Presented by The Ministry of Finance

New budget to focus on continuing support and accelerating economic growth

PRIME MINISTER: “The Resilient Bahamas Plan’s mandate has been fulfilled but there is still work to be done.”

Central Communications Unit

May 25, 2021

 

 

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 2021/22 Annual Budget.

In giving the context under which this year’s budget was designed, the Prime Minister and Minister of Finance, The Most Hon. Dr. Hubert Minnis stated, “We have had a strategy to manage the twin crises of Hurricane Dorian and Covid 19 from the very beginning. Through the Resilient Bahamas Plan, we channeled significant social support to individuals and communities who needed it most and maintained the country’s economic stability despite the unprecedented challenges we faced. We planted the seeds for an accelerated recovery. This new budget will build on the investments we have made over the last year by continuing our social support while implementing new and innovative initiatives that will drive economic growth that is resilient, dynamic, and inclusive,” said the Prime Minister.

During the 2020/2021 Annual Budget exercise, the government presented “Resilient Bahamas: A Plan for Restoration” which was anchored by three objectives:

1. Engendering wellbeing and confidence to our citizens and residents;

2. Maintaining economic stability during the COVID-19 induced crisis; and

3. Planting seeds for accelerated recovery.

 

Under the Resilient Bahamas Plan, the government made good on its promise to invest in these objectives. By the end of March 2021, the government spent over $327.7 million on COVID-19 public health and safety measures, unemployment assistance, small business continuity loans and grants, and tax credits for small businesses and payroll support.

As a result of these necessary expenditures and among the accomplishments of the Resilient Bahamas Plan:

72,000 households were fed through the food assistance program;

14,000 workers across 126 businesses were positively impacted by the tax deferral program;

1,020 small businesses were approved for loan and grant financing through the business continuity program;

and 1,013 employees across 14 industries were retained or hired by 129 recipients of funding through the

Access Accelerator Round 3 grant program.

“We want Bahamians to not only see that we have a plan but to clearly understand what that plan has accomplished,” said Prime Minister Minnis. “This administration has been dedicated to making public finances more transparent by transforming public finance legislation, instituting critical governance structures, and leading on new ways to engage in public outreach. This budget will be no different.”

For the latest news and updates on the Annual Budget, follow the Ministry of Finance on social media via Facebook, Instagram, and Twitter @FinanceBAH and subscribe to the mailing list on the budget website www.bahamasbudget.gov.bs/.

SOURCE:

Central Communications Unit

The Ministry of Finance

ABOUT

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.