2020/21 Budget Communication 2020-21 Budget Communication - Final (1)-compresse | Page 6

many businesses will need time to rebuild and rebound. The Government’s contributions to the
economy will be a vital lifeline to keep the economic engine running, and to deliver the impact we
seek from our immediate restoration plan.
d. The Restoration Plan
Mr Speaker,
This Administration is still very much committed to delivering a modern Bahamas that is resilient,
dynamic, inclusive, and sustainable. However, we cannot fool ourselves about where we are today.
COVID-19 has thrust The Bahamas and the world into this crisis, and we are still in the thick of
the emergency. The 2020/21 Annual Budget represents our answers now to the challenges we face
today. In contrast to the medium and long-term recovery, our restoration plan demands that we
take actions that will have an immediate and meaningful short-term impact.
We have named the Budget plan, “Resilient Bahamas: A Plan for Restoration”, because we
seek to achieve the following objectives:
1. Protect the wellbeing and engender the confidence of our citizens and residents;
2. Maintain economic stability during the COVID-19 induced crisis; and
3. Plant the seeds for accelerated recovery.
In doing so, we will transform this crisis into an opportunity for our economic and national revival.
As mentioned at the opening, our approach is clear:
1. The Government will not compromise public health and safety;
2. The Government will not contribute to any further unemployment;
3. The Government will not let its citizens go hungry; and
4. The Government will do all that it can to stabilize the economy and prepare it for a strong
and robust rebound.
Mr. Speaker,
This approach reflects the important value we place on national unity in times of crisis, the value
we place on responsible, proactive and forward-looking governance, and the inspiration we get
from the resilient spirit of Bahamians. We maintain that this strategy is the best course of action
to restore our nation from the ashes of this crisis.
ii.
The Global Economy
Mr. Speaker,
I now turn to an overview of global prospects and domestic performance, which set the
macroeconomic context for fiscal performance in 2019/20 and projections for the 2020/21 Budget.
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