NASSAU, BAHAMAS — Free National Movement (FNM) leader Michael Pintard has criticized Prime Minister Philip Davis for his recent comments regarding the challenges facing the banking sector, calling for more than just rhetoric and posturing.
In a statement, Pintard referred to the Prime Minister’s address at last week’s Bahamas Business Outlook, where Davis highlighted issues such as lengthy waits to open business bank accounts and the failure of banks to provide loans to critical sectors of the economy.
Pintard stated: “Frankly, the Bahamian people are tired of Prime Minister Davis’s posturing and grandstanding. They didn’t elect him just to complain about problems—they expect bold action.”
He continued: “Despite their bluster, this PLP administration has refused to take action on banking reform or any of the many impediments to doing business in The Bahamas. We rarely hear them mention improving the ‘ease of doing business,’ and they have never presented any coherent plan to improve the business-enabling environment. In fact, under this Prime Minister, who also serves as Minister of Finance, his agencies have introduced more regulations and bureaucracy, making life harder for business owners, with tax agencies often adopting a combative and confrontational stance.”
Pintard emphasized that the time for rhetoric was over, stating: “We demand that the Prime Minister stop with the rhetoric and spin and instead get to work. His presentation last week should have clearly outlined specific policies and timelines for banking reform and improving the ease of doing business in The Bahamas.”
He further noted that last August, the FNM outlined a series of banking reforms, which they believe are necessary to address the country’s economic challenges.
“These policy initiatives would encourage more bank ownership, expand access to underserved Family Island communities, use technology to speed up account opening processes, sharpen regulatory oversight of bank fees, and mandate low-fee or no-fee accounts for marginalized segments of the population to improve financial inclusion. These proposed initiatives are consistent with what proactive governments around the world—large and small—are already doing, including right here in the Caribbean. Again, we offer these recommendations to the Prime Minister so that he can take action, but we expect little progress after more than three years in office.”
Pintard concluded by reiterating the FNM’s commitment to implementing banking reform.
