NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that the government is concerned about rising inflation and is looking to meet with local wholesalers to see how it can help alleviate the impact of rising consumer prices.
The fact is, when you import 90 percent of what you consume, you import inflation as well.
– Economic Affairs Minister Michael Halkitis
Speaking on the issue of inflation yesterday, Halkitis said: “It is a concern to us.”
He added: “We are importers of much of what we produce, and so we, are feeling the effects of what is going on particularly in the US as well as UK.
“What we are doing is arranging a meeting with some wholesalers here to have a sit-down with them and just have a chat as to anything that can happen to alleviate the impact of the increases.”
Halkitis noted: “The fact is, when you import 90 percent of what you consume, you import inflation as well.”
The economic affairs minister also noted that the government will do whatever is necessary to get the country’s finances on track.
Responding to concerns raised over its property tax measures and the ability of some to pay, Halkitis noted: “The fact of matter is [there has been] almost two years of overly diminished economic activity.
“The government had increased its debt at one point up to 100 percent of GDP.
“We have to do whatever is necessary to get our finances back in order. We cannot continue to absorb it.”
Halkitis said the government is sympathetic to those who may have challenges paying the property taxes and will work with them.
The Bahamas Real Estate Association (BREA) and the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) have expressed concerns over the government’s property tax reassessment exercise, which led to significant property tax increases for some property owners.
Some 10,000 previously unregistered properties have reportedly now been added to the property tax register.
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