By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Opposition’s finance spokesman believes the Christie administration has “nothing to show” for more than $2 billion in borrowing since assuming office in 2012.

While delivering his contribution to the 2016-17 Budget debate, K P Turnquest said: “Since coming to office, this government has borrowed over $2 billion, more than the former FNM administration borrowed - $1.6 billion - in the entire five years of its last administration  between 2007-20012.

“That borrowing was during a very depressed economic time globally, when international visitors and investors had little disposable income and jobs were being lost around the world at an astounding rate.”

Mr Turnquest said that while the Christie administration has lamented the massive debt it inherited, it has nothing to show for its own spending.

“What exactly do they have to show for it?” he asked. “When the FNM engaged in borrowing it was to address a very serious global economic crisis that was threatening to destroy many Bahamian families, and to create a situation in this country where the public service would have had to be gutted in order to avoid national bankruptcy.

“During this period the Government was forced to engage in counter-cyclic spending, spending money on mostly infrastructure projects, to help stimulate the economy and drive job creation in a period of slow growth.

“What can this administration say about the $2 billion debt it amassed in the last four years?”

  Michael Halkitis, minister of state for finance, recently said the Government is set to borrow just shy of $100 million to cover the projected Budget deficit for the 2016-2017 - $30 million more than what the Christie administration projected at the beginning of the current fiscal year.

Mr Turnquest, during his contribution, also questioned the Bahamas Power & Light (BPL) rate hike proposal, which was reportedly denied by the Government. He queried whether the Government was simply pushing back the rate hike until after the general elections.