Mid-Year Budget Communication 2017-2018 Mid-Year Budget Communication | Page 5

point out at very I am pleased to point out at the very outset that the public finances of The
outset that the public finances of The
Bahamas are in a better place than they were at the mid-point of the last financial
r place than they were at the mid-point of the last financial
year. The aggregate GFS Deficit for the first six months of the current fiscal year
S Deficit for the first six months of the current fiscal year
totalled
some
million,
million, down
sharply
from $198.0
the deficit
of down
$290.3 sharply
million from the deficit of $290.3 million
recorded
by the
previous
at the mid-point of the 2016/17 fiscal
us administration
at the
mid-point
of administration
the 2016/17 fiscal
year. The latter figure at the mid-year point of last fiscal year represented nearly
at the mid-year point of last fiscal year represented nearly
three times the total deficit that had been projected for the entire year. It also
eficit that had been projected for the entire year. It also
eventual
Deficit fiscal
outturn
GFS Deficit presaged
outturn the
for the
entire GFS
2016/17
year for the entire 2016/17 fiscal year
which,
at $676
million, dwarfed
previous
dwarfed the
previous
Government’s
Budget the
estimate
of Government’s Budget estimate of
$100 million.
Mr. Speaker,

It is important that I pause to explain the expenditure numbers detailed in
at I pause to explain the expenditure numbers detailed in
our published
laid this morning. The recurrent
ar report being
laid this mid-year
morning. report
The being
recurrent
expenditure
at the mid-year
$1.79 Billion appears to show a sharp
t the mid-year
of $1.79 number
Billion appears
to show a of sharp
in recurrent however,
expenditure.
This
is in
occasioned however, by the spike in
xpenditure. increase
This is occasioned
by the
spike
the debt redemption (or debt repayment) of over $540 million when compared to
r debt repayment) of over $540 million when compared to
the same point last year – also illustrated in the summary report. This significant
r – also illustrated in the summary report. This significant
bump
debt repayment
was
due
to the repayment of short term financing
ment was due
to up
the in
repayment
of short
term
financing

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