NASSAU, Bahamas — Financial experts yesterday said the government’s annual budget lacks innovation, with one prominent businessman saying there is a financial “Category 5 hurricane approaching this country”, The Nassau Guardian reported on Thursday, July 1, 2021, in an article written by Paige McCartney.
CFAL President Anthony Ferguson asserted that had there not been an impending election, the budget would have looked much different and would have included tax increases to offset rising debt. The 2021/2022 budget became effective today, July 1.
“When I look at where we are the reality is there were no significant adjustments on the tax side of this budget. Why? Because it’s an election year. Had this not been an election year taxes would have gone up, that’s just the reality. So we need to be honest with the Bahamian people,” he said during a Government and Public Policy Institute (GPPI) webinar entitled “Examining the 2021-2022 National Budget”, which took place during the Guardian Radio talk show “Z Live”.
“Whether it’s this year or next year, whether it’s this government or the next government, the fact of the matter is some tough decisions will be made and that is going to continue to cause the economy to slow down and to not grow to the point where we need it to grow, to deal with and address the debt problem. We need an economy that’s growing between five and six percent for at least three to five years for us to really get a handle on our debt problem,” noted Ferguson.
The government projects to take in $1.8 billion in proceeds from borrowing this fiscal year, which is expected to push the national debt to 10.4 billion.
“My friends there is a Category 5 financial hurricane approaching this country and no one seems to have any concern. Everybody is going on their merry business and not thinking about this. It’s going to have significant impact on our younger kids in this country,” Ferguson said. See complete story in The Nassau Guardian at https://thenassauguardian.com/economic-category-5-hurricane-on-the-way-says-financial-expert/
