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

During the review month, revenue receipts totaled $187.5 million, a 4.2 percent decline from the prior year. Tax revenue accounted for $167.5 million and was dominated by value-added tax collections of $85.3 million and taxes on international trade and transactions of $55.2 million. Non-tax revenue collections totaled $20.1 million with $19.6 million obtained from the sale of goods and services.

Aggregate expenditure settled at $252.2 million, with the recurrent and capital components at $214.3 million and $37.9 million, respectively. The year-over-year $8.2 million decrease in recurrent expenses was primarily associated with lower interest payments ($10.5 million) and other transfers ($3.5 million). Under capital spending, the acquisition of non-financial assets, which makes up 81.5 percent of the total, expanded by $13.9 million.

As a result of the above movements, the Government’s overall fiscal position for September 2024 resulted in an estimated deficit of $64.7 million. Financing activities for the month featured an estimated decrease in the outstanding debt stock by $18.0 million.

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

View press release below.

November 7, 2024 — The Commonwealth of The Bahamas (the “Government”) announced today the commencement of an offer to purchase for cash, at a price to be determined pursuant to a modified Dutch auction, its outstanding series of notes listed in the table below (each a “Series” and collectively, the “Notes”) upon the terms and subject to the conditions described in the offer to purchase dated November 7, 2024 (the “Offer to Purchase”). The Government has offered to purchase for cash up to an aggregate consideration amount, with respect to all Series, of U.S.$210,000,000 (the “Maximum Aggregate Consideration Amount”), excluding accrued but unpaid interest, which will also be paid on the Notes accepted for purchase pursuant to the Offer (as defined below). The Maximum Aggregate Consideration Amount is subject to increase or decrease at the Government’s sole and absolute discretion at any time, on the terms and subject to the satisfaction of the Financing Condition (as defined below) and the other conditions set forth in the Offer to Purchase (the “Offer”).
Capitalized terms used in this announcement but not defined have the meanings given to them in the Offer to Purchase.
The Notes have an aggregate principal amount outstanding as set forth in the table below. In the event that the aggregate principal amount of the Notes of such Series validly tendered exceeds the Maximum Series Acceptance Amount (as defined below), the Government may accept the Notes of such Series on a pro rata basis such that the
aggregate principal amount of Notes accepted for purchase (if any) is no greater than the Maximum Series Acceptance Amount of such Series, subject to the proration procedures described in the Offer to Purchase.
All documentation relating to the Offer including the Offer to Purchase and any amendments or supplements thereto will be available to holders of the Notes (the “Noteholders”) via the Transaction Website for the Offer accessible at: https://projects.sodali.com/bahamas, subject to eligibility confirmation and registration.
The Government is making the Offer only in those jurisdictions where it is legal to do so. See “Certain Legal Restrictions” in the Offer to Purchase.