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.
Read MoreMarch 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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March 11, 2022
It is a special privilege to rise today, in this Honourable House, as the Minister of Finance to present the 2021/2022 Mid-Year Budget Statement and report on fiscal performance, the first such report under my Government’s administration.
This report, as required under the Public Financial Management Act, and the Fiscal Responsibility Act, is important in the good administration of our country’s finances.
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 …
Read MoreFeb. 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.
Read MoreJan. 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.
Read MoreNov. 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.
Read MoreNov. 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.
Read MoreNov. 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.
Read MoreSept. 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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