PM tells Minnis to ‘wait for the report’

Prime Minister Philip Brave Davis yesterday advised the Free National Movement (FNM) to wait for the report supporting his claim that the Minnis administration did not account for $1 billion in liabilities in its Pre-Election Economic and Fiscal Update Report.

On Wednesday, FNM Leader Dr. Hubert Minnis dismissed Davis’ claims as “reckless and dangerous”.

Responding to Minnis, the prime minister said, “Wait for the report from the independent accounting firm, and then that will answer him. That’s what we found out and that’s what it is.”

The Davis administration was elected to power last month after Minnis called an election eight months before it was constitutionally due.

The prime minister, who also serves as minister of finance, said he requested a full accounting of the government’s fiscal position after he came to office.

He said a renowned firm has been reviewing information that was provided by the Ministry of Finance with respect to the liabilities of the government as of September 30, 2021, which is approximately one month after the issuance of the pre-election report.

“Madam Speaker, the numbers provided by the Ministry of Finance for the period ending September 30, 2021, reveal a $1 billion difference from the numbers provided by the previous government in their pre-election report,” Davis said on Wednesday.

“I want to repeat that to be sure everyone hears it – there is a $1 billion difference between the numbers provided by the previous government prior to the election and the truth. It is painfully clear that the pre-election report was an incomplete presentation of the government’s contingent and real liabilities.”

Audit, consulting, tax, and advisory services firm Deloitte is conducting the review, Minister of Economic Affairs Michael Halkitis said.

Minnis, who served as minister of finance, said Davis was basically accusing the previous administration of hiding $1 billion “in such a short space of time”.

“That is a reckless and dangerous statement,” he said.

“He must provide such evidence as the debate proceeds.”

Under the Fiscal Responsibility Act, a pre-election economic and fiscal update must be published no later than 20 days before a general election.

The act mandates that the report detail updated fiscal information including government revenue outturn and forecasts for the current year and next three years; government expenditure; approval of new spending since the annual budget including contracts and service projects and policies; net and gross debt for the current year and next three years; and other significant financing matters that occurred or are planned.

It mandates several other items as well.

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source https://thenassauguardian.com/pm-tells-minnis-to-wait-for-the-report/