NASSAU, The Bahamas -- Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest stated that from the onset of the COVID-19 pandemic, the government delivered a compassionate, strategic, and robust response plan to help and support the citizens of the Commonwealth of The Bahamas.

“Leaving no sector untouched, the pandemic quickly derailed many from their normal lives, by completely wiping out the only source of income for some, and considerably reducing the wages of others,” DPM Turnquest said as he presented the 2020/21 Budget Debate Opening Statement in the House of Assembly, Monday, June 8, 2020.

He explained that in particular, nine months into the aftermath of Hurricane Dorian and then riddled by a pandemic, the island and the people of Grand Bahama are still hurting, still vulnerable, and still vying for change. “Again, I want to reassure all Grand Bahamians that this administration has been and is still here for you.

“I want to reassure all Bahamians that this government—your government—has drawn together every resource at its disposal to protect this country and support its people through this ongoing health and economic crisis.

“I said on the morning of May 27th, and I want to reiterate again, that no Bahamian will be left without food, no Bahamian will be left without hope, and no Bahamian will be left to total desperation as a result of the twin crises this country currently faces.”

The DPM added, “Each and every Bahamian will benefit from the fruits of our plan for a Resilient Bahamas.”

Economic Support Measures

He said the Government has allotted some $86 million in direct support to Bahamians in the 2020/21 Budget through the extension of the COVID-19 policy measures it implemented in March of 2020.

DPM Turnquest noted that this is in addition to the nearly $60 million allocated in the current fiscal year for social assistance directly related to COVID-19. So, altogether, the government expanded its social safety net by some $140 million in the wake of COVID-19. An unprecedented measure, for an unprecedented time.

“To be sure, our approach to ensuring the health and safety of all Bahamians is multifaceted. Whether it is business continuity or the health of our public finances, the welfare of our people must be at the center of our efforts. They are the bedrock of our future success.”

He stated that along with providing a support system to the vulnerable, it is also the government’s duty to facilitate a strong and healthy economic recovery, through the development and implementation of sound policies. The only way the vulnerable can one day fend for themselves is through the expansion of opportunity not continued dependence on the state.

The DPM said, “In this vein, complementary to our host of direct social support, we are expanding our tax relief measures, which are intended to act as incentives to increase economic activity. In this environment, we know that it is especially hard for small and medium sized businesses to retain staff. We know that it is particularly challenging for startups, who may have only been in existence for a year, to keep up with their operational expenses.”