Tuesday, September 10, 2024
By EARYEL BOWLEG
Tribune Staff Reporter
ebowleg@tribunemedia.net
FREE National Movement leader Michael Pintard has condemned the Davis administration for failing to disclose “crucial details” regarding loans with Saudi authorities.
His statement came after the government signed a $55m loan agreement with the Saudi Fund for Development (SFD) to upgrade North Eleuthera International Airport.
Last year, The Bahamas entered into a $70m loan agreement with SFD as “part of a strategic plan to develop Family Island airports”, as reported by Tourism Today.
Mr Pintard noted that this new loan brings the total number of loans to $125m within a year.
“This follows the $70m loan secured by Deputy Prime Minister Chester Cooper last year, further entangling The Bahamas in bilateral debt without providing transparency to the Bahamian people,” he said.
“In typical fashion, the Davis government has refused to release crucial details regarding these transactions. Are these loans directly tied to the central government? Are they funneled through government corporations or private entities? What are the undisclosed conditions or guarantees attached to these loans? The Bahamian public deserves full disclosure, yet the Davis Administration remains silent.”
He referenced Section 16 (4) of the Public Debt Management Act (PDMA), which requires all central government loans to be deposited into the Consolidated Fund, raising questions about whether the proceeds from these loans will be properly allocated to the treasury.
“If these loans are instead tied to government corporations, and the government is backing them, the Davis Administration must immediately provide the legal authority for such borrowing, including necessary Parliamentary approvals.”
“Taxpayers are fed up with a government that consistently refuses to tell them how their money is being spent. Bahamians deserve better than a government that operates in the shadows, making deals behind closed doors.”
While giving remarks at the airport loan signing, Prime Minister Philip “Brave” Davis said SDF’s support, coupled with the low interest rate of 2.5 percent, ensures that The Bahamas can deliver on this long-awaited project in a way that is both “sustainable and beneficial” for the people of Eleuthera.
He added the upgrade to the airport means a stronger local economy, more jobs, and greater opportunities for businesses.
“By enhancing the airport’s capacity to handle more visitors, we are directly supporting the tourism sector, which is at the heart of Eleuthera’s economy,” he said. “This investment will help bring in more international flights, increase connectivity to the rest of The Bahamas, and open up new avenues for local entrepreneurs.”
Comments
ExposedU2C says...
> While giving remarks at the airport loan signing, Prime Minister Philip “Brave” Davis said SDF’s support, coupled with the low interest rate of 2.5 percent, ensures that The Bahamas can deliver on this long-awaited project in a way that is both “sustainable and beneficial” for the people of Eleuthera.
The very high credit risk now associated with debt of The Bahamas government is such that no foreign government in their right mind, especially the government of Saudi Arabia, would be willing to accept an unusually low interest rate of 2.5 percent per annum on their loans to our government. Something is terribly amiss here from the standpoint of the role being played by Bahamian officials overseeing the flow of funds associated with these loans.
The so called interest rate of 2.50% p.a. could in fact be an annual commission for money laundering services being performed by corrupt Bahamian government officials on behalf of corrupt Saudi officials who are well know to use small financially struggling nations hocked in debt to facilitate hiding their vast network of money laundering operations outside of Saudi Arabia.
Posted 10 September 2024, 1:37 p.m. Suggest removal
TalRussell says...
**Refresher so as we're all to 'toe' a little clearer line?** --- As to, was there ever a legal review conducted, re"-- Bahamas Customs tariff to attract a lower rate of duty on imported Juices'? -- Yes?
Posted 10 September 2024, 3:27 p.m. Suggest removal
birdiestrachan says...
No pictures of the signing ceremony for the airport, only of Mr Pintard, TRUTH be told and God be thanked, the FNM does not want Airports or hospitals for the Bahamian people I met a lady from Eleuthera yesterday she was very happy many airlines are coming to that beautiful Island, she did speak of the power and water I hope that is resolved soon , Mr Pintard people in Grand Bahama Also are going without power did you know
Posted 10 September 2024, 5:07 p.m. Suggest removal
birdiestrachan says...
One would have thought the Tribune would have had reporters at the signing,
Posted 10 September 2024, 5:24 p.m. Suggest removal
whatsup says...
Why did gov borrow money from
Saudia Arabia? Can't they borrow money from Bahamian Banks? Maybe the Saudis are getting something from gov. Are they getting land in Eleuthera for a resort?
Posted 11 September 2024, 10:08 a.m. Suggest removal
SP says...
Mr. Pintard refuses to acknowledge the fact that the very same loopholes the PLP are using to avoid accountability were always in place and used just as much by the FNM when they were in power!
Pintard is attempting to swing us into believing this is something new.
Both parties are equally guilty of using these types of scams with under the table, backdoor dealing, and have obviously agreed leave the loopholes intact to be exploited by whomever is in power.
Bahamians are not as ignorant as these politicians have convinced themselves we are.
Nothing will or could ever change in the Bahamas as long as either the PLP or FNM are in power. As they have obviously colluded to leave these types of loopholes in tact to be exploited when either party is in power.
We're not stupid. The PLP and FNM are unquestionably two sides of the same coin.
STFU Pintard.
Posted 11 September 2024, 11:13 a.m. Suggest removal
ExposedU2C says...
Amen!
Posted 12 September 2024, 12:42 p.m. Suggest removal
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