Thompson: FNM plan left in place the reason for improved Q1

In a statement released yesterday, Former Minister of State for Finance Kwasi Thompson credited his party for the recently reported numbers in the First Quarter Fiscal Snapshot for fiscal year 2021/2022 that showed improvements in the country’s revenue collection, stating that the numbers prove the Free National Movement’s ((FNM) Accelerate Bahamas plan was working.

Thompson said the FNM left an economic and fiscal plan in place that is “beating all expectations”.

“This report details the last three months of our term in office,” Thompson said. “The FNM is pleased at the revenue performance of $572.8 million. … Not only does the outturn substantially beat revenue projections for the first quarter by over $90 million, it comes in even higher than the $552.7 million revenue total reported in the corresponding first quarter before the onset of the pandemic – the period of July to September 2019.

“The First Quarter Fiscal Report shows we earned more revenue than projected, spent less than projected, decreased the deficit and borrowed less.”

The report revealed that revenue for the first quarter of the fiscal year stands at more than 90 percent or $272 million more than it was at this same point last year. Revenue also came in 25.5 percent higher than budget targets as a result of the strong rebound in the tourism sector and the reopening of the economy.

As it stands, the national debt at the end of the first quarter in September stood at $10.48 billion, representing 98.1 percent of gross domestic product (GDP), compared to 100.5 percent of GDP at the end of June 2021. This was after $342.9 million in debt amortization payments were made.

Thompson said even though the country is emerging from a pandemic, the FNM’s plans to improve the country’s economic conditions were “clearly and unambiguously” the right steps to take.

“The economic and fiscal plan left in place by the FNM administration was and is working,” he said.

“We see the abundant newspaper ads advertising new job openings. We hear the DPM bragging about the robust tourism numbers and forecasts. We see the Ministry of Finance reporting revenue numbers that are beating projections and that are even better than pre-COVID levels. We are pleased to have been the ones to put in place the plan that is beating all expectations.

“Bahamians are rightly questioning why change the plan at this juncture. Despite their pronouncements, we remind the government that it is not too late to admit that our plan was and is working and to stay the course. We admonish them to do so.”

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source https://thenassauguardian.com/thompson-fnm-plan-left-in-place-the-reason-for-improved-q1/