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PM renews commitment to fiscal discipline – PDF

Addressing Parliament yesterday, Prime Minister Dr Hubert Minnis said that his administration is resolute in bringing fiscal discipline and order to public finances to forestall any possible economic consequences that could cripple growth and the longer-term prospects for the country. 

Source:
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TheBahamasInvestor.com
Thursday, October 12, 2017
Thursday, October 12, 2017

Addressing Parliament yesterday, Prime Minister Dr Hubert Minnis said that his administration is resolute in bringing fiscal discipline and order to public finances to forestall any possible economic consequences that could cripple growth and the longer-term prospects for the country.

“If we do not get our economic house in order, the foundation and the house are at risk of collapse,” Prime Minister Dr Hubert Minnis told Parliament October 11.


Prime Minister Minnis said the government of The Bahamas is focused, resolute and determined to not only improving the economic vitality of The Bahamas as a country, but to also improving the standard of living for all Bahamians.

“Our vision is the ongoing development and transformation of our economy through creating wealth opportunity for more Bahamians; diversification within tourism and the boosting of new and other industries; and through the reform of public finances and the public sector.”

Prime Minister Minnis said the government has developed a number of strategies to achieve its goals. These include the establishment of an Economic Council of The Bahamas which, the Prime Minister said, is providing advice on job creation and growth “that are critical to economic recovery.”

An Ease of Doing Business Committee has also been appointed. Its mandate is to make specific recommendations to make it easier to do business in the country for Bahamians and foreign investors.

Prime Minister Minnis said administration officials have a comprehensive vision for a 21st Century Bahamas and national development.

The seven-point plan includes economic development, transformation and diversification; bolstering national security, including combating crime and its causes as well as illegal migration; advancing democracy, good governance and freedom through government and political reform and social development, inclusive of education, healthcare, housing, child, youth and community development and other elements of social well-being.

Other components of the vision include promoting and protecting the country’s cultural heritage; environmental stewardship and protection; and protecting and promoting Bahamian interests abroad.

Individual citizens and residents have a role to play in the plans outlined for national development going forward, the Prime Minister said.

“Development does not solely refer to public infrastructure and economic growth, though both are essential for national development,” he said. “Development also refers to the cultural and social habits that help to make a country successful and well-run.”

“These habits include a population committed to education and learning; the rule of law; an efficient and effective public sector; the development of the arts and culture; a commitment to civility and public cleanliness, and the cultivation of values such as working together for the common good and social justice and tolerance for, and the celebration of, diversity.”

Read Minnis’ full address to Parliament here.

Speaking at an event organized by the Chamber of Commerce and Employers Confederation, Minister of Tourism Dionisio D’Aguillar has urged entrepreneurs and small businesses to get involved in the tourism sector to boost growth. Watch an interview with the Minister here.

Earlier this week, Dionisio D'Aguilar, Bahamas Minister of Tourism and chairman of the Caribbean Tourism Organization, opened the State of the Industry Conference at the Radisson Beach Resort St George's in Grenada, praising the region's resilience after recent hurricanes. Read his address here.

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