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The Ministry of Finance is pleased to release its monthly report on Government’s fiscal operations for the month of December 2024, as mandated by the Public Finance Management Act, 2023.

During the review month, total revenue collections was estimated at $253.1 million, a $67.2 million (36.2 percent) improvement from the prior year. Tax collections expanded by $50.7 million (31.3 percent) to $212.8 million, and was associated with gains in taxes on use and permission to use goods (91.2 percent), taxes on international trade and transactions (74.8 percent), and value-added tax collections (17.8 percent). Non-tax revenue collections improved by $16.5 million (69.3 percent), with $12.8 million (77.5 percent) obtained from a combination of rental and dividend payments.

Recurrent spending of $271.7 million, represented a year-over-year increase of $42.3 million (18.4 percent). This growth was mainly explained by increases in public debt interest payments (56.6 percent), with transfers to other payments associated with transfers to non-financial public corporations (30.6 percent) and purchases of goods and services (28.0 percent). Capital outlays narrowed by 2.7 million (12.1 percent), led by a $2.2 million decline for acquisition of nonfinancial assets.

As a result of the above movements, the estimated deficit on the Government’s overall fiscal position for December 2024 narrowed, year-over-year, by $27.7 million (42.0 percent) to $38.3 million. Financing activities for the month featured an estimated decrease in the outstanding debt stock by $11.0 million.

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

In keeping with Section 61 of the Public Debt Management Act, 2021, the December 2024 public debt statistical bulletin (“PDSB”) represents the fourteenth centralized collection of and dedicated publication on public debt statistics in The Bahamas prepared by the Debt Management Office (the “DMO”) of the Ministry of Finance

At end-December 2024, public sector debt outstanding was estimated at $13,150.0 million— corresponding to respective gains of $81.3 million (0.6%) and $312.8 million (2.4%) relative to endSeptember 2024 and the prior year. The central government’s net borrowing activities for the quarter increased its debt stock by $92.4 million (0.8%) to $11,748.7million, for a slightly lower estimated 79.2% of nominal GDP.

By currency composition, public sector foreign currency debt declined by $133.4 million (2.3%) to $5,716.7 million, to account for a reduced 43.5% of the total stock. Growth in the Bahamian Dollar component of $214.7 million (3.0%) to $7,433.3 million, represented a 1.3 percentage point rise in share to 56.5%.

Quarterly movements in external debt obligations were dominated by the central government’s US $300.0 million liability management exercise, which comprised $281.2 million in Eurobond repurchased in a public tender offer and $81.0 million in commercial bank debt. These transactions were in the context of the recently concluded debt conservation project for marine conservation which was financed through a new US $300 million commercial loan. As a consequence, the debt share of owing to private capital markets was reduced by 3.5 percentage points to 47.4%, while the $182.2 million net commercial borrowing broadened the exposure to financial institutions by 3.8 percentage points to 27.9% of the total. With steady net repayment positions, the respective shares for bilateral and multilateral creditors were lowered to 23.9% and 0.7%.

In domestic operations, the central Government’s debt stock expanded by $162.3 million (2.5%), with increased holdings of government paper elevating liabilities to the private sector by $107.3 million (4.2%). Debt owing to commercial banks and the Central Bank also grew, by $68.4 million (2.7%) and $20.0 million (2.0%), respectively, while that to the public corporations contracted by $33.4 million (8.3%)

Dissemination of timely, consistent, comprehensive, reliable and internationally comparable public debt statistics represents a key element of the Government’s commitment to promote accountability and transparency in debt management activities.

The Ministry invites domestic and international stakeholders to visit the national Budget Website (www.bahamasbudget.gov.bs) to view the various published reports.

The Ministry of Finance is pleased to release its monthly report on Government’s fiscal operations for the month of November 2024, as mandated by the Public Finance Management Act, 2023.

During the review month, revenue receipts totaled $253.1 million, a 23.7 percent improvement from the prior year, with the tax component higher by $47.1 million at $230.5 million. Key gains were posted for taxes on international trade and transactions ($23.5 million) and property tax collections on a combination of commercial and foreign-owned undeveloped properties ($14.0 million)

Of the $335.5 million in aggregate expenditure, the recurrent and capital components stood at $281.9 million and $53.6 million, respectively. The $39.9 million year-over-year increase in recurrent expenses was primarily associated with higher outlays for the use of goods and services ($16.7 million) and subsidies ($10.1 million). Under capital spending, capital transfers, which constituted 52.6 percent of the total, expanded by $23.3 million.

Following on the above outcomes, the Government’s overall fiscal position for November 2024 resulted in an estimated deficit of $82.5 million, compared with a year-earlier deficit of $69.6 million. Financing activities for the month featured an estimated increase in the outstanding debt stock by $40.4 million.

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