Connect with us

Bahamas News

Bahamas Deputy Prime Minister Addresses IDB Fiscal Policy Frameworks Workshop

Published

on

#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:

 

1734

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)

 

 

1729

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

 

Continue Reading

Bahamas News

Human Trafficking Keeps Growing Despite Global Efforts to Combat It

Published

on

From: Bahamas Information Services
By LLONELLA GILBERT

 


NASSAU, The Bahamas — Minister of National Security the Hon. Wayne Munroe said despite global efforts to combat it, Human Trafficking keeps growing.

“It thrives where there is poverty, a lack of education or any area in which there is a conflict,” the National Security Minister said at the Opening of the Bahamas National Neighbourhood Watch Council Two-Day Workshop on Human Trafficking at the Paul E. Farquharson Centre, Police Headquarters on Wednesday, September 25, 2024.

He explained that there are countries in our hemisphere where those three issues are happening and persons from those nations are being trafficked to The Bahamas and elsewhere.

“It is happening in our country, so there is no point seeking to hide our head in the sand and saying it is happening somewhere else.”

The Minister noted that authorities have found young Bahamian girls who were trafficked for sexual exploitation by family members.

He said human trafficking continues to be a problem because it is a lucrative industry.

The Minister explained that the International Labour Organization statistics show that over $150 billion was made from human trafficking in 2017.

He said local law enforcement officials need all the help they can get to address this problem.

The Minister said, “Therefore, it is critical for the National Neighbourhood Watch Council and its constituent neighbourhood watch associations to be part of the effort to eliminate modern day slavery.”

Trafficking in Persons Task Force Chairman, Assistant Superintendent of Police (ASP) Indirah Belle said the United Nations Office on Drugs and Crime estimated that in 2022, 50 million persons were illegally trafficked globally; and in the Caribbean and Latin American region most are girls under the age of 18.

ASP Belle said although there are instances of Bahamians being trafficked, The Bahamas is mainly a destination and not a source country.

She said human trafficking is known as transporting people against their will and is different from human smuggling.

ASP Belle explained that human trafficking is not voluntary while human smuggling is voluntary and people usually pay to be taken across borders.

She also explained that people are being trafficked not only for cheap labour and the sex industry.

ASP Belle said people are being trafficked for their organs.  A heart can go for $120,000, a kidney for $150,000, a pancreas for $125,000 and a stomach for $500,000.

She said some of the causes for human trafficking include poverty, lack of education, abuse, homelessness, family dysfunction, political instability, unemployment, civil unrest/armed conflict and natural disasters.

ASP Belle explained that human trafficking can be prevented by dealing with the root causes.

She said this can be done by:

  • Reducing the vulnerability of potential victims through social and economic development;
  • Discouraging the demands for the services of trafficked persons;
  • Public education;
  • Law enforcement interventions/healthcare interventions/social assistance;
  • Preventing the corruption of public officials; and
  • Creating employment opportunities

PHOTO CAPTION

Minister of National Security the Hon. Wayne Munroe brought remarks at the Opening of the Bahamas National Neighbourhood Watch Council Two-Day Workshop on Human Trafficking at the Paul E. Farquharson Centre, Police Headquarters, on Wednesday, September 25, 2024.  Trafficking in Persons Task Force Chairman, Assistant Superintendent of Police (ASP) Indirah Belle was the main presenter at the workshop.      (BIS Photos/Patrice Johnson)

Continue Reading

Bahamas News

DPH Administrators encouraged to embrace innovation, strengthen communication channels, uphold highest standards

Published

on

NASSAU, The Bahamas — Minister of Health and Wellness the Hon. Dr. Michael Darville is continuing a comprehensive administrative approach to the delivery of healthcare across the country.

On Monday, September 16, 2024 he officially opened a four-day conclave hosted by the Department of Public Health for administrators in New Providence and the Family Islands.

Held at Breezes Resort on Cable Beach, the conclave brought together Clinic Administrators under the theme: ‘Embracing Transformation…The Way Forward.’

The objective is to foster collaboration among administrators and provide a platform for sharing the successes and challenges encountered in managing healthcare services and delivery throughout The Bahamas.

”Ladies and Gentlemen, it is a privilege to welcome you …  and to give God thanks for health and strength as we come together as a family to discuss the state of our nation’s healthcare system and the road map ahead over the next two years,” said Dr. Darville.

He told them that as key leaders in public service, they play a vital role in the success of the healthcare system.

“You are the gatekeepers and drivers of public health. Our success depends on your leadership, professionalism, and commitment to providing quality care and services,” he stated.  Dr. Darville said that he has a role to play as well stating: “I am even more energized and determined to execute my Ministry’s transformative agenda for healthcare.”

Administrators were encouraged to embrace innovation and strengthen communication channels within their teams and the Department of Public Health.

Presenters were scheduled to tackle key areas such policy updates, operational procedures and future strategies for enhancing healthcare delivery.  The sessions were designed to equip administrators with the tools and insights necessary for continued growth and transformation in the health sector.

The Ministry of Health & Wellness and the Department of Public Health remain focused on building a more inclusive, efficient, and resilient health care system throughout The Bahamas.

“It is essential that you act as the bridge between the Ministry, Department of Public Health and the communities you serve,” Dr. Darville said.  “Going forward we all must remain informed on current policies, protocols, and health initiatives so that you can provide accurate guidance to staff and ensure quality service delivery,” he added.

Dr. Darville then charged the administrators to uphold the highest standards of customer service within their health facilities.

“The public deserves to be heard, respected, and valued when seeking healthcare.  Each patient interaction is an opportunity to build trust in our healthcare system and communities,” Dr. Darville said.

Continue Reading

Bahamas News

Tourism Minister tells Washington investors it is still “Better in The Bahamas”

Published

on

NASSAU, THE BAHAMAS — Addressing an Investment Forum in Washington DC, the Deputy Prime Minister and Minister of Tourism Investments and Aviation the Hon. Chester Cooper said it is “Better in The Bahamas” when it comes to doing business.

“If you’re looking to do business and to invest, The Bahamas is better than ever before,” he said as he urged potential investors to take advantage of opportunities being rolled out by the Bahamas Government.

Deputy Prime Minister thanked Bahamas Ambassador to the United States, His Excellency Wendall Jones for organizing this important event.
“This is a most progressive initiative. We are taking a monumental step today to forge progressive partnerships for the prosperity of our country:

Said differently, we are here to do business. We want to do business with you.”

The deputy prime minister, who was a businessman before entering politics, shared first-hand experience of doing business in The Bahamas which he described as “an amazing place” to do so.

“I quickly grasped a few basic principles as an entrepreneur: understand your market, create something of value, then market your product.  Now, I carry those principles with me in government, as minister of tourism,” he said.

According to the minister, it is not incredibly difficult to sell a vacation to The Bahamas.  He confirmed that the government is committed to providing the necessary support to help ensure investment is a success, through the one-stop facilitation of the Bahamas Investment Authority.

“We have a strong brand, but God has done most of the work in positioning the Islands of The Bahamas.”

He noted that the country’s beauty is incomparable and it’s easily accessible from major tourism markets – two hours from DC and 27 minutes from Miami.

“However, we still sell it and constantly work on strengthening that product. I’m also the minister of Investments.  And if you think about it, that makes sense,” he said.

Many of the reasons tourists come to The Bahamas, are the reasons that investors should consider The Bahamas, according to the minister.

He noted the dollar parity with the United States, a stable democracy, and peaceful hospitable people.  And, visa-free seamless travel from the US with Pre-Clearance and TSA checks.

“We have a strong growing economy that has allowed us to build modern infrastructure throughout our archipelago,” the minister said, adding that more direct flights are being scheduled between The Bahamas and the US.

The minister touted record tourism arrival numbers: in 2023 arrival of 10 million visitors which was an increase of more than 30 percent ahead of 2019 pre-pandemic levels. Already this year the country is seeing a 15 percent growth in overall arrivals, over the 2023 record.

He then shared recent policy initiatives aimed to make The Bahamas more attractive, reducing carbon footprints and enhancing environmental resilience.

This is being achieved through the National Investment Policy, which is designed to attract investment in alternative energy, green technology, eco-tourism and carbon credits.

“We are also advancing The Bahamas as a digital society, fully embracing smart technology and the digital economy,” he said.

Another area shared by the minister is progressive legislation benchmarked against international best practice including: Digital Assets and Registered Exchange Act, the Longevity and Regenerative Therapies Act, the Climate Change Initiative Act, the Carbon Credit Trading Act, and Cannabis measures.

“All innovative pieces of legislation that demonstrate our commitment to innovation and to revolutionizing our economy that open new vistas for our country, in a secure, transparent and well-regulated way,” he said.

In health care, finance, education, financial services and tourism, he said AI applications are vast and will play a crucial role in shaping the future of the Bahamian economy.

The minister said another way to invest in The Bahamas is through Public-Private Partnerships (PPPs) that have been critical to the success of many government projects, and they remain a key strategy as in the continued building of infrastructure.

Of note, is the keen interest of the US Exim Bank and Chairman Reta Jo Lewis in supporting and funding US companies seeking to do business in The Bahamas, he shared.

“What I am saying is that we are open for business and in the last three years we have attracted more than $10 billion in new foreign direct investments.

“This includes a $600 million ship repair facility in Grand Bahama Island, capable of accommodating the largest ships in the world, and a $600 million cruise port by Carnival Cruise lines.”

He pointed out that the Family Islands Renaissance Project aims to modernize more than a dozen airports across the country, improving connectivity, boosting tourism, and creating jobs.

“We are building new hospitals and clinics, launching wellness and rejuvenation clinics and will have one the best healthcare systems in the Caribbean in the coming years,” the minister said.

 

(BIS Photos/Kemuel Stubbs)

Continue Reading

FIND US ON FACEBOOK

TRENDING