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Ministry of Finance Response to Moody’s Investors Services Credit Rating Decision of August 25, 2017

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#Bahamas, August 28, 2017 – Nassau – Today, Moody’s Investor Services confirmed The Bahamas’ Baa3 credit rating—after initiating a review for downgrade on 6 July, 2017.    Moody’s also left unchanged most of the risk ceilings for The Bahamas’ long-term and short-term financial obligations.

In justifying its decision, the rating agency highlighted the positive prospects of the Government’s fiscal consolidation programme for debt stabilization; consistency in The Bahamas’ credit profile with other Baa3 rated-peers; and the limited liquidity pressures, despite higher borrowing requirements.   However, Moody’s move to change the outlook from stable to negative, reflects its assumptions about the potential downside risks to the implementation of the fiscal consolidation process posed by a less favourable growth outcome and any climate-related shocks.

Moody’s decision, while not surprising, is an endorsement of the Government’s plans to deliver on its fiscal consolidation initiatives and eliminate any perceived risks to investor confidence.

As emphasized in the 2017/18 Budget Communication, fiscal stability and economic growth are top priorities for the Government, and Moody’s has been advised of the Government’s willingness to pursue credit-positive fiscal initiatives and growth-promoting policies to extricate the Bahamian economy out of the low growth cycle.

Through a judicious public expenditure review exercise, the Government is intent on achieving, at least, a ten percent (10%) reduction in expenditures—using a combination of approaches such as programme rationalization, where objectives are not aligned with policy priorities or producing the desired results; administrative policy adjustments, project deferrals and improvement in the procurement process.

More medium-term spending control initiatives under consideration are the use of public private partnerships and efficiency improvements within the state-owned enterprises.

The Government is also resolved to bringing greater accountability, transparency and sound fiscal management principles to bear on the country’s finances.   Improvements in fiscal management and policy outcomes are being promoted through the planned introduction of Fiscal Responsibility legislation, which will target, inter alia, the achievement of an annual GFS balanced budget deficit that would allow for a more sustainable evolution of the debt to GDP ratio.   IMF Technical resources are already on board to assist the Government in ensuring a well-designed legislative and operational framework, which should be finalized prior to the next budget year.   Tangential to this, work is progressing on the upgrades to the public expenditure management system, critical to achieving a credible implementation of the procedural and rules-based reporting requirements of the Fiscal Responsibility legislation.

In the area of revenue administration, work is continuing to improve compliance as a means of protecting yields, and promoting tax efficiency and fairness.   These efforts include measures to improve the coverage with respect to property tax assessments and proper and timely filings relative to VAT and business licence returns.

The Government is optimistic that economic growth prospects will gain more traction as the fiscal year progresses.    Specific proposals aimed at securing greater economic diversification are under active review, as are opportunities for improving business facilitation and the investment climate, through addressing issues of competitiveness, including energy reform.   Recent improvements in the labour force statistics are encouraging, and further gains are anticipated by year-end, as real sector developments provide additional opportunities for employment.

The Bahamas has an excellent track record in servicing its debt obligations and, by using the right policy mix, the Government is committed to delivering a positive fiscal and economic outcome for the country.

 

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Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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