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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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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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Planned borrowing has no ‘structural adjustment’ strings attached

May 25, 2020

A low interest rate and amenable grace period for pay back make the US$242 million loan most attractive to government. The loan also falls within the borrowing authorization currently in place thanks to the supplementary "Hurrican Dorian" Budget tabled back in February.

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Economic Recovery Committee publishes mandate as 7-week consultation commences

May 17, 2020

The Economic Recovery Committee (ERC) announced the start of a seven-week period of public engagement to seek sector specific recommendations and input for the ten key sectors that fall under its mandate. The ERC has a mandate to collaborate and consult with stakeholders and to deliver a position statement to the Government on the current state of the economy, inclusive of immediate fixes and mitigation initiatives. 

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Expenditure growth outpaces revenue as Dorian impact felt

April 30, 2020

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. The full impact of the public health crisis and economic shutdown is not expected to be seen fully until the fourth quarter report. 

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Government focused on containing virus spread, mitigating economic fall-out and planning strong recovery

April 16, 2020

The Ministry of Finance acknowledges the position of S&P Global Rating, which decided to lower The Bahamas’ credit rating from 'BB+' to 'BB', based on the fallout from the COVID-19 pandemic. There continues to be uncertainty around the duration of the pandemic for The Bahamas and countries around the world, which has significant implications for the impact on the country’s economy and the Government’s finances. 

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Government ready to navigate challenging fiscal circumstances

April 10, 2020

The Ministry of Finance acknowledges the decision by Moody’s to place The Bahamas’ Baa3 ratings on review for downgrade given the extreme strain placed on the recovering Bahamian economy by the spread of the coronavirus outbreak. This comes at a time when the entire world is going through economic turmoil. No country is being spared by the unprecedented public health and economic crisis. 

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