In a sweeping move to boost national, economic, and social security, Prime Minister Philip Davis unveiled the 2023 national budget today in Parliament, much to the relief of Bahamians as no new taxes were introduced.
The budget, under the theme “Budget 2023: A Budget for Security and Progress,” demonstrates the government’s commitment to fortifying the nation’s borders, investing in crime prevention, climate resilience, food security, education, and affordable housing, and fostering Bahamian ownership within the economy.
“We are strengthening security and building an economy that promotes Bahamian ownership and participation, both essential to our nation’s progress and development,” Davis declared during his address.
Key among the national security measures are strengthening regional and international alliances to safeguard borders and combat climate change, equipping the Royal Bahamas Defence Force with four new patrol vessels, and creating a Youth Guard to bolster capacity during national emergencies.
Notably, the economic security plan includes no tax increases for Bahamians. Instead, the Davis administration will focus on collecting overdue taxes, enforcing regulations, particularly on those who can afford to pay their share. This tax strategy is coupled with significant investments across the Family Islands, and a push towards renewable energy and economic diversification.
The government also aims to promote food security by making considerable new investments in agriculture, including the Golden Yolk Programme and expanding BAMSI farmers markets.
For Bahamian entrepreneurs, the budget promises increased support for Small and Medium Enterprises, offering better prospects for ownership and job creation within the country.
To further bolster personal security and safety, hundreds of new police officers will be deployed for saturation patrols in crime hotspots. Anti-crime initiatives aim to cleanse neighborhoods, invest in community centers, curb gang recruitment, and rehabilitate prisoners.
“Investing in the personal well-being of our people remains a priority,” the Prime Minister assured. This commitment is evident in substantial investments in healthcare infrastructure across the islands, including new hospitals in New Providence and Grand Bahama, and upgraded clinics nationwide. A Catastrophic Health Care Fund will be introduced to alleviate the financial burden of significant illnesses or injuries.
This robust budget, which fortifies security, stimulates economic growth, and encourages social development, signifies the government’s unwavering commitment to a prosperous Bahamas. Davis closed his address, stating, “This is our vision of a Bahamas for Bahamians. And this is the budget to get us there.”
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