The Ministry of Finance publishes in-year, quarterly budget performance reports that provide information about the Government’s revenue performance, expenditure developments, debt activity and policy initiatives for enhanced public financial management. The Ministry also produces a user-friendly "fiscal snapshot” that summarizes the key developments and trends in the quarterly budget report.
Latest Fiscal Snapshot
First 9-Months Budget Performance FY2019/20
Budget performance in the third quarter report was dominated by rebuilding efforts associated with Hurricane Dorian and, to a lesser extent, the initial impact of the Government’s policy response to the novel coronavirus (COVID-19) pandemic. In the first nine-months, the fiscal deficit widened by an anticipated 79.3% to an estimated $251.5 million, as the fiscal impact of Hurricane Dorian started to materialize. The full impact of the public health crisis and economic shutdown is not expected to be seen fully until the fourth quarter report.
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 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
