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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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New Customs processing fee temporarily suspended

July 27, 2021

The Government has temporarily suspended the implementation of a Customs processing fee, approved during the 2021/22 budget exercise to allow for additional training and customer education.

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Bahamian FDI receipts lead global counterparts despite global pandemic

July 14, 2021

The Bahamas demonstrated the strongest level of Foreign Domestic Investment (FDI) receipts among Small Island Development States (SIDS) during what has been described the worst global economic downturn in nearly 100 years. The United Nations Commission on Trade and Development (UNCTAD) released its annual World Investment Report 2021 on June 21, reporting on global and regional FDI trends for the 2020 calendar year. 

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Changes at Ministry of Finance Signal Debt Management Act Now in Effect

July 8, 2021

The Ministry of Finance published its first Annual Borrowing Plan (ABP) in keeping with new guidelines set by the Public Debt Management Act, 2021, passed by Parliament in March. The new legislation puts teeth behind the government’s commitment to fiscal accountability, and to increasing transparency and borrowing predictability in debt operations.

     

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COMMUNICATION

June 22, 2021

It is indeed a privilege for me to commence the debate on the government’s fiscal year 2021/22 budget in this honourable chamber.

Just a few weeks ago Prime Minister, the Most Honourable Dr. Hubert Alexander Minnis tabled in the Lower House two of the most important documents produced by this government

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Small businesses capture larger share of the economic pie

June 20, 2021

The Minnis administration’s commitment to investing in private sector growth has been exhibiting positive results as the Ministry of Finance reports a 58% increase in small and medium-sized enterprises (SMEs) between 2017 and 2020.

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