December 23rd 2009

 
The Progressive Liberal Party is deeply concerned given the downgraded rating of our Economy by Standard and Poor's. As of today, the rating of The Bahamas has been lowered, with the S&P saying that the Nation's fiscal position has deteriorated due to increased spending while its narrow revenue base has declined.

It is a strong and clear message that the Bahamian economy is not being well managed. It is an indictment on the leadership skills of this present Government with respect to our Economy.

The effect of S&P downgrade will be:

(1)    It will become more difficult for the Bahamas to borrow money.
(2)    The cost of borrowing will become more expensive and this is significant because the National Debt is so high and daily continues to grow.

Despite all the talk by Prime Minister Hubert Ingraham and Jr. Minister Zhivargo Laing about the Government being fiscally prudent, the truth is that this FNM Government is simply reckless. The Bahamian people must now force them to accept total  responsibility for the very serious state of affairs in our once economically pace-setting Country.

The PLP asserts that in light of the serious financial mess the Country is now in, the first course of action is for the Prime Minister to fire himself as Minister of Finance as he does not possess the discipline to restrain expenditure, and it is clear, that his Jr. Minister Zhivargo Laing does not have the posterity to stand up to his Leader. The Bahamas needs a seasoned, serious and strong person as Minister of Finance.

As a matter of fact, as soon as possible, The Bahamas needs the PLP.