Halkitis: Gov’t will meet revenue projections

NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis yesterday expressed confidence that the government will meet its revenue projections as he addressed Opposition criticism that government projections were overly optimistic. 

During a weekly press briefing at the Office of the Prime Minister, Halkitis said that it is a “very good sign” that 44 percent of government revenue has already been collected in the first half, with 43 percent having been collected during the same period last year and 35 percent the year before.

He said: “Historically we have collected most of our revenue in the first half of the calendar year – the second half of the fiscal year. The period between January and June is when the bulk of the revenue is collected.” 

“Yes our projections are optimistic but in every projection, we have made since we came to office we have met or beaten them. We are very confident in our ability to meet and exceed projections.”

Halkitis acknowledged that government expenditure had increased due to some “heavy commitments.”

“We have had some very heavy expenditure commitments, one in October and December related to the debt obligations,” he said.

“This period we are now in is the time we will see the bulk of the revenue come in. We have also seen those heavy comments taken care of so we should see an even better budget performance in the second half of the year.”

Halkitis said that government is on target to meet its deficit projection of 4.3 percent of GDP for the full year.  The government is projecting a 0.9 percent deficit next year and a 1.9 percent surplus in 2025. Halkitis also noted that government will have to undertake any additional borrowing.

During his mid-year budget statement on Wednesday, Prime Minister Philip Davis KC noted that government revenue at the mid-point of the fiscal year 2022/2023 has exceeded revenue projections by close to $80 million.

Davis said that based on current trends and advance bookings, as last year’s momentum carries over into this year, it is predicted that total visitor arrivals will exceed last year’s seven million visitor arrivals by at least 20 percent.

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