BUDGET DAY TODAY: Prime Minister Minnis gives sneak peek on what Bahamians can expect

BUDGET DAY TODAY: Prime Minister Minnis gives sneak peek on what Bahamians can expect
Prime Minister Dr Hubert Minnis delivers a national address on Sunday, February 21, 2021. (OPM COMMUNICATIONS UNIT)

PM: We planted the seeds for accelerated recovery; this budget will build on that

“This administration has been dedicated to making public finances more transparent”

NASSAU, BAHAMAS — The 2021/2022 fiscal budget to be presented today will build on the investments the government has made over the past year by continuing social support while implementing new initiatives that will drive economic growth, according to Prime Minister Dr Hubert Minnis.

According to a statement from the Ministry of Finance, the 2021/2022 budget communication to be presented this morning will outline new fiscal and economic measures that build upon the Minnis administration’s Resilient Bahamas Plan presented last year.

Minnis, the minister of finance, stated: “We have had a strategy to manage the twin crises of Hurricane Dorian and COVID-19 from the very beginning. Through the Resilient Bahamas Plan, we channeled significant social support to individuals and communities who needed it most and maintained the country’s economic stability despite the unprecedented challenges we faced.

“We planted the seeds for an accelerated recovery. This new budget will build on the investments we have made over the last year by continuing our social support while implementing new and innovative initiatives that will drive economic growth that is resilient, dynamic and inclusive.”

It was noted that by the end of March 2021, the government had spent over $327.7 million on COVID-19 public health and safety measures; unemployment assistance; small business continuity loans and grants; tax credits for small businesses; and payroll support.

Accordingly, 72,000 households were fed through the food assistance program; 14,000 workers across 126 businesses were positively impacted by the tax deferral program; 1,020 small businesses were approved for loan and grant financing through the business continuity program; and 1,013 employees across 14 industries were retained or hired by 129 recipients of funding through the Access Accelerator Round 3 grant program.

“We want Bahamians to not only see that we have a plan but to clearly understand what that plan has accomplished,” said Minnis.

“This administration has been dedicated to making public finances more transparent by transforming public finance legislation, instituting critical governance structures and leading on new ways to engage in public outreach. This budget will be no different.”