PM: $1 billion difference in pre-election numbers and the truth

There is a $1 billion difference between the numbers provided by the Minnis administration in its Pre-Election Economic and Fiscal Update Report “and the truth”, Prime Minister Philip Brave Davis declared in the House of Assembly today.

Davis, who is the minister of finance, told Parliamentarians that he requested a full accounting of the government’s fiscal position when he assumed office.

“To this end, a renowned accounting firm has been reviewing information provided by the Ministry of Finance with respect to liabilities of the government as of 30th September 2021, which is approximately one month following the issuance of the pre-election report,” Davis said.

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

“I want to repeat that to be sure everyone hears it – there is a $1 billion dollar 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.”

Davis said the Minnis administration’s pre-election report excluded over $100 million of contracts executed by the Ministry of Works, for which no funding has been provided in the budget.

He said that report omits under-funding of pension and gratuity payments for public officers, which is now being addressed in this supplementary budget.

“The pre-election report omitted a loan assumed by the government for which the only source of payment is BPL, an entity with significant financial challenges,” he said.

“It excludes amounts owing for taxes for a star witness in a criminal case of a former Cabinet minister.

“This very unusual arrangement is supported by a promissory note signed by a senior official of the Ministry of Finance. It excludes court judgements made against the government, for which funding now has to be provided in this supplemental budget. It makes no mention of potential liabilities emanating from contract breaches committed by the former administration.”

Davis said he will table the final report once it is completed.

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