Prime Minister and Minister of Finance, the Hon. Philip Davis wrapped up the mid year budget in the House of Assembly on Monday.
In his contribution, Mr. Davis said, “where certain projects or activities have exceeded the allocation in the budget they have been funded mainly by reallocation within the budget, not by unfunded increases in the budgetary allocations. Where we have increased the budgetary allocations for example, in social services and with respect to certain wage payments, they’ve been supported by money in the bank and informed by our need to take care of who need it most.”
He also spoke on current legislation that his administration intends to review as part of their reform efforts. “We are going even further with our reforms. As the Central Bank has recently indicated to the government that they will proposed another amendment to bring clarity around open market transactions by the Central Bank. With the statistics act the present staff have been disadvantaged and we must fix this by legislation. It is an unfortunate thing.”
The Prime Minister said that to the Bahamian people the improvement in fiscal performance feels like a new day.