The Ministry of Finance publishes in-year, quarterly budget performance reports that provide information about the Government’s revenue performance, expenditure developments, debt activity and policy initiatives for enhanced public financial management. The Ministry also produces a user-friendly "fiscal snapshot” that summarizes the key developments and trends in the quarterly budget report.
Latest Fiscal Snapshot
First 9-Months Budget Performance FY2019/20
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. In the first nine-months, the fiscal deficit widened by an anticipated 79.3% to an estimated $251.5 million, as the fiscal impact of Hurricane Dorian started to materialize. The full impact of the public health crisis and economic shutdown is not expected to be seen fully until the fourth quarter report.
Some $48 million has been allocated to finance an expansion of the Government's unemployment assistance programs administered by the National Insurance Board (NIB).
Tax concessions included in the 2020/21 Annual Budget take effect today, including the duty reductions on construction material and those put in place to stimulate the fishing and agricultural sectors.
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.'
Deputy Prime Minister and Minister of Finance, K. Peter Turnquest, deivered the opening statement of the 2020/2021 Budget Debate on Monday, June 8, 2020 in the House of Assembly.
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.
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.
