CONCLUDING REMARKS

In conclusion, I would reiterate that, as the

Government came to office mere weeks ago, it did so with an ambitious and extensive agenda tailored to tackle the critical economic and social needs of the Bahamian people. Government was given a decisive mandate to do so. In our very short time in office, however, it has become clear to us that the previous Administration has, through its actions and fiscal policies, severely constrained our room to manoeuvre. Faced with their legacy of cost overruns and carryover spending commitments into the next fiscal year, we have moved to begin implementing certain key components of our Charter for Governance to the extent feasible in a fiscally responsible manner. To that end, the Budget includes an allocation of $15 million for the implementation of early initiatives in the Charter, such as the introduction of Urban Renewal 2.0, including the immediate The

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implementation of house repairs and community improvements, both of which will create employment. Indeed the restoration of fiscal discipline is absolutely necessary if Government is to fully implement its agenda for change and play its rightful role in promoting private sector development, new sustainable job opportunities and higher standards of living. We will as a priority restore our public finances to a healthier and more sustainable position. To that end, I want to reiterate the Governments firm resolve to redress, as we move forward, the fundamental structural imbalance that has been allowed to develop in the nations public finances over the past five years. We will implement the important structural reforms that I have set out above and thereby recreate the fiscal policy room needed to adequately implement our policy and programme agenda for the benefit of all Bahamians.

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