Read on Twitter
HAPPENING NOW: Deputy Prime Minister K Peter Turnquest presents the Annual Budget Communication for the 2020 -2021 budget year
https://www.facebook.com/eyewitnessnewsbah/videos/642774196272349/">https://www.facebook.com/eyewitnes...
https://www.facebook.com/eyewitnessnewsbah/videos/642774196272349/">https://www.facebook.com/eyewitnes...
DPM: More than $140 million has been allocated to the COVID-19 response.
DPM: The National Insurance Board has paid out $28.8 m in benefit claims to those laid off as a result of the virus& #39; impact.
DPM: Inland revenue has approved $5.7m in tax credits and deferrals to some 44 companies.
DPM: As he thanked essential and frontline workers, Turnquest noted "without them the response I just outlined would not have been possible".
DPM: This administration is still very much committed to building a modern Bahamas that is inclusive and sustainable.
DPM: We cannot fool ourselves as to where we are today.
DPM: The government will not compromise public health and safety.
The government will not let its citizens go hungry.
The government will do all that it can to stabilize the economy and prepare it for a strong and robust rebound.
The government will not let its citizens go hungry.
The government will do all that it can to stabilize the economy and prepare it for a strong and robust rebound.
DPM: Total revenue grew by $68.9 million, or 4.1 percent to $1.7 billion over the nine-month period— representing 73.4 percent of the budget—as compared to the same period of FY2018/19.
DPM: Recurrent expenses moved higher by $112.7 million or 6.6 percent to $1.8 billion in the nine months to March 2020—equating to 67.5 percent of the Budget—being boosted by a union lump sum payment-led $47.9 million, or 9.1 percent increase in compensation to employees.
DPM: Recurrent expenses related specifically to Hurricane Dorian amounted to $14.1 million for the nine-month period, including $7.9 million in allowances to displaced civil servants, $2.7 million toward landfill operations, and $0.5 million in food assistance.
DPM: The government paid an additional $48.4 million in FY2019/20 in arrears payments as of April 2020 bringing the total paid off since the beginning of the arrears program to a revised $230.1 million
DPM: The government is left with a balance of $85.5 million to repay from the more than $300 million backlog of bills met when coming into office.
DPM: To date, the Small Business Development Center had disbursed approximately $3.4 million in loans for businesses affected by Hurricane Dorian, in an effort to facilitate their reopening.
DPM: "Total expenditure as a result of the assistance programs for food, unemployment, and additional outlays to the Ministry of Health for the detection, treatment, and mitigation of COVID-19 are expected to cost the government some $83.6 million between March and June 2020.
DPM: Total revenues are expected to decline to roughly $2.1 billion, and expenditures are estimated to rise to some $2.8 billion at the end of FY2019/20
DPM: We now project a deficit of some $770 million, or 6.4 percent of GDP for the current fiscal year.
DPM: "Consequently, total government debt is forecasted at some $8.2 billion at end-June, or 67.9 percent of GDP, as compared to the estimated 64.4 percent at the time of the Supplementary Budget."
DPM: The government is intent on focusing its debt management strategy over the medium term, to effect the best benefit to the citizens of The Bahamas.
DPM: There will be no tax increases.
DPM: There will be no public-sector layoffs.
DPM: "There will be no one left to fend for themselves while the economy is reeling from the worst slowdown in modern history."
DPM: "We cannot be tepid in our response."
