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Administrative amendments to RPT help administer sale of property

June 8, 2020

The Government will make a number of amendments to the Real Property Tax Act, 1969 to promote greater clarity and enhanced administration.

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Monthly and quarterly financials now mandatory for some Govt agencies

June 8, 2020

To support the Government’s goal to strengthen public financial management, the Government will amend the Financial Administration and Audit Act, 2010 (FAA) to require that all Government authorities, companies, and corporations that receive more than 50 percent of their operating budget from the Central Government, produce and submit monthly and quarterly financials.

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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 answers media questions at third annual national press conference

May 28, 2020

DPM and Minister of Finance, K. Peter Turnquest, along with Acting Financial Secretary, Marlon Johnson, break down the government's restoration plan for the country at the Annual Budget Press Conference. They also fielded questions from local media on the recent Annual Budget Communication 2020/2021, which was delivered by Turnquest in the House of Assembly on Wednesday, May 27, 2020.

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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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New budget will provide a plan for a resilient Bahamas

May 26, 2020

Peter Turnquest, Deputy Prime Minister and Minister of Finance, assures the Bahamian people that tomorrow's Annual Budget Communication will be a transparent assessment of the country's current economic situation. The public can also look forward to a more dynamic and interactive experience thanks to social media and digital tools. 

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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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New budget promises to deliver social protection and economic stability

May 24, 2020

The Bahamas Govenment is committed to extending its 'compassionate' initiatives in light of the ongoign COVID-19 pandemic. A comprehensive education plan is also being utilised by the Ministry of Finance to help Bahamians better understand the upcoming Budget Communication.

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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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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.