THE COMMONWEALTH OF THE BAHAMAS
2020 FISCAL STRATEGY REPORT PRESS BRIEFING
REMARKS BY SENATOR J. KWASI THOMPSON
MINISTER OF STATE FOR FINANCE
ON MONDAY DECEMBER 21, 2020
Good afternoon to members of the press, colleagues and the listening audience.
Last week, the Government tabled the 2020 Fiscal Strategy Report (2020 FSR) in the House of Assembly. Our press conference today is an opportunity to create a deeper understanding of the Government’s plan to restore the nation’s fiscal health and to build economic resilience beyond the coronavirus pandemic.
The Government is closely monitoring the positive domestic and global developments on the public health and economic fronts. We remain confident that we are seeing light at the end of the tunnel. However, the pandemic is still very unpredictable. Our success is still dependent on our collective behaviour and discipline, so every Bahamian and resident should keep this in mind as they go about their private lives this holiday season. Please, I implore everyone: Wear your mask; socially distance; follow the public health guidelines and the emergency orders. No one wants to start the New Year with a January spike, and it is up to each and every one of us to do our part.
The pandemic wiped out the savings of many Bahamians who had big dreams for their families and businesses that are now on hold. The pandemic caused many hard-working Bahamians, who value the dignity of work, to become dependent on the state for the first time in their lives. We provided $17.2 million in food support since the start of the pandemic response through October. With the tremendous support of non-governmental partners, this helped to feed over 140,000 families. The Government has planned an additional $10 million to end-December to support rapid food distribution taskforce.
In the aggregate, the government has spent over $177 million through the end of October 2020 on its comprehensive COVID-19 response. This includes:
● $44.4 Million Dollars in tax credit/tax deferrals which funded the payrolls for nearly 7,000 private-sector employees.
● $47.3 million into small business grants and continuity loans through the Access Accelerator Small Business Development Center to protect nearly 4,500 jobs in the small business sector.
This has been no ordinary year: that is painfully clear. COVID-19 has scarred our economy and transformed our lives forever. But we are resilient people, and this Government has not and will not stop working to restore the nation. We have already committed more than $60 million in additional direct funding to support our essential unemployment programs, food assistance programs and other efforts from November into the New Year.
So, where do we go from here and how do we get there? This is the question we answer in the Government's plan articulated in the 2020 Fiscal Strategy Report (or FSR)
...TO CONTINUE SEE ATTACHED BELOW
2020 FISCAL STRATEGY OVERVIEW
PRESENTATION BY ACTING FINANCIAL SECRETARY MARLON JOHNSON
MINISTRY OF FINANCE PRESS CONFERENCE
DECEMBER 21, 2020
▪ CONTEXT FOR 2020 FSR
▪ 5 KEY COMPONENTS TO THE FISCAL STRATEGY
1. Continuing Dynamic COVID-19 response
2. Recalibrating public finances
3. Building economic resilience beyond the pandemic
4. Optimizing debt management to ensure ongoing debt sustainability
5. Proactively managing the ongoing macroeconomic risks
...SEE ATTACHED TO CONTINUE
