Presented by The Ministry of Finance

Prime Minister Hon. Philip Davis

The Way Forward, Budget 2022. The Prime Minister's 2022 Budget Communication, Wednesday, May 25th, 2022, at 10 AM EST.

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The Way Forward

The 'Budget 2022: The Way Forward', the Davis Administration's first budget, comes at a time of immense challenges for the Bahamian people and reflects a determination to address both the immediate crises and build a better future. 

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BUDGET BY THE NUMBERS

The Bahamas continues to rebound from the adverse effects of Hurricane Dorian and the COVID-19 pandemic with increased economic activity and an abundance of tourism activity. Increased revenue collections are projected over the medium term supported by deliberate fiscal reform and targeted spending on growth intitatives. Inflationary pressures undergirded by the rising cost of oil are combated by strategic duty concessions and strengthen price control measures.

$2.8 Billion

2022/23 REVENUE ESTIMATE

Rebounding of the Bahamian economy and strengthened revenue collection efforts support an immense upturn in revenue particularly VAT and Immigration receipts from the reopening of businesses, and the revival of the tourism industry.

$3.4 Billion

2022/23 EXPENDITURE ESTIMATE

The Government is investing in growing the Bahamian economy holistically by funding sustainable measures, technological advancements and engaging prudent private public partnerships to fulfil the priorities of the budget for The Way Forward.

$564 Million

2022/23 PROJECTED DEFICIT

The reduced fiscal deficit benefits from improved revenue performance and diminished public spending.

A WAY FORWARD

A journey towards social and economic empowerment for Bahamians

Cost of Living

Immediate relief is provided in the form of duty reductions and increased social support amidst increasing global prices. Significant investments in agriculture will aid in reducing food costs over the medium and long-term. 

 

 

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Opportunities

Planned investments in the Orange, Green & Blue economies, and the monetization of carbon credits and associated technologies, bolstered by increased educational investments, are aimed at ensuring the long-term development of the country.

 

 

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Security

This budget places an emphasis on ensuring Bahamians are safe at home and that our borders are protected by investigating in the Department of Corrections, the Royal Bahamas Police Force, and the Royal Bahamas Defence Force. It also ensures The Bahamas is better prepared to withstand the impacts of climate change. 

 

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