Bahamas News
Bahamas DPM says, ‘The country is moving in the right direction’
#Bahamas, February 23, 2018 – Nassau – Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest said based on the performance in the first half of fiscal year 2017/18, the country is moving in the right direction.
“Compared with the first six months of Fiscal Year 2016/17, the fiscal performance has turned in a $92.3 million or 61.4 per cent reduction in the overall deficit—to $198.0 million, from $290.3 million in Fiscal Year 2016/17,” the DPM said in a ‘State of the Economy Report,’ hosted by the Bahamas Chamber of Commerce and Employers Confederation at Atlantis, Paradise Island, February 21, 2018.
He said gains in revenues of $24.8 million are supported by a $67.5 million or 43.6 per cent reduction in spending; comparisons with the budget show revenues running at some 41 per cent of the target and adjusted recurrent and capital spending, at 44.7 per cent and 33 per cent, of their respective targets.
“We believe that the measures taken, and those in the pipeline, have the ability to help restore fiscal discipline and place the finances on a sustainable path for the benefit of all Bahamians. However, we would acknowledge that these measures alone will not get us to where we want and need to be.
“Most importantly, we must grow our economy and do so in a sustained way; additionally, if our fiscal plans are to be sustainable, they need to be reinforced by other administrative and legislative initiatives designed to bolster credibility, in a transparent and accountable manner.”
The DPM explained that last year, he introduced to the public, the public financial management reform measures underway to deliver more efficient and effective allocation and use of public funds, by addressing cumbersome processes and inconsistent and outdated practices in our public financial management activities.
“An important element of the Public Financial Management reform agenda focuses on bringing greater transparency, fairness and efficiency to bear on public procurement activities.”
He said public procurement is big business for governments, and equally as big are the temptations and opportunities for corruption, collusion, fraud and manipulation.
“For The Bahamas, more than $1.475 billion or an estimated 13 per cent of Gross Domestic Product was spent in FY2016/17 to acquire goods and services —underscoring the imperative for the Government to obtain value for monies spent.”
The DPM said the first stage in these reform efforts was marked by the recently launched pilot phase of the Government eProcurement portal—a single access point—where all announcements, documents and information about tender participants, summary of bid evaluation reports, and notice of procurement awards will be published.
“All suppliers interested in doing business with the Government have been invited to register their businesses by uploading all of the requisite documents via the portal.”
He said work is also well advanced on finalizing the draft public procurement legislation that will bring the regulatory framework closer in line with international standards and best practices. Some of the areas covered in the legislation are the establishment of a public procurement department; a public procurement board, and a public review tribunal to provide persons with an avenue for recourse.
“The most critical element of this procurement reform will be the requirement that all tenders and bid offers be published publicly online and that all successful bid offers accepted by government also be awarded. This, ladies and gentlemen, changes the game for all stakeholders.”
The DPM explained that these same principles of transparency and competition are behind the Government’s recent decision to engage the services of the Caribbean Development Bank to formulate a Public, Private Partnership. Having clear and transparent policy guidance for all stakeholders will ensure that the Government is identifying the right private sector partner and carrying out the required analysis of all risks, while easing the burden on public resources.
DPM Turnquest said, “These reforms are long overdue, but once completed will increase the ease of doing business with the Government, make procurement processes more transparent and competitive, and are generally supportive of the Government’s overall goal of restoring the public’s trust in its management of public funds.
By: Llonella Gilbert (BIS)
Photo Caption: Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest brings remarks at the ‘State of the Economy Report’ hosted by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) at Atlantis, February 21, 2018. Looking on from left are CEO, BCCEC, Edison Sumner and Chairman, BCCEC, Mike Maura, Jr.
(BIS Photo/Patrick Hanna)
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
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.
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.
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.”
-
Health1 week agoAstraZeneca withdraws COVID vaccines after millions took their jabs
-
Caribbean News5 days agoBelize, Jamaica and St. Vincent and the Grenadines eliminate mother-to-child transmission of HIV and Syphilis
-
TCI News5 days agoEquity in Energy says Bahamas Energy & Transport Minister in legislative roll out
-
TCI News5 days agoFamily of 16 tourist claims negligence in Grand Turk jet ski death; Coroner’s Court hearing evidence
-
Caribbean News5 days agoMagnetic Media attends Caribbean Media Summit, in focus AI in Journalism
-
world news6 days agoElectricity Access for 600 Million a goal of UN Sustainability Week
-
TCI News3 days agoAMERICAN MOTHER AND DAUGHTER ALLEGEDLY ARRESTED FOR TWO BULLETS
-
Bahamas News5 days agoThe Bahamas Successfully Hosts Its Fourth World Athletics Relays