While everyone is ‘overjoyed’ by Prime Minister Perry Christies’ announcement that the persons owed monies when this government mishandled the Baha Mar situation and forced it into receivership causing the work at the $3.5 bn  Baha Mar resort to come to a complete stop over a year, will be paid and that work will commence in short order and the facility will be opened by the winter season; some of us are caught up in the news of another Moody’s credit ratings down grade and the ‘nothing to worry about’ attitude that persons in the government responsible for finance have taken.

“Govt. not worried – Halkitis: Govt. knows that to do to prevent Moody’s downgrade” – The Nassau Guardian, July 5^th 2016

Excerpt from this article; “Minister of State for Finance, Michael Halkitis, said yesterday that the government is not worried by an announcement by ratings agency Moody’s that it is looking to downgrade the Bahamas’ credit rating within 60 days.

Halkitis said the Christie administration knows what to do to address concerns raised by Moody’s and it is committed to doing it.

‘This is one of things he said.’

‘We think we are at a point where we have stabilized things.  Our forecasts show that the debt –to-GDP ratio will begin to decline going into next year.”

Well, we left the Minister of Finance, the Minister of State for Finance and the entire Progressive Liberal Party to do what they said they know that they had to do and after a meeting with Moody’s by the Minister of Finance and his ‘team’ we got;

 “PM: We did the best we could do in Moody’s meeting” – August 24^th 2016

Excerpt from this article; “Moody’s Investor Services has meet with the Christie administration and heard the administration’s presentations on the likelihood that the country’s economic growth prospects will improve, debt metrics will stabilize and the government policy will effectively address its macroeconomic and fiscal challenges.  Prime Minister Perry Christie’s verdict on those meetings’ we did the best we could do in the circumstances.”

Well the Minister for Finance/Prime Minister said that ‘we did the best hat we could do in the circumstances’; do not know what ‘circumstances’ that he is referring to but yet we have been downgraded; keep in mind that the Minister of State for Finance said “…the Christie administration knows what to do to address the concerns…….and it is committed to do it.”  Now either the commitment was not quite enough or the Minister of State for Finance and his government did not/ do not know what is needed to be done but never the less be thee of good cheer as there is nothing to be concerned or worried about , so let us look at this from a positive perspective.

“Halkitis: Silver lining in Moody’s downgrade” – The Nassau Guardian

Excerpt from this article; “Minister of State for Finance Michael Halkitis said yesterday despite the downgrade of the country’s credit rating by Moody’s Investor Services on Monday, he is relieved, as there is a ‘silver lining’.

“As you recall, when Moody’s issued a review, they put us on review and they indicated that it could be one or two notches,” Halkitis said.

‘In all the circumstances, we are relieved that you know, we only went down one notch”, really Mr. State Minister for Finance?

What happened to being committed to doing what had to be done to prevent the downgrade in the first place?

The Progressive Liberal Party fails for one reason, it is their nature.

END