2020/21 Budget Communication 2020-21 Budget Communication - Final (1)-compresse | Page 27

Bahamians, and the wealth of our nation. The Minister of Agriculture will expand further during
his contribution to the Debate.
b. Reform Measures to Ensure Long-Term Fiscal and Economic Stability
Public Financial Management Reform
Mr. Speaker,
Now, more than ever, it is critical that Bahamians are able to have trust and confidence that their
hard-earned tax dollars are being managed in a fair, prudent and transparent way; particularly in a
post-COVID-19 environment. In this light, the Government is advancing a number of legislative
changes to support public financial management reform. Specifically, I am pleased to announce
that the draft Public Financial Management Bill is now under final review by the external
consultants. Once that review is complete, the Bill will then go to Cabinet, before being released
for public consultation and subsequent tabling in this Honorable House, in early FY2020/21.
Similarly, The Public Debt Management Bill has been vetted in concert with the Public Financial
Management Bill, as there are a number of sections where the two intertwine. This Bill is now
also with the external consultants for final review, after which the document will be forwarded for
Cabinet approval, released for public consultation and finally tabled in this Honorable House.
Lastly, the draft Public Procurement Bill has already gone through the public consultation phase
and will be presented this morning along with the Budget to this Honorable House. We are pleased
with the progress being made on these pieces of draft legislation and are confident that they will
enhance the state of the public finances once implemented.
viii.
Conclusion
Mr. Speaker,
As I move to close, I want to reiterate that the 2020/21 Budget was curated under circumstances
far more extraordinary than any other Budget cycle. The Bahamian people should rightly want to
know why the Government finds itself projecting such a high deficit of $1.3 billion.
The answer is relatively straightforward. It is because the alternative options are much worse. It is
a lot easier to keep a person afloat than fighting to drag them back to the surface. Our economy is
like that. We are investing in our restoration plan to avoid a dramatic scale back that would
submerge the economy and leave Bahamians out at sea, without a liferaft. We are borrowing to
keep Bahamian families, communities, and businesses above water and to keep the economy
afloat, as we see our way through this extraordinary time.
Like most countries, we have had to set aside our fiscal targets to be responsive to the crises we
face. We have had to run major and unplanned deficits to invest in hereto unforeseen public health
and social partnership programs. But we do not do this idly. We do not do this lightly.
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