Wednesday, November 25, 2015
EDITOR, The Tribune.
From my unenlightened perspective at least, the financial outlook for our country is truly grim.
Multiple downgrades from various financial agencies have reduced our credit rating to one notch above Junk status and the National debt has increased by $581.4m despite more than $300m in VAT income being collected to date, supposedly to pay it down.
A senior government medical official has recently admitted that $100m of their current annual healthcare budget is wasted as the Public Hospitals Authority issues a $25m bond offering, the second such offering in two years, to refinance and repay their bank loans.
Still the government is rushing headlong to implement a National Health Insurance which, according to the Bahamas Insurance Association and other experts in that sector, could cost the country as much as $900m.
Compounding this already severe haemorrhaging, DPM Brave Davis today confirmed that BEC is losing $20-30m per year and is “close to being insolvent” with another $600m required to pay off BEC’s existing debts and a further $450m needed to bring their infrastructure up to acceptable standards. Mr. Davis gave no indication, however, as to how this money would be raised.
And let us not forget that at least $60m pledged in hurricane relief and those other countless millions already squandered on the likes of Visits to the Vatican, Junkanoo Carnival, BAMSI, Urban Renewal 2 and Bank of the Bahamas just to name a few.
The Bahamas seems to be on a roller coaster ride to financial ruin with the driver asleep at the wheel, with no seat belt, airbag or brakes.
IAN MABON
Nassau,
November 24, 2015.
Comments
TruePeople says...
There's more than enough money. I remember some one in the gov't making the remark that VAT was more successful than they had expected.
But it's constant foolery. Even if you don't count the stealing, skimming, etc etc etc. There is exceptionally bad management. NHI is a case in point, a lot of talk, no planning, no real consultation with stakeholders, no investment.... nothing but hot air.
No accountability either. Jumble-up Carnival was a money pit. There was supposed to be a report..... never came out..... Gov't is just hoping we all forget.
And we as a people is good at that. It never fail to surprise me how people is be up in arms bout something, then give dem a few weeks, and it's like they forget everything, till something new comes along.
Over and over.
Posted 26 November 2015, 3:05 p.m. Suggest removal
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