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.
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.
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.
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.
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.