Pre-election fiscal update to be released today as Opposition slams government over transparency pledge

Pre-election fiscal update to be released today as Opposition slams government over transparency pledge
Kwasi Thompson.

NASSAU, BAHAMAS — The Ministry of Finance is expected to publish the pre-election fiscal update today in keeping with the requirements of the Fiscal Responsibility Act.

This comes after Progressive Liberal Party (PLP) deputy leader Chester Cooper accused the Minnis administration of breaching the law by failing to publish the update.

In a statement, Minister of State for Finance Kwasi Thompson confirmed that the Pre-Election and Fiscal Update will be available online today.

“A cursory review of the Fiscal Responsibility Act will confirm their independence from the political directorate in respect of their duties,” Thompson said.

“This Administration has set the standard for accountability and transparency in respect of the laws that it has passed that now provide to the country for the first time published quarterly budget reports, published fiscal strategy reports, a brand new financial and procurement legislative regime, and a dedicated budget website (www.budgetbahamas.gov.bs) where Bahamians can at any time review all of the publications and reports and see for themselves how their tax dollars are collected and spent.

“This enhanced level of public financial reporting is brand new to The Bahamas and this Administration is proud to have done what no previous administration had ever delivered,” said Thompson.

Prior to that statement, Cooper had released a statement of his own accusing the Minnis administration of operating under “the pretense of wanting fiscal transparency”, bypassing the Fiscal Responsibility Act.

Cooper said: “Included in that act is the requirement to report the state of government fiscal affairs prior to a general election. Section 11 (1) of the act states: “The Minister shall, not earlier than 30 working days, nor later than 20 working days, before the day appointed as polling day in relation to any general election of members of Parliament, arrange to be published on an official website of the Government, a Pre-election Economic and Fiscal Update which shall include the information specified in the Third Schedule”.”

Cooper noted that the Pre-Election and Fiscal Update is required by law to include government revenue and expenditure outturn for the current year; approval of new spending since the annual budget, including contracts and service projects and policies; and the outstanding stock of arrears for all government entities, including showing separately all new unpaid invoices since the stock of arrears was last reported, among many other critical things.