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Bahamas Deputy Prime Minister Addresses IDB Fiscal Policy Frameworks Workshop

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#Bahamas, December 8, 2017 – Nassau – The Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest addressed the regional workshop “Rules-Based Fiscal Policy Frameworks for the Caribbean Region,” presented by the Inter-American Development Bank (IDB).   The two-day event was held at the British Colonial Hilton, December 4 and 5, 2017 and brought together stakeholders including representatives of the IDB, government, Central Bank officials and regional policymakers for finance.

Topics for discussion included — International Experience with Fiscal Rules: Criteria of Good Practice and Effectiveness, The Long View: Fiscal Anchors, Medium-Term Fiscal and Budget Frameworks and Growth, Fiscal Institutions to Ensure Fiscal Sustainability and Stability, Design and Implementation of Fiscal Rules, Stabilization Funds and Transparency, Credibility and the Role of Independent Fiscal Institutions.

Mr. Turnquest on Monday said the workshop brings together an “outstanding” group of fiscal experts, policymakers and other practitioners who provide the ingredients for a “fruitful” and “rich” exchange on the topic of rules-based fiscal frameworks.   He said while some regional countries are further ahead than others in undertaking fiscal consolidation, there is “broad” acknowledgment of the need for stronger and more durable measures, equal to addressing the state of the country’s fiscal affairs.

Fiscal and debt sustainability are topical issues on the agenda of regional policymakers, especially Ministers of Finance, both of which are important for promoting stable macroeconomic growth, said the Deputy Prime Minister.

0G7A1729“By virtue of our responsibilities, we grapple with the challenging dimensions of our budgetary choices—considerations such as: whether we are obtaining value for monies spent; their impact on future generations from the standpoint of equity; the need to build up buffers to deal with sure and certain adverse shocks; and maintaining credibility in external markets, partly because of our dependence on foreign direct investment.

“The need to accelerate our fiscal sustainability efforts has become more imperative, given the less than desirable state of our finances and the ongoing external vulnerabilities we face.   To be sure, for most of us, the fiscal space we enjoyed prior to the onset of the recent global financial crisis has been depleted,” said Mr. Turnquest.

He remarked that deterioration in the overall deficit and the public debt levels are key sources of risk to the country’s maintaining economic stability, and the general view is that it cannot continue along the same path.   The country’s current state of affairs has crystalized the need for “urgent” measures to restore medium-term budget and debt sustainability, and a more credible fiscal consolidation programme.

“The path to recovery which, because of the nature and extent of the reforms necessary, will not happen overnight.    Nor will it in any sense be easy or painless. Instead it requires a multi-year approach and a well-designed framework, to take account of all of the considerations and the tension between pursuit of the necessary reforms and the economic growth agenda.  And it takes political will, resolve and leadership.

“At this stage, what is important is that the Government has identified and is moving, with a sense of urgency, to execute on a concrete strategy that will: bring stability to the public finances by reducing the deficit and the debt to sustainable levels; grow the economy and provide jobs; and remove obstacles to growth and competitiveness.”

By: Kathryn Campbell (BIS)

Photo Captions:

 

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The Hon. Peter Turnquest, Deputy Prime Minister and Minister of Finance, pictured at the IDB workshop on Monday, December 4, 2017.  (BIS Photo/Patrick Hanna)

 

 

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The audience at the workshop.   (BIS Photo/Patrick Hanna)

 

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Nassau Cruise Port Donates Nearly $2 Million Towards Food Security

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Nassau, Bahamas: The Nassau Cruise Port has donated $1.95 million towards
projects that will assist the Ministry of Agriculture and Marine Resources in its aim
to increase food security for The Bahamas.

The donation officially occurred at the Ministry’s offices recently, where Minister
of Agriculture and Marine Resources Hon. Jomo Campbell, Minister of Labour
Hon. Pia Glover-Rolle, Permanent Secretary Neil Campbell and Nassau Cruise
Port CEO Mike Maura listened to a number of presentations including one for a
poultry programme for schools, a chicken broiler production programme, the
redevelopment of the Blue Hill Road Farmers Market and an Authentic
Bahamian Cultural Concept Store,

Mr. Maura said he was impressed by the presentations.

“I had the privilege to listen the presentations and review presentations that
touched on food security and the need for us to be self-sufficient, which as a
Bahamian I support completely. At the Nassau Cruise Port, we get excited
about the prospects of offering more authentic food to the millions of visitors
that we have each year,” he said.

“And then, in addition to that, we had presentations around the further
development of our artisans, which is so important to us as well. The guests
visiting our shores are looking for something that really touches The Bahamas
and can’t be found somewhere else. The Nassau Cruise Port has made a pledge to BAIC and its affiliates. We will be supporting the projects that were presented and we can’t wait to get started.”

Minister Glover-Rolle, who is also the Member of Parliament for Golden Gates,
hailed Nassau Cruise Port as a “great community partner.”

“Thank you for the opportunity to not only present but agreeing to participate.
Our Minister of Agriculture has a goal of reducing food imports by 25 percent by
the year 2025 and our project in the Golden Gates Community speaks to that,”
she said.

“We have a number of backyard farmers, farmers and fishers in our community
in Golden Gates. Being able to use the Blue Hill Road Farmers Market, which is
going to be dubbed the ‘Fish Fry of the South,’ as a hub for food security but
also a hub where artisans and handicraft persons can come and sell their wares
is wonderful. So, we are happy that you have agreed to partner with us and we
look forward to a partnership and we hope to welcome some of your visitors
when this amazing renovation is done.”

Minister Campbell also lauded the Nassau Cruise Port for its efforts.

“I would like to say thank you to the presenters for the presentations that are
several steps in the right direction for our country, to Mr. Maura and his board at
the Nassau Cruise Port and I would like to say thanks to God for this partnership
and bringing us all together as we move forward, upward, together in building a
better, brighter, future for The Bahamas,” he said.

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Career Symposium 2024 Connects University Students with Successful Professionals

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Nassau, THE BAHAMAS — Some of the most successful and accomplished professionals and business leaders in the country recently shared their experiences and nuggets of wisdom with students at University of The Bahamas (UB) about thriving in a wide range of careers.

The University Centre for Counselling and Career Services and the Career and Job Placement Advisory Unit collaborated to host the 2024 Career Symposium which brought students face to face with leaders in the careers to which they aspire.

Vice President of Academic Affairs, Dr. Maria Oriakhi, said the symposium was key to developing potential as university students strive to leave their mark on the world.

Ms. Rickell Curry

“In the spirit of collaboration and growth, let us engage in meaningful dialogue, cultivate relationships, and harness the power of collective wisdom to shape our futures,” said Dr. Oriakhi. “Together, let us embark on this journey of exploration and discovery, united in our commitment to realizing our fullest potential and making meaningful contributions to our communities and beyond.”

Promoting careers in psychology, Ms. Curry noted that psychologists are equipped with the ability to help others, troubleshoot areas of weakness within themselves, and become better people and professionals in the process.

“The floor is yours to be able to explore. There’s no job where you don’t have to deal with people, so learning, even if you get a bachelor’s in psychology, is a great grounding,” she said.

Dr. Darville, one of few interventional radiologists in The Bahamas, offered another nugget of advice on choosing an area of study.

Dr. Elizabeth Darville

“It is important to know enough about yourself in order to make the decisions you want to make,” said Dr. Darville. “You have to work on yourself first and know what you want to do. Radiology gives you a chance to have fun. It gives you a chance to mold your career closer to your personal life than other medical specialties might.”

Another growing field is project management which Mr. Hepburn called a life skill. He also urged a commitment to lifelong learning.

“Individuals that continue to learn become unstoppable, period,” said Mr. Hepburn. “It is so true. When you learn, you become unstoppable because nothing can stop you in your process of development.

Mr. Wellington Hepburn

“The more you know, the more valuable you are. We need individuals who are cross functional—that can operate in different capacities. So please understand that your learning should never stop.”

With small and medium-sized businesses helping to drive the economy at an incredible rate, Ms. Rolle affirmed the importance of entrepreneurship in any economy.

“When we talk about entrepreneurship, we usually look at it from a myopic standpoint,” she said. Ms. Rolle. “What do I mean by that? Small, but usually about self: ‘how do I make more money?’ And in some cases, some look at entrepreneurship as a way of survival. ‘I need to make a couple extra dollars, I have this bill to pay’. Those types of things.

Ms. Samantha Rolle

“But entrepreneurship really, in its truest form, is about innovation, whether it’s a new concept or any existing concept that you innovate new ways, or help expand the economy.”

The career symposium was held at the Harry C. Moore Library and Information Centre and is held every academic year.

 

PHOTO CAPTIONS

 

  • Career Symposium 1: UB Vice President of Academic Affairs, Dr. Maria Oriakhi, delivers the opening address at the 2024 Career Symposium.
  • Career Symposium 2: Students and guest speakers enjoy a lighthearted moment during the 2024 Career Symposium.
  • Career Symposium 3: Ms. Rickell Curry speaks to students during the 2024 Career Symposium.
  • Career Symposium 4: Dr. Elizabeth Darville delivers remarks during the 2024 Career Symposium.
  • Career Symposium 5: Mr. Wellington Hepburn educates students on the importance of project management during the 2024 Career Symposium.
  • Career Symposium 6: Ms. Samantha Rolle talks about the role and importance of entrepreneurs and entrepreneurship in any economy.

 

Office of University Relations

University of The Bahamas

2nd Floor, Michael H. Eldon Complex

Oakes Field Campus

P.O. Box N-4912

Nassau, The Bahamas

Tel: (242) 302-4355/4354/4365

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$36 Million Dollar Upgrade for World Athletics Relays in Nassau, Bahamas

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Rashaed Esson

Staff Writer 

 

#TheBahamas, April 15, 2024 – After years of thorough maintenance, The Thomas A Robinson National Stadium in The Bahamas is finally getting a multi-million dollar makeover, readying the 10-year old facility ahead of the World Athletics Relays on May  5, 2024; it is being staged in Nassau for the fourth time.

This $36 million refurbishment is being funded by the Chinese Government, as part of a vision to enhance the country’s sport infrastructure to benefit youths in athletics. The stadium was gifted to The Bahamas in 2012 by the Chinese.

The relay is the qualifying event for the 2024 Summer Olympic Games and there will be 32 national teams, in each relay event, and 20 races on both days of competition, according to World Athletics.

Day 1, will have 20 heats across the five Olympic-calibre events (4 heats each for 4×100, 4×400, men, women and mixed) and will qualify 40 teams for the Summer Olympics.

Distinctly, the top two teams from each heat will directly qualify for the 2024 Games.

On day 2, 30 more national teams will be qualified through 15 heats and five finals, across those five events.

The upgrades which include new trusses, rooftops, seats, the lawn, score boards, LED displays and more, are expected to be complete at least two weeks before the relays, being held under the theme: ‘Chase the  Sun’.

In a special ceremony on Monday April 8, The Bahamas Prime Minister, Philip Davis said:

In December 2023, our shared vision took shape, as the government of the Commonwealth of The Bahamas, and the government of the People’s Republic of China, inked an implementation agreement for the renovation of the stadium. This gesture of goodwill and friendship, from the Chinese government to undertake the China Aid Maintenance and Renovation project of our national stadium, stands as a testament to the strong bonds that unite our countries. This project, executed by China Urban Construction Research Institute Company Limited, and the China Machinery Industry Construction Group Company Limited, reflects our shared commitment to excellence, innovation and mutual development.”

Additionally, H.E Dai Qingli, outgoing Chinese Ambassador to The Bahamas who also attended that ceremony, spoke.

“At the end of the project, the Bahamian people will get a fully renewed and modern world class stadium because everything is going to be either renewed or repaired,” she said.

Some 1,600 athletes will be in The Bahamas for the World Athletics relays, with five events.  The Bahamas won the bid over Lausanne, Rome in 2022.

Mario Bowleg,  Minister of Youth, Sports and Culture in reports, thanked China for their contribution to the redevelopment of the stadium.

“We thank them for their commitment to ensuring that they bring this facility back up to A1 standard so that we can continue holding international events and using these facilities as a development of our young people.”

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