The Bahamas government has presented a tax-free budget of US$3.54 billion to Parliament, with Prime Minister Phillip Davis affirming that many aspects of this financial blueprint build upon measures initiated by his administration since taking office in 2021.
In his address to lawmakers, Davis underscored key components of the budget, underscoring its exclusion of an anticipated reimbursement of US$75 million from the Grand Bahama Port Authority (GBPA). He emphasized that the government is owed a total of US$357 million by the GBPA.
Total expenditure is projected to reach US$3.61 billion, with recurrent expenditure standing at US$3.27 billion and capital expenditure at US$344.5 million, Prime Minister Davis said.
The fiscal deficit is estimated at US$69.8 million, equivalent to 0.5 percent of Gross Domestic Product (GDP), while the primary balance reveals a surplus of US$586.9 million, or 3.9 percent of GDP. Consequently, the debt-to-GDP ratio is forecasted to reach 75.3 percent at the conclusion of the fiscal year 2024-25.
