Senators today set the stage for debate on the 2020/2021 Budget with first readings.
House members gave the nod to the proposed fiscal plan after midnight following days of debate in the Lower Chamber.
The Minnis Administrative has touted the incoming budget as a reformative and transformative. However, for the first time in the country’s history, it reflects a staggering projected deficit of $1.3 billion in the aftermath of double whammies Hurricane Dorian and the COVID-19 global pandemic.
This would explain why the government is pushing for both an innovative and progressive plan to accelerate its rebound. However, that rebound is reliant on the further reopening of the economy.
The government has adopted a phased approach with the country now entering the Phase five.
The income replacement from doing so is expected to provide bridge support to individuals to begin to get back on their feet.
In fact, there is a special allocation to extend the 13 weeks unemployment assistance to 26 weeks.
The current fiscal year ends June 30th with the 2020/2021 kicking in on July 1st.