By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

STATE Finance Minister Michael Halkitis yesterday defended the government’s fiscal track record saying the opposition’s criticisms of the 2015/2016 budget projections are “mischievous” for the sake of political gain.

Following Prime Minister Perry Christie’s budget presentation last week, the Free National Movement has attacked it, calling the communication a “fanciful” document filled with misplaced optimism. The party’s Deputy Leader Peter Turnquest has also accused the government of using “some trickery” in the budget numbers for the current and future fiscal years.

However, Mr Halkitis shot back at the opposition during his contribution to the 2015/2016 budget debate. He said it was “troubling” that Mr Turnquest has insinuated that the Christie administration has manipulated fiscal data with a view to presenting a more favourable portrait of the nation’s finances.

“Mr Speaker, I have no reservations in saying that such statements and insinuations are simply preposterous and they are mischievous for the sake of political gain,” Mr Halkitis told parliamentarians.

“They are irresponsible coming as they do from the deputy leader of the opposition. Governments in this country have over the years been under the microscope of international rating agencies. (Before) the international financial organisations (we) have succeeded in building this country’s reputation of sound fiscal reporting.”

He added: “I have seen and I have gone on road shows when they seek to raise money on the international market. Mr Speaker, I have sat across the table from analysts who, with a very fine tooth comb, go through all of the financial statements of the government. These are not people who are easily fooled by some slight of hand. I want to assure the deputy leader and honourable members, Mr Speaker, that the rating agencies and investors and analysts pore over our fiscal account with a fine tooth comb as part of their regular review and ratings process.

“In the circumstances, the deputy leader’s so-called fiscal trickery would be pointless and would be highly embarrassing to the Bahamas’ hard earned reputation as being fiscally responsible.”

Mr Halkitis said to support the government’s claim of an improved fiscal picture in the country, several other duty rate reductions and eliminations were on the way.

At the behest of straw market vendors, he said the duty rate on costume jewellery would see a reduction.

The government is also expected to amend the Tariff Act so that all returning residents, including students who have been pursuing an education abroad for two consecutive years, can have the advantage of being allowed to bring up to $10,000 of their personal effects and one vehicle valued at up to $30,000 back home duty-free.

Certain items categorised as surgical equipment are also set to see duty rate reductions, Mr Halkitis said.

The budget debate continues on Monday.