NASSAU, BAHAMAS — The government will present its Fiscal Strategy Report to Parliament next week, according to Deputy Prime Minister and Minister of Finance Peter Turnquest.
Speaking with reporters ahead of a Cabinet meeting yesterday, Turnquest noted that the COVID-19 pandemic has had a tremendous toll on the economy.
“That is going to continue to present some challenges for the country. We are due to put our fiscal strategy report before Parliament on the 3rd which will outline the challenges and our response to those challenges,” said Turnquest.
The report outlines the macroeconomic and fiscal outlook which will guide the framework for the next budget.
Turnquest added: “It’s no secret that these are some difficult times for the country.”
He said the government is hopeful for an economic rebound in the new year, with the introduction of a COVID vaccine and the gradual return of foreign visitors.
Government revenue fell by just over 45 percent in the first quarter of this fiscal year, according to the Ministry of Finance’s First Quarter Fiscal Snapshot and Report for the fiscal year 2020/21, which began July 1.