Opposition Leader Dr. Hubert Minnis yesterday insisted that due to the Christie administration's "mismanagement and incompetence" The Bahamas lost out on a $50 million to $100 million payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF), forcing the government into a position to borrow $150 million.

As reported by Guardian Business yesterday, the government opted out of the CCRIF and will instead put the $900,000 annual premium it paid over the last decade into the Disaster Relief Fund.

Minnis first raised the issue in Parliament on Wednesday.

In response, Minister of State for Finance Michael Halkitis said a category five storm would have to hit New Providence in order for The Bahamas to receive a payout.

Yesterday, Minnis said that does not make sense.

"We would have gotten I understand around $50  million to $100 million," he claimed.

"Haiti already got $20 million, but because of their (the PLP's) mismanagement and incompetence, The Bahamas is not covered. We are not covered, so we are placed in a position where we had to borrow $150 million."

He added, "You don't need a high school education to make that decision.

"I don't know how they make theirs."

Minnis renewed calls for the government to table evidence of the cancelled policy with CCRIF.

"If this government feels that the information I am giving is incorrect, just as the building in BAMSI was not covered and we asked to see the contract, then show us, the Bahamian people, the hurricane coverage for the Bahamian people," he said.

The government has brought a resolution to borrow up to $150 million to help cover the cost of relief efforts after Hurricane Matthew decimated the northwestern islands of The Bahamas.

Royston Jones Jr., Guardian Staff Reporter

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