4 FY2022 / 2023 BUDGET COMMUNICATION
1 . Introduction
Madam Speaker : The wonderful people of Cat Island , Rum Cay and San Salvador , whom I represent in this House , and in whose name I rise today , are famous for their long histories , their deep-rooted sense of tradition , their unshakeable bonds of friendship and family , and their proud connection to the lands they inhabit .
And the most famous landmarks on these islands , amplify and echo the spirit and character of the people : The expressive rock carvings in Hartford Cave on Rum Cay , that hold the secrets of the Lucayan and Arawak people who once lived there ; The pioneering spirit of Landfall Park , San Salvador , where Christopher Columbus is thought to have first landed ; and the sacred peak of the Hermitage on Mount Alvernia , the highest point in our Bahamas .
Madam Speaker : It remains the greatest privilege of my life to represent the people of these islands , and the greatest honour to lead our country , especially at a time when the country yearns for a change in progress .
And as a new Administration , for the first time able to fully set out its priorities and choices in a national budget , we wish to present a landmark budget , one that steers the country in a new direction , better able to both take advantage of the many opportunities with which we have been blessed , and also to withstand and overcome the many challenges currently facing the world in which we live .
Madam Speaker : I am pleased to present to the House , the Fiscal Year 2022 / 23 Draft Estimates of Revenue and Expenditure or the Budget , along with this accompanying Budget Communication .
On coming into office last September 2021 - eight months ago – Bahamians will well remember that the country was in the throes of the worst health crisis , and the worst economic crisis in living memory .
Madam Speaker : At the end of the summer of 2021 , last year , the public finances were on the edge of a fiscal cliff .
It was in these circumstances that former Prime Minister Minnis called a snap election .
In his explanation as to why he did so , he said to the congregation at the New Mount Olive Baptist Church in November 2021 :
“ I would say to you we have some headwinds that are coming .… In order to manage those headwinds that we see coming , it was essential to have a new mandate because very , very difficult decisions have to be made .”
Madam Speaker : My government was elected on a mandate to tackle that economic crisis and change The Bahamas for the better .
We were elected on a 10-point Plan to Recover , Rebuild , and ultimately Revolutionize the economy , details of which are contained in the document , ‘ Our Blueprint For Change ’.
This is the daily roadmap for our Administration .
We instantly set to work implementing changes , which had immediate beneficial impacts on the economy .
My first action was to abolish the curfew , the first step in removing unnecessary COVID-19 protocols and restrictions . Immediately , Madam Speaker , businesses were able to reopen , and employees were able to return to work .
VAT and other revenues therefore immediately increased , such that the government ’ s surplus cash balance in October 2021 had improved by nearly $ 35 million .
Over the ensuing weeks , we set about implementing the plans we had made to address the country ’ s most urgent problems .
We introduced free Covid-19 testing , distributed free masks , and increased the number of doctors and nurses in hospitals .
We ended the ‘ Emergency Orders ’, and the economy sprang back to life , Bahamians returned to work , young people returned to school , and investor confidence increased .
We were keen not merely to jump-start the economy to stimulate economic activity and growth , but to do so in compassionate ways , that brought hope and dignity back to people .
We paid nurses , doctors , teachers and other public sector workers , what they were owed up to the current year .
And in December 2021 , we ensured that every single Bahamian who was receiving a $ 100 weekly payment from the National Insurance Board , received a $ 500 lump-sum payment .
Madam Speaker : In total , over $ 6.8 million was distributed to Bahamians who had been restricted from being able to earn an honest living for so long .
The country ’ s credibility and standing is much improved . The economy is on the right track .
Madam Speaker :
This ‘ Budget 2022 : The Way Forward ’, puts us firmly on course to continue to rescue the economy .
It also charts a course to help us navigate some of the new challenges facing the global economy , especially since the be-