News & Events

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

Total revenue for the review month was estimated at $235.0 million, a decrease of 3.3 percent from the corresponding period in the prior year. Tax revenue accounted for $204.4 million of the total, and was dominated by value added tax collections that improved by $8.8 million to $99.2 million. Receipts from  international trade and transactions also showed gains of $20.3 million to $69.6 million. Meanwhile, non- tax revenue moderated by 55.6 percent to $30.6 million following the prior year’s boost provided by the  receipt of dividend income from Bahamas Telecommunications Company Ltd. and tourism-related fees.

Aggregate expenditure settled at $270.6 million, with the recurrent and capital components at $245.6 million and $25.0 million, respectively. The $133.1 million reduction in recurrent expenses was largely explained by reductions in outlays for the use of goods and services ($98.2 million), subsidy payments ($19.4 million) and other transfers to public entities ($26.2 million). However, increased spending was  posted for public debt interest payments ($16.2 million). Under capital, outlays for the acquisition of non- financial assets contracted by $52.6 million.

As a result of the above movements, the Government’s fiscal position for June reflected a significant reduction in the estimated deficit, to $35.6 million from $212.0 million a year earlier. Financing activities for the month featured an estimated decrease in the outstanding debt stock by $162.4 million.

The Ministry of Finance is committed to the Government’s mandate of full transparency and timely reporting. The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.

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

Fiscal operations benefitted from a strong revenue performance, with revenue receipts estimated at $287.5 million, an increase of 12.0 percent from the corresponding period in the prior year. Tax revenue accounted for $241.6 million of the total, and was dominated by value added tax collections which improved by $8.8 million to $107.7 million. Next in importance were receipts from international trade and transactions, with a gain of $12.6 million to $77.6 million. Of the $45.9 million in non-tax revenue, 49.3 percent was derived from the sale of goods and services—which was mainly comprised immigration and customs related fees (52.4 percent) and service charges (25.5 percent).

Aggregate expenditure settled at $261.7 million, with the recurrent and capital components at $242.9 million and $18.8 million, respectively. The $53.1 million reduction in recurrent expenses was primarily associated with timing-related reductions in outlays for the use of goods and services and subsidy payments of $25.3 million and $14.8 million to $46.6 million and $19.9 million, respectively. More moderated decreases were posted interest ($8.4 million to $62.9 million) and other payments ($4.3 million to $25.4 million). Under capital spending, both acquisition of non-financial assets capital transfers contracted by $14.0 million and $3.7 million, respectively.

As a result of the above movements, the Government’s fiscal position for May 2024 achieved an estimated surplus of $25.8 million, in contrast to a deficit of $75.9 million a year earlier. Financing activities for the month featured an estimated increase in the outstanding debt stock by $17.3 million, $15.4 million was by was in Bahamian Dollar.

The Ministry of Finance is committed to the Government’s mandate of full transparency and timely reporting. 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 June 2024 public debt statistical bulletin (“PDSB”) represents the twelfth 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-June 2024, public sector debt outstanding was estimated at $12,671.5 million—representing respective declines of $219.5 million (1.7%) and $52.9 million (0.4%) relative to end-March 2024 and the comparative year-earlier position. The dominant net financing activities of the central Government expanded its debt stock by $54.3 million (0.5%) to $11,313.8 million—which equated to an estimated 77.6% of nominal GDP relative to 80.3% for the prior year-end.

By currency, public sector foreign currency denominated debt declined by $55.4 million (1.0%), for a modestly lower 45.2% share of the debt stock. The Bahamian Dollar component, which tapered by $2.5 million (0.04%) represented 54.8% of the total.

Annual variations in the creditor profile of public sector debt were primarily influenced by the evolution of the central government’s debt operations. External debt obligations contracted by $21.0 million (0.4%) to $5,346.4 million. This was led by a $321.4 million (10.3%) reduction in the net exposure to private capital markets, following on the USD 300 million bond redemption in January 2024; and with lesser net repayments for multilateral ($87.2 million) and bilateral ($5.9 million) debt. However, a strong offset was provided by the $393.5 million (51.3%) boost in debt owed to financial institutions, which provided the bulk of the central Government’s funding requirements for the fiscal year.

On the domestic side, the $31.9 million (0.4%) annual decline in the portfolio was primarily explained by reduction in liabilities to public corporations ($76.1million) and commercial banks ($23.9 million), placing their respective shares lower at 9.4% and 38.4%. Conversely, hikes in indebtedness to the private sector ($36.1 million) and the Central Bank ($21.2 million) increased their shares, to 37.0% and 12.0%, respectively.

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.

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NEW YORK – Prime Minister Davis proudly took to the stage at the Clinton Global Initiative to announce an ambitious new initiative aimed at addressing climate change and its far-reaching impacts on The Bahamas – The Bahamas Sustainable Investment Programme.

Speaking passionately about his childhood on Cat Island and the urgent need for action in response to rising sea levels and hurricanes, Prime Minister Davis shed light on the unique challenges small island nations face in the wake of climate change.

Highlighting the dire financial impacts of four major storms on the Bahamian economy and the added pressure of the nation’s middle-income designation, Prime Minister Davis emphasized the urgent need for innovative financial solutions to tackle the climate crisis.

The Bahamas Sustainable Investment Programme stands at the forefront of this effort, aiming to raise $500 million US dollars. Partnering with strategic advisors, Resilience Capital Ventures, the programme seeks to bridge the climate financing gap by tapping into regional and global capital market leaders. The funds will be directed towards crucial areas such as climate-resilient infrastructure, coastal conservation, clean energy transition, and more.

One of the pioneering steps being taken by The Bahamas, as highlighted by Prime Minister Davis, is the mapping of the country’s seagrass meadows, which have astonishingly shown potential to absorb carbon at rates equal to or more than the Amazon Rainforest. Through these studies, and with the unexpected assistance of tiger sharks, The Bahamas is poised to become the first nation to issue Blue Carbon Credits.

Inviting all in attendance to collaborate, whether through funding, technical support, or advisory expertise, Prime Minister Davis showcased The Bahamas as a beacon of hope and innovation, demonstrating that even small nations can be at the forefront of global change.

Prime Minister Davis concluded, “My government and the people of The Bahamas are grateful for our partnership with the Clinton Global Initiative and its community of change-makers. We see a path forward for our beautiful nation, and we invite the world to join us on this journey.”

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