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Bahamas: PM: “Modest” reopening of the economy already improving government revenues

NASSAU, BAHAMAS — Prime Minister Dr Hubert Minnis said yesterday that the “modest” reopening of the economy has already translated into improved revenues for the Treasury in the past month.

During a national address yesterday, Minnis pointed to growing optimism that the economy’s economic recovery is broadening.

He announced the extension of the unemployment benefit program through January 2021, adding the government will also extend its food distribution programme for the first quarter of 2021 with an allocation of another $10 million dollars to provide food assistance to the most vulnerable in society.

As he outlined the relaxation of more restrictions heading into the Christmas holiday period, the prime minister said the discipline and collective sacrifices from the majority of Bahamians is translating into fewer COVID-19 cases.

“If we maintain this discipline and if we are able to avoid future major restrictions, it will bode well for an uplift in our economic conditions,” he said.

“Indeed, we have seen that the modest reopening of the economy has already translated into improved revenues for the Treasury in the past month. We have shown that containing the spread of the pandemic, lessens the need for the restrictive containment measures that negatively impact economic activity.”

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