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Deficit more than triples to $194m in first quarter

The Government’s fiscal deficit for the 2024-2025 Budget year’s first quarter more than tripled year-over-year with close to one-third of that ‘red ink’ incurred during September.

Opposition raises alarm over skyrocketing Q1 deficit

The Opposition’s finance spokesman yesterday warned against an “exploded” deficit for Q1 and chided the government on holding back on its August and September fiscal report for so long.

Thompson to run for FNM leader

EAST Grand Bahama MP Kwasi Thompson announced yesterday that he will run for leader of the Free National Movement at next month’s one-day leadership convention.

Ex-minister: Extra $90m shows our policies working

An ex-Cabinet minister yesterday urged the Government to build on “the positive trend and headroom” left by the Minnis administration after revenues exceeded their first quarter target by $90m.

Thompson: don’t delay Grand Bbahama investments

EAST Grand Bahama MP Kwasi Thompson is urging the government not to delay the various investments in Grand Bahama that were already approved under the former Minnis administration.

Solomon’s on the move with Lucaya grand opening

With a $1m remodel completed, Solomon’s Lucaya held a re-grand opening yesterday, and plans are proceeding to reopen by next March a second Solomon’s location in Downtown, Freeport, that will bring AML Foods’ total investment to over $5M in Grand Bahama.

Independence celebrations get underway in Grand Bahama

THE 48th Bahamas Independence anniversary celebrations kicked off on Friday, with flag-raising ceremonies throughout the island of Grand Bahama and a display of national colours and pride.

Businesses able to raise $5m through crowdfunding

ELIGIBLE Bahamian small and medium-sized enterprises (SMEs) will now be able to raise up to $5m in equity capital to fund their business ventures via crowdfunding, State Minister of Finance Kwasi Thompson said yesterday.

Senator: Take advantage of VAT Holiday on hurricane supplies

SENATOR Kwasi Thompson, State Minister for Grand Bahama, is urging Grand Bahama residents to take advantage of the VAT Holiday on hurricane supplies purchased locally and abroad.

Kwasi Thompson: Hard decision to increase debt to fund assistance

FINANCE State Minister Kwasi Thompson said the government made the “hard” decision to increase the country’s national debt over the short term in order to fund the assistance programmes needed to keep people afloat during the COVID-19 pandemic.

HOW WORRIED SHOULD WE BE? Minister admits debt is ‘elephant in the room’ as official says it’s only a temporary concern

FINANCIAL Secretary Marlon Johnson said that although the country’s high deficits and debt are a cause of concern, they are not a cause for alarm, insisting an economic rebound from the COVID-19 pandemic will prevent the need for new taxes.

Govt targets 40 online services by year’s end

The government is aiming to make 40 public services available online by year-end through adding an additional one to its portal every six-eight weeks, a Cabinet minister revealed yesterday.

Govt to recapitalise BDB in $20m outlay

The government will inject more than $20m to recapitalise the Bahamas Development Bank (BDB) in the upcoming 2021-2022 fiscal year as part of efforts to boost small business financing.

Minister: PLP VAT plan will cost $100m

A Cabinet minister last night argued that the PLP’s one-year VAT rate cut will “destabilise the economy” and government finances by costing the Public Treasury $100m in revenue.

Infrastructure Fund’s public offering plan

Bahamian investors will be given the opportunity to own a portion of the proposed National Infrastructure Fund via an initial public offering (IPO), a Cabinet minister confirmed yesterday.

$400,000 cybersecurity project to include response team

THE government launched the National Cybersecurity Project yesterday that will establish a national computer incident response team.

Canada exports enjoy $17m duty free access boost

Almost 90 percent of The Bahamas’ exports to Canada benefited from duty-free access via the Caribbean’s free trade agreement, a Cabinet minister has revealed.

'Taxing' to hit $100m Gov't spending cuts

The Ministry of Finance's top official yesterday admitted it will be hard-pressed to achieve the $100m in recurrent spending cuts it is targeting over the next six months, conceding: "It will be very taxing."

More than $177m spent on COVID-19 relief

THE government has spent over $177m on various COVID-19 relief initiatives in response to the health crisis, Minister of State for Finance Kwasi Thompson announced yesterday.

Web patrons, utility customers warned to brace for pain

Web shop patrons and Bahamasair passengers will be the first feel to feel the pain of tax and fee increases sparked by COVID-19's economic devastation, a Cabinet minister revealed yesterday.

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