Notwithstanding the assessment in the U.S. State Department’s 2019 Fiscal Transparency Report, the Government is satisfied with its tremendous progress in advancing fiscal transparency over the past year.  The Government shares a common commitment with its international counterparts to fiscal transparency. The Ministry of Finance has every confidence that the legislation we plan to introduce this fiscal year and the other initiatives currently in the works will address the issues raised by this particular report and that these efforts are in line with other international best practices.
The State Department’s framework for assessing fiscal transparency places emphasis on transparency around the awarding of government contracts and natural resource licenses, as well more robust government audit mechanisms.  It also speaks to better and more frequent reporting on budgetary matters.

These elements fit well within the Government’s announced plans and initiatives to foster greater accountability and better governance.  Already, the Government has introduced quarterly fiscal reports, a yearly fiscal strategy report, and a new online portal dedicated to budgetary and fiscal matters (www.bahamasbudget.gov.bs).  The Government is pleased to have increased thebudget of Auditor General’s department by $433,000 – a 16 percent increase to expand their reach and efficacy.  We have approved the recruitment of 11 new internal auditors and 14 new VAT auditors. These will boost the audit function all across government in a substantial way.  

During this fiscal year, the Government will introduce a new Public Procurement Bill, which will require all prospective government bids to be posted online and call for the publication of all contracts awarded by the government.  The Government will also introduce the Public Financial Management Bill to replace the long outdated Financial Administration andAudit Act.  Not only will this new bill require substantially greater reporting and accountability by State Owned Enterprises and public sector agencies, it will also stipulate criminal penalties for malfeasance in public financial affairs. 

I will simply reiterate the Government’s commitment to transparency at all levels of government, but particularly in the fiscal arena. We are proud of the strides we have made so far, but we know that our efforts are far from done.