The Gov’t of the Bahamas is $90Mn Ahead of Revenue Target

  • The Government beat its 2021-2022 first quarter revenue targets by $90Mn, a top official has revealed, while also disclosing that the revised Budget will not increase the deficit. 
  • Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business that the Government’s lenders, creditors and the capital markets generally have all been informed that the supplemental Budget due to be presented to Parliament - possibly as early as this Wednesday - will not grow the deficit beyond the originally projected $951.8Mn. 
  • He also disclosed that the Government’s “underwriters” have advised it to delay placing the $700Mn foreign currency bond that the former Minnis administration had designed as the centrepiece of its gross $1.852Bn borrowing plan for the current fiscal year. 
  • No revised timeline for when it will be placed was given. However, Mr. Wilson said the advice to delay stemmed from international capital market uncertainties over US debt ceiling negotiations rather than any concerns peculiar to The Bahamas or its economic performance.

(Source: The Tribune)