Aug. 4, 2021
The Government of The Bahamas recently enacted the most progressive procurement legislation in the entire Caribbean region, and is proud of the steps being taken to implement the new provisions starting on September 1. While the Ministry of Finance acknowledges the 2021 Investment Climate report issued by the US State Department –the investor community can be reassured that this Government has not only taken concrete steps to improve the process, but the new Public Procurement Act (2021), is now a standard bearer of modern, progressive procurement standards.Read More
July 27, 2021
The Government has temporarily suspended the implementation of a Customs processing fee, approved during the 2021/22 budget exercise to allow for additional training and customer education.Read More
July 14, 2021
The Bahamas demonstrated the strongest level of Foreign Domestic Investment (FDI) receipts among Small Island Development States (SIDS) during what has been described the worst global economic downturn in nearly 100 years. The United Nations Commission on Trade and Development (UNCTAD) released its annual World Investment Report 2021 on June 21, reporting on global and regional FDI trends for the 2020 calendar year.Read More
July 8, 2021
The Ministry of Finance published its first Annual Borrowing Plan (ABP) in keeping with new guidelines set by the Public Debt Management Act, 2021, passed by Parliament in March. The new legislation puts teeth behind the government’s commitment to fiscal accountability, and to increasing transparency and borrowing predictability in debt operations.
June 22, 2021
It is indeed a privilege for me to commence the debate on the government’s fiscal year 2021/22 budget in this honourable chamber.
Just a few weeks ago Prime Minister, the Most Honourable Dr. Hubert Alexander Minnis tabled in the Lower House two of the most important documents produced by this governmentRead More
June 20, 2021
The Minnis administration’s commitment to investing in private sector growth has been exhibiting positive results as the Ministry of Finance reports a 58% increase in small and medium-sized enterprises (SMEs) between 2017 and 2020.Read More
June 17, 2021
I am grateful for the opportunity to stand before you today to open this administration’s 4th national budget press conference. I open by acknowledging God and pray for His continual wisdom and guidance in all our decisions.
Before I begin, I want to publicly acknowledge the highly skilled, competent and professional staff at the Ministry of Finance, particularly Acting Financial Secretary, Marlon Johnson, Economic Advisor in the Office of the Prime Minister and former Central Bank Governor, Wendy Craig, and the entire team for their tremendous work. I am proud to be a part of this truly extraordinary team.Read More
May 25, 2021
On May 26, 2021, the government will present its 2021/2022 Budget Communication outlining new fiscal and economic measures that build upon the successes of the Resilient Bahamas Plan presented last year.
As part of its ongoing public education campaign, the Ministry of Finance will produce, alongside traditional budget publications, several supporting documents and visual tools to simplify the budget and improve public accessibility to understanding otherwise technical budget information. The Ministry invites the public to follow its social media pages and subscribe to its mailing list to receive useful aids that will break down the features of the 2021 …Read More
May 5, 2021
Third quarter fiscal results confirmed that the Bahamian economy, although still below pre- crisis performance, is steadily progressing along the path of recovery. The positive impact of the gradual relaxation of health and safety restrictions on domestic businesses was evidenced in improved revenue receipts, with aggregate revenue collection through the nine months review period positioning at nearly 70 percent of the annual budget.Read More
April 9, 2021
By this summer, the four new Acts recently passed by Parliament will come into effect. The new legislation will modernize and transform public finance, procurement, and statistical operations within The Bahamas. The Public Finance Management Act, Public Debt Management Act, and the Statistics Act will come into effect on July 1, 2021; and the Public Procurement Act on September 1, 2021.Read More
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.