January 28, 2021
Marlon Johnson
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‘Very confident’ of 80% rebound by mid-2022
The Ministry of Finance’s top official yesterday predicted the Bahamian economy will regain 80 percent of its pre-COVID capacity by June 2022 with key taxes forecast to rise by a similar magnitude.
Bahamas granted waiver for $100m World Bank loan
The World Bank yesterday gave The Bahamas “special dispensation” to qualify for a $100m loan that forms part of the government’s 2020-2021 borrowing strategy.
‘Be bold’: Infrastructure spend must hit 5% GDP
The government has been urged to “be bold” with reforms to kickstart post-COVID economic recovery that include more than doubling projected annual infrastructure spending to between $600m-$700m.
Gov’t targeting $74.5m in additional spending
The Government yesterday unveiled a $74.511m spending increase beyond its initial Budget approvals that may have to increase further after Bahamasair used up all its extra subsidy in six months.
‘Sea change’ for national finances
The Ministry of Finance’s top official last night said reforms tabled in the House of Assembly yesterday represent “a sea change” in the way the government manages the public finances.
Property tax woe ‘a colossal mess’
Leading realtors yesterday branded the real property tax system “a colossal mess” that needs to be outsourced to the private sector after it was revealed that up to 40 percent of bills go astray.
Revenue gap ‘shrinks’ but deficit still $736m
Tourism and the economy’s gradual re-opening enabled the government to narrow the gap between its revenue forecasts and outturn despite a $736.1m first half deficit, it was revealed yesterday.
Govt rejects Moody’s deficit financing fears
A top Ministry of Finance official yesterday rejected an international rating agency’s concerns that the government may not be able to finance its massive borrowing needs for the 2021-2022 fiscal year.
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