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VOLUME:117 No.128, MAY 28TH, 2020
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COVID CRISIS: EMERGENCY ORDER EXTENDED TO JUNE 29
$10 billion FINANCE Minister Peter Turnquest speaking yesterday. Photo: Shawn Hanna/Tribune Staff
Pandemic and Dorian send deficit soaring
BUDGET 2020
• Tax revenues to fall $900m • VAT holiday for back-to-school • State-owned firms to lose $100m • Personalised plates for $200
• Abaco and GB special aid extended • No new taxes or rise in existing levies • Public sector jobs secured
Nassau & Bahama Islands’ Leading Newspaper
By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net
GOVERNMENT debt is projected to top $10 billion by the end of the 2021/2022 fiscal year as the Minnis administration commits to deficit spending in response to the COVID-19 crisis. The deficit is projected to explode to an unprecedented $1.3 billion for the upcoming fiscal year and is forecast to be as high as $813.4 million in the fiscal period that follows. By the end of the 2021/2022 period, government debt is forecast to be 85.6 percent of GDP, according to the annual budget forecast released in the SEE PAGE THREE
• Elderly to see $50 lift in pensions
• Millions more put aside to help COVID jobless • No govt discretionary spending