Presented by The Ministry of Finance

A Snapshot of Budget Priorities

From the House of Assembly to your home, learn about the Government's plans to transform the current crisis into an opportunity for the country's future prosperity.

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What priorities interest you the most?

Learn what's in the budget for enhancing public health, expanding social protection, sustaining employment, strengthening the domestic economy and accelerating government reforms.

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BUDGET BY THE NUMBERS

Government revenue was hit extremely hard by the double impact of Hurricane Dorian and COVID-19. At the same time, the necessary cost to protect affected families, communities and businesses, and to stabilize the economy was and remains significant. The Government chose to shift from a strategy of fiscal consolidation to invest in “Resilient Bahamas: A Plan for Restoration" at a significant but necessary financial cost.

$1.8 Billion

2020/21 REVENUE ESTIMATE

Revenue projections are down by $900 million compared to last year. The Govt decided on no tax increases and to forgo potential tax revenue to provide ongoing tax breaks for hurricane recovery efforts, private sector growth and sustained employment.
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$3.1 Billion

2020/21 EXPENDITURE ESTIMATE

The Govt’s contributions to the economy are a vital lifeline. Drastic cuts would do more damage to the already weakened economy. Instead, the Govt chose to eliminate non-essential spending, while focusing on targeted investments in priority areas.
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$1.3 Billion

2020/21 PROJECTED DEFICIT

The gap between revenue projections and what the Government needs to invest is $1.3 billion. This is the deficit, and it means the Govt will have to increase its borrowing to pay for the immediate and short-term ‘Resilient Bahamas’ plan for restoration.
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This budget has five critical aims: It is about protecting the health and safety of Bahamians; it is about providing adequate social support to vulnerable members of our community; it is about stabilizing the domestic economy; it is about sustaining employment, and it is about accelerating our Government reforms."

DEVELOPMENTS TO WATCH

Stay informed about other national developments that are influenced by or affect the country's fiscal affairs.

The Budget Debate

The Budget Debate is live broadcast during the month of June. Tune in for live coverage, or connect with the Ministry of Finance for the highlights. As each Cabinet Minister contributes to the Debate, details of the ‘Resilient Bahamas’ plan will be updated.

LIVE FROM PARLIAMENT: JUNE 8, 2020

New Public Procurement Bill

The Government tabled landmark legislation last week that will substantially change how contracts for goods and services are awarded across the entire public service. The Public Procurement Bill, 2020 will be debated in Parliament following the Budget Debate. 

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Economic Recovery Committee

The budget covers a 12-month cycle, and bridges the gap between where the country is now and where it is heading. The Prime Minister’s appointed Economic Recovery Committee (ERC) is charged with the mandate to map out the country’s full recovery plan. 

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SOCIAL MEDIA WALL

ABOUT

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.

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