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JAMAICA: PM says NWC $15 Billion Local Bond Will Transform Entity

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#Jamaica, May 17, 2018 – Kingston – Prime Minister, the Most Hon. Andrew Holness, says the $15-billion local bond facility established by the National Water Commission (NWC), will now help to transform the entity into a viable asset for long-term investment.

“We are now creating the NWC as an asset in which pension funds, and other such funds, like insurance funds, can invest,” he explained, while addressing a press conference held at Jamaica House on Tuesday (May 15) to provide further details on the bond issue.

Mr. Holness said the Government recognises that the NWC is “an incredible asset”, but lamented that for many years, it has had a poor balance sheet.  He noted that the local bond issuance will now allow the NWC to refinance a significant portion of its high interest rate foreign currency denominated loans, which will reduce the Commission’s exposure to foreign exchange losses.

Over the years, the NWC has suffered significant financial losses due to the negative impacts of declines in the exchange rate of major trading currencies against the Jamaican dollar.  The foreign exchange losses incurred by the company for the 2014 to 2017 period amounted to $5 billion.

The Prime Minster said that in making the NWC financially stronger, it will be able to take on more capital projects, noting that a significant portion of the $15-billion bond will be used to finance capital projects, which include laying pipes, dealing with sewerage infrastructure, treatment and repairs.

“Because the NWC is now a financially viable asset, it does not have to depend on government support or revenue. It can now engage on equal footing with the private sector, through public/private partnerships, because it has a stronger balance sheet to execute these projects,” he said.

The Prime Minister further noted that he is pleased that the arrangement, which is the largest the NWC has ever undertaken, is being done without a government guarantee, and at competitive interest rates.  It will also be the second largest Jamaican dollar denominated transaction of this nature.

Mr. Holness said he also welcomes another important aspect of the facility, where a substantial portion of the bond will be loaned to the Government for 40 years.  He noted that this is significant, because it demonstrates that the market is not only willing to lend without a government guarantee but for such a long period.

Under the arrangement, which was facilitated through the National Commercial Bank Capital Markets Limited, the NWC will have immediate access to $12.51 billion to refinance specific foreign currency denominated loans and also provide funding of $3 billion to undertake a number of agreed capital projects islandwide in the fiscal period 2018/19.

The remaining $2.49 billion from the bond issue is to be received in 12 months, on condition that the Commission would have achieved stipulated targets relating to its on-revenue water (NRW)-reduction programme in Kingston and St. Andrew, and implementation of its new high-performance digital water meters, among other things.

 

Release: JIS

 

 

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Over a Week Later, Bahamians Still Waiting on Full Election Numbers

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The Bahamas, May 22, 2026 – More than a week after Bahamians voted in the country’s 2026 General Election, complete official constituency voting figures still have not been publicly released by the Parliamentary Registration Department.

While winners have been declared across the country’s expanded 41-seat Parliament, no centralized official breakdown showing constituency vote totals, turnout percentages, rejected ballots or margins of victory appears to have been published publicly.

The Progressive Liberal Party is widely reported to have secured 33 seats, while the Free National Movement won eight seats, according to tallies carried by several media houses, including the Nassau Guardian’s election tracker and other regional reports.

Still missing, however, are the underlying numbers which would allow the public to independently assess voter participation levels across the country’s 41 constituencies.

That absence is drawing increasing attention following an election already marked by concerns over long lines, advanced polling confusion, voter register complaints and questions about election administration.

Unofficial turnout estimates circulating in local media place national voter participation near 58 percent. If confirmed, that would represent the lowest voter turnout in modern Bahamian general election history.

Historically, The Bahamas has recorded strong election participation rates, with turnout often exceeding 80 percent in previous decades. But participation declined sharply in 2021, when official turnout fell to roughly 65 percent — at the time considered historically low.

Now, the Coalition of Independents says it plans to challenge aspects of the election process in Election Court and is escalating its criticism of the handling of the vote.

In a sharply worded statement issued to media, Coalition Leader Lincoln Bain announced the party will boycott the opening of Parliament, insisting the election was “flawed from start to finish.”

The Coalition claims the country cannot “celebrate ceremony while justice is ignored,” arguing that unresolved election concerns continue to hang over the legitimacy of the process.

Among the concerns raised by the COI are:

  • allegations of voter register irregularities;
  • claims that the voters register remained open after Parliament was dissolved;
  • accusations of vote buying;
  • concerns tied to the Pinewood constituency race;
  • alleged constitutional breaches involving undeclared government contracts;
  • and alleged conflicts of interest involving gaming operators serving in Cabinet.

The Coalition also referenced allegations surrounding criminal influence and drug-related claims connected to political operations, while calling for what it describes as a “serious local investigation.”

In its statement, the COI said there has been “no proper public accounting, no local investigation announced, and no Commission of Inquiry launched into these matters.”

The group is now demanding a formal Commission of Inquiry into the conduct of the election and related allegations.

Bain said the boycott of Parliament is “not a boycott of democracy” but instead “a stand in defence of democracy.”

The statement further argues that Parliament itself must be protected from “corruption, conflicts of interest, criminal influence, and electoral fraud.”

So far, election authorities have not publicly indicated when complete certified constituency voting figures will be formally released.

And that delay is becoming increasingly significant because the missing data includes the very numbers needed to understand whether Bahamians truly disengaged from the electoral process in record numbers.

If unofficial turnout estimates are accurate, it would mean voter participation in 2026 either matched or fell below the historically low 2021 election turnout — despite The Bahamas recording one of its largest voter registration totals ever, with more than 209,000 people listed to vote.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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OVER 209,000 BAHAMIANS TO DECIDE NEXT GOVERNMENT IN TUESDAY’S GENERAL ELECTION

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Polls open nationwide as rallies, controversy and endorsements close heated campaign season

 

The Bahamas, May 11, 2026 – Temperatures across The Bahamas on Tuesday, May 12 are forecast to reach a high of 87 degrees Fahrenheit, with “feels like” temperatures expected to climb even higher — but the heat is not expected to disrupt the flow of voters to polling stations which open nationwide at 8 a.m.

More than 209,000 registered voters are expected to cast ballots in the country’s 2026 General Election, which will determine who forms the next government of the Commonwealth of The Bahamas.

Polling stations across New Providence, Grand Bahama and the Family Islands will remain open until 6 p.m., with all 41 House of Assembly seats being contested in what has become one of the country’s most energetic and closely watched election campaigns in recent years.

The governing Progressive Liberal Party and the opposition Free National Movement are fielding full slates of 41 candidates each, while the Coalition of Independents has emerged as a significant third-force movement with 40 candidates contesting seats nationwide.

Public schools throughout the country are closed Tuesday as many campuses are transformed into polling stations, while ballot boxes have already been dispatched to the Family Islands ahead of voting day.

The Parliamentary Registration Department has meanwhile reminded employers that registered voters are legally entitled to two hours off to vote in addition to their normal lunch break and has also issued guidance aimed at maintaining orderly conduct at polling locations.

The final days of campaigning transformed the country into a sea of rallies, motorcades, town halls and political events stretching from Exuma and Long Island to Abaco, Bimini, Eleuthera, Andros, Inagua and Grand Bahama.

The PLP closed its campaign with the message “Choose Progress,” arguing the Davis administration has strengthened the economy, expanded social support and advanced national development projects.

The FNM campaigned heavily on accountability, affordability and governance reform under the slogan “We Work for You,” while the Coalition of Independents sought to position itself as the country’s disruptive alternative with the declaration: “Change ain’t coming — change is here.”

The campaign season also drew international attention with former NBA player and businessman Rick Fox attracting celebrity endorsements from basketball legend Shaquille O’Neal, actress Vanessa Williams and reggae icon Buju Banton through widely circulated video messages.

Adding further unpredictability to the race are at least 13 independent candidates contesting seats across the country, including former Prime Minister Dr Hubert Minnis in New Providence’s Killarney constituency, former Cabinet Minister Frederick McAlpine in Grand Bahama’s Pineridge constituency and Leroy Major in Southern Shores on New Providence — all seeking to break through the dominance of the country’s traditional party structure.

Meanwhile, election officials faced controversy in the campaign’s final hours after confirming that fewer than 150 voters, around 1 percent of electors had been mistakenly omitted from the register but would still be allowed to vote Tuesday — a decision questioned publicly by FNM Leader Michael Pintard amid broader concerns over voter integrity and election procedures.

Despite the political tensions, election officials say preparations are complete.

By Tuesday night, Bahamians are expected to know whether the PLP secures a second consecutive term, whether the FNM returns to office, or whether independents reshape the country’s political landscape.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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BAHAMAS RATING UPGRADE: A WIN—BUT NOT A FREE PASS

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The Bahamas, May 4, 2026 – With elections days away, The Bahamas has picked up a headline-friendly win: a credit rating upgrade.

Here’s the one-liner that matters most:

A higher rating can mean cheaper borrowing for the government—over time.

That’s the upside. When lenders see less risk, they demand lower interest. That can ease the cost of financing big projects and managing national debt.

But that’s only part of the story.

Moody’s Ratings has upgraded The Bahamas to Ba3 from B1, citing stronger fiscal discipline, improved liquidity and a more stable funding strategy. It also points to better tax collection, controlled spending and continued strength in tourism as key drivers.

Moody’s expects the government to maintain solid primary surpluses—essentially bringing in more than it spends before debt payments—and projects national debt to decline from 72.5% of GDP to around 68% by 2027.

That’s progress.

But here’s the reality check.

The Bahamas is still below investment grade. In plain terms, the country remains in speculative territory, meaning investors still see a higher level of risk compared to more stable economies.

Debt, while improving, is still elevated. And the economy remains heavily dependent on tourism—a sector that can shift quickly with global conditions, weather events or geopolitical shocks.

Even Moody’s signals that more work is needed. Further upgrades depend on:

  • sustained reductions in debt
  • improved debt affordability
  • and continued access to favourable financing

So while the upgrade reflects real gains, it is not a finish line.

It is a signal that the country is moving in the right direction—but must stay disciplined to keep that momentum.

For voters heading to the polls, the takeaway is simple:

The Bahamas has strengthened its financial position—but the fundamentals still need work.

The progress is real.

The challenge now is to make it last.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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