The Ministry of Finance publishes in-year, quarterly budget performance reports that provide information about the Government’s revenue performance, expenditure developments, debt activity and policy initiatives for enhanced public financial management. The Ministry also produces a user-friendly "fiscal snapshot” that summarizes the key developments and trends in the quarterly budget report.
Latest Fiscal Snapshot
First Quarter Budget Performance FY2020/21
The impact of the second wave of the COVID-19 pandemic in July 2020 and the subsequent reinstatement of curfews and lockdowns for the entire month of August exerted significant pressure on the fiscal position during the first quarter of the fiscal year 2020/21, elevating the overall deficit above earlier projections.
Amid the higher than expected contraction in revenues and increased COVID-19 related spending, preliminary estimates show a stronger deterioration in the overall deficit, to $336.3 million from $48.8 million in the comparable 2019/20 period.
The necessary reinstatement of curfews and lockdowns for the entire month of August exerted significant pressure on the country’s fiscal position in the first quarter of the 2020/21 Fiscal Year (FY), according to preliminary estimates published in the First Quarter Fiscal Snapshot and Report for FY 2020/21.
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.
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.
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.
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.
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.
MINISTRY OF FINANCE COVID-19 UPDATE
Sept. 10, 2020
Minister's Report on Fiscal State of Affairs
Sept. 9, 2020
