DPM: Over $230 million in revenue losses so far

The government has lost $232 million in revenue since the new coronavirus (COVID-19) crisis hit the country in March, according to Deputy Prime Minister and Minister of Finance Peter Turnquest.

While speaking at a virtual town hall meeting for the Yamacraw constituency, Turnquest said, “So far, projected revenue initially for the year which would’ve been around $2.6 billion, we expect that we’re going to lose $900 million from that, reducing our revenue to roughly $1.7 billion.

“Already for the period of March to last week, we lost $232 million. So, that just gives you an idea of the trend and how we come to this question or this position that we’ll lose about $900 million.”

Turnquest said this fiscal year will be “very difficult,” noting that the Bahamian economy is expected to shrink by 12 percent as a result of Hurricane Dorian and the COVID-19 pandemic.

During his budget communication on May 29, the finance minister said the Minnis administration intends to borrow $1.3 billion in the 2020/2021 fiscal year.

He painted a grim economic picture and highlighted a projected deficit of $1.3 billion.

Turnquest said the corresponding government debt level is expected to rise to nearly $9.5 billion in 2020/2021, equating to roughly 82.8 percent of GDP.

Government debt is projected at $8.9 billion at the end of the current fiscal year, which ends on June 30.

He also noted that the government slashed the budgets of 42 ministries and departments.

Show More

Jasper Ward

Jasper Ward started at The Nassau Guardian in September 2018. Ward covers a wide range of national and social issues. Education: Goldsmiths, University of London, MA in Race, Media and Social Justice

Related Articles

Back to top button

Adblock Detected

Please support our local news by turning off your adblocker