TUESDAY, JULY 5, 2016
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Minister to activists: Don’t deny us jobs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Legal actions against developers ‘big concern’
A CABINET Minister yesterday urged environmental activists to be “balanced and responsible” when launching legal actions against legitimate developers, warning that these could deny Bahamians muchneeded “economic benefits”. Khaalis Rolle, minister of state for investments, told Tribune Business that Judicial Review-type actions, such as the one launched against the Abaco Club’s proposed Little Harbour marina facility, threatened to impede job creation and economic development. He called on the activists initiating these legal challenges, and those sponsoring them, to have more “consideration” for Bahamians impacted by delays to bona fide investment projects. Emphasising that the Bahamas “does not have the luxury of not developing its economy”, Mr Rolle said developments such as the Little Harbour marina project created employment opportunities for young Bahamians who might otherwise turn to crime for a living. “It’s a very big concern,” Mr Rolle said of the numerous legal challenges unleashed in recent years See PG B4
Bahamas ‘does not have luxury’ of no development Minister: ‘What are you saving Little Harbour from?’
KHAALIS ROLLE
Marina project eyes ‘Blue Flag’ quality stamp Don’t make EDISON SUMNER
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GENUINE environmental concerns over the Abaco Club’s marina project should be satisfied by the 44-slip facility’s bid for Blue Flag status, a Cabinet Minister said yesterday. Khaalis Rolle, minister of state for investments, confirmed that the Little Harbour-based development, which is currently facing a Judicial Review challenge from environmental activists, is seeking a designation confirming it adheres to the highest quality and eco-friendly standards. Referring to a town meeting held on the project last Monday, Mr Rolle said: “I was pleased to see directly how the Abaco Club have gone to great lengths to submit proposals that are environmentally friendly. “They are proposing a Blue Flag marina, of which there are very few in the Bahamas. Atlantis
Should be welcomed by ‘genuine environmentalists’ Little Harbour ‘not sanctuary made out to be’ ‘Alarming’ levels of human waste pollution is one, Albany is another. If you count the number of such marinas, there are just three-four. “It says a lot that Winding Bay, the Abaco Club, is proposing to make that area - a currently unrecognised area - into a Blue Flag marina,” the Minister added. “If there is genuine concern about the environment, I would See PG B4
Fiscal hawk fears politicians ‘Deceptive indicators’ hurt Budget estimates By NEIL HARTNELL won’t ‘face the music’ Chamber chair Tribune Business Editor By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government yesterday asked Moody’s to ‘take a bet’ that its economic growth and Budgetary initiatives will succeed, as a well-known fiscal hawk said: “They’re not going to have to face the music.” Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business that the “political class” would likely escape the consequences for both parties’ involvement in pushing the $6.6 billion national debt towards unsustainable levels. “The Government has got itself and the Bahamian taxpayer in a real pickle,” he said. “These guys that have run up this debt and stuck us with it, they’re not going to have to face the consequences when the worst case scenario happens, because they’ve not brought their spending under control. “They’re not going to have to face the music, the political class that has done this to us.” Mr Lowe said the Bahamas’ economic and fiscal situation was “getting scarier by the day”, after Moody’s on Friday See PG B6
Taxpayer placed ‘in real pickle’ Moody’s warning means situation ‘scarier by the day’ Govt: 77 cents of every new $1 going to pay debt
$4.15 $4.20 $4.21
$4.21
nhartnell@tribunemedia.net
urges end to ‘% of GDP’ for revenues
THE Chamber of Commerce’s chairman believes the use of “misnomers and deceptive indicators” are causing the Government to consistently miss unrealistic Budget and fiscal targets.
Under-estimates forcing GFS ‘surplus’ push back
Gowon Bowe, in a recent interview with Tribune Business, said fiscal deficits were frequently larger than projected because the Government was not basing its revenues on “proper assumptions” and indicators. He explained that revenue forecasts were heavily tied to economic growth, and determined as a per-
centage of gross domestic product (GDP), when a deeper analysis of the Government’s tax base was required. Mr Bowe said that as a result, the Government’s revenues consistently under-performed despite the introduction of Value-Added Tax (VAT). And, with spending often
GOWON BOWE tied to revenue estimates, any ‘under-shooting’ on the latter inevitably led to wider-than-expected deficits and national debt increases, pushing the achievement of a GFS surplus “further out”. Asked whether the Christie administration’s fiscal See PG B5
Moody’s a ‘political football’
Chamber chief warns parties on ‘point scoring’ ‘No one to blame but us’ if downgrade comes Confident Bahamas can again be ‘envy of Caribbean’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will have “no one to blame but ourselves” if Moody’s follows through with its threat of a potential ‘junk’ downgrade, the Chamber of Commerce’s chief executive yesterday urging all political parties not to exploit the situation for “point scoring”. Edison Sumner warned that the Bahamas needed to “work hard to get us out of these economic doldrums”, and the trend of successive cuts to its credit standing by both Moody’s and Standard & Poor’s (S&P). With the former threatening another sovereign downgrade by end-August 2016, Mr Sumner said the ramifications meant the issue was not simply a matter for the Government, but all Bahamians, to address. “It’s extremely See PG B5