FNM leader Michael Pintard has accused the government of leveraging public debt for private profit - highlighting examples such as a recent bond offering and the sale of BPL assets.

Mr Pintard pointed to the recent $1.167bn bond offering, saying: “Of that amount, $767m is reportedly earmarked to refinance existing debt. But the government is still adding a staggering $400m in new borrowing to the national debt, an amount that directly contradicts its own projections of a $70m deficit for this fiscal year and a $75m surplus for the new fiscal year beginning July 1st.

“This is simple math, and something doesn’t add up. If the deficit is $70m, why borrow $400m more?”

He also criticised $100m in borrowing from the Development Bank of Latin America and the Caribbean (CAF) for energy reform, saying nothing was said in the budget debate about it. 

Mr Pintard added: “Worse still, while the government quietly sells off critical BPL assets to politically connected insiders for pennies on the dollar, it is preparing to spend $100m of public debt on infrastructure that is being privatised. It is unbelievable that Bahamians will foot the bill for a power system that a few wealthy, well-connected individuals will profit from for the next 20 to 30 years.”

Mr Pintard called for transparency and for the government to publish agreements relating to power projects, saying the Bahamian people “deserve a government that works for them, not for a privileged few”.