2020/21 Budget Communication 2020-21 Budget Communication - Final (1)-compresse | Page 4

of Draft Estimates of Revenue and Expenditure, thanks to the hard work of the team at the Ministry
of Finance, Bahamians can find straightforward, interactive and visual representations of Budget
information in ways they never have before. Transparency is not just about access to information.
It is about making information accessible. In other works, plain to see and easy to understand.
This is even more important with the Budget this year, as many Bahamians are in their homes,
connecting virtually. I encourage Bahamians to connect with us through our website and social
media for the facts about this Budget.
b. Overview of the Crisis
Mr. Speaker,
It will be no surprise that this Budget is largely defined by the economic emergency that has been
thrust on us by the Coronavirus (COVID-19) Pandemic, and the still rippling economic impact of
the monstrous and catastrophic Hurricane Dorian. Together, these events have delivered the
fastest, deepest economic shock to The Bahamas since the onset of the Second World War.
Needless to say, these events have forced us to shift to a new course of action.
COVID-19 has increased pressure on Government revenues, and on public expenditure. It has
suppressed our export sector; temporarily shut down our domestic economy; and dramatically
slowed our short-term prospects for economic growth. This comes on the heels of an economy that
was already just slowly recovering from a catastrophic hurricane.
Because of current realities, the landscape we operate in has completely changed. It demands a
different approach and a different set of solutions from the Government. Even though our ultimate
objective has not changed—to achieve sustainable growth for both the medium and long-term, in
The Bahamas—our short-term strategy and our overall thinking about the future has had to shift.
Today, I will do my best to clearly detail our immediate plan for restoration, including our vision,
our strategy, and the solutions we propose, so that the Bahamian people can fully understand the
significance of the 2020/21 Budget.
Mr. Speaker,
While many countries are now on the precipice of economic desperation, fortunately, The
Bahamas has been held up as a model in the region for its effective management of the crisis,
particularly for our compassionate care of people, and our structured reopening plan. The
unpredictable impulses of this highly contagious and deadly virus have tested and shaken the
foundation of even the largest and most well-resourced nations of the world. But here in The
Bahamas, Mr. Speaker, I hope the entire House would agree, our response, although not without
stumbles, has been remarkably comprehensive, targeted, compassionate and effective.
c. Hallmarks of Our Response
Mr. Speaker,
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