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Financial Market Brief 13 January 2017
The Government of the Bahamas is approximately three and a half years into its ‘medium-term fiscal consolidation plan’ which it initiated at the beginning of the 2013/14 fiscal year (FY). The intent of the plan as articulated by the Minister of Finance and Prime Minister, Mr. Perry Christie, during the 2013/14 Budget Communication was to “eliminate the GFS Deficit and return the Government’s finances to surpluses; reverse the Government’s primary balance position from a deficit to a surplus; enhance economic growth and employment prospects; reform the country’s tax system with the implementation of Value Added Tax (VAT) and the modernization of the real property tax system; establish a Central Revenues Agency; and reduce the burden of public debt over time”. In assessing the Government’s performance, as it relates to the country’s fiscal position, it is important to first define fiscal consolidation. The term fiscal consolidation refers to “concrete policies aimed at reducing government deficits and debt accumulation”. Notwithstanding the government’s ambitious stance on improving the country’s public finances, it has a long way to go in stabilizing or reducing the debt share and deficit levels and putting the country’s finances on a path to improved economic health. Read More... Weekly_Market_Recap_23_September_2016 Click here for full Weekly Market Recap
 

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