Government Continues Public Education Efforts to Make the National Budget More Accessible to the Public

Sat, May 30th 2020, 09:00 AM

Deputy Prime Minister and Minister of Finance K. Peter Turnquest explained that the Government views the public education efforts of the country’s National Budget as part of Government’s plan to make it more accessible to the Bahamian people.

“By their nature, budgets and their process and documents around fiscal affairs and public financial management involve complex technical reports and jargon that can be difficult to understand even by those of us who have studied business, accounting or finance,” the DPM Turnquest said during the All Access Press Conference concerning the 2020/21 National Budget on Thursday, May 28, 2020.

“Therefore, as part of our commitment to transparency and accountability, the team at the Ministry of Finance has gone to new lengths to engage in public education activities, and we hope that the standard we have set over the past three years, will remain long beyond our time.”

The DPM noted that when he presented the Budget in the House of Assembly on Wednesday, May 27, 2020, he stated that the new budget will fundamentally be about providing support to the Bahamian people, restoring the economy and transforming the on-going crisis into new opportunities for the nation.

He said the economy has been weakened by the double impact of two historic events but the country will bounce back with a foundation for a stronger and sustainable economy and society.

DPM Turnquest explained that the Government has a carefully designed plan to guide the country through this on-going public health and socio-economic crisis.

He stated that it is important to understand that the budget known as “Resilient Bahamas: A Plan for Restoration,” provides solutions for the country in the immediate and short term.

The DPM said, “The Budget covers a 12-month cycle and as I have emphasized, a full economic recovery will take time.

This is why the Economic Recovery Committee has been charged with the mandate to map out the full recovery plan. The actions we take in the new budget will create a pathway to restore what has been lost by those unprecedented economic shocks.

“It will make us prepare and fully participate in the economic recovery.”

Acting Financial Secretary, Marlon Johnson presented the key spending priorities included in the 2020/21 budget. The press was also allowed to ask questions of the DPM and the Acting Financial Secretary.

By Llonella Gilbert

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