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BAHAMAS: Cabinet approves Fiscal Responsibility Bill, 2018 for public consultation

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#Bahamas, May 15, 2018 – Nassau – The Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest said the Cabinet of The Bahamas last week approved the Fiscal Responsibility Bill, 2018 for public consultation.

“Today, we present that Bill to the Bahamian people. The Bill sets guiding principles and rules for the way the government spends and accounts for the people’s money,” DPM Turnquest said at a press conference at the Ministry of Finance, Monday, May 14, 2018.

“Instead of relying on government to exercise fiscal discipline by choice, the new legislation constrains spending by the force of law.  It is a forward-looking bill intended to reshape the culture of public accountability. Doing so with legislation means it will commit all future governments and not just this administration. This is a built-in safeguard to ensure continuity, sustainability, and commitment to fiscal discipline.”

DPM Turnquest said he could not emphasize enough the importance of the legislation.

“Once passed, it will subject this Government and all successive governments to new standards of public accountability and public sector financial management.  And perhaps, more importantly, from the public’s point of view, it will empower civil society and the Parliament to participate in the system of accountability in a robust and comprehensive way.

“To give you an idea of how this works in the new law, it will establish an independent five-member Fiscal Responsibility Council comprised of civil society professionals with specific areas of expertise in law, business, economics, accounting, and finance.”

He said the Government does not nominate these professionals.  In each respective category, they will be nominated independently by the Bahamas Bar Association, The Chamber of Commerce, the University of The Bahamas, the Bahamas Institute of Chartered Accountants and the Certified Financial Analysis’ Society of The Bahamas.

The DPM said the Fiscal Responsibility Council is mandated to conduct periodic and on-going assessments of the Government’s finances and to make its assessments public.  The Government is also mandated to provide its fiscal strategy reports to the Fiscal Responsibility Council and to also to the Parliament.  He said the new law will require the Government to submit a Fiscal Adjustment Plan to explain any proposed deviations from its Fiscal Strategy Report.

The law will require the Government to present a Fiscal Impact Analysis along with any new spending proposal that falls outside of the approved budget.

“The proposed legislation is very specific and clear: All of these documents are to be made public on specific dates or time periods, and; the contents of each document must conform to the guidelines in the law.  Simply put, the proposed Fiscal Responsibility Legislation reinforces transparency and responsibility in the management of the fiscal finances and strategically enjoins the participation of Parliament and the people in holding the Government accountable for achieving its fiscal targets and objectives.”

DPM Turnquest explained that since the new fiscal and debt targets will require a significant adjustment from the current fiscal position, the Bill contemplates a three-year transition period to ensure this is done in an orderly manner.  He said this time frame will also allow the Ministry of Finance to align its internal resources to deliver on the more rigorous reporting requirements necessary for the public’s assessment of the Government’s fiscal strategy and performance.

The DPM said while all aspects of the Bill are essential to the fiscal responsibility principles, the overarching strategic goals pivot on the fiscal objectives, which are to:

 

  1. Lower the deficit and maintain a sustainable fiscal balance
  2. Lower debt to sustainable long-term levels
  3. Maintain current expenditure growth in line with growth in nominal GDP

 

“We believe that this combination of fiscal objectives will achieve sustainability in the Government’s finances and ensure the long-run stability and viability of the Bahamian economy.”

The public can find information on the Bill at the Ministry of Finance’s Facebook Page, on the Government’s website – www.bahamas.gov.bs – and through traditional media outlets.

The draft Bill is available for download starting today, and the public can submit comments to fiscalresponsibility@bahamas.gov.bs.

 

By: Llonella Gilbert (BIS)

Photo Caption:  Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest announces that Cabinet of The Bahamas last week approved the Fiscal Responsibility Bill, 2018 for public consultation at a press conference at the Ministry of Finance, Monday, May 14, 2018.

(BIS Photo/Derek Smith)

 

 

 

 

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Caribbean Bottling Supports the 27th Basketball Smiles Week  

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.

Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable Powerade water bottles and numerous marketing materials.

The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.

Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.

Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.

“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.

Sam Nicholls, Basketball Smiles Camp President and Founder expressed.

“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.

CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.

For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.

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CWS Supports Transforming Spaces with Premium Products and Unique Cocktails

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CWS brand representative for Bottega and Excellsior wines posing with attendees enjoying glasses of Bottega Gold Prosecco at the National Art Gallery of The Bahamas.

NASSAU, Bahamas — Caribbean Wines and Spirits (CWS), The Bahamas’ premier wine and spirits distributor is thrilled to once again lend its support to Transforming Spaces (TS).

CWS is a proud historical partner of the annual art week which highlights Bahamian art and art spaces. Under this year’s theme, “Chasing Light” Transforming Spaces and Caribbean Wines & Spirits created a memorable art experience.

To mark 21 years of the upliftment and exposure of culture and Bahamian art, CWS offered award winning wines St. Francis, Rebellious, Bottega and Excellsior; premium spirits, Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka, along with the newly added Coors Light Beer from its portfolio.

To kickstart the annual art week, CWS delighted attendees with a tasting of globally renowned Bottega Wines at TS’ Poetry Jam, held at ICE Bahamas. Throughout the event, Bottega brand representatives shared tasting notes, ideal pairings, and insights into the brand’s portfolio.

During the highly anticipated Saturday and Sunday tours, CWS showcased its premium products at select art galleries.

Attendees enjoyed Rebellious and St. Francis wines at The Current: Baha Mar Art Gallery and Museum, Bottega and Excellsior wines at the National Art Gallery of The Bahamas, Coors Light beer at the University of The Bahamas Pro Gallery and hand-crafted Schweppes mixes featuring Cross Keys Gin, El Tequileno Tequila, Angostura Rum and Nemiroff Vodka at CAB Gallery & Studio.

Throughout the two-day tour, CWS product specialists enriched the experience by providing a deeper appreciation for their exceptional beverage portfolio.

Members of the Transforming Spaces Committee expressed their appreciation towards CWS’ support after another successful art week.

“Transforming Spaces is deeply grateful for the continued support of Caribbean Wines & Spirits over the years. Their partnership has become such an important part of the TS experience, helping us create welcoming and vibrant moments for our audiences across the tour weekend. From signature wines and cocktail bars to refreshments at gallery stops and pop-up events, their contribution brings an added sense of hospitality, celebration, and connection to the journey through Bahamian contemporary art.” — TS2026 Committee.

Caribbean Wines & Spirits is proud to partner with Transforming Spaces in supporting and elevating the voices and works of Bahamian artists and looks forward to strengthening this partnership for years to come.

To learn more about CWS’ involvement in the community, follow on social media @caribbeanwinesandspirits or visit the website at www.cwsbahamas.com today.

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Caught in the Net, Not Accused of Wrongdoing

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What the Attorney General must do now to protect Bahamian exports

Deandrea Hamilton | Editor

NASSAU, Bahamas — The United States’ decision to impose a 12.5 percent tariff on Bahamian exports is about more than higher costs for seafood, rum and other goods entering the American market. It is a warning that The Bahamas must move quickly to strengthen or clarify its legal framework governing forced labour and supply-chain enforcement.

The tariff, which takes effect July 24, is part of a sweeping U.S. trade action affecting 60 economies following a review by the Office of the U.S. Trade Representative (USTR). The review concluded that the listed countries have not adequately prohibited or enforced measures against goods linked to forced labour in global supply chains.

The action follows a recent U.S. Supreme Court ruling that invalidated an earlier series of Trump-era tariffs imposed under emergency powers. In response, the Trump administration shifted to a different legal authority—Section 301 of the Trade Act of 1974—using findings from a U.S. Trade Representative investigation into forced-labour compliance to support a new round of tariffs affecting 60 economies, including The Bahamas.

Importantly, the action does not accuse Bahamian businesses of using forced labour. Instead, it reflects the U.S. view that The Bahamas’ legal or enforcement framework does not yet meet the standard Washington expects.

That distinction matters.

The Attorney General’s Office now has the responsibility to lead the country’s legal response. That begins with determining precisely what concerns the U.S. Trade Representative identified, reviewing whether Bahamian law adequately addresses those concerns and, where necessary, recommending legislative or regulatory changes. If deficiencies exist, legal amendments and stronger enforcement could help position The Bahamas for removal from the tariff list.

The government may also seek formal discussions with U.S. officials while those reforms are undertaken, outlining a clear timetable for compliance and demonstrating that the country is committed to meeting international labour standards.

A Nassau Guardian front-page report on July 24 drew attention to the tariff action, prompting broader questions about why The Bahamas was included among the 60 economies affected by the U.S. trade measure and what steps are now needed to restore full confidence in the country’s trade framework.

For many Bahamians, the immediate concern will be the fisheries sector, one of the country’s largest export industries. Commercial shipments of lobster, conch, fish, crawfish and other products entering the United States could become more expensive because of the additional tariff, potentially affecting exporters’ competitiveness.

The broader lesson is that international trade increasingly depends not only on quality products, but also on strong business relationships and confidence in the legal systems that govern them.

For The Bahamas, this is less a finding of wrongdoing than a reminder that international credibility is earned through modern laws, effective enforcement and trusted partnerships. The challenge now is for the Attorney General’s Office to lead a swift legal review, identify any deficiencies and chart a clear path toward compliance so Bahamian exporters are not burdened any longer than necessary.

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