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MINISTRY OF FINANCE COVID-19 UPDATE

Sept. 10, 2020

Today, I will present an update on the fiscal and economic plan that the Government is currently implementing; this is the Resilient Bahamas Plan outlined during the budget exercise in June to respond to the ongoing coronavirus (COVID-19) pandemic. The report will include initial data and preliminary analysis on the first few months of the new fiscal year, and a full report to the House of Assembly, and the Bahamian people, based on our end of year budget performance for the 2019/20 fiscal year.

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Minister's Report on Fiscal State of Affairs

Sept. 9, 2020

Today, I will present an update on the fiscal and economic plan that the Government is
currently implementing; this is the Resilient Bahamas Plan outlined during the budget exercise
in June to respond to the ongoing coronavirus (COVID-19) pandemic. The report will include
initial data and preliminary analysis on the first few months of the new fiscal year, and a full
report to the House of Assembly, and the Bahamian people, based on our end of year budget
performance for the 2019/20 fiscal year.

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Q4 budget impact severe but expected based on historic economic crises

Aug. 30, 2020

The Bahamas continues to feel the impact of the worst global economic crisis in modern history, and the Government is actively responding consistent with the budget plan for Fiscal Year 2020/21. The focus remains on funding critical government services, public health and social safety needs in particular, as well as the prudent management of the government’s fiscal resources. 

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Back-to-School VAT Holiday to commence with reopening of local businesses

Aug. 25, 2020

The Ministry of Finance advises the public that the Back-to-School VAT Holiday will begin on Monday, August 31, 2020. The purpose of the tax relief measure, announced during the Budget Debate, is to make back to school shopping less expensive for parents while providing support to local businesses throughout The Bahamas. The Department of Inland Revenue (DIR) will work with businesses across the country to administer this tax relief measure.

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Payment date announced for start of expanded government unemployment assistance

July 1, 2020

Some $48 million has been allocated to finance an expansion of the Government's unemployment assistance programs administered by the National Insurance Board (NIB).

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Ministry of Finance Response to Moody’s credit rating review

June 25, 2020

The Ministry of Finance acknowledges the decision by credit rating agency Moody’s to downgrade The Bahamas’ credit rating to Ba2. As part of the ongoing assessment of the country’s fiscal and macroeconomic performance, the Ministry of Finance has been in close communication with Moody’s since April, when The Bahamas’ credit rating was placed on review for downgrade given the extreme strain placed on a yet recovered Bahamian economy by the spread of the coronavirus outbreak. As we noted then, Moody’s decision, comes at a time when the entire world—first world countries and developing nations alike—is experiencing unprecedented economic turmoil and ...

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Govt follows global standards for debt reporting and encourages the Opposition to do the same

June 9, 2020

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.'

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Landmark legislation set to fundamentally change how public contracts are awarded

June 1, 2020

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. 

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'The country will rebound and know prosperity again’

June 1, 2020

Unlike the ‘Resilient Bahamas’ plan, which provides solutions for the country in the immediate and short-term, the Economic Recovery Committee (ERC), appointed by Prime Minister Hubert Minnis, is mandated to focus on the country’s long-term economic revival and sustainable development. The Committee is working concurrently with the Government, as budget plans are finalized by Parliament for the new fiscal year. 

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DPM outlines govt plans for a ‘resilient’ Bahamas

May 27, 2020

In the wake of Hurricane Dorian and the COVID-19 pandemic, the Government of The Bahamas released its plan to first address the fallout of these two catastrophic events with continued economic and medical assistance to its citizens and second, a comprehensive plan to stabalize the country’s economy. The announcement came during the Annual Budget Communication 2020/2021 on Wednesday morning in the House of Assembly.

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