YOU’RE WELCOME: Former State Finance Minister says Davis administration to benefit from recovering economy

YOU’RE WELCOME: Former State Finance Minister says Davis administration to benefit from recovering economy
Kwasi Thompson.

NASSAU, BAHAMAS — Former State Minister for Finance Kwasi Thompson said yesterday that the Davis administration stands to benefit from a recovering economy, policies, and major economic projects left in the pipeline by the Minnis administration.

In a statement yesterday, Thomson said: “The PLP Government met a recovering economy. “Indications are that the domestic economy began a slow pace of recovery, despite the ongoing spread of the Novel Coronavirus (COVID-19) pandemic.” This has been confirmed by the Central Bank of the Bahamas’ monthly economic report.”

He continued: “The PLP administration had the benefit of the Quarterly Reports, along with the Fiscal Strategy, the Pre-Election Report, and the first-ever Annual Borrowing Plan. It should be noted that the Central Bank has confirmed that the Minnis Administration has not only left in place strong foreign reserves near $3 billion but also a significant revenue increase well above 2021/22 Budget projections. The new PLP Government has also been left with a working economic plan called the Accelerated Bahamas Recovery Plan which has already provided positive results.”

Thompson noted that the PLP government will also have the benefit of major investment projects in the process. 

“The Minister responsible for Investments has stated that there was a significant number of investments in process,” the East Grand Bahama MP continued.

“The Minnis Administration approved numerous investments which are vital to our full recovery. Projects such as the $37 million Sandals Redevelopment, $75 million Aqualina Project, the Royal Caribbean Projects, the Carnival Cruise Port Projects, and the Nassau Cruise Port Project. I urge the Government to move without delay on investments in Grand Bahama, such as the West Atlantic Medical School, Doctors Hospital Project, the Grand Lucayan Deal, the Carnival Cruise Port Project, and the $350 million Grand Bahama Shipyard Project and the creation of a Maritime Center for the Americas.”

Thompson also urged the government to continue the implementation of Invest Bahamas. 

“Invest Bahamas was a recommendation of the Minnis Administration’s Economic Recovery Committee to reform the Bahamas Investment Authority,” he said.

“Implementation process has already begun, and this is vital to continuing the forward movement of investments in the Bahamas. The PLP Government also has the benefit of a clearly laid out Borrowing Plan which has been approved and published.

“This includes using a mixture of domestic and external facilities such as the IDB guarantee which will result in reduced costs and interest payments. The Minnis administration economic policies have started us on the path of recovery, and we stand ready to assist in any way to achieve our full recovery,” Thompson added.