“This is confirmation that the economic policies implemented by the Minnis administration were having positive effects on the Bahamian economy”
Thompson echoes Minnis’ call for PLP govt not to cancel initiatives that were in the works under previous administration
NASSAU, BAHAMAS — A former Cabinet minister said yesterday that recent statements by the Central Bank and ratings agency Moody’s confirmed that the Minnis administration’s economic policies were having a positive effect.
Member of Parliament elect for East Grand Bahama Kwasi Thompson, who served as Minister of State for Finance under the Minnis Administration, said in a statement yesterday: “I am pleased that the Central Bank’s June 2021 Quarterly Economic Review has confirmed ‘that the domestic economy stabilized during the second quarter of 2021, despite the ongoing spread of the novel coronavirus (COVID-19) pandemic’.
“This is confirmation that the economic policies implemented by the Minnis administration were having positive effects on the Bahamian economy.”
He further noted: “Additionally, it is important to note that the Central Bank has also confirmed ‘that the government’s overall deficit narrowed during the fourth quarter of FY2020/2021, relative to the same quarter for FY2019/2020. Underlying this outturn, aggregate revenue increased considerably, led by gains in value-added taxes (VAT) receipts, which overshadowed the rise in aggregate expenditure’.
“This is again confirmation that the Minnis administration ‘Recovery Plan‘ was taking shape with increased revenue and narrowing of the deficit.”
Thompson said that while this nation still has a distance to go for full recovery, “we have turned a corner”.
“This is consistent with the Minnis administration’s previous statements and now confirmed by the Central Bank of the Bahamas. Tourism continues to improve and construction also continues to improve,” said Thompson.
“We also note in a statement released by Moody’s that the economy is predicted to grow by eight percent — four times faster than the anticipated two percent.
“It is also clear that Moody’s expects our recovery to be based on some of the same policies, initiatives and legislative reforms of the Minnis administration.
“We are hopeful that before any major economic changes or tax reform, as was pledged by the Minnis administration, there are proper studies, analysis, diagnosis and consultation. Sudden changes, though well-meaning, can derail economic and fiscal recovery.
“We therefore stand ready to assist to ensure the country’s economy fully recovers.”
