Bahamas Budget Highlights 2017 PM Hubert Minnis Government Expenditure

1. New Bahamas government presented a US$4.7 billion budget with the focus on revenue measures.
2. New Budget for 2017-2018 was presented in Parliament by Deputy Prime Minister and Finance Minister Peter Turnquest is designed to provide prompt effect to some of the new administra­tion’s commitment to Bahamians following the May 10 general election.
3. The finance minister said while the government had not been able to undertake an in-depth analysis of both Recurrent and Capital Expenditures, having just come into office a few weeks ago.
4. Turnquest said the measures contained in the fiscal package would provide further tax relief to consumers and businesses through customs and excise duty rate reductions and enhance administration and compliance in respect of major taxes
5. MORE than 27 per cent of the Government’s total recurrent spending in the 2017-2018 Budget is going towards repaying principal or interest on the Bahamas’ $7 billion-plus debt mountain.
6. Budget figures reveal that the $292.485 million earmarked for debt servicing (interest payments), and the $433 million for debt redemption, are the single largest line items in the Minnis administration’s Budget, with the Ministry of Health – thanks to the $40 million earmarked for the National Health Authority – the only ministry to be allocated a higher collective sum than this.
    

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