Govt to publish overdue documents this week
Min of Finance says opposition only bringing this up as distraction from food distribution program controversy
NASSAU, BAHAMAS — Outdated management information systems and overly complex legislation are to blame for delays in publishing key reports required by the country’s fiscal transparency and debt management legislation, according to the Ministry of Finance.
Last week, Opposition Leader Michael Pintard accused the Davis administration of being in breach of key elements of the law regarding fiscal accountability and transparency, having failed to publish the Fiscal Strategy Report and Annual Debt Management Strategy.
The Ministry of Finance, in a statement, however, while affirming the government’s commitment to fiscal transparency, noted that both reports have been prepared and will be published on the ministry’s website this week.
“Since the passage of the Fiscal Transparency Act and the Public Financial Management Act, it is acknowledged that the Ministry of Finance has fallen short of requirements under these acts,” the Ministry of Finance said.
“In addition, the Ministry of Finance previously made a public statement about the delays in publishing these reports to avoid clashing with debating the Supplementary Budget.
“Since the passage of the Public Financial Management Act, there have been no monthly fiscal reports. Since the passage of the Fiscal Transparency Act, there have been no half-yearly reports on the stock of liabilities.
“The reason for these deficiencies covering both the former and present administration relates to outdated management information systems and overly complex legislation.”
The ministry further noted that the government is working to address both issues and will soon select an information system provider and commence the first significant upgrade of the government’s fiscal management systems in approximately 30 years.
This is the situation this administration inherited. It is not an overnight fix to correct these deficiencies. However, the government is committed to resolving these issues.
– Ministry of Finance
The government has also contracted a leading Bahamian law firm to draft amendments to the entire compendium of fiscal legislation to foster proper fiscal accountability and transparency, the statement further noted.
Referencing Pintard directly, the statement noted: “The opposition leader was also part of a government that inherited an Inter-American Bank-financed project to modernize the public sector fiscal management system.
“The administration he was part of did nothing except pay high salaries to consultants and travel the world. On coming to office, this administration found no public fiscal management reform strategy, no new integrated fiscal management system and no training programme for public officers in fiscal management.
“In other words, the Ministry of Finance accomplished not one of the primary objectives of the IDB-financed fiscal management project when the leader of the opposition was a member of the Cabinet of The Bahamas.
“This is the situation this administration inherited. It is not an overnight fix to correct these deficiencies. However, the government is committed to resolving these issues.”
The statement also suggested that Pintard’s statement was an attempt to deflect the latest information surrounding the COVID-19 food distribution programme.
“More concerning is that the files of the Office of the Prime Minister, Ministry of Finance, Ministry of Social Services and the Department of Social Services are devoid of any information about the expenditure of $53 million in public funds,” the statement concluded.
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