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HomeNewsRegional NewsBahamas PM: $1 billion in government liabilities unaccounted for by former administration

Bahamas PM: $1 billion in government liabilities unaccounted for by former administration

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by Natario McKenzie

NASSAU, BAHAMAS — Prime Minister Philip Brave Davis today revealed that there is a whopping $1 billion difference between the numbers provided in the former administration’s pre-election economic & fiscal update report and the government’s actual liabilities. 

While presenting a 2021/22 supplementary budget in Parliament, the prime minister blasted the Minnis administration for failing to present the state of the nation’s finances to the Bahamian public in a transparent manner.

The prime minister noted he will amend the Fiscal Responsibility Act to strengthen the provisions concerning information and assistance to the Fiscal Responsibility Council.

“As the minister of finance, I requested, upon coming to office, a full accounting of the government’s fiscal position,” said Davis.

“To this end, a renowned accounting firm has been reviewing information provided by the Ministry of Finance with respect to liabilities of the government as of September 30, 2021, which is approximately one month following the issuance of the pre-election report.

“The numbers provided by the Ministry of Finance for the period ending September 30, 2021, reveal a $1 billion difference from the numbers provided by the previous government in their pre-election report.”

Davis added: “It is painfully clear that the pre-election report was an incomplete presentation of the government’s contingent and real liabilities.

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