones Bahamas

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