Presented by The Ministry of Finance

New budget will provide a plan for a resilient Bahamas

‘We are not out of the emergency yet, and the new Budget represents our answer now to the difficult challenges we still face’

Peter Turnquest

May 26, 2020

I know there is great speculation about the new budget, and I encourage the public to be engaged as the Annual Budget is perhaps the most important policy document published by any Government in its fiscal year. The team at the Ministry of Finance is going to new lengths to make information about the budget more visual, interactive, and easier to understand by using social and digital media tools. Bahamians can stay engaged by connecting with us.

Ahead of my presentation tomorrow, I want to reiterate that we are going to provide an honest take on where we are as a country. There is no need to sugarcoat the situation because we all understand the dire straits we are in. From the House of Assembly to the homes of Bahamians we are all doing our part to cope with and overcome this global economic crisis. In fact, people and governments around the world are having to reprioritize and adjust their daily lives to navigate the challenges presented COVID-19.

The reassuring takeaway I want to leave with citizens and residents is that the Government is singularly focused on protecting families, communities, and businesses, and stabilizing our economy. We demonstrated these priorities in our immediate response, and if there are two words to define the budget I will present tomorrow, they are ‘protect and stabilize’. The Budget will show our commitment to providing relief now by protecting citizens and residents who are suffering hardship and coping with many levels of uncertainty, and to stabilize the economy that is weakened, but resilient.

Tomorrow I will present a plan for a resilient Bahamas. That is what the new budget represents. In fact, that is what we call it: “Resilient Bahamas: A Plan for Restoration”. And I want Bahamians to remind each other, we are all in this together. As we have proven in our proactive and focused response to our ongoing emergencies, our budget priorities will reflect our values, and lay out a path for transforming this crisis into an opportunity for our future recovery.

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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.