Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697645911151.pdf (Bahamas)
OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT 1 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT OFFICE OF THE AUDITOR GENERAL P. O.

BOX N-3027 NASSAU, BAHAMAS Phone Nos.

242-322-2521/323-8939/326-6015 25th June, 2021 Reference No…………………………………….… DAG/C.9/1/030 Mr. Marlon Johnson Financial Secretary (Actg.)
Ministry of Finance Nassau, Bahamas RE: AUDIT REPORT OF THE IMF US$ 250 MILLION UNDER THE RAPID FINANCING INSTRUMENT (RFI) TO ADDRESS THE COVID-19 PANDEMIC Please find the Audit Report of the IMF US$ 250 million under the Rapid Financing Instrument (RFI) to address the COVID-19 pandemic.

d Terrance Bastian Auditor General BN/pf cc.
The Treasurer, Treasury Department 2 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT 3 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT OUR CORE VALUES: o Professionalism o Respect o Integrity o Independence VISION: To provide quality service while protecting the public’s trust in the Government of The Commonwealth of The Bahamas and the Public Service by safeguarding the country’s financial integrity, implementing best practices and promotes accountability and transparency MISSION: Our mission is to serve the people of the Commonwealth of the Bahamas, to protect the trust and promote public’s Government accountability by conducting independent audits and examinations.
4 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT CONTENTS Vision, Mission, Core Values Executive Summary Background Scope Objectives Overview of US$ 250 Million (RFI) to Address COVID 19 Hurricane Dorian & COVID 19 Impact on Financial Operations Hurricane Dorian Related Outlays COVID-19 Related Outlays Office of The Prime Minister Ministry of Finance Ministry of Health Department of Social Services Ministry of Tourism & Aviation Family Islands COVID-19 Related Expenditure The Government State Own Enterprises (SOE’s) The National Food Distribution Task Force The Bahamas Small Business Development Centre Forward Looking – Advancing Resiliency Conclusion Appendix I Appendix II 5 4 6 8 9 10 11 15 23 25 33 35 37 39 42 44 46 50 52 53 58 59 62 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT EXECUTIVE SUMMARY OFFICE OF THE AUDITOR GENERAL – SAI BAHAMAS AUDIT OF THE IMF US$ 250 MILLION UNDER THE RAPID FINANCING INSTRUMENT (RFI) TO ADDRESS THE COVID-19 PANDEMIC “The disbursement under the RFI will help boost resources for essential COVID-19 related outlays, strengthen reserves, and catalyze additional support from other international financial institutions, development partners, and the private sector”.
(IMF) EXECUTIVE SUMMARY On Wednesday, March 11, 2020, Director of the World Health Organization (WHO) declared the Novel Coronavirus (nCoV) a pandemic.

On Sunday, March 15, 2020, the Prime Minister of The Commonwealth of The Bahamas announced the first case of COVID- 19 in New Providence, level of preparedness and during his National Address on the implementation measures to mitigate the spread of the Coronavirus.
The health, safety, and well-being of the Bahamian people and residents of the country stood primarily as the nation’s greatest priority.
The government responded within the global pandemic guidelines and took the following risks mitigation and containment measures:  Executive Orders COVID-19, Regulation 2020 (“the Component Authority”, Office of The Prime Minister),  Health and Medical Measures (Ministry of Health),  In-country testing for COVID-19 at the National Reference Laboratory,  Ministry of National Security (Law Enforcement – National Curfew)  Economic and Financial Measures (Ministry of Finance),  Establishment of the Economic Recovery Committee (ERC)  Central Bank of The Bahamas (Supervisory Response and Guidance for Novel Coronavirus (nCoV), 6 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Other aspects of the pandemic crisis (all the other Ministries, Departments and Agencies, (MDAs),  Bahamas Travel Advice (travel ban, control over international and domestic travel ),  Suspension of trade and industries,  Closure of businesses and educational facilities, and  Work from home protocols.
More than government’s initiatives, combating the pandemic involved the greater society working together to achieve the common good of health and safety of all.

The government leading this cause instituted:  Health and Safety Programmes,  Socio-Economic Programmes,  Educational and Training Programmes, and other  COVID- 19 continuous combating initiatives and programmes.
These programmes and initiatives required the involvement of all:-  Individuals (citizens and residents) levels, practicing COVID- 19 three C’s,  Families and communities levels – living healthy,  Non-governmental Organizations (NGOs inclusive of religious and civil - clubs, associations, etc.

),  Private Public Partnership (PPPs),  Businesses (implementing measures to protect the health and safety of employees and consumers).
Beyond the country’s borders, the government strengthening the health and financial framework through capacity building and collaborating with international institutions:  Partnering with other governments around the world,  The World Health Organization (WHO),  Pan American Health Organization (PAHO), 7 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  United Nations Development Program in Latin America and the Caribbean (UNDP),  Center for Disease Control (CDC),   International Non-governmental Organizations (INGOs), and International Financial Institutions (IFIs) in securing assistance to defray the cost of added COVID-19 expenditures and related increase in recurrent and capital outlays.
Thus, the Bahamas requested from the International Monetary Fund (IMF) emergency financial assistance of US$ 250 million, to help meet the urgent balance-of-payments needs arising from the COVID -19 pandemic.

The IMF approved the disbursement of the resources, under the Rapid Financing Instrument (RFI), June 1, 2020.
The Audit Report provides a review of the utilization of the funding and the implemented programmes inclusive of the government’s response to the health and safety and socio-economic impact of COVID- 19 and Hurricane Dorian related recovery and reconstruction activities.

The impact of Hurricane Dorian is mentioned to illustrate the convergence of both of these destructive interruptions on the country and the 2019/2020 budget.
Importantly, at the impact of COVID- 19, the Bahamas was undergoing recovery for resiliency and sustainable development from Dorian.

BACKGROUND The collision of both catastrophes, Dorian and COVID-19, put the budget in a crisis, tax receipts going down and government payments increasing.

The required US$ 250 RFI funding assisted in addressing the supply and demand shock and having provision for the economic downturn.
Most importantly, the RFI funding was vital in facilitating the urgent measures taken by The Bahamas with respect to socio-economic impact and public health resiliency to:  Contain the spreading of the Coronavirus (COVID- 19),  Maintain the public health and safety wellbeing of all in The Bahamas,  Provide social assistance and benefits to the most vulnerable, 8 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Provide unemployment assistance benefits,  Support jobs,  Advance job creation and entrepreneurial spirit  Advance business continuity and stimulating sectors and industries,  Engage Public Private Partnerships (PPPs).
The Bahamas, in the midst of COVID-19, progressive initiatives for resiliency and sustainable development are noted.
The IMF stated that, “The authorities’ policy response to the COVID-19 crisis is appropriate, including the timely adoption of targeted fiscal measures to boost health spending, support jobs and vulnerable segments of the population.” The Audit outlines the sources and uses of the funding with respect to the initiatives and related programmes under the various Ministries, Department, and Agencies (MDAs), State Owned Enterprises (SOEs) and the Public Private Partnership (PPPs) involvement.
The results of the audit of the US$250 IMF RFI disbursed in June 2020 and expended in the same period; are shown throughout the report to emphasize the contribution in relation to; COVID- 19 and Hurricane Dorian expenditures impact on the 2019/2020 Fiscal Budget.

SCOPE The audit primarily focus on the period in which the COVID-19 transactions relative to health, safety, socioeconomic, risks mitigation, and containment of the pandemic occurred in the 2019/2020 Budgetary Period.
In addition, Hurricane Dorian recovery and reconstruction outlays executed in this same period are included in the account of the disbursed funds.

Presented are comparatives of prior year’s financial results relative to data analytics to illustrate the pandemic impact.

Perspectives for resiliency for sustainable development are also highlighted.

9 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT OBJECTIVE The objectives of the audit were to determine: I.
The actual expenditure related to COVID-19 within the 2019/2020 Budgetary Period in relation to the US$ 250 IMF RFI; II.

The disbursement and uses of the US$ 250 IMF RFI that contributed to the urgent balance of payments needs; III.

Contribution of the uses of the funds for budgetary support; IV.
The programmes instituted to respond to the COVID- 19 pandemic impact on the country and the most vulnerable; and V. To make recommendations for improvement and strengthening of processes and systems, as deemed necessary.

APPROACH AND METHODS To achieve the audit objectives, we interviewed appropriate management and personnel, examined records and reports, and applied data analytics.

Further, we employed other methods deemed appropriate in the given circumstances.
STANDARDS FOR THE AUDIT The audit was conducted following: I.

The Financial Administration and Audit Act 2010, Amendments and Financial Regulations 1973.

II.

The International Standards for Supreme Audit Institutions (ISSAIs) International Organization of Supreme Audit issued by the Institutions (INTOSAI).

These standards guide the audit team to obtain sufficient and appropriate evidence to provide a reasonable basis for the findings and conclusions based on the audit objectives.
10 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT OVERVIEW OF US$ 250 MILLION (RFI) TO ADDRESS THE COVID- 19 “The IMF Executive Board approved The Bahamas’s request for emergency financial assistance of about US$250 million to help meet the urgent balance-of-payments needs stemming from the COVID-19 pandemic.” (IMF) The approved US$ 250 million by the International Monetary Fund (IMF), under the Rapid Financing Instrument (RFI), was an emergency financial assistance for resources to (1) meet the urgent balance of payment needs arising from COVID- 19 (2) boost funds for essential COVID- 19 related outlays and (3) catalyze additional support from development partners.
The Central Bank of The Bahamas as the custodian and disbursement agency, facilitated upon the Public Treasury’s request: The remittances of the funds to the $B Expenditure Account; and The repayment of the $50 million Treasury Bills (T-bills - short-term borrowings of the Government issued to meet temporary deficits).

The Summary Account (Table 1) shows the receipts and disbursements of the US$ 250 million for the period 3 June, 2020 to 29 June 2020.
Sources: Central Bank of The Bahamas (CBoB) and The Public Treasury Department 11 Value DateAmount BSD3 June, 2020250,115,184.639 June, 2020$B Dollar Account - Expenditure Funding (60,000,000.00) 12 June, 2020Treasury Bills (T-Bills) - Repayment (CBoB)(50,000,000.00) 16 June, 2020$B Dollar Account - Expenditure Funding (50,000,000.00) 24 June, 2020$B Dollar Account - Expenditure Funding (60,000,000.00) 29 June, 2020$B Dollar Account - Expenditure Funding (30,000,000.00) 29 June, 2020Balance of Account115,184.63Purchase from IMFTABLE 1MoF IMF Receipts /Disbursements250 Million Dollars (Under the Rapid Financing Instrument - RFI)Summary AccountFor June 6, 2020 to June 29, 2020Transaction OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Particulars of the US$ 250 Million IMF RFI Loan The following is the actual breakdown of the loan:  USD Equivalent - USD $250,927,680.00  Total Disbursements - $250,115,184.63 ($181,552,908.14 + $68,562,276.49)  Administrative/Legal Fees - $812,495.37 Accounting and Reporting (Receipts/Disbursement) - IMF US$ 250 Million The data, under the listed components below, provided the flow of the COVID-19 related transactions with respect to the financial instrument.
 Capital Revenue (Proceeds from Borrowing);  Recurrent Expenditure (COVID-19 outlays analysis highlighted);  Capital Expenditure (COVID-19 outlays analysis highlighted);  Statement of Cash Flows (Sources and Uses of Funds); and  Public Debt Statement Supplementary – Bahamas Government Treasury Bills (T- Bills).

Summary of Uses of US$ 250 Million IMF RFI The Bahamas received US$ 250 million IMF RFI loan in June 2020 and $246.76 million was expended to address the increased fiscal needs.
Summary of the actual expenditure amounts are shown in the table that follows under the following categories: 1.

Hurricane Dorian Related Expenditure 2.

COVID- 19 Related Expenditure 3.

Government Subvention to State Owned Enterprises (SOEs) 4.

Operational Activities Domestic Payments 5.

Operational Activities Foreign Payments 6.

Repayment of Treasury Bills (T-Bills) Included in the SOEs and in both domestic and foreign payments are COVID-19 related activities.
The same are included under detailed expenditure account of the various MDAs, SOEs and Public Private Partnership (PPPs).

12 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Procurement of Goods and Services Regulatory and Processing Framework Hurricane Dorian and COVID-19 were both historically unprecedented disasters.

At the initial stage of the impact, the government made provision to relax the procurement processing to facilitate urgent and timely delivery of essential goods and services.
In addition, in the normal workflow of procurement, for the 2019/2020 budgetary period the processing framework is captured in Appendix I.

We reviewed the procurement documentation, pertaining to both unprecedented crises, outlining the approved directives.

Protocols and guidelines of the process during the lockdown were also included.
Suppliers of Works and Services – COVID- 19 Listing We were provided with a listing of “Suppliers of Works and Services” that received payments for the delivery of goods and services related to COVID- 19.

Request was made for the beneficial ownership of these business entities, however, the same is pending.

Reference is drawn to the law in the Bahamas governing beneficial ownership, in that confidentiality, access and use of the information is legislated.

(Appendix II).
13 PAYMENT CATEGORIESAMOUNT ($)OPERATIONAL TRANSACTIONS AS % OF THE IMF RFIHURRICANE DORIAN RELATED PAYMENTS 20,306,691 HURRICANE DORIAN RELATED PAYMENTS 3,481,651 SUB-TOTAL 23,788,342 10%COVID- 19 RELATED PAYMENTS17,161,803 COVID- 19 RELATED PAYMENTS737,106 SUB-TOTAL 17,898,910 7%*STATE OWNED ENTERPRISES (SOEs)69,917,701 28%*OPERATIONAL ACTIVITIES (VENDOR PAYMENTS)33,667,242 13%*OPERATIONAL ACTIVITIES (FOREIGN VENDOR PAYMENTS)29,670,400 12%SUB-TOTAL 63,337,642 25%*SALARY DEDUCTIONS MAY 2020 (CONTRACTUAL OBLIGATIONS REMITTED JUNE 10TH, 2020)21,817,652 9%TREASURY BILLS (T-BILLS) REPAYMENT50,000,000 20%TOTAL DISBURSEMENT PAYMENTS246,760,247 99%* Inclusive in the SOEs and Operational Activities are COVID- 19 ProgrammesSUMMARY OF USES OF US$ 250 IMF RFI (PAYMENT DISBURSEMENTS) OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT We also noted that the IMF states that, “Knowing who ultimately owns companies (their beneficial owners) is a key piece of data that allows governments and citizens to check that money is going where intended.” We note that beneficial ownership full disclosure plays a pivotal role in the good governance in governmental financial affairs with respect to:  Transparency and accountability,  Integrity and law enforcement work, and  Mitigating the risks associated with abuse of public funds, corruption, and financial fraud.
We recommend that consideration should be given to:  Addressing the beneficial ownership disclosure in terms of advancing and strengthening good governance;  Harnessing accountability in public sector procurement and financial affairs;  Further strengthen good corporate governance of all legal entities doing business in the country; and  Further advance compliance in the regulatory environment to maintain good ethics for safety and protection.
We note that the “Performance Audit” of the procurement of goods and services for the various programmes for COVID- 19, will subsequently be submitted upon completion.

The Performance Audit or “Value-for-Money Audit” (VFM) is an examination and assessment of the government officials executing their responsibilities in the delivery of programmes, contractual projects at minimal cost – adherence to conservative standards.
14 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT HURRICANE DORIAN & COVID-19 IMPACT ON FINANCIAL OPERATIONS “The Bahamas faces an unprecedented crisis as it battles the fallout from two consecutive large shocks.
It was just recovering from the widespread destruction caused by Hurricane Dorian in the fall of 2019, when the COVID-19 pandemic led to a sudden stop in tourism, causing a deep recession and creating large external and fiscal financing needs.” (IMF) On March 16, 2020, the Coronavirus (COVID-19) global pandemic collided with Hurricane Dorian’s recovery, reconstruction and development projects in progress for socio-economic resiliency in The Bahamas.
The country that had already experienced the worst natural disaster in its history, a category 5 hurricane with numerous fatalities and estimated damages at $3.4 billion; was faced with additional catastrophe and funding needs.

Dorian and COVID-19 took a toll on the country’s health and safety, social, economic, financial, trade, industries, and the entire wellbeing of the citizens and residents.
Overview of Hurricane Dorian and COVID- 19 Financial Impact Measures put in place to address the recovery and reconstruction, after Dorian, resulted in “forgone revenue” and increased expenditure.

The impact on recurrent revenue required additional funding from financing and borrowing activities.
Hurricane Dorian Impact on Recurrent Revenue  Business interruption in Abaco and Grand Bahama Islands;  Disaster Reconstruction Authority (Special Economic Recovery Zone – SERZ) (Relief) Order, 2019 and Extension 2020;  Bahamas Customs and the Department of Inland Revenue “foregone revenue”;  VAT Relief Measures for Special Economic Recovery Zones –SERZ);  Tax Free Cargo Imports (SERZ);  Special Economic Recovery Zone Order (SERZ) replacement vehicle;  Real Property Tax Relief (SERZ);  Recovery, Environmental Clean-up, Reconstruction Initiatives; 15 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Increase Revenue Deficit.
COVID- 19 Impact on Recurrent Revenue  COVID- 19 Emergency Orders and Powers, Regulation 2020 – (lockdown, curfew and social distancing) – Economic downturn, GDP impacted;  Closed international and domestic borders – Customs, Tourism and Aviation, Transportation and Ports revenue down;  Closed hotels and casinos – Tourism revenue down;  Closed gaming houses – Gaming revenue down;  Closed small, medium size, large and very large businesses – VAT revenue down;  COVID-19 Tax credits and deferrals;  COVID-19 Tax Credit and Tax Deferral Employment Retention Programme– Department of Inland Revenue “foregone revenue”;  Department of Road Traffic risk mitigation and relief measures – Motor vehicle fees revenue down.
DORIAN & COVID- 19 IMPACT ON REVENUE Recurrent Revenue The $2.08 billion recurrent revenue generated in 2019/2020 fell short of the budgeted $2.62 billion by $544.10 million, an equivalent to 26% underperformance.

Overall, the $489.97 million recurrent tax revenue shortfall accounted for 90% of the total $544.10 million shortfall, with non-tax recurrent revenue accounting for $54.13 million, an equivalent of 10%.
With respect to the prior year, recurrent tax revenue declined from $2.19 billion to $1.85 billion, down by 26%, an equivalent of $489.9 million.

The Revenue Budgetary Performance Comparative Analysis Schedule that follows, depicts the trade sectors revenues that were impacted substantially by the disruption of Dorian and COVID- 19.
16 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT 17 ACTUAL REVENUE 2018/2019 ($)ACTUAL REVENUE 2019/2020 ($)FINAL APPROVED BUDGET 2019/2020 ($)ACTUAL VS BUDGET VARIANCE OVER/(UNDER)BUDGETARY PERFORMANCE ANALYSIS PERCENTAGEIMPORT AND EXPORT DUTIES296,978,201.00 277,475,424329,374,820(51,899,396) -19%EXCISE TAX241,905,612.03 205,586,680283,273,115(77,686,435) -38%PROPERTY TAX247,619,225.00 100,339,813130,954,681(30,614,868) -31%MOTOR VEHICLE35,379,811.92 30,839,88438,780,154(7,940,270) -26%GAMING TAX39,773,079.96 39,923,50136,189,5883,733,913 9%TOURISM TAX147,397,228.85 125,524,540159,795,776(34,271,236) -27%STAMP TAX97,709,475.00 6,652,66210,383,165(3,730,503) -56%COMPANY FEES20,295,054.13 16,781,71225,413,840(8,632,128) -51%BANK & TRUST COMPANY FEES27,634,880- 573,600(573,600) 100%VAT & OTHER TAXES1,045,278,361 1,047,169,1271,325,527,853(278,358,726) -27%2,199,970,929 1,850,293,3432,340,266,592(489,973,249) -26%FEES AND SERVICE CHARGES174,536,117131,820,125185,769,299(53,949,174) -41%REVENUE FROM GOVERNMENT PROPERTY14,210,30319,564,20014,845,0774,719,123 24%INTEREST AND DIVIDENDS5,380,00010,899,58824,612,028(13,712,440) -126%LOAN REPAYMENT189,72639,655,01827,581,15312,073,865 30%SERVICES OF COMMERCIAL NATURE29,319,599 29,660,90832,925,851(3,264,943) -11%223,635,745231,599,839285,733,408(54,133,569) -23%OTHER NON-FINANCIAL ASSETS2,666,627- - - -CAPITAL REVENUE45,2006,191.002,0004,191 68%GRANTS0100,0002,120,501(2,020,501) -2021%PROCEEDS FROM BORROWINGS1,094,137,790.00
 1,239,647,281.00764,883,064.00474,764,217 38%1,096,849,6171,239,753,472.00 767,005,565.00 472,747,907 38%3,520,456,291 3,321,646,654.00 3,393,005,565.00 (71,358,911) -2%TOTAL REVENUE CAPITAL REVENUESUB-TOTAL SUB-TOTALSUB-TOTALTOTAL TAX AND NON TAX RECURRENT REVENUE2,423,606,674 2,081,893,182-26% REVENUE BUDGETARY PERFORMANCE ANALYSIS 2019/2020TAX REVENUE AND NON-TAX REVENUENON-TAX REVENUETAX REVENUE2,626,000,000(544,106,818) OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT VAT Revenue Analysis VAT revenue on the consumption of goods and services, in the domestic economy and on applicable imports, accounts for the major source of funding for recurrent operations.
In comparison to the $307.68 million VAT revenue generated in Q4, 2018/2019, the $136.66 million collected in 2019/2020 resulted in a substantial decline of $171 million.

The table below shows the impact of COVID- 19 on VAT revenue generation.

In June 2020, VAT revenue is down by $94.76 million, an equivalent to 77% decline over the prior year, same month.

Hence, the US$ 250 IMF RFI borrowing support for COVID-19 related transactions is noted.

The VAT revenue chart below depicts the decline.
18 YEARJANUARY FEBRUARYMARCHAPRILMAYJUNE2019101,193,306 48,506,834 53,875,274 110,591,307 74,435,899 122,660,397 2020113,206,717 52,332,531 58,029,082 72,917,715 35,847,079 27,898,402 INCREASE (DECREASE)12,013,411 3,825,698 4,153,807 (37,673,592) (38,588,820) (94,761,995) PERCENTAGE INCREASE/DECREASE12%8%8%-34%-52%-77% ACTUAL VAT REVENUE COMPARATIVE ANALYSIS JANUARY - JUNE 2019 VS 2020$101,193,306 $48,506,834 $53,875,274 $110,591,307 $74,435,899 $122,660,397 $113,206,717 $52,332,531 $58,029,082 $72,917,715 $35,847,079 $27,898,402 JANUARYFEBRUARYMARCHAPRILMAYJUNEACTUAL VAT REVENUE COMPARATIVE ANALYSIS JANUARY -JUNE 2019 VS 202020192020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Further, for the second half of 2018/2019 budgetary period, the consumption of Vatable goods and services funneled $2.56 billion in the domestic economy.
In 2019/2020, the amount fueled was $1.13 billion; resulting in a substantial decline of $1.42 billion.

Non-Tax Revenue Overall, non-tax revenue of $231.59 million grew by 2 % over the prior year’s $227.57 million, an equivalent of $4 million.

Capital Revenue Capital revenue amounted to $1.23 billion in 2019/2020, an increase of $142.9 million, over prior year $1.09 billion.

The revenue was $71.35 million less than the budgeted $3.39 billion or 2% below the budget.
The $1.23 billion proceeds from borrowings exceeded the budgeted $764.88 million by $474.76 million, an equivalent 62% increase over the budget.

With respect to the $1.23 billion proceeds from borrowings, the US$ 250 million IMF RFI is included in the $402 million, proceeds from other loans (as shown below).

This IMF RFI represented 62% of the proceeds from other loans.
Recurrent Expenditure Budgetary Increase The original recurrent expenditure budget for 2019/2020 was $2.53 billion, and with the supplementary appropriations revised to the final approved budget of 19 Financing Sources Financial Year Ended 30-June 2019Financial Year Ended 30-June 2020Increase /(Decrease)Percentage of Total BorrowingsProceeds from Stocks/Bonds 889,700,000562,560,900(327,139,100) 45%Proceeds from Loans - Commercial Banks 190,000,000275,000,00085,000,000 22% *Proceeds from Other Loans 14,437,790402,086,381387,648,591 32%Total Proceeds from Borrowing 1,094,137,7901,239,647,281145,509,491 100%Proceeds from Grants 0100,000100,000 N/AProceeds from Sale of Government Assets 45,2006,191(39,009) N/ATotal Borrowings, Grants & Other Capital Income 1,094,182,9901,239,753,472145,570,482N/A*IMF US$250 Million RFI included in Proceeds from Other LoansBORROWINGS, GRANT & OTHER CAPITAL INCOME COMPARATIVE ANALYSIS 2018/2019 VS 2019/2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT $2.78 billion.
The supplementary appropriations increased the budget by $259.7 million, an equivalent of 10%.

The actual recurrent expenditure was $2.53 billion, which is $256.44 million below the final approved budget.

Represented below in the chart are the MDAs with highest actual expenditure totaling $1.83 billion, an equivalent of 73% of the total $2.53 billion recurrent expenditure.

In comparison to prior year’s $2.46 billion, 2019/2020 recurrent expenditure increased by 3%, an equivalent of $64.59 million.
VAT Expenditure Analysis COVID- 19 impacted the Government’s consumption of Vatable goods and services.

The VAT expenditure for April 2020 to June 2020 totaled $11.54 million, an equivalent of 63% of the $18.44 million of the second half of 2019/2020 budgetary period.

20 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT In comparison to $12.57 million expended in 2018/2019 second half of the fiscal period, expenditure is up by $5.86 million, an equivalent of 47%.
This is driven by the $3.03 million increase expenditure in June 2020.
For the month of June 2020, the period of the receipted US$ 250 IMF RFI, the Government’s consumption of Vatable goods and services outlays are as follows:  $6.06 million VAT expenditure – resulted in $50.55 million consumption of Vatable goods and services;  In comparison to June 2019, $3.03 million VAT expenditure – consumption of Vatable goods and services increased by $25.29 million, an equivalent of 100%; the consumption doubled over the prior year same period.
 Hence, the Government injected $50.55 million in the domestic economy for the procurement of Vatable goods and services, in June 2020.

Recurrent Budget Deficit Analysis For 2019/2020 the 2.53 billion recurrent expenditure exceeded the $2.08 billion recurrent revenue by $451.42 million, an equivalent to 18% budget deficit.

It is important to note that, during the second half of the 2019/2020 budget period, January 2020 to June 2020, the recurrent budget deficit totaled $390.41 million.
The $250.9 million in June accounted for 64% of this cumulative amount.
21 YEARJANUARY FEBRUARYMARCHAPRILMAYJUNETOTAL20192,300,286 1,329,378 1,609,500 2,171,251 2,132,876 3,035,676 12,578,966 20201,643,072 2,324,764 2,926,396 2,757,504 2,723,767 6,066,666 18,442,168 INCREASE/ DECREASE(657,214) 995,386 1,316,896 586,253 590,891 3,030,990 5,863,202 PERCENTAGE INCREASE/ DECREASE-29%75%82%27%28%100%47% ACTUAL VAT EXPENDITURE COMPARATIVE ANALYSIS JANUARY - JUNE 2019 VS 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The above analysis is further presented in the pictorial graph that follows.
Noticeable is the declining revenue, that is, from $234.96 million in January 2020 to $98.89 million in June 2020, an equivalent of 58% or $136 million.

Exponentially, expenditure increased from $223.10 million in January to $349.80 million in June, an equivalent of 57% or $126.69 million.

The debt financing of the US$ 250 million IMF RFI, assisted the government in addressing the increased fiscal needs and addressing the $250.9 million recurrent budget deficit in June 2020.
Accordingly, the additional financing was required.

The US$ 250 million IMF RFI was requested in May 2020 approved June 1, 2020 and disbursed in the same month.

This RFI boosted the resources needed to assist with covering the following increases in COVID- 19 driven expenditure.

For the most part, supplies and services that are required for COVID- 19 containment management and treatment drove the budgetary spending increase.
Across the 74 MDAs in the Expenditure Budget, inclusive of the Family Islands and the SOEs, additional spending was necessary to have the work environment safe, sanitized, and protected to prevent the spread of the virus.

Most importantly, to treat, quarantine and provide public health facilities for those affected with the virus and to meet the socio-economic needs of the most vulnerable.
22 FINANCIAL COMPONENTJANUARY 2020 ($)FEBRUARY 2020 ($)MARCH 2020 ($)APRIL 2020 ($) MAY 2020 ($)JUNE 2020 ($) ACUTAL RECURRENT REVENUE234,967,452 191,133,314 231,622,733 135,700,644 101,057,940 98,899,431 ACTUAL RECURRENT EXPENDITURE223,109,080 200,615,043 224,969,068 194,577,780 190,719,683 349,806,474 ACTUAL RECURRENT REVENUE DEFICIT11,858,373 (9,481,729) 6,653,665 (58,877,136) (89,661,743) (250,907,043) DEFICIT /SURPLUS AS % OF ACTUAL RECURRENT REVENUE5%-5%3%-43%-89%-254%RECURRENT REVENUE DEFICIT ANALYSIS JANUARY 2020 TO JUNE 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT HURRICANE DORIAN RELATED OUTLAYS “The government appropriately activated the escape clause under the Fiscal Responsibility Law following the hurricane.
Having met the fiscal target for FY2018/19, this will allow a temporary deviation from the fiscal consolidation plan to accommodate policies to support the recovery, including through tax waivers and infrastructure reconstruction expenses.

Strengthening social assistance programs as envisaged in the supplementary budget will support the most vulnerable in rebuilding their livelihoods and those who have lost their jobs.” (IMF Press Release No.
20/32) The recovery and reconstruction activities after the “Passage of Hurricane Dorian” drove recurrent and capital expenditures and impacted the 2019/2020 budget.

With respect to Dorian related expenditures, $23.78 million was disbursed from the US$ 250 IMF RFI, an equivalent of 10% of the funding.
The Ministries, Departments and Agencies with the major responsibilities for recovery and reconstruction, security, and social benefits provisions, in building back the country for resiliency, utilized the bulk of $23.78 million.
The MDAs included:  Office of The Prime Minister  The Ministry of Finance  The Ministry of Health  The Department of Social Services  Department of Environmental Health  Royal Bahamas Defence Force  The Royal Bahamas Police Force  The Bahamas Immigration Department  Ministry of Education  Department of Education The schedule that follows provides a breakdown of the $23.78 million actual expenditure across the MDAs.
23 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT $250 MILLION IMF LOAN DISBURSMENT 2020 - HURRICANE DORIAN RELATED PAYMENTS AMOUNT HURRICANE DORIAN RELATED TRANSACTIONS MINISTRY/DEPARTMENT CABINET OFFICE DEPARTMENT OF AGRICULTURE DEPARTMENT OF EDUCATION DEPARTMENT OF ENVIRONMENTAL HEALTH ($) 6,242 1,221 962,200 NEMA - DORIAN RELATED ACTIVITIES RENTAL & DISTRUBANCE ALLOWANCES 4TH QTR ALLOCATION - VARIOUS FAMILY ISLANDS 4,519,530 DEBRIS MANAGEMENT DEPARTMENT OF MARINE RESOURCES 156,478 SEA CRAFT DEPARTMENT OF SOCIAL SERVICES 1,657,645 ROYAL BAHAMAS POLICE FORCE 287,580 RENTAL & FOOD ASSISTANCE, FURNITURE & OFFICE PRODUCTS HURRICANE DORIAN PAYROLL RELATED TRANSACTIONS IMMIGRATION DEPARTMENT 42,580 SUBSISTENCE & TRAVEL ALLOWANCES MINISTRY OF AGRICULTURE MINISTRY OF HEALTH 134 42,241 OFFICE OF THE ATTORNEY GENERAL 119,926 OFFICE OF THE PRIME MINISTER PORT DEPARTMENT ROYAL BAHAMAS DEFENCE FORCE TREASURY DEPARTMENT MINISTRY OF FINANCE 3,611,768 6,400 441,111 3,293 11,584,557 DORIAN RELATED PRODUCTS TRAVEL AND OTHER DORIAN RELATED TRANSACTIONS OFFICE FURNITURE - FREEPORT DORIAN RELATED –TRIBUNAL CONSTRUCTION OF TEMPORARY HOUSES, SUNDRY CAPITAL EXPENDITURE, MINISTRY OF DIASTER PREPARDNESS MANAGEMENT & RECONSTRUCTION, COMPUTER EQUIPTMENT, TRAVEL RENTAL & DISTRUBANCE ALLOWANCES AUTOMOTIVE, INDUSTRIAL & MACHINERY SUPPLIES, FOOD SUPPLIES AND SERVICES PRODUCTS TREASURY MANAGEMENT DIASTERTRANSACTIONS ENERGY RESTORATION AND VARIOUS CONTINGENCIES, WATER & SEWERAGE INFRASTRUCTURE MINISTRY OF EDUCATION 345,438 OFFICE
 EQUIPMENT & FURNITURE TOTAL 23,788,342 24 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT COVID- 19 RELATED OUTLAYS “The Bahamian authorities have taken timely and targeted measures to boost health spending and mitigate the socio-economic impact of the pandemic, supporting jobs and vulnerable segments of the population.” (IMF) To combat COVID-19, provide essential goods and services and to facilitate the government’s contractual commitments, $246.76 million of the IMF RFI loan was expended in 2019/2020 budgetary period, an equivalent of 99%.
The loan disbursement schedule below, accounts for the COVID-19 related transactions.

*The Public Hospitals Authority – The Nation’s Primary Public Health Facilities are included as the bulk of the expenditure *Monthly salary deductions are disbursed to the financial institutions, on behalf of the government employees, by the 10th of the next month.

25 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT We note that the IMF $246.76 million was expended during the period June 09th to June 30th, 2020.
This funding was disbursed for Budget Support and COVID- 19 Mitigation Spending.
The Government of The Bahamas in securing the $250 US IMF RFI to boost funding for budgetary support and COVID-19 outlays was positioned to provide:  COVID-19 Containment, Health and Safety Initiatives;  Food Assistance Programmes;  Unemployment Assistance Programme;  Social Assistance Benefits Programme;  Sustain The Bahamas Government Employment Contractual Obligations;  COVID- 19 Security and Surveillance Programmes;  Supplies of Goods and Services for Operations; and  Other Related COVID-19 Activities for Resiliency and Sustainability.
Breakdown of $17.89 Million – 7.16% of the US$250 Million IMF RFI Transactions accounted for directly under the COVID-19 established account totaled $17.89 million, an equivalent of 7.16% of the US$ 250 million.

The Ministries and Department capturing the same are shown in the table below.
26 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT We note the expenditure consists of the COVID- 19 programmes initiatives in response to meeting the needs of the most vulnerable with:  Food assistance benefits and special grants,  Economic support for small and medium size business resiliency and sustainable development, and  Medical and surgical supplies, equipment and other COVID-19 essential goods.
Breakdown of $29.67 Million Overseas Payments – 12% of the US$250 Million IMF RFI Vendor payments for goods and services and external financing in the overseas market accounted for $29.67 million of the US $250 million IMF RFI.

The breakdown of the outlays are shown in the schedule that follows.
27 MINISTRY/DEPARTMENTAMOUNT ($)PERCENTAGE OF IMF FUNDINGCOVID-RELATED EXPENDITURE DESCRIPTION DEPARTMENT OF SOCIAL SERVICES1,436,761 0.57%FOOD ASSISTANCE PROGRAMME324,608 0.13%SPECIAL GRANT COVID-19MINISTRY OF FINANCE10,000,000 4.00%SMALL & MEDIUM SIZE BUSINESS SUPPORT5,100,000 2.04%NIB - SPONSORED UNEMPLOYMENT ASSISTANCEMINISTRY OF HEALTH625,042 0.25%MEDICAL EQUIPTMENT, MEDICAL & SURGICAL SUPPLIES, LIVING ACCOMODATION, OTHER SUPPLIES412,498 0.16%COVID- 19 ESSENTIAL GOODS & SERVICES & MEDICAL & SURGICAL SUPPLIESTOTAL17,898,910 7.16%AS A PERCENTAGE OF $250 MILLIONCOVID- 19 RELATED EXPENDITURE $17.89 MILLION FROM US$ 250 IMF RFI OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT 28 COVID-19 RELATED & OPERATIONS OVERSEAS VENDOR PAYMENTS $29.67 M OF THE US$ 250 M IMF RFI MINISTRY/DEPARTMENTAMOUNT ($)% OF IMF FUNDINGCOVID-19 & OPERATIONAL SERVICES EXPENDITURE/ OUTLAYS GOVERNOR GENERAL & STAFF2,427 0.001%BAHAMAS EMBASSY PINS OUTREACH PROGRAMMEOFFICE OF THE PRIME MINISTER160,890 0.1%DIGITAL SERVICES & SUPPLIES, COMMUNICATION UNITROYAL BAHAMAS POLICE FORCE 262,153 0.1%UNIFORM, EQUIPTMENT, SOFTWARE, FIRE ENGINE EQUIPTROYAL BAHAMAS DEFENCE FORCE 465,400 0.2%SEA VESSELS, AVIATION SUPPLIES/PARTS, UNIFORMOFFICE OF THE ATTORNEY GENERAL AND MINISTRY OF LEGAL AFFAIRS584,245 0.2%LAW REVISION, LEGAL SERVICES, ACTION TASK FORCE SERVICECOURT OF APPEAL29,138 0.01%RENEWAL SUBSCRITION/LEGAL SYSTEM SERVICES MINISTRY OF NATIONAL SECURITY1,187,301 0.5%SOFTWARE, SUPPLIES, SECURITY & PROTECTIVE EQUIPTMINISTRY OF LABOUR21,633
 0.01%CONSULTANCY SKILLED CURRENT & FUTURE JOBSMINISTRY OF PUBLIC WORKS380,031 0.2%CONSULTANCY ROADWORKS, MARINE, SYSTEMS, LIGHTMINISTRY OF HEALTH230,388 0.1%LABORATORY, SCIENTIFIC & DIAGNOSTIC SUPPLIESMINISTRY OF FOREIGN AFFAIRS407,026 0.2%MISSIONS/EMBASSIES CONTRIBUTIONS/SALARY/SERVICESMINISTRY OF FINANCE3,621,564 1.4%LAPTOPS, CCRIF RENEWAL, TECHNICAL SUPPORT, SERVICESMINISTRY OF THE ENVIRONMENT & HOUSING52,865 0.02%SOFTWARE RENEWAL & UPGRADE , PROJECT BUSINESS MINISTRY OF SOCIAL SERVICES & URBAN DEVELOPMENT4,500
 0.002%CONSULTANCY SERVICES OPERATIONS MINISTRY OF AGRICULTURE & MARINE RESOURCES487,553 0.20%EMERGENCY FOOD PRODUCTION PLAN, SOFTWARE, FEEDMINISTRY OF TOURISM & AVIATION2,528,247 1%PAYROLLS & OPERATIONAL EXPENDITURE - US DOLLARSMINISTRY OF EDUCATION552,693 0.2%EXAMINATION SUPPLIES & BGCSE CERTIFICATESDEPARTMENT OF SOCIAL SERVICES253,316 0.1%IT SOFTWARE SERVICESPUBLIC DEBT SERVICING - REDEMPTION 6,069,394 2%REPAYMENT OF PUBLIC DEBT - EXTERNAL FINANCING PUBLIC DEBT SERVICING - INTEREST10,004,093 4%INTEREST PAYMENT PUBLIC DEBT SERVICING - EXTERNAL PUBLIC TREASURY DEPARTMENT740,720 0.30%FINANCIAL SERVICES FEES & INTERESTDEPARTMENT OF TRANSFORMATION & DIGITIZATION625,327 0.3%SALARY, VENDOR MANAGEMENT TRAINING/SYSTEM UPGRADEDEPARTMENT OF INLAND REVENUE2,900 0.001%CONTRACTUAL OBLIGATION - SALARYCUSTOMS DEPARTMENT61,482 0.02%REFUNDDEPARTMENT OF AGRICULTURE179,480 0.1%COVID-19 LAYER PROJECT, DORIAN RELIEF FEED, FEED SUPPLYDEPARTMENT OF ARCHIVES11,133 0.004%STATIONNARIES, GENERAL MICROFILM MIGRATIONDEPARTMENT OF EDUCATION70,728 0.03%CHARTER FLIGHTS, BJC/BGCSE EXAM, DIPLOMA /CERTIFICATEDEPARTMENT OF LANDS & SURVEYS494,956 0.20%SERVICES FOR COMPONENT 3 MINISTRY OF PUBLIC SERVICE & NATIONAL INSURANCE178,818 0.1%ONLINE TRAINING, INSURANCE CONTRACTUAL OBLIGATIONTOTAL 29,670,402 12%12% OF THE US$ 250 MILLION IMF RFI OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Breakdown of $ 33.66 Million – 13% of the US $250 Million IMF RFI The schedule that follows provides the details of
 the expended $33.66 million, an equivalent of 13% of the US $250 IMR RFI.
The bulk of the expended amount, $22.26 million, equivalent to 8.9%, consisted of:  Purchase of Government Vehicles – Various MDAs,  Monthly Salary Deductions – Various Banks  Repayment of Hurricane Loan Salary Deductions 29 COVID-19 RELATED & OPERATIONS OVERSEAS VENDOR PAYMENTS $29.67 M OF THE US$ 250 M IMF RFI MINISTRY/DEPARTMENTAMOUNT ($)% OF IMF FUNDINGCOVID-19 & OPERATIONAL SERVICES EXPENDITURE/ OUTLAYS GOVERNOR GENERAL & STAFF2,427 0.001%BAHAMAS EMBASSY PINS OUTREACH PROGRAMMEOFFICE OF THE PRIME MINISTER160,890 0.1%DIGITAL SERVICES & SUPPLIES, COMMUNICATION UNITROYAL BAHAMAS POLICE FORCE 262,153 0.1%UNIFORM, EQUIPTMENT, SOFTWARE, FIRE ENGINE EQUIPTROYAL BAHAMAS DEFENCE FORCE 465,400 0.2%SEA VESSELS, AVIATION SUPPLIES/PARTS, UNIFORMOFFICE OF THE ATTORNEY GENERAL AND MINISTRY OF LEGAL AFFAIRS584,245 0.2%LAW REVISION, LEGAL SERVICES, ACTION TASK FORCE SERVICECOURT OF APPEAL29,138 0.01%RENEWAL SUBSCRITION/LEGAL SYSTEM SERVICES MINISTRY OF NATIONAL SECURITY1,187,301 0.5%SOFTWARE, SUPPLIES, SECURITY & PROTECTIVE EQUIPTMINISTRY OF LABOUR21,633 0.01%CONSULTANCY SKILLED CURRENT & FUTURE JOBSMINISTRY OF PUBLIC WORKS380,031 0.2%CONSULTANCY ROADWORKS, MARINE, SYSTEMS, LIGHTMINISTRY OF HEALTH230,388 0.1%LABORATORY, SCIENTIFIC & DIAGNOSTIC SUPPLIESMINISTRY OF FOREIGN AFFAIRS407,026 0.2%MISSIONS/EMBASSIES CONTRIBUTIONS/SALARY/SERVICESMINISTRY OF FINANCE3,621,564 1.4%LAPTOPS, CCRIF RENEWAL, TECHNICAL SUPPORT, SERVICESMINISTRY OF THE ENVIRONMENT & HOUSING52,865 0.02%SOFTWARE RENEWAL & UPGRADE , PROJECT BUSINESS
 MINISTRY OF SOCIAL SERVICES & URBAN DEVELOPMENT4,500 0.002%CONSULTANCY SERVICES OPERATIONS MINISTRY OF AGRICULTURE & MARINE RESOURCES487,553 0.20%EMERGENCY FOOD PRODUCTION PLAN, SOFTWARE, FEEDMINISTRY OF TOURISM & AVIATION2,528,247 1%PAYROLLS & OPERATIONAL EXPENDITURE - US DOLLARSMINISTRY OF EDUCATION552,693 0.2%EXAMINATION SUPPLIES & BGCSE CERTIFICATESDEPARTMENT OF SOCIAL SERVICES253,316 0.1%IT SOFTWARE SERVICESPUBLIC DEBT SERVICING - REDEMPTION 6,069,394 2%REPAYMENT OF PUBLIC DEBT - EXTERNAL FINANCING PUBLIC
 DEBT SERVICING - INTEREST10,004,093 4%INTEREST PAYMENT PUBLIC DEBT SERVICING - EXTERNAL PUBLIC TREASURY DEPARTMENT740,720 0.30%FINANCIAL SERVICES FEES & INTERESTDEPARTMENT OF TRANSFORMATION & DIGITIZATION625,327 0.3%SALARY, VENDOR MANAGEMENT TRAINING/SYSTEM UPGRADEDEPARTMENT OF INLAND REVENUE2,900 0.001%CONTRACTUAL OBLIGATION - SALARYCUSTOMS DEPARTMENT61,482 0.02%REFUNDDEPARTMENT OF AGRICULTURE179,480 0.1%COVID-19 LAYER PROJECT, DORIAN RELIEF FEED, FEED SUPPLYDEPARTMENT OF ARCHIVES11,133 0.004%STATIONNARIES, GENERAL MICROFILM MIGRATIONDEPARTMENT OF EDUCATION70,728 0.03%CHARTER FLIGHTS, BJC/BGCSE EXAM, DIPLOMA /CERTIFICATEDEPARTMENT OF LANDS & SURVEYS494,956 0.20%SERVICES FOR COMPONENT 3 MINISTRY OF PUBLIC SERVICE & NATIONAL INSURANCE178,818 0.1%ONLINE TRAINING, INSURANCE CONTRACTUAL OBLIGATIONTOTAL 29,670,402 12%12% OF THE US$ 250 MILLION IMF RFI OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT COVID-19 RELATED & OPERATIONS DOMESTIC VENDOR PAYMENTS $33.66 M OF THE US$ 250 M IMF RFI MINISTRY/DEPARTMENT GOVERNOR GENERAL & STAFF MINISTRY OF PUBLIC SERVICE & NATIONAL INSURANCE OFFICE OF THE PRIME MINISTER CABINET OFFICE ROYAL BAHAMAS POLICE FORCE ROYAL BAHAMAS DEFENCE FORCE DEPARTMENT OF IMMIGRATION OFFICE OF THE ATTORNEY GENERAL AND MINISTRY OF LEGAL AFFAIRS OFFICE OF THE JUDICIAL (SUPREME AND MAGISTRATES COURTS) AMOUNT ($) % OF IMF FUNDING 11,359.11 0.005% 1,322,858 1% COVID-19 & OPERATION EXPENDITURE/ OUTLAYS/SERVICES OPERATIONAL SUPPLIES & SERVICES, CONSUMPTION
 GOODS PENSIONS, COMMERICAL RENT & NIB CONTRACTUAL OBLIGATION 172,645 0.07% COVID-19 SERVICES, OFFICE SUPPLIES, COMPUTERS, PAYROLLS 7,681 0.02% SANITATION SUPPLIES AND OTHER GOODS & SERVICES 441,563 0.2% CURFEW OPERATIONS EXAMINATION, COMPUTERS, OPERATIONS 673,057 0.3% PAYROLLS, MARINE, DIVING, MACHINERY, PHARMACUETICAL, FOOD 53,687 0.003% COVID 19 PROTECTIVE GOODS & OTHER SUPPLIES & SERVICES 197,411 0.08% COVID-19 SUPPLIES, INDUSTRIAL TRIBUNAL, OPERATIONAL GOODS 71,249 0.03% COVID-19 SUPPLIES , CABLING
 SERVICE & OTHER SUPPLIES COURT OF APPEAL 28,800 0.01% COVID-19 SUPPLIES, ANNUAL SUPPORT, OPERATIONAL SUPPLIES GOVERNMENT PRINTING DEPARTMENT HOUSE OF ASSEMBLY MINISTRY OF NATIONAL SECURITY MINISTRY OF LABOUR DEPARTMENT OF LABOUR POST OFFICE DEPARTMENT PORT DEPARTMENT PARLIAMENTARY REGISTRATION DEPARTMENT DEPARTMENT OF ROAD TRAFFIC DEPARTMENT OF STATISTICS 2,451 0.001% COVID-I9 SUPPLIES, CLEANING SUPPLIES & OTHER GOODS 5,131 0.002% OPERATIONAL GOODS & SERVICES 206,117 0.1% NASE RELOCATION SUPPLIES & OTHER OPERATIONAL SUPPLIES 35,239 0.01% OPERATIONAL SUPPLIES & SERVICES , SECURITY SERVICES 5,170 0.002% PAYROLLS, OPERATIONAL SUPPLIES & SERVICES, 51,097 0.02% 4TH QTR ADMINISTRATORS FAMILY ISLANDS ALLOCATION 34,451 0.01% CLEANING & MAINTAINENCE & OTHER SUPPLIES 51,784 0.02% COMPUTER & COMPUTER FURNITURE & OTHER GOODS 31,944 0.01% OPERATIONAL SUPPLIES & SERVICES 4,099 0.002% OPERATIONAL SUPPLIES AND SERVICES 30 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT COVID-19 RELATED & OPERATIONS DOMESTIC VENDOR PAYMENTS $33.66 M OF THE US$ 250 M IMF RFI MINISTRY/DEPARTMENT MINISTRY OF PUBLIC WORKS MINISTRY OF HEALTH MINISTRY OF FOREIGN AFFAIRS MINISTRY OF FINANCE MINISTRY OF FINANCIAL SERVICES, TRADE & INDUSTRY & IMMIGRATION MINISTRY OF THE ENVIRONMENT & HOUSING DEPARTMENT OF HOUSING DEPARTMENT OF ENVIRONMENTAL HEALTH SERVICES MINISTRY OF SOCIAL SERVICES & URBAN DEVELOPMENT MINISTRY OF TRANSPORT & LOCAL GOVERNMENT MINISTRY OF AGRICULTURE & MARINE RESOURCES DEPARTMENT OF
 MARINE RESOURCES MINISTRY OF EDUCATION DEPARTMENT OF EDUCATION MINISTRY OF YOUTH, SPORTS & CULTURE DEPARTMENT OF SOCIAL SERVICES PUBLIC TREASURY DEPARTMENT BAHAMAS INFORMATION SERVICES DEPARTMENT OF INLAND REVENUE CUSTOMS DEPARTMENT DEPARTMENT OF AGRICULTURE AMOUNT ($) % OF IMF FUNDING COVID-19 & OPERATION EXPENDITURE/ OUTLAYS/SERVICES 2,369,817 0.9% HEALTH CLINICS,BRIDGES, SEAWALL, CABLING, SCHOOLS, ETC.
156,987 0.06% MEDICAL & SURGICAL SUPPLIES, LAB SERVICES, CHARTERS 54,810 0.02% COVID-19 SUPPLIES & SERVICES, SUPPLIES OVERSEAS MISSION 393,601 0.2% SUBVENTION , SUPPLIES & SERVICES, LEASES, RBPF FURNITURE 66,707 0.03% SUBVENTION , RENTAL AND OTHER GOODS & SERVICES 18,257 0.007% OPERATIONAL SUPPLIES & SERVICES 31,500 0.01% OPERATIONAL UPKEEP VARIOUS HOUSING COMPLEX 2,481,459 0.99% PAYROLLS, RESIDENTIAL & BULK WASTE MANAGEMENT SERVICES 55,359 0.022% OPERATIONAL GOODS & SERVICES 259,000 0.10% RENTAL EQUIPTMENT, OTHER OPERATIONAL SUPPLIES 326,886 0.13% CONTRACTUAL OBLIGATIONS, REPAIRS & MAINTAINENCE, GOODS 3,625 0.001% COVID-19 SUPPLIES, OPERATIONAL SUPPLIES & SERVICES 851,933 0.3% UNEMPLOYMENT BENEFITS, PROJECTS, EXAMS, PRESCHOOL, ETC 244,582 0.10% PROJECTS, EXAMINATION SUPPLIES, COVID-19 GOODS & SERVICES 233,830 0.09% FEDERATIONS, RENT, OPERTIONAL SUPPLIES & SERVICES 320,463 0.13% COVID-19 SUPPLIES, FOOD ASSISTANCE COUPONS, MAINTAINENCE 22,267,789 8.9% HURRICANE LOAN PAYOFF, VEHICLES, SALARY DEDUCTION, SUPPLIES 7,054 0.0% OFFICE SUPPLIES, OPERATIONAL GOODS & SERVICES 14,099 0.006% COVID-19 SUPPLIES, OPERATIONAL GOODS & SERVICES, REFUND 57,017 0.023% COVID-19 SERVICES, OPERATIONAL GOODS & SERVICES, PAYROLLS 524 0.0002% AGRICULTURE CROP SUPPLIES 31 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT COVID-19 RELATED & OPERATIONS DOMESTIC VENDOR PAYMENTS $33.66 M OF THE US$ 250 M IMF RFI MINISTRY/DEPARTMENT DEPARTMENT OF LANDS & SURVEYS DEPARTMENT OF METEOROLOGY DEPARTMENT OF LOCAL GOVERNMENT AMOUNT ($) % OF IMF
 FUNDING COVID-19 & OPERATION EXPENDITURE/ OUTLAYS/SERVICES 17,249 0.01% PAYROLLS, COVID-19 SUPPLIES, OPERATIONAL GOODS & SERVICES 16,191 0.006% OFFICE SUPPLIES & SERVICES , TRAVEL 11,160 0.004% PAYROLLS TOTAL 33,667,692 13% 13% OF THE US$ 25O MILLION IMF RFI Unexpended $3.23 Million (Residual) of US $ 250 IMF RFI The undisbursed $3.23 million of the US $250 million IMF RFI, as at June 30th, 2020 was expended in the subsequent budgetary period 2020/2021.
32 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT OFFICE OF THE PRIME MINISTER “The world is experiencing a crisis.

It has wide scale public health and economic dimensions.

We must work to save lives, keep people healthy, and preserve our economy.

The economic impact of this crisis will be widespread.” (OPM) The Office of The Prime Minister (OPM) responsibilities in COVID- 19 risk mitigation, and containment are highlighted under the integrated MDAs and Public Private Partnerships.
With respect to COVID-19 outlays, the OPM increase expenditure over the second half of 2019/2020 budgetary period is captured in the comparative analysis below.

With respect to the fourth quarter, April-June, 2020, the $8.67 million recurrent expenditure, increased by $2.70 million or 45%, over the prior year’s $5.96 million.
The increased expenditure included the following items:  Ministry of Disaster Preparedness Management and Reconstruction $1.4 million, 33 $4,613,561$5,963,092$4,590,058$8,670,619$0$1,000,000$2,000,000$3,000,000$4,000,000$5,000,000$6,000,000$7,000,000$8,000,000$9,000,000$10,000,000January - MarchApril - JuneOFFICE OF THE PRIME MINISTER RECURRENT EXPENDITURE 6 MONTHS ANALYSIS 2019 VS 2020 2018/20192019/2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Operation of Facilities $1.3 million,  Consultancy Fees $81,391, and  Advertising and Public Notices $819,280.
Capital Expenditure The capital expenditure for April –June 2020, fourth quarter, totaled $3 million for:  Construction of Temporary Housing $1.5 million  Sundry Capital Expenditure $1.5 million 34 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT MINISTRY OF FINANCE “The authorities have introduced temporary fiscal measures of about 4 percent of GDP in response to the COVID-19 outbreak to support healthcare infrastructure, employment, small and medium enterprises, and vulnerable groups in the population.
These measures come on top of the recovery and reconstruction outlays and tax exemptions following Hurricane Dorian.” (IMF) The Government’s March 18, 2020 Parliamentary Statement on The Fiscal and Economic Impact of COVID-19 outlined the Policy Measures to Respond to COVID-19.

The Ministry of Finance, with the responsibility of the management of public finances, provided oversight of the allocation and uses of the US$ 250 million IMF RFI, for intended purposes.
The Public Treasury Department, under the Ministry of Finance and custodian of the public purse, accounted for the actual expenditure of $246.76 million, 99% of the US$ 250 million IMF RFI and related public debt.

The 1% residual, $3.23 million was expended in the subsequent fiscal period 2020/2021.

The Ministry of Finance expended $30.69 million, 12% of the US$ 250 million IMF RFI for its operational services and contractual obligations, as shown in the schedule below.
35 MINISTRY OF FINANCE HEAD/ITEMS DESCRIPTIONSAMOUNT ($)ANNUAL SURVILLANCE FEE & MEDAL SERVICES47,022 COMPUTERS, TECHINICAL SUPPORT, ANALYTICAL REPORTCARRIBBEAN CASTASTROPHIC RISK INSURANCE (CCRIF), RMS COVID-19 UPGRADE3,574,542 TREASURY FINANCIAL MANAGEMENT SYSTEM (TFMS) PHASE 2GENERATORS MAYGUANA, TRAVEL, RBPF FURNITURE, MoF OFFICE SUPPLIES27,361 COVID- 19 SUPPLIES, COMPUTER CONTRACTUAL SERVICES & PRODUCTSSMALL & MEDIUM SIZE BUSINESS SUPPORT (SBDC)10,000,000GOVERNMENT NIB SPONORED UNEMPLOYMENT ASSISTANCE PROGRAMME5,100,000HURRICANE DORIAN - ENERGY RESTORATION & VARIOUS CONTINGENCIES - COVID- 19 11,584,557$1.845M FAMILY ISLANDS SUPPLEMENTARY FUNDING, WATER & SEWERAGE INFRASTRUCTURERBPF APPLIANCES, GOVERNMENT VEHICLE LEASES, POLICY RENEWAL366,240 TOTAL30,699,722 EXPENDED FUNDS AS PERCENTAGE OF US$ 250 MILLION IMF RFI12%MINISTRY OF FINANCE EXPENDITURE ALLOCATION OF $30.69 MILLION OF US$ 250 IMF RFI OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The budgetary support and COVID-19 related funding form the US $250 million RFI, impacted availability of resources to fund the COVID-19 essential programmes.
The schedule below outlines the expenditure during the COVID-19 Emergency Response critical period, under the:  Ministry of Finance  Department of Social Services  Ministry of Health $50.84 Million $ 2.30 Million $ 4.25 Million The other MDAs that expended funds for COVID-19 goods and services from the regular budget Head/Items, are not captured in the above.
Importantly, all MDAs incurred COVID- 19 related expenditure, thus the US $250 IMF RFI, assistance to meet the recurrent budgetary needs is notable.
36 HEADMINISTRIES /DEPARTMENTDESCRIPTION OF ITEMTOTAL AMOUNT ($)21MINISTRY OF FINANCESMALL & MEDIUM SIZE BUSINESSES39,000,000.00 21MINISTRY OF FINANCECONTINGENCIES-VARIOUS DEPTS.OT - FAMILY ISLAND COVID-191,845,000.00 21MINISTRY OF FINANCENIB - SPONSORED UNEMPLOYMENT 10,000,000.00 44DEPARTMENT OF SOCIAL SERVICESFOOD ASSISTANCE BENEFIT1,958,161.27 44DEPARTMENT OF SOCIAL SERVICESCIRCUMSTANCE & RELIEF EMERGENCY347,471.60 60MINISTRY OF HEALTHMOTOR VEHICLES265,000.00 60MINISTRY OF HEALTHCOMPUTERS696.44 60MINISTRY OF HEALTHMEDICAL EQUIPMENT224,925.00 60MINISTRY OF HEALTHSPECIAL ALLOWANCES557,633.40 60MINISTRY OF HEALTHEMERGENCY FLIGHTS9,821.43 60MINISTRY OF HEALTHSUBSISTENCE (DOMESTIC)15,791.22 60MINISTRY OF HEALTHLIVING ACCOMMODATION RENT1,240,410.00 60MINISTRY OF HEALTHSURGICAL & MEDICAL SUPPLIES51,206.55 60MINISTRY OF HEALTHFOOD, ICE & DRINKING WATER115,575.27 60MINISTRY OF HEALTHOTHER SUPPLIES AND MATERIALS894,563.47 60MINISTRY OF HEALTHFEES AND OTHER CHARGES363,498.82 60MINISTRY OF HEALTHJANITORIAL SERVICE CONTRACTS152,672.00 60MINISTRY OF HEALTHPROVISION FOR CONTINGENCIES366,705.58 57,409,132.05 TOTALCOVID-19 EXPENDITURE REPORT FOR MARCH-JUNE 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT MINISTRY OF HEALTH “To ensure that the highest quality of services for health promotion protection and care are accessible to all persons of The Bahamas in order to achieve optimal health.” (Mission Statement) The Ministry of Health is responsible for providing access to public health with respect to comprehensive,
 preventative, quality healthcare and services to all residents.
The Ministry, with its Public Health Department, led the charge across its healthcare systems in combating the pandemic and providing the Surveillance update and monitoring.

The major public healthcare facilities under the Ministry’s portfolio consumed the bulk of the US$ 250 million funding, mainly the Public Hospitals Authority (PHA).
The PHA received $34.31 million or 13.72% of the loan amount in subvention to administer healthcare under:  The Princess Margaret Hospital (PMH);  The Sandilands Rehabilitation Centre (SRC);  The Grand Bahama Healthcare Services (GBHS) and the Rand Memorial Hospital;  The National Emergency Medical Services (NEMS);  The Bahamas National Drug Agency (BNDA) – Pharmaceutical Drugs;  Supplies Management Agency (SMA) - Medical and Surgical Supplies; and  Provision for Pharmaceutical Drugs and Medical and Surgical Supplies to the Government Public Clinics in New Providence and the Family Islands (Community Health Clinics); In addition, the Ministry incurred healthcare expenditure to function and manage COVID- 19 responsibilities for containment and resiliency.
Also, the National Health Insurance Authority (NHI) received $3.66 million in subvention.

The impact of COVID-19 additional expenditure with respect to the Ministry of Health initiatives are show in the comparative schedule that follows.

37 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The Ministry of Health recurrent expenditure increased in June 2020 by $17.2 million; from $22.19 million in the same period prior year, to $39.39 million.

This is a 78% increase in expenditure.


The comparatives for second half of budgetary expenditure in the chart below further illustrates the COVID- 19 impact on Ministry of Health operations.

Capital expenditure also increased in June 2020, from $3.67 million in Q3, to $11.46 million in Q4, an increase of $7.79 million.
The outlays were mainly for:  Construction of Temporary Housing - $8 million  Upkeep of Community Clinics - $1.95 million  Other Machinery and Equipment - $1 million 38 YEARJANUARY FEBRUARYMARCHAPRILMAYJUNE201935,556,520 20,759,819 28,606,753 23,657,144 25,972,433 22,193,660 202019,930,620 37,641,234 32,000,392 25,392,183 25,388,426 39,399,027 INCREASE/DECREASE(15,625,899) 16,881,415 3,393,639 1,735,039 (584,007) 17,205,367 PERCENTAGE INCREASE/DECREASE-44%81%12%7%-2%78%MINISTRY OF HEALTH - RECURRENT EXPENDITURE COMPARATIVE ANALYSIS 2019 VS 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT DEPARTMENT OF SOCIAL SERVICES “As part of a comprehensive pandemic response strategy, the authorities have established Economic Recovery, Tourism Response, and National Food Committees.
The Food Committee will enhance the collaboration among public institutions, the private sector and civil society organizations to improve food distribution, especially to the most vulnerable groups.” The Department of Social Services (DOSS) under the Ministry of Social Services & Urban Development provides:  Food Assistance Programmes  Financial Assistance Programmes  Counselling, Advocacy and Educations  Empowerment, Health and Wellness  Shelter, Housing, Protection and Services The DOSS undertakes an essential role in facilitating programmes to assist the most vulnerable impacted by COVID- 19.
The programmes outlays increased the 2019/2020 budgetary expenditure, a direct impact.

Social Services 2019/2020 Actual Expenditure Increase Analysis The $24.74 million expenditure for 2019/2020 increased from $17.72 million in 2018 /2019 by $7 million, an equivalent of 40%.

The above increase is reflective, mainly, in the month of June 2020.
June 2020 COVID- 19 Related Expenditure Increase Analysis For the month of June 2020 the expenditure was $7.22 million, an increase of $6.45 million over the prior year June 2019, an equivalent of 845%.

This expenditure increase is related to COVID–19 Programmes.

The analysis that follows depicts the comparatives.
39 PROGRAMME DESCRIPTIONACTUAL 2018/2019 ($)ACTUAL 2019/2020 ($)INCREASE ($)PERCENTAGE INCREASE %SOCIAL ASSISTANCE BENEFITS17,725,095 24,749,063 7,023,968 40%DEPARTMENT OF SOCIAL SERVICES 2018/2019 VS 2019/2020 EXPENDITURE ANALYSIS OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The overall breakdown of the $7.22 disbursement for the Social Assistance Benefits under the various programmes for June 2020 is shown in the table that follows.
The chart below illustrates the above social programmes expenditure percentages.
40 PROGRAMME DESCRIPTIONACTUAL 2018/2019 ($)ACTUAL 2019/2020 ($)INCREASE ($)PERCENTAGE INCREASE %SOCIAL ASSISTANCE BENEFITS764,607 7,224,151 6,459,543 845%DEPARTMENT OF SOCIAL SERVICES JUNE 2018/2019 VS JUNE 2019/2020 EXPENDITURE ANALYSISSOCIAL ASSISTANCE PROGRAMMES JUNE 2019 ($)JUNE 2020 ($)VARIANCE ($)PROGRAMME EXPENDITURE %SOCIAL ASSISTANCE BENEFITS40,135240,365200,2303%FOSTER CARE BENEFIT53,492-28,131-81,623-0.4%SCHOOL UNIFORM ASSISTANCE BENEFITS3,41623,61520,1980.3%SPECIAL NEEDS CHILDREN BENEFIT1,20021,12019,9200.3%FOOD ASSISTANCE BENEFIT369,3673,993,0883,623,72255%SUBSISTENCE-SUPPORT OF PERSONS266,1811,562,7161,296,53522%CIRCUMSTANCE & RELIEF EMERGENCY DESK ASSISTANCE30,8161,411,3781,380,56120%TOTAL764,6077,224,1516,459,543100%DEPARMENT OF SOCIAL SERVICES ASSISTANCE PROGRAMS JUNE 2019 VS JUNE 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Also, included in the $7.22 million is $1.95 million disbursement to the National Food Distribution Task Force and Food Assistance disbursement to individuals in the Tourism Sector, hospitality industry, who are on furlough and reduced work week.
IMF US $250 Million RFI Contribution to the $7.22 million June 2020 Expenditure With respect to the $7.22 million Social Services Assistance Programmes for June 2020, $2.33 million was disbursed from the US $250 Million IMF RFI to assist with the expenditure, as shown in the table below.

IMF US $250 Million RFI Contribution – Hurricane Dorian Social Services Needs With respect to hurricane Dorian, $1.65 million was disbursed for rental accommodation, food assistance, and furniture and office products.
Overall, for the Social Services Department the $1.65 million disbursement for Hurricane Dorian, and the $2.33 million for COVID-19 totaled $3.99 million, an equivalent of 2% of the IMF US $250 million RFI.
41 DEPARTMENT OF SCOIAL SERVICES COVID-19 $2.33 M DISBURSEMENT OF THE US$ 250 M IMF RFI COVID-19 & OPERATIONAL SERVICES EXPENDITURE/ OUTLAYS DISBURSEMENT AMOUNT ($)IT SOFTWARE SERVICES - OVERSEAS VENDOR 253,316FOOD ASSISTANCE PROGRAMME1,436,761SPECIAL COVID - 19 GRANT 324,608COVID- 19 SUPPLIES, FOOD ASSISTANCE COUPONS, MAINTAINENCE320,463 TOTAL DISBURSEMENT - FROM IMF US$ 250 RFI 2,335,148TOTAL EXPENDITURE FOR JUNE 2020 SOCIAL SERVICES PROGRAMMES7,224,151 IMF US$ 250 RFI CONTRIBUTION AS PERCENTAGE OF THE $7.22M EXPENDITURE32% OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT MINISTRY OF TOURISM & AVIATION “To contain the outbreak and mitigate the impact on the economy, the Government of The Bahamas declared a state of emergency in March, closed air and sea borders and established an Economic Recovery Committee to guide the Country’s COVID- 19 response and recovery efforts.” (IMF) The closed domestic and international borders significantly impacted tourism tax revenue and related fees.
Over the prior year, tourism tax and related fees revenue went down by $22.13 million, an equivalent to 15%.

The air departure tax revenue declined by $17.16 million and accounted for 78% of the overall $22.13 million.

The chart below captures the comparative revenue analysis showing $126.05 million revenue generated in 2019/2020 and $148.19 million in 2018/2019.
42 HEADDESCRIPTIONACTUAL 2018/2019 ($)ACTUAL 2019/2020 ($)VARIANCE ($)23AIR DEPARTURE TAX61,598,77344,437,083(17,161,690) 23SEA DEPARTURE TAX84,866,62180,615,379(4,251,242) 23PLEASURE VESSELS DEPARTURE TAX776,503270,291(506,212) 67HOTEL GUEST TAX155,33197,882(57,449) 23PASSENGER TICKET TAX0103,904103,904 147,397,229125,524,540(21,872,689) HEADDESCRIPTIONACTUAL 2018/2019 ($)ACTUAL 2019/2020 ($)VARIANCE ($)67HOTEL LICENCE39,990 46,199 6,209 67LICENCES-AIRPORT33,420 47,254 13,834 23, 52, 67LANDING FEES-AIRPORT704,431 416,256 (288,175) 67AIR REGULATORY BONDED FEES-16,832 18,880 2,048 794,673 528,589 (266,083) TOTAL148,191,901.67 126,053,128.92 (22,138,772.75) TOURISM TAX TOTAL REVENUE COMPARATIVE ANALYSIS 2018/2019 VS 2019/2020SUB - TOTALTOURISM RELATED FEES REVENUE COMPARATIVE ANALYSIS 2018/2019 VS 2019/2020SUB -TOTAL OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Reduction in Tourism revenue contributed to requesting the IMF RFI emergency supplemental funding.
Employees on furlough and self-employed in the hospitality sector benefited from the Unemployment Assistance Programme.

43 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT FAMILY ISLANDS COVID- 19 RELATED EXPENDITURE “The Ministry of Finance is allocating $1.8 million to support the Family Islands specifically to be used for any COVID- 19 related expenditure” (March 30th, 2020 MoF Parliamentary update Response to COVID- 19) The COVID-19 Family Islands Supplementary Funding totaled $1.84 million.
We reviewed the Financial Policy and Procedure for the Execution of Emergency Directives related to the same.

The actual expenditure accounted for in June 2020, the month of the disbursement of the US$ 250 IMF RFI funding is shown in the table below.
44 DISTRICTSALLOCATED BUDGET ($)ACTUAL ($)THE CITY OF FREEPORT100,000100,000WEST GRAND BAHAMA100,000100,000EAST GRAND BAHAMA75,00075,000CENTRAL ABACO100,000100,000NORTH ABACO100,000100,000SOUTH ABACO50,00050,000ACKLINS50,00050,000CENTRAL ANDROS75,00075,000NORTH ANDROS100,000100,000SOUTH ANDROS50,00050,000MANGROVE CAY25,00025,000BIMINI135,000135,000CAT ISLAND100,000100,000CROOKED ISLAND50,00050,000CENTRAL ELEUTHERA100,000100,000NORTH ELEUTHERA125,000125,000SOUTH ELEUTHERA100,000100,000EAST EXUMA100,000100,000INAGUA75,00075,000LONG ISLAND100,000100,000MAYAGUANA50,00050,000SAN SALVADOR75,00075,000RUM CAY10,00010,000TOTAL1,845,0001,845,000FAMILY ISLAND DISTRICT COVID-19 RELATED EXPENDITURE JUNE 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The chart below depicts the total expended funding by Family Island District.
The major Family Islands Districts accounted for $1,125,000, an equivalent of 60% of the $1.84 million expenditure.
The breakdown is as follows: 45 FAMILY ISLAND DISTRICT ACTUAL EXPENDITURE ($)EMERGENCY FUNDING ALLOCATION %ELEUTHERA325,000 18%GRAND BAHAMA275,000 15%ABACO250,000 14%ANDROS (INCLUDING MANGROVE CAY )250,000 14% ALLOCATION TOTALING 60%1,100,000 60%OTHER FAMILY ISLAND DISTRICTS745,000 40%TOTAL ALLOCATED EXPENDITURE 1,845,000 100%MAJOR FAMILY ISLAND DISTRICTS EXPENDITURE ALLOCATION - 60% OF $1.845 M OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT THE GOVERNMENT STATE OWN ENTERPRISES (SOEs) “Looking beyond the crisis, it would be important for the authorities to resume their ambitious reform agenda including enhancing public financial management and SOE governance.” (IMF) The Government’s State Owned Enterprises (SOEs) received $69.91 million in subvention from the allocation of the US$ 250 million IMF RFI, an equivalent of 28%.
The disbursed amounts are accounted and reported under the Ministry Head/Item with the budget allocation and actual expenditure for subvention.

The details of the funding received by the SOEs under the prespective Ministry are outlined in the table that follows.
46 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT 47 DESCRIPTIONAPRIL-JUNE ($)JUNE 9TH TO JUNE 30TH ($)PERCENTAGE OF JUNEOFFICE OF THE PRIME MINISTERBAHAMAS BROADCASTING CORPORATION OF THE BAHAMAS1,894,637.25607,767.401%ANTIQUITIES MONUMENT783,750.00195,937.500.3%CLIFTON HERITAGE638,154.8876,253.300.1%SUB-TOTAL3,316,542.13879,958.201%MINISTRY OF PUBLIC WORKSWATER & SEWERAGE CORPORATION8,925,000.007,925,000.0011%STRAW MARKET AUTHORITY371,250.00247,500.000.4%SUB-TOTAL9,296,250.008,172,500.0012%MINISTRY OF EDUCATION & SCIENCE TECHNOLOGYUNIVERSITY OF THE BAHAMAS10,478,723.166,350,199.129%BAHAMAS VOCATIONAL & TECHNICAL INSTITUTE1,525,778.251,276,592.752%OPERATIONAL EXPENSE - NATIONAL TRAINING AGENCY336,680.50118,666.000.2%OPERATION-NATIONAL ART GALLERY437,499.97129,166.630.2%SUB-TOTAL12,778,681.887,874,624.5011%MINISTRY OF YOUTH, SPORTS & CULTURENATIONAL SPORTS AUTHORITY712,500.00153,1800.2%MINISTRY OF AGRICULTURE AND MARINE RESOURCESBAHAMAS AGRICULTURAL AND INDUSTRY1,554,750.00518,250.001%BAHAMAS AGRICULTURE FOOD/SAFETY174,999.9958,333.330.1%SCHOOL OF AGRICULTURE & MARINE SCIENCE1,663,270.80554,423.601%SUB-TOTAL3,393,020.791,131,006.932%MINISTRY OF HEALTHNATIONAL HEALTH INSURANCE AUTHORITY7,333,333.303,666,666.635%PUBLIC HOSPITAL AUTHORITY64,624,825.4734,310,151.1049%SUB-TOTAL71,958,158.7737,976,817.7354%DEPARTMENT OF ENVIRONMENTAL HEALTH SERVICES BAHAMAS PUBLIC PARKS & BEACHES AUTHORITY6,800,000.002,268,000.003%MINISTRY OF TOURISM & AVIATIONBAHAMASAIR HOLDING LTD.10,125,750.575,367,161.748%AIRPORT AUTHORITY
 OPERATIONAL3,886,285.192,894,187.284%HOTEL CORPORATION OF THE BAHAMAS106,872.720.000%NASSAU FLIGHT SERVICES1,011,000.00669,000.001%OPERATION OF GAMING BOARD1,205,083.340.000%BAHAMAS CIVIL AVIATION AUTHORITY5,236,264.762,531,264.764%SUB-TOTAL21,571,256.5811,461,613.7816%TOTAL129,826,410.1569,917,701.14100% STATE OWNED ENTERPRISES (SOEs) SUBVENTION (APRIL - JUNE 2020)SOEs $69.91 MILLION EXPENDITURE AS PART OF THE IMF $250 MILLION LOAN: 28% OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT State Own Enterpries Legal and Regulatory Framework Governance The Government State Own Enterpries (SOEs) are:  Established under legislation, the Act, governing the entities’ specific operations;  Provided government subventions to assist with the operational activities;  Under the ministries having portfolio oversight and the budget for the subvention provision; and  Required for financial governance and accountibility to submit annual audited financial statements and the report to Parliament.
With respect to SOEs governance, we noted that improvement was warranted relative to timely submission of audited financial statements and report to Parliament.

The SOEs, are non-compliant with reporting in a timely fashion.
Non- compliance is a risk, and the implications includes:  Inadequate governance and accountability for efficiency;  Unavailability of pertient financial data for decision making; and  Inability to rationalize , thus more funding could be provided than needed; Legislation Enhancing Public Financial Management (PFM) and Good Governance and Accountability of SOEs With respect to the legal and regulatory framework of the SOEs, reference is drawn to legislation advancing Public Financial Mangement (PFM), the Bill and March 2021 enactment of the same, and the Financial Administration and Audit (Amendement) Act, 2020.
We note the strengthening components of the Financial Administration and Audit (Amendment) Act, 2020 – Section A – Monthly and Quarterly Reporting : (1) Every public sector entity that receives fifty percent or more of its operating budget from subventions from the Government shall prepare and submit to the Minister monthly and quarterly financial statements and reports for that entity within thirty days of the end of the reporting period.
(2) The financial statements and reports referred to in subsection (1), must be signed by the chief executive officer or the chief financial officer.
(3) Where a public sector entity has a Board of Directors, the financial statements and reports referred to in subsection (1) must be reviewed and endorsed by the Board, or by a subcommittee or a member of the Board designated by the Page – 2 Financial Administration and Audit (Amendment) Bill, 2020 Board to review 48 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT and endorse the periodic financial statements and reports referred to in subsection (1).
(4) Where there is a conflict between this section and any other provision in any other law, this section shall prevail.

(5) The Minister may by regulations prescribe the form and content for the monthly and quarterly financial statements and reports.
(6) The Minister may withhold any subventions payable to a public sector entity where there is— (a) a delay in the submission of any of the reports required under this section; or (b) a deficiency in the content of any of the reports required under this section, and the Minister believes that the delay or deficiency is not reasonably justified.” Advancing SOEs Reporting and Monitoring at Ministry of Finance Oversight Notably, within the Ministry of Finance, a “Unit” has been established to review the monthly and quarterly financial reporting of the SOEs.
The reporting process has begun, however; all of the SOEs are not complying with the legislation.

Compliance of this process is mandatory for effective decision making and management of scare resources.

The reporting to MoF is manual, the need for an electronic “Software” designed to faciltate the required financial reporting for the SOEs exists.
To faciliatate the “Ease of SOEs Financial Reporting” and “Effective Monitoring and Compliance” we recommend the MoF to:  Digitalize and intregrate the system with an Accounting and Reporting and Management Information Software;  Maximize “Big Data Analyticals”with the Software advanced “Smart Tools”;  Software ease of usability with embedded reconciliation checks and balancing algorithms controls and user experience (UX);  Ensure SOEs’ audited financial statements and the reports, after tabling in Parliament, are published in a timely fashion on the Government’s Website.
49 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT THE NATIONAL FOOD DISTRIBUTION TASK FORCE “More than 76,000 people have received assistance from the National Food Distribution Task Force (NFDTF) since the public private partnership was officially formed to provide emergency food relief to Bahamians and residents impacted by the COVID-19 outbreak.” (Bahamas Information Services, June 25, 2020) The National Food Distribution Task Force (NFDTF) was established to provide emergency food relief to Bahamians and residents impacted by COVID- 19.
The NFDTF is a Public Private Partnership (PPP) between the Government and Non- governmental Organizations (NGOs).

The NFDTF inclusive of the NGOs engaged in programme received $1.9 million from the Government for the the COVID-19 food distribution, for the period May 2020 – June 2020.

The table below provides a breakdown of the disbursement of the essential COVID- 19 outlay.

The NFDTF coordinated the outreach and food distribution by Zones in New Providence and the Family of Islands.
NGOs Leaders are assigned to designated Zones.
The NGOs Zone Leaders also work with supporting partners inclusive of: 50 DATENON-GOVERNMENTAL ORGANIZATIONS (NGO's)FUNDS DISTRIBUTEDMay - 2020Bahamas Feeding Network400,000$ June - 2020Bahamas Feeding Network648,306$ June - 2020Bahamas Red Cross147,312$ June - 2020Grand Bahama Comm Crates & Co.34,186$ June - 2020Hands For Hunger192,636$ June - 2020Idea Relief205,116$ June - 2020Lend a Hand Bahamas179,010$ June - 2020One Eleuthera96,654$ 1,903,220$ June - 2020Other - Social Service Food Assistance54,381$ June - 2020Face Mask Assistance560$ 1,958,161$ DEPARTMENT OF SOCIAL SERVICES NATIONAL FOOD DISTRIBUTION TASK FORCE EXPENDITURE MAY 2020 - JUNE 2020 TOTALSUB - TOTALOTHER FOOD DISTRIBUTION ASSISTANCE OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Faith Based Groups  Civil Society  Other NGOs, and  Other Communities Feeding Efforts In advancing the overall services of the NFDTF and the Food Assistance Benefits for resilency and sustainable development we recommend:  Digitalization of the Process with Food Debit Card Management,  Improving the Management of Healthly Life Style across the Commonwealth of The Bahamas, and  Strengthening healthly dietary, nutritous food consumption, in an effort for the reduction in non-communicable diseases.
51 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT THE BAHAMAS SMALL BUSINESS DEVELOPMENT CENTRE The Government of The Bahamas is now issuing Business Continuity Grants to small and medium-sized enterprises through its COVID-19 relief initiative, the Business Continuity Loan Program.

That initiative will be managed by the Access Accelerator Small Business Development Centre.”(The Government -MoF) Access Accelerator, Small Business Development Centre (SBDC), is a tripartite agreement between: 1.
The Government through the Ministry of Finance (MoF), 2.

The University of The Bahamas (UB), and 3.

The Bahamas Chamber of Commerce and Employers’ Confederation.

The SBDC was established on September 20, 2018 to:  Support the development of micro and small-medium size enterprises,  Help Bahamians start and grow their business, and  To fulfill the dreams of the MSMEs.
The Government, in supporting business continuity and employment assistance, disbursed $39 million to the SBDC for COVID-19 during 2019/2020 fiscal period, as shown in the table below.

The $10 million in June 2020 was from the US $250 IMF RFI funding.
52 MINISTRY OF FINANCE - BAHAMAS SMALL BUSINESS DEVELOPMENT CENTRE DISBURSEMENT DATE AMOUNT DISBURSED ($)PURPOSE OF FUNDING 30/3/20205,000,000SMALL & MEDIUM-SIZE BUSINESS30/04/202010,000,000MSME SBSC- COVID1929/06/202010,000,000ADDITIONAL BUSINESS CONTINUITY29/06/20205,000,000COVID 19-MSME BUSINESS CONTINUITY30/06/20209,000,000BUSINESS CONTINUITY FUNDINGTOTAL39,000,000COVID- 19 FUNDING FOR MSME INITIATIVE S & BUSINESS CONTINUITYFOR THE PERIOD APRIL 2020 TO JUNE 2020 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT FORWARD LOOKING – ADVANCING RESILIENCY “Looking beyond the crisis, it would be important for the authorities to resume their ambitious reform agenda including enhancing public financial management and SOE governance, advancing revenue administration reforms and continuing to improve the effectiveness of the AML/CFT framework.
Strengthening resilience to natural disasters also remains a priority.” Enhancing Public Financial Management We note that up to the time of completion of this Audit the following legislative bills were enacted into law in March 2021.

 Public Finance Management Act, 2021;  Public Debt Management Act, 2021;  Statistics Act, 2021; and  Public Procurement Act, 2020.

Enactment of legislation that undergirds good governance and accountability is vital.
More importantly, compliance and enforcement controls to mitigate risks of non-compliance.

Enhancing State Owned Enterprises (SOEs) Governance The Financial Administration and Audit (Amendment) Act, 2020 and the Public Finance Management Act, 2021 strengthened the governance, accountability and operational control framework.
Advancing Revenue Administration Reforms With respect to the existing Revenue Management Systems upgrade under the Ministry of Finance inclusive of:  Treasury Department – Treasury Financial Management (TFMS) Upgrade,  Customs Department Bahamas CLICK2CLEAR, formerly the Bahamas Electronic Single Window (BESW),  Department of Inland Revenue – Revenue Management System (RMS),  The Road Traffic Department – Revenue Management System (RDRMS)/ Transportation Management System (TMS), 53 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT  Public Debt Management System – Meridian,  eProcurement and Suppliers Registry System,  The strengthening legislative reform provide tools with the undergirded Government of the Bahamas Digitization to realize the benefits of effective and sustainable Revenue Administration Reforms,  Continuous capitalization and improvement with respect to (Integrated Financial Management Systems) Consultative initiatives, IFMIS  Optimization of International and National Institutions and Partners technical assistance in strengthening the Public Expenditure and Financial Accountability (PEFA); for improving financial management sustainable development.
We recommend that the most cost efficient, effective and best practices be undertaken with respect to Revenue Administrative Reforms to ensure that the Government revenue generated from taxes and fees are free and clear from leakages.

The reforms should be in tandem with cost containment initiatives to maximize scarce resources equitably.
The Central Bank of The Bahamas (CBOB) The Central Bank of The Bahamas provided the following update to the OAG with respect to improving the effectiveness of the AML/CFT framework.
A) Effectiveness - International Co-operation Review Group (ICRG) Process The significant AML/CFT related measures taken by The Bahamas are outlined in the Executive Summary of Progress Made by The Bahamas In its AML CFT Regime, which was Identified Risk Framework Coordinator on 24 September 2020. issued by the Bahamas’ National The FATF conducted its on-site visit to The Bahamas in November 2020 to review the effectiveness of the AML/CFT measures undertaken.
Subsequent to the on- site visit, the FATF de-listed The Bahamas from the list of Jurisdictions under Increased Monitoring, highlighting the significant progress made by the jurisdiction to improve its AML/CFT regime.

The Bahamas is therefore no longer subject to the FATF’s increased monitoring process.

It continues to work to enhance further its AML/CFT regime.
B) Technical Compliance At the CFATF’s November 2018 Plenary, the Bahamas was successfully re-rated on 13 of the 40 technical compliance Recommendations.

Given its progress to 54 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT date, the jurisdiction will seek further re-ratings on the remaining 10 “Partially Compliant” Recommendations during 2021.

Work has begun to update the country’s National Risk Assessment, which is expected to be completed during the first half of 2021.
The OAG reviewed the Central Bank’s Executive Summary of Progress Made by The Bahamas In its AML CFT Regime, and noted the measures taken deemed significant.

The OAG recommends that improving the effectiveness of the AML/CFT framework continue.
Bahamas Financial Services Board (BFSB) “Bahamas Makes Significant Strides in Fight Against Financial Crime: Update In The Bahamas” National Integrated Risk Framework.” “There have been tremendous efforts made to address all concerns of the CFATF and the FATF Regarding The Bahamas’ Anti Money laundering, counter financing of terrorism and counter proliferation (AML/CFT/CFP) framework – legislative, regulatory and enforcement landscapes have been thoroughly reviewed and strengthened.
The Bahamas is committed to ensuring that it maintains a high level of readiness in addressing regulatory and best practice challenges in the AML/CFT/CFP space on an ongoing basis.” UPDATE-ON-THE-BAHAMAS- AMLCFTCFP-framework.pdf (bfsb-bahamas.com) We reviewed the documentation and noted the significant means taken by the Bahamas inclusive of “Enactment of Compendium of Financial Sector Legislation in 2018 and 2019”.
We recommend that the strides and effort in addressing the concerns of CFATF and the FATF continue.

Prioritize Strengthening Resilience to Natural Disasters 55 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT The Bahamas is a member of the United Nations, as such, the Sendai Framework for Disaster Risk Reduction 2015-2030 is in place for implementation and monitoring with that of the 2030 Agenda for Sustainable Development Goals.
“The Sendai Framework for Disaster Risk Reduction 2015-2030 outlines seven clear targets and four priorities for action to prevent new and reduce existing disaster risks: I.

Understanding disaster risk; II.

Strengthening disaster risk governance to manage disaster risk; III.

IV.

Investing in disaster reduction for resilience and; Enhancing disaster preparedness for effective response and to "Build Back Better" in recovery, rehabilitation, and reconstruction.
It aims to achieve the substantial reduction of disaster risk and losses in lives, livelihoods, and health and in the economic, physical, social, cultural, and environmental assets of persons, businesses, communities, and countries over the next 15 years.
The Framework was adopted at the Third UN World Conference on Disaster Risk Reduction in Sendai, Japan, on March 18, 2015.” (United Nations – Headquarters United Nations Office for Disaster Risk Reduction) SENDAI FRAMEWORK FOR DISASTER RISK REDUCTION Source: United Nations Office for Disaster Risk Reduction (UNDRR) 56 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Making strengthening resilience to natural disasters a national priority, demands the involvement of all stakeholders, across the integrated society and systems:  The Government (National and Global partnering)  Individual Citizens  Communities  Religious Institutions  Educational Institutions  Trade and Businesses Entities  Public Private Partnership (PPPs)  All Ministries, Agencies, Departments (MDAs)  All State Owned Enterprises (SOEs)  Non-governmental Organization (NGOs) As combating COVID-19 for resiliency and sustainability demands everyone’s involvement, all stakeholders; so does prioritizing resilience to natural disasters.
We recommended that the Disaster Risk Reduction (DRR) and The Sustainable Development Goals (SDGs) integrated stakeholders capitalize on new from observations, monitoring, assessments, reevaluation, and reports to “think forward” and implement policies and initiatives to: information  Maintain resiliency in all aspects,  Reduce disaster risk and losses,  To ensure a safer future, by  Always building back stronger and better.
Data Governance Framework COVID- 19 pandemic surveillance, tracking and containing the spread of the virus demand improved innovation in:  Data Governance (DG)  Data Privacy and Transparency  Data Surveillance and Communication  Statistical Data Collection  Data Registry  Data Policies, Guidelines and Procedures 57 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT In addition, the programmes generated accountability for improved decision making.
integrated systems managing the COVID-19 socio-economic interrelated data that warrant good governance and Monitoring the implementation and performance indicators of the SDGs demand having an effective Data Governance Framework.

Capitalizing on the Government Digitization Project in progress and the following legislative reforms undergird the advancement of the process.

legislative enactment The Governance Framework” and achieve the realizable benefits.
is structured to significantly catapult the “Data  Leveraging Data Governance Assets, Data Quality and Data Security  Transformative Data Intelligence, Digitalization and Compliance  Best–Decision Making, strategic objectives and Communication  Cost Reduction in Operation and Data Storage Reduction CONCLUSION The US $250 million IFM RFI was essential in providing budgetary support and sustaining the healthcare and mitigation measures in response to COVID-19.
The disbursement and uses of the funds accounted for in this report, under the various MDAs, State Owned Enterprises (SOEs) and Public Private Partnerships (PPPs), provide data for analytical review and outcomes.

The benefits of this external financial funding assistance to The Bahamas is notable.
The Bahamas in advancing with resiliency for sustainable development demands capitalizing on 1) new available information to mitigate emerging risks and 2) employ cost containment transformative initiatives with equality.
Acknowledgements are extended to the management and staff of the Ministry of Finance, Public Treasury Department, The Central Bank of The Bahamas, The Ministry of Social Services & Urban Development, Department of Social Services, The Bahamas Small Business Development Centre, and The National Insurance Board for notable courtesies and cooperation during the audit.
58 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT APPENDIX I PUBLIC PROCUREMENT AND MANAGEMENT OF PUBLIC FINANCES Procurement Process Overview The procurement process is initiated by a need to obtain from external source the provision of goods and services to efficiently, effectively and resourcefully facilitate the functions of the Government Ministries, Departments and Agencies.

The provision to be expended for each fiscal period is approved in parliament during the National Annual Budget Process.
Additional spending outside of the approved budget requires supplemental approval by Cabinet.

All recurrent and capital expenditure for procurement flows through the Consolidated Fund of the Government of The Commonwealth of the Bahamas.
Methods of Procurement There are two basic methods of procurement that are used by the government: Public Tendering – all interested members of the public are invited to submit bids regardless of any pre-requirements; and Select Tendering – carried out specifically geared towards contractors who already known to meet certain pre-requirements.
Procurement Thresholds Policy The procurement of supplies, works and services approval process is designated to specific authority based on the following threshold: Official Purchase Orders (up to a maximum of $50,000) – to be approved by Permanent Secretaries and Heads of Departments; Tenders Board Selection - submitted for approval by the Minister of Finance ranging from $50,000 up to a maximum of $250,000; and Cabinet Approval – in excess of $250,000.
Competition is fostered in the public procurement process at all of the three (3) levels of procurement thresholds.

Procurement Process Components The Government of the Bahamas (GoBH) tender and projects are sent to the Cabinet Office for information to be disseminated to the public.

After the proposals are approved the same are documented on the Government Website and in some cases, International Website.
The summary of the components of the Government Tender and Tender Notices process are shown below in Table I.
59 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Table I – Components of the Tendering Process The Tendering Approval Process Steps Tender Opening Tender Submission Tender Evaluations Submission Minutes and Approvals Notification of Award/Non-award of Contracts Cabinet Approval Process - 18 Cabinet Ministers from the Office of the Prime Minister, Ministry of Finance, Deputy Prime Minister to Ministers of other Ministries form the Cabinet of the Government of The Commonwealth of the Bahamas.
The Cabinet vote to award the contract.
Management of Public Procurement Finance Oversight is entrusted with: The Ministry of Finance Expenditures), Fiscal Policy, Economic, Legal, Internal Audit; (Budget, Revenue, Expenditure Capital and Recurrent 60 Components of Tendering ProcessPublished Notice MediumAdvertisement Duration /Due Date Tendering InvitationRequest for Qualification (RFQ) Government Website, Daily NewspaperAn invite for interested parties to provide information to qualify for a future tender of the proposed project, service or supply.Request for Expression of Interest (EOI)Government Website, Daily NewspaperNotice placed to enable interested firms or vendors who meet the stated and other criteria to determine their eligibility and to respond to the EOI by offering their product and or services under the requirements of the project.Request for Proposal (RPF)Government Website,Daily Newspaper, Facebook, International WebsitesRPF with specifications for work to be undertaken is prepared by in-house experts, at times outsourced consultants with specific expertise and or assisted by IDB.
This same after preparation is sent to Cabinet for publishing for interested applicants to have notice of the same.

The Government of the Bahamas Tender and Tender Notices Information ProcessCabinet Office is responsible for the advertsments of the RFQ, EOI and RPF in the Daily Newspapers that run for more than two(2) weeks .
It must also be publised on the Government Website OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT Ministries, Departments and Agencies Permanent Secretaries and Heads of Departments receiving the goods and services; The Public Treasury Department processing the procurement payments; Financial Accounting and Reporting of Funds – Treasury Final Accounts; and Office of the Auditor General – Auditor General’s Annual Report (Audit of the Public Treasury Final Accounts and Audits of Ministries, Departments and Agencies and SOEs).
MANAGEMENT OF PUBLIC FINANCES CONTROL FRAMEWORK Fiscal Responsibility The Ministry of Finance (MoF) is the nucleus for the financial management and fiscal responsibility of the nation affairs to protect the peoples’ purse from corruption, wastage, misuse, abuse and misappropriations.
The MOF commitment to this cause is outlined in the following objectives:  Develop policies and manage resources to maximize sustainable socio-economic growth and stability;  Demonstrate accountability and transparency in the management of fiscal affairs;  Ensure appropriate financial management of Ministries, Departments and Agencies that fall within the purview of the Ministry of Finance.
61 OFFICE OF THE AUDITOR GENERAL IMF $250 MILLION REPORT APPENDIX II The registration of beneficial ownership law was enacted by the Register of Beneficial Ownership Act, 2018.

The Act applies to all companies, deemed a “legal entity” existing in The Bahamas under the Companies Act or the International Business Companies Act).
Register of Beneficial Ownership (Amendment) Act, 2019 (No.30 of 2019) Register of Beneficial Ownership (Amendment) (No 2) Act, 2019 (No 1. of 2020) Register of Beneficial Ownership (Amendment) Act, 2020 (No.
26 of 2020) Source: MOF Legal Unit - Summary of Beneficial Ownership Disclosure “Under existing legislation, authorization does not exist for any authority for the disclosure (publication) of beneficial ownership information in relation to the tendering process (especially if no prior consent to disclosure is given).

It is suitable to publish the name of the company awarded a government contract and publicly available information like its register of shareholders.
In accordance with Section 6 of the Data Protection (Privacy of Personal Information) Act, 2003, data controllers (a person who makes decisions on the use of personal data) are expressly prohibited from using or disclosing personal data in a manner, which is inconsistent with a specified and lawful, propose.

As this Act binds the Crown, the provisions are applicable to the Government, its agencies and publicly owned companies.
As, in this case, there is no law which imposes mandatory disclosure of beneficial ownership information on the Government and this matter does not relate to pending civil, criminal or international legal assistance procedures, it does not fall within any of the exceptions to the application of the Act.

Similarly, as for the Register of Beneficial Ownership (which must be noted is a private register) it is only accessible by limited designated persons (Section 12 Register of Beneficial Owner Act, 2018).
A search of the Register cannot be executed unless it is in relation to a proper and lawful request in compliance with the designated persons governing legislation.

Access in any other circumstance is an offense.

To publish this information without prior consent of the subject person(s) would amount to a breach of an individual’s common law rights to privacy/confidentiality 62