Bahamas PM presents Budget

Bahamian Prime Minister Perry Christie has presented a US$3.3 billion budget to Parliament, which outlines several measures to rationalize tariff and excise rates, encourage energy efficiency and provide relief for consumers.

In his first fiscal package since his Progressive Liberal Party (PLP), won the general elections last month, Christie said the measures were aimed at dealing with the serious deterioration in the government’s fiscal position.

The government has estimated its recurrent expenditure at US$1.8 billion, while recurrent revenue has been put at US$1.5 billion.

Christie said the parameters for this fiscal year must be set in such a way that it allows the country to begin the process of getting its fiscal house in order while at the same time accommodating the short-term priority initiatives.