RE: News13 Nov 2020 06:56
Let me see, the Bahamas population in 2020 is estimated to be at 393,244 people at mid year according to UN. Most of which are definitely working or trying to find a job people; those trying to make a living. Not everyone is on retirement there or is an expatriate enjoying the sea, sun and the sand and doing jack all but signing petitions whilst sipping margaritas and pina coladas under a parasol.
On the same Trinune paper this petition is spoken of the Deputy Prime Minister and Minister of Finance, K Peter Turnquest, gave a sobering outlook on the Bahamian economy as he warned the government’s fiscal plan will come at “a necessary but unprecedented cost. He said the current state of the domestic economy, the outlook for the near-term is “very subdued”.
Taken together, with total revenues expected to decline to roughly $2.1 billion, and expenditures estimated to rise to some $2.8 billion at the end of FY2019/20. The fiscal deficit is budgeted at some $1.3 billion, or 11.6 percent of GDP for the upcoming fiscal year.
"It represents the largest deficit to be incurred by any Government in the history of The Bahamas"
'Within The Ball Park': Gov't Debt Near $9bn, Q1 deficit rises almost seven-fold to hit $336.3m, The deputy prime minister: 'We're working hard' to avoid more borrowing; VAT revenues almost cut in half with $131m fall-off
The Government's first quarter fiscal outturn was "within the ball park" of projections, the deputy prime minister said last night, as $692m in net borrowing drove its direct debt to almost $8.9bn"
"The minister K Peter Turnquest told Tribune Business its financial performance for the three months to end-September had not deviated too far from the May Budget forecasts, although he conceded that revenue was "a little behind" and spending "a little ahead" of those predictions. While he lacked access to the actual figures due to being in 14-day quarantine, Mr Turnquest said the Ministry of Finance was "very carefully" managing a government debt portfolio that will have been increased by a further $352m following the quarter's end due to the net proceeds from the recent $600m foreign currency bond issue".
"He spoke out after the Government's "fiscal snapshot" for the 2020-2021 first quarter, released late yesterday, laid bare how COVID-19 is ravaging the public finances, as well as those of private companies and Bahamian households".
"The report disclosed that the Government's direct debt had jumped by almost $1.3bn or 21 percentage points year-over-year, skyrocketing from $7.591bn to $8.883bn in just 12 months, as the pandemic slashed its tax income streams while simultaneously increasing social/business assistance spending demands"
And to insult to injury "the Bahamas, one of the Caribbean Community (CARICOM) countries, with a high number of cases of the coronavirus (COVID-19) says the pandemic has severely affected its tourism-dependent economy.
Addressing the 50th General Assembly of the
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