The Tribune

A Cabinet minister says The Bahamas "cannot take a business as usual approach" as the Government prepares to publish its five-year economic and fiscal road map.

Senator Kwasi Thompson, minister of state for finance, speaking ahead of the 2020 Fiscal Strategy Report's release to the House of Assembly on Wednesday, said it will outline how the Government will return its finances to the path of "fiscal sustainability" following the twin shocks of COVID-19 and Hurricane Dorian.

Following the report's tabling by the Prime Minister, Mr Thompson will detail key elements in the Senate. The Ministry of Finance, in a statement, said he will outline the Government’s fiscal strategy over the next few years with its focus on securing economic resilience beyond the pandemic and accelerating the pace of economic recovery.

The newly-appointed minister will also provide updates on the Government’s ongoing efforts to respond to the COVID-19 crisis, including policy actions to provide assistance to Bahamians and communities in need.

“Our fiscal strategy looks at the macroeconomic picture over the next three to five years. It starts with where we are today in terms of our economic growth prospects, our current spending ability, capacity to generate revenue and debt levels," said Mr Thompson.

"Today, these are all defined by the two unprecedented external shocks that rocked the nation over the past 14 months. These shocks have caused us to act with a sense of urgency as we cannot take a business as usual approach.

“The fiscal strategy charts the course forward for where we want to be in the next few years. It outlines how the Government plans to achieve fiscal sustainability as quickly as possible, including policy actions to accelerate the pace of economic growth and key fiscal adjustments to mitigate risks," he added.

"The importance of the fiscal strategy to our economic development cannot be overstated for strong, structured and disciplined fiscal management underpins our economic viability. Our approach will be to make the difficult decisions while also pursing innovation, training and encouraging local and foreign investment."

The Prime Minister advised Parliament on November 18 that the 2020 Fiscal Strategy Report, which the Government is required to present to the House of Assembly by the third Wednesday in November, had been delayed.

He said the Government had decided to take extra care in crafting its strategies, making use of the most current fiscal information about tourism's planned reopening to inform critical policy deliberations about the Fiscal Strategy Report.