Bahamas News

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

Published

7 years ago

August 28, 2017

#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.

Bahamas News

Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos

Published

3 days ago

May 13, 2024

Shanieka

Dana Malcolm

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale again this weekend, the show debuts Friday night.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew where shows are set for Brayton Hall, for Friday May 10 at 8pm and Saturday has two showings; matinee at 4pm and evening, 8pm.

Tickets are $75 VIP. General admission is $60.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attentattention.

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

Online tickets are available for purchase with credit cards. The full team returns on Friday, May 10 with the comedy production being held under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stop laughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”

Bahamas News

The Bahamas Successfully Hosts Its Fourth World Athletics Relays

Published

5 days ago

May 12, 2024

Shanieka

NASSAU, Bahamas – Hundreds of people from around the world turned out in full force for the BTC World Athletics Relays Bahamas 24 that took place at the Thomas A. Robinson National Stadium, May 4 -5, 2024.

This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.

President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.

He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.

During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.

He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”

The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.

Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.

In fact, The Bahamas was able to take advantage of the second day of competition.

Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.

The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.

Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.

(BIS Photos/Kemuel Stubbs)

Bahamas News

PM at World Relays 2024 Opening: ‘Tonight, the eyes are on The Bahamas’

Published

5 days ago

May 12, 2024

Shanieka

NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.

“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”

He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”

Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.

“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”

He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”

Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.

“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”

“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.

“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”