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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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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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Over $120 million allocated for COVID-19 social support and economic stimulus

March 30, 2020

I rise to provide an update on the Government’s stimulus measures to support our citizens during this challenging time. The adverse impact of COVID-19 has touched every single person in the country, and most significantly, the poor and vulnerable amongst us need the support of the Government to cope with the impact. 

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Bahamian economy faces huge exposure from the spread of the coronavirus

March 18, 2020

The Coronavirus (COVID-19) has now been declared a pandemic, and concerns continue to intensify as countries around the world take strict and drastic measures to contain its spread.  As you know, The Bahamas has now recorded its first domestic case of the coronavirus, and it is likely that numbers will increase. 

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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.