NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis says that despite government’s optimism that the Bahamian economy will continue to strengthen, fiscal prudence and discipline must be exercised as this nation’s economy is “very open and vulnerable.”
During his contribution to the mid-year budget debate in the Senate yesterday, Halkitis expressed that “we (the government) feel good” about the current state of affairs.
“Evidence is that the strengthening of the economy will continue, but because of the nature of our economy we must always exercise some caution with that optimism and maintain discipline.”
Halkitis argued that while the Minnis administration had to contend with the fall-out from Hurricane Dorian and the COVID-19 pandemic, sufficient fiscal headroom was created by the former Christie administration to allow that government to be in a better position to manage those economic shocks and borrow money.
“We have to ensure that during these good times that we are able to exercise discipline and prudence so that should we need to contend with other crises we have the ability to do so,” said Halkitis.
Halkitis also revealed yesterday that the preliminary results of The Bahamas National Statistical Institute’s population and housing census will be relayed this month.
He acknowledged that the census which is conducted every 10 years had been plagued by various setbacks brought on by the COVID-19 pandemic.
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