By YOURI KEMP
Tribune Business Reporter
ykemp@tribunemedia.net
The Ministry of Finance’s top finance official yesterday said the government has “sufficient headroom” to meet its obligations despite the nationwide lockdown due to COVID-19.
Marlon Johnson, acting financial secretary, told reporters via a Zoom conference that the government has the necessary financial resources to cover the various business assistance and unemployment benefit initiatives it has launched to cushion the pandemic’s impact.
He added: “Obviously the impact of the full closure of the economy because of COVID is understandable, but certainly the month of April in particular we have seen a significant slowdown in revenue even on the domestic side.
“We understand with tourism that is a slowdown, but on the domestic side it is health and safety first. That’s notwithstanding that we do quite an amount of cash planning and cash management to ensure that we can meet the obligations.”
Mr Johnson continued: “The simple answer is that, yes, we are going to have some heavy cash demands on government, but we have planned for it and we are in a position where we can accommodate it.
“Our plans obviously have changed, but so far we are able to cover our obligations and we are on a day-by-day basis to track where we are from a cash standpoint so the government can meet its core obligations.”
Mr Johnson added: “The policy instruments have been put in place, millions of dollars have already been outlayed, and millions of dollars in support will continue to be funnelled to ensure that employment levels remain as vibrant as possible.
“We are continuing our work with NIB (National Insurance Board), with the DIR (Department of Inland Revenue) and all of the relevant government agencies to ensure that we manage this particular unprecedented time in the Bahamian economy.”
Comments
John 3 years, 11 months ago
That that PM Minnis allowed additional businesses to open prevented all the money from going in the same pockets as it has been doing for the past five weeks. And hopefully Minnis will continue to allow additional businesses, like car service and appliance repair businesses to open on a limited schedule to allow more money to circulate, but without compromising social distancing and safety measures. The islands where the Covid-19 virus has not appeared over the five weeks of curfew and lockdown indicates the virus is not present in those communities and they can be lifted from some of the safety requirements, provided their boarders remain closed. As for Grand Bahama and New Providence, these islands must go at least 24 days with no new cases. Some say 21 days and so it can be ways into summer before the all clear is given. And that is provided a second beave of the virus doesn’t appear, which may be mutated and can be either more milder or harsher than the first. If BPL could only lock in current oil prices for a full year. Not only will the rate reduction bond be unnecessary but electricity bills can be reduced by at least 50%
ThisIsOurs 3 years, 11 months ago
I saw a roadside carwash in operation. I wondered a little...what if the person cleaning the car is infected and is putting their hands all over your car, sitting in your car seat to clean the interior, touching controls to remove dust...dunno. This is a tough one because I doubt those young men qualify for nib
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