During the first nine months of the FY2021/22, the Bahamian economy signaled a strong rebound despite the emergence of the COVID-19 Omicron variant, the global supply chain shortages, and increased inflationary pressures resulting from the war in Ukraine. With the expiration of emergency orders in November 2021 and the subsequent full reopening of the Bahamian economy, macroeconomic indicators signaled a rebounding to pre-pandemic levels.
In keeping with the requirements of the Public Finance Management Act, 2021, the Ministry of Finance has released its first monthly fiscal report to the public reporting on the result of Government’s operations for the month of January 2022.
It is a special privilege to rise today, in this Honourable House, as the Minister of Finance to present the 2021/2022 Mid-Year Budget Statement and report on fiscal performance, the first such report under my Government’s administration.
This report, as required under the Public Financial Management Act, and the Fiscal Responsibility Act, is important in the good administration of our country’s finances.
During the first half of the 2021/22 fiscal year, the Bahamian economy continued to demonstrate strong signs of an economic rebound as compared to the same period in the prior year. This mirrors the rebound of global markets and is in spite of the emergence of the Omicron variant of the COVID-19 virus in The Bahamas during the second quarter. National elections in September 2021 resulted in a change of political administration and with it, a shift in Government policies and priorities: the passage of a supplementary budget with direct relief to residents in the form of pension increases …
The Debt Management Office (the “DMO”) of the Ministry of Finance is mandated under Section 61 of the Public Debt Management Act, 2021 (the “Act”), passed by Parliament in March and enacted in July, to prepare and publish public debt statistical bulletins (“PDSB”), no later than thirty calendar days after the end of each quarter of the fiscal year.
The Budget provides a snapshot of the Government's estimated financial position by estimating how much money it plans to collect through taxes against how much money it plans to spend on operations, services and special projects.
Fiscal Summary
| Details | 2018/19 ($M) Actuals |
2019/2020 ($M) Revised |
|---|---|---|
| Recurrent Revenue | 2,422.3 | 2,393.5 |
| Capital Revenue | 0.1 | 2.1 |
| Total Revenue | 2,422.4 | 2,395.6 |
| Recurrent Expenditure | 2,418 | 2,687.6 |
| Capital Expenditure | 217.2 | 385.5 |
| Total Expenditure | 2,635.2 | 3,073.1 |
| Fiscal Deficit | -212.8 | -677.5 |
What's in the Budget for You?
It is two years in, and against some extraordinary odds we have delivered stable and steady governance instead of irresponsible and unplanned fiscal management. We secured positive economic growth at 1.6 percent last year, following the persistent economic stagnation that had characterized The Bahamas during the term of the former administration. We delivered a framework for good governance—not with superficial platitudes, but with the power of legally binding mandates."
The budget website is inspired by a worldwide movement towards citizens budgets. Presented by the Ministry of Finance, it is a visual, interactive and less-technical version of the annual budget that promotes accessibility, inclusion, transparency and accountability.
Government Revenue Continues to Rebound
May 24, 2022
Ministry of Finance Releases First Monthly Fiscal Report
March 21, 2022
Government Revenue Continues to Rebound
Feb. 3, 2022
