Minister Says Bahamians ‘Alarmed’ By $10bn Debt

• A Cabinet minister yesterday conceded that Bahamians are becoming increasingly “alarmed” over the $10Bn-plus national debt and “systematic” action is needed to address it.
• Michael Halkitis, Minister of Economic Affairs, told the Senate in leading-off debate on the Speech from the Throne that the newly-elected Davis administration is “setting the foundation for sweeping fiscal reform”.
• Placing much emphasis on committees, namely the newly-established Debt Advisory Committee and Revenue Policy Committee, he indicated plans to change the fiscal culture within government, while acknowledging growing concern that the weak public finances could drag down the wider economy and entire country if not addressed.
• “Many Bahamians are alarmed by the level of our national debt,” Mr Halkitis said. “It’s something that must be addressed in a systematic manner and we are going about that.” Tribune Business revealed earlier this year that the $10.356bn national debt at end-June 2021 was larger than the size of the Bahamian economy, producing a 100.4% debt-to-GDP ratio.

(Source: The Tribune)