Government ready to navigate challenging fiscal circumstances

April 10, 2020

The Ministry of Finance acknowledges the decision by Moody’s to place The Bahamas’ Baa3 ratings on review for downgrade given the extreme strain placed on the recovering Bahamian economy by the spread of the coronavirus outbreak. This comes at a time when the entire world is going through economic turmoil. No country is being spared by the unprecedented public health and economic crisis. 

Over $120 million allocated for COVID-19 social support and economic stimulus

March 30, 2020

I rise to provide an update on the Government’s stimulus measures to support our citizens during this challenging time. The adverse impact of COVID-19 has touched every single person in the country, and most significantly, the poor and vulnerable amongst us need the support of the Government to cope with the impact. 

Bahamian economy faces huge exposure from the spread of the coronavirus

March 18, 2020

The Coronavirus (COVID-19) has now been declared a pandemic, and concerns continue to intensify as countries around the world take strict and drastic measures to contain its spread.  As you know, The Bahamas has now recorded its first domestic case of the coronavirus, and it is likely that numbers will increase. 

The Bahamas wards off credit downgrade

March 12, 2020

Despite the unprecedented impact of Hurricane Dorian and the resulting economic fallout, The Bahamas maintained its credit rating in the latest report by S&P Global Rating. Although there was an anticipated revision to the outlook from stable to negative, the country’s BB+ sovereign credit rating was affirmed. 

Massive response committed for Hurricane Dorian recovery and restoration

Feb. 10, 2020

Two weeks ago, I presented the supplementary appropriations and borrowing resolution for the 2019/20 Supplementary, or ‘Hurricane Dorian” Budget. Together, those resolutions represent the Government’s revised spending and borrowing plan to rebound from the catastrophic impact of Hurricane Dorian. Today I rise to contribute to the budget debate on behalf of the wonderful people of East Grand Bahama, who’s resilience and faith in equity and fairness has been tested, battered by winds of loss and change and savaged by seas of tumult and uncertainty, but yet remain proud, strong and expectant.

Revenue up by $92 million in 6-months report

Jan. 31, 2020

Government revenue shows strong performance in first 6-months, based on provisional data from the latest budget performance report. Compared to the same period last year, the Government took in $91.8 million in additional revenue, primarily from tax receipts, despite the loss in collections from the islands affected by Hurricane Dorian. However, the initial relief and restoration efforts following the Hurricane had a significant impact on the overall performance, leading to a marginal widening in the fiscal deficit. 

Govt revises budget estimates for Hurricane Dorian response

Jan. 30, 2020

Three months ago, Hurricane Dorian significantly changed the course of our lives. Characterized as the second strongest storm to ever cross the Atlantic Ocean, this catastrophe was nothing like we have ever seen before. Although the devastation caused by the monster storm was concentrated in the islands of Abaco and Grand Bahama, its broader socio-economic severity has rattled the very core of our nation and people.

2019/20 SUPPLEMENTARY BUDGET STATEMENT

Jan. 29, 2020

Mr. Speaker,

I rise before this Honourable House to present the 2019/20 Supplementary Budget, and to table the corresponding supplementary appropriations and borrowing resolution.

Gov publishes 2019 Fiscal Strategy Report outlining macroeconomic and fiscal outlook

Nov. 20, 2019

On the heels of the strongest and most destructive storm ever recorded in the Atlantic Ocean, which, in early September 2019, decimated parts of the northern Bahamas, the Government announced plans to adjust its budget and fiscal targets for the current fiscal year and its medium-term fiscal plan in the House of Assembly earlier today. 

Parliament approves new cruising and fishing fees for visiting boaters in The Bahamas

Nov. 12, 2019

Starting in the New Year, fees for pleasure vessels in The Bahamas will increase based on a new pro-rated scale that takes into consideration the size of each boat. All boaters entering The Bahamas are required to pay an entry fee based on the Customs Management (Amendment) Regulations, 2019, passed by Parliament earlier this year. The fee covers a cruising permit, fishing permit, and the departure tax for up to three individuals.