RELIEF ON THE WAY: Economic Affairs minister says “stay tuned” to upcoming budget communication

RELIEF ON THE WAY: Economic Affairs minister says “stay tuned” to upcoming budget communication
Minister of Economic Affairs Michael Halkitis

NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis yesterday assured that Bahamians can expect some relief in the upcoming budget, noting that the government was ‘not unsympathetic’ to the fact that Bahamians are feeling the burden of high inflation and cost of living increases.

Halkitis was addressing an Organization for Responsible Governance (ORG) roundtable discussion yesterday ahead of the 2022/2023 budget.

He said: “We recognize the tremendous pressure being put on individuals, households and businesses because of inflation. We are  not unsympathetic to it. There will be relief. Stay tuned. There is a lot of anticipation in the run up to the budget. You will see some relief in this budget. I can’t say more because that’s the Prime Minister’s prerogative.”

Caribbean economist Marla Dukharan noted yesterday that despite the country’s economic resurgence, driven by the rebound in the tourism segment, The Bahamas is not out of the woods yet. 

“I would say that The Bahamas is not out of the woods. Many countries in the region are in a similar position where they are not yet at pre-crisis levels of economic activity,” she said.

“In the case of The Bahamas we are thinking of pre-Dorian levels of activity. Yes we are seeing positive growth and improvement in tourism. Across the economy we are seeing some positives. I’d say there is improvement but you’re not out of the woods like other countries,” said Dukharan.