NASSAU, BAHAMAS — The announcement that the government will utilize a $55M loan from the Saudi Fund for Development for a new international airport in North Eleuthera is not sitting well with Free National Movement (FNM) Leader Michael Pintard, who claimed that the arrangement is just another example of the Davis administration operating “in the shadows.”
Pintard said that the $125 million pledged from Saudi Arabian sources between two loans announced in the last year would only entangle The Bahamas in bilateral debt.
In a statement released Monday evening, the FNM Leader said that details regarding these agreements are scarce.
“Are these loans directly tied to the central government?” he asked.
“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.
“We must remind Prime Minister Davis that under Section 16 (4) of the Public Debt Management Act (PDMA), all central government loans are required to be deposited into the Consolidated Fund. So, the question remains: Will the proceeds from these loans be properly allocated to the Treasury, as the law mandates?”
Pintard remarked that if loans are instead tied to government corporations, and the government is backing them, the Davis Administration must outline 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,” he charged.
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