June 25, 2020
The Ministry of Finance acknowledges the decision by credit rating agency Moody’s to downgrade The Bahamas’ credit rating to Ba2. As part of the ongoing assessment of the country’s fiscal and macroeconomic performance, the Ministry of Finance has been in close communication with Moody’s since April, when The Bahamas’ credit rating was placed on review for downgrade given the extreme strain placed on a yet recovered Bahamian economy by the spread of the coronavirus outbreak. As we noted then, Moody’s decision, comes at a time when the entire world—first world countries and developing nations alike …
Read MoreJune 9, 2020
Minister: 'Historically and presently, every jurisdiction across the world uses the concept of net borrowing in any discussion as to how much a government is borrowing. Up to now this has been the standard in The Bahamas and elsewhere. This is a fact that can be independently researched.'
Read MoreJune 1, 2020
The Government tabled landmark legislation last week - The Public Procurement Bill, 2020 - that will be debated in the House of Assembly following the adoption of the FY2020/21 Annual Budget. New rules for procurement will govern how government contracts for goods and services are issued by all public entities once this Bill passes.
Read MoreJune 1, 2020
Unlike the ‘Resilient Bahamas’ plan, which provides solutions for the country in the immediate and short-term, the Economic Recovery Committee (ERC), appointed by Prime Minister Hubert Minnis, is mandated to focus on the country’s long-term economic revival and sustainable development. The Committee is working concurrently with the Government, as budget plans are finalized by Parliament for the new fiscal year.
Read MoreMay 27, 2020
In the wake of Hurricane Dorian and the COVID-19 pandemic, the Government of The Bahamas released its plan to first address the fallout of these two catastrophic events with continued economic and medical assistance to its citizens and second, a comprehensive plan to stabalize the country’s economy. The announcement came during the Annual Budget Communication 2020/2021 on Wednesday morning in the House of Assembly.
Read MoreMay 25, 2020
A low interest rate and amenable grace period for pay back make the US$242 million loan most attractive to government. The loan also falls within the borrowing authorization currently in place thanks to the supplementary "Hurrican Dorian" Budget tabled back in February.
Read MoreMay 17, 2020
The Economic Recovery Committee (ERC) announced the start of a seven-week period of public engagement to seek sector specific recommendations and input for the ten key sectors that fall under its mandate. The ERC has a mandate to collaborate and consult with stakeholders and to deliver a position statement to the Government on the current state of the economy, inclusive of immediate fixes and mitigation initiatives.
Read MoreApril 30, 2020
Budget performance in the third quarter report was dominated by rebuilding efforts associated with Hurricane Dorian and, to a lesser extent, the initial impact of the government’s policy response to the novel coronavirus (COVID-19) pandemic. The full impact of the public health crisis and economic shutdown is not expected to be seen fully until the fourth quarter report.
Read MoreApril 16, 2020
The Ministry of Finance acknowledges the position of S&P Global Rating, which decided to lower The Bahamas’ credit rating from 'BB+' to 'BB', based on the fallout from the COVID-19 pandemic. There continues to be uncertainty around the duration of the pandemic for The Bahamas and countries around the world, which has significant implications for the impact on the country’s economy and the Government’s finances.
Read MoreApril 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.
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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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