Coronavirus: Finance minister cautions over spending

Coronavirus: Finance minister cautions over spending
Minister of Finance K Peter Turnquest (file photo)

NASSAU, BAHAMAS –  Deputy Prime Minister K Peter Turnquest yesterday urged Bahamians to be prudent with their spending amid the global coronavirus pandemic.

Turnquest said the government is preparing an economic plan to provide support to the economy in the event there is a downturn.

However, he told reporters on the sidelines of a tour of the New Providence landfill, “we are living in a very uncertain time”.

“I think it’s good advice generally speaking even in good times to be prudent about our spending,” he said.

“Certainly we ought to be prudent about our expenditure and ensure that we engage in those things that are going to bring us long term benefit.”

The finance minister underscored Bahamians should ensure they have enough food and other necessary items to sustain themselves over the medium to long term.

“We will do what we can from our side in terms of providing incentives and concessions,” he said,

“We will be prepared to do what we can with the resources we have to be able to help cushion any significant loss in the economy.”

As of Wednesday, there have been no reported or suspected cases in The Bahamas.

Earlier this week, the Central Bank urged Bahamians to exercise prudence in their financial affairs and keep a “tight control” on discretionary spending.

The bank forecast the country could expect some negative fallout from the impact of the Coronavirus.