Bahamas News
Bahamas PM Advocates Innovative Disaster Risk Financing Instruments to Fend Off Adverse Climate Change Impacts
#Nassau, November 28, 2018 – Bahamas – Intervening on behalf of The Bahamas at an international conference on “Building Resilience to Disasters and Climate change in the Caribbean,” Prime Minister, Dr. the Most Hon. Hubert A. Minnis called on the donor community to play a key role in the development of catastrophe insurance solutions for developing countries.
“Like many other Caribbean countries, disasters in The Bahamas can have a large, direct impact on economic conditions through reduced productivity and increased national debt due to reconstruction costs,” the Prime Minister said as he addressed the Inter-American Development Bank/International Monetary Fund/World Bank Conference at the IMF Headquarters in Washington, D.C on Monday, November 26, 2018.
The Prime Minister led a Bahamian delegation to the high level conference which brought together other leaders of the Caribbean Community (CARICOM), key stakeholders, including senior policymakers, public, private, and multilateral development partners, to explore incentives to shift the focus of policies towards building resilience and innovative disaster risk financing policies and instruments that would help in this regard.
The Prime Minister said as a result of Hurricane Matthew in 2017, The Bahamas Government initially borrowed $150 million and made allocations for capital works, and transfers and subsidies for relief and reconstruction. He further explained that this widened the fiscal deficit from an estimated 1.0 per cent of GDP in 2016/17 before Hurricane Matthew to 1.9 per cent of GDP after Matthew. This represented an $81 million increase in the deficit after the hurricane.
“Subsequently, we recognized that in post-disaster relief and recovery, we should have the resources and means at our disposal to finance our direct contingent liabilities more efficiently, and to be better able to provide additional aid to small businesses and low-income farmers, who are disproportionally impacted by disasters,” he said.
Specifically addressing the topic “Improving Risk Transfer” the Prime Minister noted that as the frequency and severity of disasters increase due to climate change, the intensified shocks could create debt burdens on future generations, and erode development progress.
“We also need to promote insurance solutions for homeowners. The possibilities of introducing natural disaster insurance for homeowners are as varied as the disaster management strategies of different countries,” he said.
According to the Prime Minister, there is no single ideal or universally applicable solution for homeowner’s disaster insurance. In this vein, he said that each country must find and adapt a model that best fits its exposures, existing insurance market infrastructure, institutional set-up and political acceptability.
“However, pooling of risks at the regional level may be the solution to overcome any shortcoming in any particular country.”
The Prime Minister also spoke of the challenge that policymakers often have, which is difficulty obtaining political and economic commitment due to other competing needs and priorities.
“While many agree that reducing disaster risk is important for saving lives and property, few countries such as The 
Bahamas have appropriate measures in place because other policy issues require greater attention and funding,” he said.
The Prime Minister also observed that policymakers are in need of clear evidence, including cost-benefit analysis, to convince the public and various stakeholders that a commitment to risk transfer is as practical and necessary as any other priority.
And, he called on the donor community to “play key complementary roles in the development of catastrophe insurance solutions for developing countries.”
These roles, he stated, include helping to subsidize insurance premium in the context of a country putting together a sound macro-fiscal framework, and increasing the capitalization of the Caribbean Catastrophe Risk Insurance Facility, so that insurance premium come down automatically.
“In terms of convening power, the World Bank and other IFIs can play a catalytic role in the development of efficient partnerships among countries, donors, and private markets for the financing of catastrophic risks,” the Prime Minister said.
By Lindsay Thompson
Release: BIS
Photo Caption: Prime Minister Minnis making intervention at the climate change summit, November 26, 2018, IMF Headquarters, Washington, DC.
(BIS Photo/Yontalay Bowe)
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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.”
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