National

Revenue Up, But Debt to Climb

NASSAU, BAHAMAS – The Davis intends to borrow just over $45 million for the remainder of this fiscal year.

Published

1 year ago

May 31, 2023

Berthony McDermott

NASSAU, BAHAMAS – The Davis administration laying out its plan for the upcoming fiscal year and its intention to borrow just over $45 million for the remainder of this fiscal year. The prime minister also revealing revenue is up thanks to a significant increase in tax collections.

The prime minister telling Parliament, the $45.2 million that will be borrowed is to offset budget shortfalls adding to he country’s current debt of $11.6 billion.

Prime Minister Philip Davis tabled a resolution in Parliament Wednesday.

The government is forecasting a deficit of $389.5 million in the approaching fiscal year.

As it relate’s to this current fiscal year, for the first nine months of the 2022/2023, Davis projects a deficit of $164.3 million which shows a change of $395 million.

Davis reiterated the debt-to-gdp ratio is trending downward.

Tax revenue also saw a considerable increase which the prime minister revealed contributed significantly to the increase in total revenue.

He says tax collections increased by $291.3 million which totaled $1.8 billion during this fiscal period.