Tradewinds 2018 Exercise Set for June 14-21 in The Bahamas
#Nassau, June 11, 2018 – Bahamas – The Royal Bahamas Defence Force will be hosting the largest military training exercise of its kind next month. Tradewinds 2018 is an annual regional military training exercise that will be held in The Bahamas from the 14th to 21st of June. This year’s exercise will focus on Countering Transnational Organized crime in the region.
The main objective of the highly regarded military event is to foster training for security forces that is ‘tailored for the region by the region.’ The annual exercise is sponsored by the United States Southern Command.
This year’s Tradewinds will consist of 22 partner nations from the Caribbean region, the wider Americas and Western Europe. Additionally, the exercise will consist of over 800 troops from various Caribbean nations that are expected to put their military training to test.
Phase one of the Tradewinds Exercise will take place in St. Kitts and Nevis beginning June 3rd and culminates on June 12th. This preliminary training will prepare forces for the final training and implementation phase in The Bahamas. This final phase will take place from June 14th to 21st, and will consist of simulated terrorist attacks on the island of New Providence.
During the training exercise, a military presence comprising of land and sea will be visible in New Providence. Phase Zero of the training commenced on May 28. This included troops working with dive team, Caribbean Task Force, Headquarters, Intelligence, Cyber and Explosive Ordnance Disposal teams. The training is to prepare the troops for Phases One and Two of the exercise.
Tradewinds 2017 was held in Barbados and Trinidad and Tobago from June 6th to 17th. The Bahamas last hosted Tradewinds in 2009.
(For further information please contact the RBDF Public Relations Department or visit our website: www.rbdf.gov.bs, follow us on Facebook, Twitter and view our Youtube channel)
Commander of the Royal Bahamas Defence Force (RBDF) Commodore Tellis Bethel (seated centre) and Acting Permanent Secretary at the Ministry of National Security Eugene Poitier (seated, third left) are pictured on June 7, 2018, with national and international stakeholders in the upcoming Tradewinds 2018 exercise, during the press conference at the RBDF Base HMBS Coral Harbour, announcing its hosting in The Bahamas. According to the RBDF, Tradewinds 2018 is an annual regional military training exercise that will be held in The Bahamas June 14 -21 and this year’s exercise will focus on Countering Transnational Organized crime in the region. The Bahamas last hosted the event in 2009. The main objective of the highly regarded military event is to foster training for security forces that is “tailored for the region by the region”, and the annual exercise is sponsored by the United States Southern Command. Also, according to the RBDF, 22 partner nations from the Caribbean region, the wider Americas and Western Europe representing a total of over 800 troops are expected to participate in the exercise.
(BIS Photo/Eric Rose)
Kamala Harris to meet with Caribbean leaders in The Bahamas
#USA, June 5, 2023 – Kamala Harris, United States Vice President will journey to Nassau Bahamas in June for a top level meeting with Caribbean leaders, marking the first time she will visit the region since occupying office in 2021.
According to the White House in a statement, the meeting will bring attention to a range of regional issues. Harris and the Caribbean leaders will continue talks on the shared efforts to address the climate crisis, such as promoting climate resilience and adaptation in the region and increasing energy security through clean energy.
Additionally, the statement informed that Harris’ trip “delivers on the Biden-Harris Administration’s commitment to advance cooperation with the Caribbean in pursuit of shared prosperity and security, and in recognition of the common bonds and interests between our nations.”
The June 8th meeting builds on and strengthens the U.S.-Caribbean Partnership to Address the Climate Crisis 2030, which was launched by the Vice President and Caribbean leaders in Los Angeles at the Summit of the Americas as further mentioned by White House Statement.
PM Davis ‘confident’ that Revenue Outturn will near $2.9 billion
By ERIC ROSE
Bahamas Information Services
#NASSAU, The Bahamas, May 30, 2023 – Prime Minister and Minister of Finance the Hon. Philip Davis said in the House of Assembly, on May 31, 2023, that public revenue receipts were strong over the nine-month period of July 2022 to March 2023, due to legislative reform, effective policy decisions, strengthened economic conditions and more efficient collection efforts.
“Analysis of the trends of the first three quarters of this fiscal year, and the years prior, suggest that the government is potentially set to exceed the $2.85 billion target set forth in the February 2023 Mid-year Supplementary Budget,” he said, during his Communication on Budget 2023.
“I am confident the revenue outturn at the end of the Fiscal Year 22/23 will near $2.9 billion.
Public spending has remained on track, and is well within the budgeted amount,” Prime Minister Davis added. “For this reason I am confident that expenditure at end of the Fiscal Year 2022/23 will almost reach the target of $3.1 billion set in the Supplementary Budget.”
He pointed out that the primary balance will, therefore, record a surplus of $68.4 million at the end of the fiscal year, a $54.8 million increase from the $13.6 million surplus projected in the supplementary budget.
“Likewise, the overall deficit is expected to improve to $520.6 million, down from the $575.4 million outlined in the supplementary budget,” he said.
Speaking of Government financing, Prime Minister Davis said that The Bahamas’ borrowing costs had begun to experience a downward trend in the previous quarter; but the cost of borrowing rose at the end of March 2023.
“At the end of the third quarter, the total average cost of borrowing for current outstanding debt had risen to an interest rate of 5.55 percent,” he pointed out. “This is notably higher than the previous year’s rate of 4.93 percent at the end of March 2022.
“This increase in borrowing costs is primarily attributable to the higher costs associated with external loan facilities.”
He added that, more specifically, the average interest rate for external financing had risen by 1.99 basis points, resulting in a rate of 5.55 percent as of March 2023, compared to the preceding year’s 3.56 percent.
“Throughout the past year, the interest rate policies of the major Central Banks have been restrictive, with a series of interest rate increases,” Prime Minister Davis said. “These adjustments have been primarily motivated by the escalation of inflation, and the resulting upsurge in interest rates has had an impact on the Bahamas’ external borrowing costs.”
He added: “However, the cost of borrowing in the domestic market has been declining over the past quarters.
Looking at it in more detail, we can see that:
- The average interest cost for domestic loans subsided by 27 basis points to 4.62 percent at end of March 2023, from 4.89 percent in the previous year;
- And the average interest cost for domestic bonds subsided by 3 basis points to 4.63 percent at the end of March 2023 from 4.66 percent in the previous year.”
Prime Minister Davis noted that those statistics affirmed the Government’s latest medium-term debt strategy, which aimed to shift its borrowing away from costly external commercial debt.
“Such debt has seen a sharp increase over the past five years, including recent interest rate hikes,” he said. “This strategic move will enable the government to once again rely predominantly on the domestic market to meet its financing requirements.”
Prime Minister Davis pointed out that, when considering the maturity of debt, or the average time it takes to repay the principal amount in the government’s debt portfolio, a longer maturity period led to a reduction in refinancing risk.
“In essence, prioritizing longer maturities is key to managing debt effectively,” he said. “And so another element of the government’s medium-term debt management strategy is the goal of prolonging the average maturity time of its debt.”
Prime Minister Davis said that, in the face of “unprecedented turbulence” in the global financial markets, the Government was able to maintain its average time to maturity.
“At end of March 2023, the average time to maturity has decreased slightly to 6.7 years, down from the previous 6.8 years in March 2022,” he said. “This variance is due solely to the external loan component, as the average time to maturity on internal debt has remained steady at 7.1 years.”
“This highlights the significance of maintaining a prudent approach to debt management, and aligning this administration’s practices with the government’s optimal debt strategy,” Prime Minister Davis added.
“It is imperative that we continue to exercise prudence in this area to ensure financial stability.”
(BIS Photos/Ulric Woodside)
PM states HCA model not working during budget debate
By ROBYN ADDERLEY
Bahamas Information Services
#FREEPORT, Grand Bahama, May 30, 2023 – The model of the Hawkbill Creek Act, the agreement between the Government of The Bahamas and the Grand Bahama Port Authority, is not working, said Prime Minister the Hon. Philip Davis during the opening of the 2023 Budget Debate on Wednesday, May 31 in the House of Assembly.
The island of Grand Bahama, he said, contributes 12 percent of the country’s GDP, however, there was a decline by 9 percent when compared to the previous year. Tourism, he said, increased in 2022 showing a growth in accommodation and food service.
“Unfortunately, the statistics show a prolonged decline in the Grand Bahamian economy. The evidence confirms the view of my government that the Hawksbill Creek economic model, which was meant to attract foreign direct investment, does not work.
“Furthermore, in our view, the government model of the Grand Bahama Port Authority must change, in order to realize the promise, growth and prosperity we all desire.
“Additionally, the Government of The Bahamas has serious concerns regarding the compliance of the GBPA and its related companies with the terms and conditions of the Hawksbill Creek Act, and its subsequent amendments.”
In the past, said the Prime Minister, administrations have attempted to address the issues however they appear to be “systemic and fundamental.” Decisive action will be taken, he continued, and a separate detailed announcement will be made at another time.
Prime Minister Davis mentioned that even though the GDP for several islands has experienced growth, Abaco and Grand Bahama have not done as well. Abaco, he said, saw a decline of 6 percent in 2022 with its contribution to the economy at 2.8 percent ranking the island as the third largest contributor.
“While there was a slight improvement in Abaco’s economy compared to 2019, it has yet to reach the levels seen before Hurricane Dorian. The decline in the economic activity is directly related to the slowdown in the real estate and construction sectors.”
He continued, “Declines in the real estate sector are directly as a result of a shift to higher intermediate consumption in 2022 from that of the previous two years. In terms of declines in construction, it should be noted that in 2020 and 2021, Abaco experienced significant recovery efforts in the form of debris removal, site preparation and building of damaged structures.
Such efforts bolstered the value added to the island’s GDP during those years. As those efforts wrap up, the industry saw a gradual decline as construction tempered to normal levels in 2022, resulting in a lower GDP.
Additionally, the Prime Minister said the Grand Bahama International Airport will be repaired, and a new healthcare facility will be built. Provisions have also been made for the continuation of an employment program for $4.7 million, along with the construction of a 50-meter swimming pool facility.
The House of Assembly has adjourned until Wednesday, June 7, when the debate will continue.
(BIS Photo/Ulric Woodside)
FIND US ON FACEBOOK
Caribbean News7 days ago
Director of Sports attends General Assembly American Sports Council – Cade 2023
Caribbean News23 hours ago
TCI records first case of Cholera; Minister says Response Plan Ready
Caribbean News4 days ago
Wal Registre’s Impressive Rise at BTC
Crime7 days ago
Suspect Late for Court, $5 Bar Attempted Murder Trial pending
Bahamas News1 week ago
Teens at Ranfurly Homes for Children start a backyard farm with help from ADO, Disney Cruise Line and local farming groups
Caribbean News7 days ago
Aquatics Center gets $3.7 Million allocation announces Sport Minister Rachel Taylor
Caribbean News7 days ago
Hospitals open probe into graphic photos of American tourist
Caribbean News7 days ago
No Jail Time for Tourist Found with 44 rounds of Ammo