Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest brings remarks at the ‘State of the Economy Report’ hosted by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) at Atlantis, February 21, 2018. Looking on from left are CEO, BCCEC, Edison Sumner and Chairman, BCCEC, Mike Maura, Jr. (BIS Photo/Patrick Hanna)
Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest said based on the performance in the first half of fiscal year 2017/18, the country is moving in the right direction.
“Compared with the first six months of Fiscal Year 2016/17, the fiscal performance has turned in a $92.3 million or 61.4 percent reduction in the overall deficit—to $198.0 million, from $290.3 million in Fiscal Year 2016/17,” the DPM said in a ‘State of the Economy Report,’ hosted by the Bahamas Chamber of Commerce and Employers Confederation at Atlantis, Paradise Island, February 21, 2018.
He said gains in revenues of $24.8 million are supported by a $67.5 million or 43.6 percent reduction in spending; comparisons with the budget show revenues running at some 41 percent of the target and adjusted recurrent and capital spending, at 44.7 percent and 33 percent, of their respective targets.
“We believe that the measures taken, and those in the pipeline, have the ability to help restore fiscal discipline and place the finances on a sustainable path for the benefit of all Bahamians. However, we would acknowledge that these measures alone will not get us to where we want and need to be.
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Source: BIS
