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RESILIENT BAHAMAS:The Restoration Plan BUDGET HIGHLIGHTS

CONTEXT

- Dual crises have delivered fastest, deepest economic shock to The Bahamas ever (Bahamas' real GDP projected to decline by 12%. Global output for 2020 expected to be far worse than 2008/09 financial crisis)

- COVID-19 is affecting everyone so no need to sugarcoat the impact. The emergency is not over.

- Added pressure on Government revenues, and on public expenditure is enormous (Rev forecasted down $900m compared to last year)

- Temporary shift from fiscal consolidation to ‘Resilient Bahamas’ required ($1.3b deficit expected)

- Government’s contributions to the economy will be a vital lifeline for the economy in the immediate future

- No new taxes, massive layoffs or drastic expenditure reductions to prevent the further contraction of a weakened economy

- Resilient Bahamas provides solutions now to protect families, communities, and businesses, and to restore the economy


OBJECTIVES of The Restoration Plan

1. Engender wellbeing and confidence in citizens and residents

2. Maintain economic stability during the COVID-19 induced emergency