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Source: Ministry of Finance, The Bahamas

Date: 23 July 2025

Contact: Financemail@bahamas.gov.bs

The fiscal performance for the third quarter of FY2024/25 featured strong year-over-year improvements in revenue collections, supported by recent policy-based changes alongside enhanced administrative and enforcement measures.

Tax revenue improved by $243.2 million (12.4 percent) to $2,199.3 million – although positioning at 70 percent of the budget. Increased gains in international trade and transactions were boosted by recent changes in departure tax rates ($502.3 million to $627.3 million). Gains were also registered for Value Added Tax collections ($993.9 million to $1,044.7 million), and taxes on use and permission to use goods ($173.4 million to $223.8 million).

Growth in non-tax revenue of $22.8 million (9.7 percent) to $258.2 million, reflected collections of bank surplus fees, property income and the sales of goods and services.

Expenditure increased by $230.8 million (9.6 percent) to $2,636.7 million (73 percent of the budget), with the recurrent and capital components at $2,370.8 million and $266.0 million, respectively. Key drivers of recurrent expenditure included compensation of employees ($649.0 million), use of goods and services ($514.2 million), public debt interest ($447.3 million), and subsidies ($338.0 million). Capital expenditure included gains in capital transfers of $14.7 million, to $55.4 million and outlays for the acquisition of non-financial assets increased by $16.1 million to $210.6 million.

As a result of these developments, the overall deficit narrowed by $35.5 million (16.6 percent), to $178.9 million, from the comparative period in the prior year.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.

Source: Ministry of Finance, The Bahamas

Date: 23 July 2025 

Contact: Financemail@bahamas.gov.bs

The Ministry of Finance is pleased to release its monthly report on Government’s fiscal operations for the month of April 2025, as mandated by the Public Finance Management Act, 2023. 

During the review month, revenue receipts totaled $347.4 million, a 3.9 percent decrease from the prior year, with the tax component declining by $15.2 million to $325.8 million. This outcome was primarily driven by timing difference in the receipt of business license fees compared to the prior year. Key gains were registered for value-added tax collections ($8.6 million) and gaming tax receipts ($6.5 million). Non-tax revenue edged higher by $0.9 million to $21.5 million, almost entirely derived from the sale of goods and services ($21.0 million).

Aggregate expenditure settled at $349.5 million, with the recurrent and capital components at $330.0 million and $19.6 million, respectively. The year-over-year $25.4 million gain was largely associated with higher outlays for the use of goods and services ($20.0 million), transfers ($7.5 million), and subsidies ($7.3 million). Capital expenditure declined by $3.1 million, due to lower spending on transfers and acquisition of non-financial assets.

As a result of the above movements, the Government’s overall fiscal position for April 2025 recorded an estimated deficit of $2.1 million. Financing activities for the month featured an estimated increase in the outstanding debt stock by $6.7 million.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.

Source: Ministry of Finance, The Bahamas

Date: July 09, 2025

Contact: Financemail@bahamas.gov.bs

Section 13 of the Public Debt Management Act, 2021 mandates that the Minister of Finance ensure the publication of the government’s annual borrowing plan (ABP)—outlining the government’s projected borrowing needs, as contained in the approved annual budget, and including the categories and nominal amounts of debt instruments to be issued.

In compliance with these statutory requirements, and aligned with the broader debt management objectives, the FY2025/26 ABP aims to meet the government’s borrowing needs at the lowest possible cost, while effectively managing risk. According to the approved FY2025/26 budget, the government estimates gross financing needs (GFN) of $1,116.0 million—comprising $1,191.5 million designated for refinancing maturing debt securities and loans, and offset by the $75.5 million budget surplus.

The overall borrowing plan focuses on extending the average maturity of the debt to reduce liquidity and refinancing risk, while balancing cost and risk in the debt portfolio. The approach includes refinancing maturing Bahamian dollar-denominated securities through new issuances, accessing semi-concessional loans from multilateral lenders, and exploring liability management initiatives, where feasible.

Against the backdrop of prevailing global and domestic financial conditions, the government plans to raise approximately $579.4 million (51.9 percent) of the GFN in Bahamian Dollars, $228.0 million (20.4 percent) domestically in foreign currency representing a rollover of the promissory note arrangement with the Central Bank of The Bahamas for the FY2022/23 SDR borrowings, and $308.6 million (27.7 percent) in foreign currency from multilateral sources. The latter comprises $265.0 million in new loans from International Financial Institutions (IFIs), alongside an estimated $43.6 million in drawings on existing IFI facilities.

Although the FY2025/26 ABP does not include any international bond issuance, the government intends to proactively monitor market conditions to evaluate potential liability management opportunities.

The government views the ABP as a key component of its commitment to fiscal accountability and promoting transparency and borrowing predictability in debt operations, and invites the public to visit the national Budget Website (www.bahamasbudget.gov.bs) to access the FY2025/26 ABP and other fiscal and debt reports.