Bahamas News
Prime Minister Outlines Cost of Living Relief in National Budget
By Lindsay Thompson (BIS)
#TheBahamas, May 27, 2022 – Prime Minister and Minister of Finance the Hon. Philip Davis presented his first National Budget in which he outlined key priority areas to help Bahamians cope with major cost-of-living challenges. He presented the Fiscal Year 2022/2023 Budget Communication in the House of Assembly on Wednesday, May 25, 2022.
The Communication is entitled ‘Budget 2022: The Way Forward.’ “This Budget provides a foundation to strengthen our nation, to lift ourselves up, to face the future with strength and optimism,” the prime minister said.
The Budget is organized around central priorities defined in the Speech from the Throne and his government’s New Day Agenda — the first priority of which is to “help Bahamians cope with a cost-of-living crisis,” the prime minister said; “Bahamians were already struggling with high energy prices, high food prices, and expensive housing costs.”
In this vein, his government’s strategy for softening the impact of this global crisis includes: a mix of broad-based import duty reductions; increased enforcement of price controls; an increase in the minimum wage for public servants; increased social services assistance; important new support for Catastrophic Health Care; the establishment of the Universal Service Fund to make technology more accessible and affordable throughout the islands; a substantial investment in promoting home ownership, and energy reform to reduce costs, among other initiatives.
He revealed that the government sent a proposal to the Bahamas Public Service Union to increase the minimum wage with incremental increases beginning July 2022. And, that the government believes the rate of minimum wage needs to increase because of the “general erosion of spending power of ordinary Bahamians.”
“We also recognize that an important part of our tourism experience is our unique culinary products — and we need to ensure that the sector remains competitive. We have also therefore reduced the duty on food items used mostly in the restaurant and tourism sector,” the prime minister said.
Sharing the fiscal outlook for 2022/23, the prime minister said that the current budget projects a significant rebound
in the Bahamian economy. “Total revenue is projected at $2,804.4 Billion, a 19.9 percent increase over the prior fiscal year when the economy was in the early stages of an economic rebound from the COVID-19 pandemic.
“It incorporates many of our revenue enhancing strategies and outcomes such as increasing Real Property Tax collections and compliance, an improved VAT performance, based on the economic rebound and growth in other fees as a result of improved revenue administration,” he said.
Also in the budget for fiscal year 2022/23, VAT collections are estimated at $1,411.8 million, a 52.4 percent increase over the prior year budget, the prime minister noted. The prime minister also announced that his government would seek parliamentary approval for a Supplementary Budget for additional expenditure of $216.9million and capital expenditure of $34.4 million, for a total of over $251million. “
This budget provides support for the here and now, and also charts the way forward for a brighter tomorrow,” the prime minister said. (BIS Photos/Ulric Woodside)
RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).
In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.
King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.
King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “
Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.
“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.
Bahamas News
Get your laugh on, March On show coming to Turks and Caicos with box office at IGA Friday and Saturday
-
TCI News2 days agoBomb Threat No 6. In TEN days
-
Crime6 days agoUnlocking Perspectives: Serious Tourist Incidents unveiled in TCI
-
TCI News6 days agoRegional SDGs Update; 22% to be reached by 2030
-
Bahamas News5 days agoRBC appoints new Country Manager and Area Vice President for Turks & Caicos
-
Caribbean News5 days agoVISITOR ARRIVALS NOT NEGATIVELY AFFECTED BY TRAVEL ADVISORIES KINGSTON, May 1 (JIS):
-
Bahamas News6 days agoCIBC Caribbean announces the closure of Bay Street Branch
-
Bahamas News5 days agoBahamas economic growth
-
News6 days agoFamily of 16 yo Tourist claims negligence in jet ski death; TCI Coroner’s Court hearing evidence