March 14, 2023 | By Colin O. Jarrett |
The Bahamas government says it has successfully lowered the debt-to-GDP (gross domestic product) ratio from over 100 per cent” promising to further reduce the debt to 65 per cent by the 2026/2027 fiscal year.
“We expect to see increased revenues and disciplined expenditures as we work toward our goal of a 25 per cent revenue-to-GDP ratio, fueled primarily by increased efficiency and fairness in tax collection and a booming economy,” Prime Minister Phillip Davis said as he winded up debate on the mid-year budget debate in Parliament on March 6.
“We expect continued decreases, as we seek to take it all the way down to 65 percent by the 2026/2027 fiscal year. The country’s fiscal performance is finally improving, after years of missed targets and broken promises,” said Davis, who is also the Finance Minister.
“Already, we are seeing the fruits of our strategic approach to fiscal management come to bear, as we have successfully lowered the debt-to-GDP ratio from over 100 per cent under the previous administration to just over 80 per cent.
He told legislators that the budget for the 2023/2024 fiscal year will be presented to Parliament in less than two months.
“On the 31st of May 2023, I will return to this House to present the 2023/2024 budget. It will be the country’s Jubilee budget and will feature important and innovative policies that will lay the foundation for our next 50 years as a nation.
“This will be just our second full fiscal cycle to deliver on our promise of a new day for the Bahamian people and fulfill our mandate as the duly elected government of The Bahamas.
“In that budget, as always, we will put the Bahamian people first, focusing on creating widespread and diverse opportunities at all levels, while creating a more equitable society and providing more support for those who need it the most,” he said.
The former government, the Prime Minister disclosed, had been unable to meet its budget projections during its four-and-a-half year term.