Friday, March 20, 2020

Gov’t will have to reconsider deficit targets due to COVID-19

Marlon Johnson

By Paige McCartney

Government will have to reconsider its deficit targets all depending on how much of an impact the outbreak of COVID-19 has on the Bahamian economy, Financial Secretary Marlon Johnson said yesterday.

Johnson said looking ahead, the new budget cycle which the Ministry of Finance was in the process of constructing was based on economic assumptions that no longer exist.

“This whole COVID-19 brings a whole new ball game to this. And even when the crisis subsides, our expectation is that the recovery will still take some time because people still have to get comfortable enough to travel, they have to feel comfortable that this jurisdiction is safe with safe passage. So, some of our economic projections for next year will likely have to be muted,” he told Guardian Business yesterday.  Read more >>