Progressive Liberal Party (PLP) MP Alfred Sears yesterday expressed serious concerns over the country’s deteriorating fiscal situation and warned that The Bahamas is in danger of losing its triple B+ credit rating.
Mr. Sears said The Bahamas’ fiscal affairs are deteriorating and there is no plan to grow the economy.
“This may be our last chance to borrow money where we have a [triple] B+ rating. We know we don’t have an A+ rating anymore, so it means that money is more expensive today than it would have been three years ago,” he said.
“Clearly, given the trend in the country because we are not expanding the productive sectors of our economy, we stayed [with] the same tourism and financial services, [which] means it’s very likely that our rating will drop and borrowing money will be that more expensive.”
Mr. Sears was a guest on the Love 97 talk show, Jones & Company yesterday.