Bahamas Maritime Authority to releases $4 mil. to Treasury

Bahamas Maritime Authority to releases $4 mil. to Treasury
Renward Wells, Minister of Health (FILE PHOTO)

NASSAU, BAHAMAS — The Board of the Bahamas Maritime Authority has agreed to release $4 million to the Treasury, and $3 million over the 2020/2021 fiscal year, according to Minister of Transport and Local Government Renward Wells.

Wells told Parliament the funding will be released in installments of $250,000 a month.

“The Covid-19 pandemic has affected the remaining goals and initiatives of the Authority for the remainder of the 2020 calendar year, and the proposed activities for the 2020-2021 fiscal year,” he said.

“However, the implementation of an effective business continuity plan will enable the sustained delivery of quality registration service for customers, and an effective representation of The Bahamas at the national, regional and international levels.”

Wells also noted the Post Office Department outperformed revenue collections in the first nine months of the fiscal year despite the devastation caused by Hurricane Dorian early in the fiscal period.

“We actually saw an increase in revenue intake $2,331,345, in 2018/2019, to $2,374,312, reported during the first nine months of this current 2019/2020 fiscal period,” he said.

“These figures are expected to rise as reports are received from the various Family Islands and activities in New Providence continue during the final quarter of 2019/2020. It will be interesting to compare the two full years at the close of this fiscal year.  It is our hope that with a continued aggressive approach to moving parcels through the delivery process and further strengthening of daily deposits from postal activities, anticipated shortfalls will be offset from the economic downturn due to hurricane Dorian and COVID-19.”