Bahamas Ballooning Deficit Means Government Needs to Borrow $507Mn

• The country’s deficit for the fiscal year has ballooned to $677.5Mn because of Hurricane Dorian, prompting the government’s plans to borrow $507.9Mn to meet the shortfall.
• Deputy Prime Minister and Minister of Finance Peter Turnquest said in the house of assembly yesterday that he will table resolutions for the borrowing in two weeks along with a supplementary budget to address expenditures and revenue losses associated with Dorian’s passage.
• The government initially projected a deficit increase of $430Mn.

(Source: The Tribune)