Bahamas, March 1, 2017 – Nassau – Government revenue is down and contingency spending due to Hurricane Matthew up; these together says the Central Bank of The Bahamas is what has led to a 112% spike in the country’s deficit for the first half of the fiscal year.
The monthly financial report tells the story of a ballooning deficit despite a surge in taxes generated. The deficit now stands at over $314.2 million dollars. Taxes raised but not necessarily collected are at $761.9million.
The Central Bank, in the report lists fiscal decisions at the half way mark for the Bahamas’ budget year and it is revealed that personal emoluments also spiked by 4.2%, to $13.9 million and there was also increase to non-profit organizations grew nearly 25% and came in at $3.8 million.
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