FY2022 / 2023 BUDGET COMMUNICATION 5
ginning of 2022 , as well as maximise the opportunities and deliver the growth necessary to support national development .
Madam Speaker : This Budget is organized around three central priorities :
The first priority is to help Bahamians cope with a cost-ofliving crisis . Bahamians were already struggling with high energy prices , high food prices , and expensive housing costs . In recent months , geopolitical conflict and continued supply chain disruptions around the world have caused prices here at home to go up even further , which has put the squeeze on everyone , especially the middle class and the most vulnerable .
Our strategy for softening the impact of this global inflation crisis includes : -- a mix of broad-based import duty reductions ; -- increased enforcement of price controls ; -- an increase in the minimum wage for public servants ; -- increased social services assistance ; -- important new support for Catastrophic Health Care ; -- the establishment of the Universal Service Fund , to make technology more accessible and affordable throughout our islands ; and -- a substantial investment in promoting home ownership . - Energy reform to reduce cost .
And we are thinking medium-and-long-term , too , with significant investments in agriculture , to increase the nation ’ s food security .
The more we are able to feed ourselves , the better we can withstand external shocks in international markets , and ensure that good , healthy , affordable food choices are always available for our people .
Madam Speaker : Investing in an agriculture sector will not only help our country weather volatility in global markets . Investing in agriculture means opportunity , which brings me to our second priority : the creation and expansion of jobs and ownership opportunities for Bahamians .
These include planned investments in the Orange , Green and Blue economies , and the monetization of carbon credits and associated technologies to ensure the long-term development of the country .
Education and training are fundamental to our national development .
And so this budget includes measures to strengthen education and address the learning loss experienced by so many of our young people during the past few years .
A key element in our recovery is to stimulate the creation of good jobs .
This budget increases investment in public infrastructure , and creates direct partnerships with institutions to provide expanded job training opportunities .
And finally , the third priority addresses various security issues , to make our communities and homes safer and our borders more secure .
We will make significant investments in the three core national security agencies , namely the Department of Corrections , the Royal Bahamas Police Force , and the Royal Bahamas Defence Force .
And as one of the top ten countries in the world most vulnerable to climate change , we have already made it one of our top priorities to ensure that our Bahamas is better able to withstand the impacts of rising sea levels , erosion of our coastal and marine resources , and adverse weather events . These considerations are reflected in the budget .
Madam Speaker : Before I go further in this Communication , I wish to highlight the fact that , even though this Budget represents an important part of the Government ’ s overall strategy to grow the economy , it does not represent the entire effort .
Aside from the allocation of resources from the Consolidated Fund , the Government intends to leverage other mechanisms to bolster economic activity and stimulate job creation .
For example : our Government is intent on fostering a partnership between the Bahamas Maritime Authority and the LJM Marine Academy , to offer more training opportunities for Bahamians in the maritime sector .
While this arrangement will not fully be reflected in a single line-item in the budget , this initiative is poised to provide real and significant job opportunities to hundreds , if not thousands of Bahamians .
It ’ s also important to note , when looking at the budget , that any individual line-item is often only one aspect of a larger , interwoven set of policies .
Let me give an example from another area of special focus , which is our support for Small Businesses .
Part of the core ideology of our party is to support small business development , because we view this as an extremely effective means of empowering the majority of citizens in this country .
During previous terms in office , we created ‘ The Bahamas Development Bank ’, ‘ The Bahamas Agriculture and Industrial Corporation ’, ‘ The Venture Capital Fund ’ and ‘ The Small Business Development Centre ’.