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Government Revenue Continues to Rebound

May 24, 2022

During the first nine months of the FY2021/22, the Bahamian economy signaled a strong rebound despite the emergence of the COVID-19 Omicron variant, the global supply chain shortages, and increased inflationary pressures resulting from the war in Ukraine. With the expiration of emergency orders in November 2021 and the subsequent full reopening of the Bahamian economy, macroeconomic indicators signaled a rebounding to pre-pandemic levels.

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Ministry of Finance Releases First Monthly Fiscal Report

March 21, 2022

In keeping with the requirements of the Public Finance Management Act, 2021, the Ministry of Finance has released its first monthly fiscal report to the public reporting on the result of Government’s operations for the month of January 2022.

 

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Government Revenue Continues to Rebound

Feb. 3, 2022

During the first half of the 2021/22 fiscal year, the Bahamian economy continued to demonstrate strong signs of an economic rebound as compared to the same period in the prior year. This mirrors the rebound of global markets and is in spite of the emergence of the Omicron variant of the COVID-19 virus in The Bahamas during the second quarter. National elections in September 2021 resulted in a change of political administration and with it, a shift in Government policies and priorities: the passage of a supplementary budget with direct relief to residents in the form of pension increases …

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Debt Management Office Publishes Its Second Quarter Statistical Report

Feb. 3, 2022

The Debt Management Office (the “DMO”) of the Ministry of Finance is mandated under Section 61 of the Public Debt Management Act, 2021 (the “Act”), passed by Parliament in March and enacted in July, to prepare and publish public debt statistical bulletins (“PDSB”), no later than thirty calendar days after the end of each quarter of the fiscal year.  

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Ministry of Finance Releases 2021 Fiscal Strategy Report and Medium-Term Debt Management Strategy

Jan. 28, 2022

In keeping with the requirements of the Fiscal Responsibility Act, 2018 and the Public Debt Management Act, 2021, the Ministry of Finance has released both the 2021 Fiscal Strategy Report (2021FSR) and the 2021 Medium-Term Debt Management Strategy (2021MTDMS) to the public today on the Ministry of Finance’s Budget website.

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2021 Fiscal Strategy Report and Medium-term Debt Management Strategy to be Delayed

Nov. 18, 2021

Each year, according to the Fiscal Responsibility Act, 2018 the Government is required to present to Parliament its Fiscal Strategy Report on or before the third Wednesday of November. This year, the deadline for tabling was November 17, 2021, however, Parliament has been adjoined until November 29, 2021.

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Government Revenues $92 million Ahead of Budget in First Quarter

Nov. 15, 2021

First quarter fiscal performance confirmed that the Bahamian economy continues its steady recovery with revenue outcomes exceeding expectations.  Gains from the uptake in economic performance were owed to the resurgence in the travel and tourism market worldwide.  Further, the combination of successful vaccination strategies, locally and other in countries, are resulting in the loosening of travel and other COVID-19 related restrictions worldwide.  Consequently, this cautious and measured paced of opening in the local and global economy has positively supported upticks in domestic business activities.

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Debt Management Office Publishes Its First Statistical Report

Nov. 15, 2021

The Debt Management Office (the “DMO”) of the Ministry of Finance is mandated under Section 61 of the new Public Debt Management Act, 2021 (the “Act”), passed by Parliament on March 26 and effective July 1, to prepare and publish public debt statistical bulletins (“PDSB”), no later than thirty calendar days after the end of each quarter of the fiscal year.  

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All Systems Go for Public Procurement Legislation to Take Effect

Sept. 2, 2021

After months of preparation, and years of legislative reform, the Government’s landmark public procurement legislation took effect on September 1st.

The Public Procurement Act, 2021 has implications for all government entities and state owned enterprises, which have been undergoing training and orientation exercises over the last four months. The Public Procurement Department, located in the Ministry of Finance, is fully established. Mr. Carl Oliver is serving as Acting Chief Procurement Officer while the recruitment exercise of the head of the department remains ongoing.

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New legislation tackles barriers to business

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.

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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.