FNM: The sad and shameless crew
On the heels of another disastrous budget delivered by Peter Turnquest, which includes plans to borrow a mind-blowing $1.3 billion, Progressive Liberal Party deputy leader Chester Cooper is calling the government out as it seeks to distract the public by bringing up the PLP.
Weeks ago, the PLP presented “a structured plan for economic transformation through the borrowing of up to $2 billion” during a low-interest environment to support those in need, radically transform the energy sector to reduce the high cost of electricity, and health care sectors, achieve food security, harness the nation’s natural resources and prepare The Bahamas to rebound from the COVID-19 crisis.
“If you borrow big money, it should be to do big things,” Cooper declared.
Unfortunately, the government has borrowed $3 billion with nothing to show for it. Where is the reliable and affordable electricity supply? Where is the real investment in small businesses? Why does Abaco still look like it was ravaged by Hurricane Dorian last month instead of last year? Where is the promised “green city” on Ragged Island, which remains in a sad state two years after Hurricane Irma? Where is the new hospital for Grand Bahama?
Three billion dollars has been borrowed on the backs of the Bahamian people in three years but there is no transformation, no substantial reforms, no courage displayed, no real stimulus and no significant investment in infrastructure.
Cooper predicted that at this rate, it would be $5 billion borrowed in five years with nothing to show for it.
Turnquest and the FNM missed the boat.
When the comprehensive plan was presented oil was $20 a barrel and dropped to $0. Today, it’s no longer a low interest environment. We will pay an interest rate of up to 15% following the downgrade.
The Opposition pointed out that if the government took its advice, it would’ve saved $135 million. However, it waited months to borrow $1.3 billion.
“There is a consequence to snoozing,” said Cooper.