Bahamas News
Finance Minister Describes Fiscal Situation Dynamics in Budget Communication
Bahamas, May 31, 2017 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said that with this Government Administration’s recent coming to Office that it is not for him to attempt to justify the actions of its predecessors, nor the fiscal impacts of those actions.
“However, for the sake of transparency and understanding on the part of the Bahamian public, I do want to describe the facts of the fiscal situation objectively and as they present themselves,” DPM Turnquest said as he presented the Budget Communication 2017/2018 in the House of Assembly, Wednesday, May 31, 2017.
He said: “The stark facts are as follows. The Deficit outturn in the current fiscal year features a significant deterioration as compared to the fiscal projections contained in the previous Government’s final Budget.
“While they had forecast a Government Finance Statistics Deficit (GFS) of $100 million, the actual outturn is now expected to be on the order of $500 million. That is an astonishing five times the Budget forecast of only 12 months ago. The sharp deterioration in the state of the public finances in 2016/17 did admittedly flow, to some extent, from the multi-faceted impacts of Hurricane Matthew in early October 2016.”
He explained that the hurricane severely dampened economic activity in October, with the impact extended through to the fourth quarter of the year.
As a result, it is estimated that real Gross Domestic Product (GDP) in 2016 posted a zero rate of growth for the year as a whole, as compared to the Budget forecast of 0.5 per cent growth.
DPM Turnquest explained that this directly weakened revenue collections. “Recurrent Revenues were also reduced through the effects of the exigency order implemented by our predecessors, as a means of providing relief to those impacted by the hurricane. In combination, these factors resulted in a shortfall in Recurrent Revenue collections to the tune of $216 million, to a level of $1,960 million vs. the $2,176 million budgeted.”
He said weaker revenues therefore account for a significant portion of the $400 million slippage in the GFS Deficit in the current fiscal year.
The DPM said Hurricane Matthew also affected the expenditure side of the Budget, through the actions implemented by the Government to assist in the rebuilding efforts and the repair of public infrastructure. For example, the capital expenditures of the Ministry of Public Works were bolstered by over $55 million above and beyond its Budget allocation. Total Capital Expenditures thus amounted to $310 million versus the $242 million budgeted.
He said that in addition, Recurrent Expenditures during the year amounted to some $137 million more than had been forecast, i.e., $2,458 million versus $2,321 million.
DPM Turnquest said key contributors to this increase were a higher level of Debt Redemption, at $21 million, as well as higher interest payments on Government debt, at $27 million.
He added that the total Government Direct Debt at the end of the 2016/17 fiscal year is estimated to amount to $6.5 billion, or 71.5 per cent of GDP. “However, that is not the end of the story in the current fiscal year. It is also important to note that the combination of revenue shortfalls and accelerated spending has contributed to a greater than usual backlog of payments and commitments as we approach the end of the fiscal year.
“The latest information has this backlog in excess of $300 million and it is possible that this number could increase before the end of the year as we get a greater understanding of the many deals of the former Administration.”
He said this high level of outstanding payables is directly responsible for the Government seeking emergency funding to meet the obligations of the 2016/2017 budget, as vendors are clamouring for payments. “It is our intention to fully pay all of this backlog of payments and commitments this fiscal year and minimize, to the greatest extent possible, any carryovers into the 2017/18 fiscal year. “I would also stress that this funding does not indicate insolvency but rather gross imprudence in the management of the fiscal affairs by our predecessors, as demonstrated by the large amount of financial commitments made in the run-up to the General Election,” DPM Turnquest said.
Release by: Llonella Gilbert (BIS)
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
