2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 114

beyond the fiscal means available, one deficit after another
and a burden of Government debt rapidly approaching
critical limits.
The era of fiscal irresponsibility has come to an
end and, as we promised Bahamians, fiscal discipline will
henceforth prevail. With this Budget, we have introduced a
legally binding framework that obliges us to adhere to a
mandated schedule of continuous deficit reduction and that
will prevent any future Government from ever engaging in
reckless fiscal management and excessive deficit financing.
Our Government has hit the ground running in
developing this Budget within the full constraints of the new
Fiscal Responsibility legislation.
Quite frankly, with the
evolving fiscal pressures that we confront, in respect of both
Recurrent and Capital expenditure, the looming downward
pressures on Recurrent Revenue, as well as the dire need to
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