Bahamas News
Hurricane Dorian Extraordinary, Unexpected Fiscal Impact causes Bahamas Govt to present Supplementary Budget
#NASSAU, Bahamas — January 30, 2020 — Deputy Prime Minister and Minister of Finance the Hon. K. Peter Turnquest explained that the Government is presenting the extraordinary and unexpected fiscal impact of Hurricane Dorian as a Supplementary Budget, so that the Bahamian people are made fully aware of exactly how the Government intends to address the challenges which have emerged.
As he presented the Supplementary Budget Statement in the House of Assembly, Wednesday, January 29, 2020, DPM Turnquest stated that the supplementary appropriations outline both the expected revenue losses arising from the Hurricane together with the increases in the recurrent and capital expenditure allocations necessary to deal with the emerging restoration and rebuilding activities on the islands of Abaco and Grand Bahama.
“The Supplementary Budget Book provided to this Honourable House presents the expected revenue loss for this fiscal year, by the respective revenue categories, which underlay the adjusted revenue budget for FY2019/20; it details the additional capital and recurrent expenditure arising from Hurricane Dorian, as well as several other policy imperatives. As these impacts are multi-year, the medium-term forecasts have been extended by one year and revised through to FY2022/23.”
He noted that in circumstances like this facing substantial revenue loss and significant new expenditure requirements, governments are compelled either to raise additional funds through greater taxation – or through increased borrowing in the near term. “The Government has determined that additional taxes would not be optimal at this time, given the substantial impact of Dorian to our economy and the need to maintain private consumption levels. Accordingly—and very conscientiously—the government has decided to fund the revenue loss and expenditure requirements through additional borrowings.
“Thus, I am also tabling a new borrowing resolution for authorization to borrow beyond the $72.4 million (which excludes the $628.0 million for refinancing of maturing debt) approved at the time of the 2019/20 Budget Communication in May of last year.”
He said, “As I mentioned during the tabling of the 2019 Fiscal Strategy Report in November, we anticipate that total revenue for FY2019/20 will now be reduced by $232.6 million, due to revenue losses and revenue foregone from VAT, Business Licence fees, Customs, and a number of other taxes in the Hurricane-affected islands.”
DPM Turnquest stated that it is important to remind the House that given the magnitude of the impact of Dorian on the islands of Abaco and Grand Bahama, the Government unveiled an unprecedented package of tax incentives and concessions as a key part of the establishment of the Special Economic Recovery Zone (SERZ). I know that members opposite agree—like all Bahamians—that this was and is the right thing to do.
“However the impact of those much needed tax concessions for those island mean that over $200 million in tax revenues is being deliberately and consciously foregone. This is being done so that the government is doing as much as it reasonably can to aid the speedy recovery and restoration of those impacted communities.
“Thus, at year-end, we project a revised aggregate revenue of some $2,395.6 million in FY2019/20, as opposed to the $2,628.2 estimated at the time of the annual budget exercise.”
He added that given the total incremental spending that the Government will have to undertake to initiate rebuilding and restoration efforts, we anticipate that total expenditure will increase to $3,073.1 million for FY2019/20, in comparison to the $2,765.0 initially budgeted and approved.
The DPM explained that recurrent expenses are projected to be higher by $157.6 million, bringing the revised estimates to $2,687.6 million. Of this total, approximately $82.7 million is associated with Hurricane Dorian, which include:
- $23.1 million in costs associated with clean-up activities,
- $12.9 million to facilitate food and accommodation assistance programmes,
- $11.4 million to fund the extension of the unemployment benefit to eligible persons,
- $11.1 million in allowances for affected public staff,
- $5.4 million for the acquisition of supplies and materials,
- a $1.5 million allocation to the new Ministry of Disaster Preparedness, Management and Reconstruction, and,
- the remaining $17.3 million allocated to primarily cover contingencies, consultancy services, security and other costs.
He said, “This spending has and will facilitate a number of social assistance measures on the Government’s part. For example, the Government has aided with rental assistance to evacuees from both Grand Bahama and Abaco, provided accommodations to hurricane victims by way of shelters, food assistance to victims outside of the shelters, and has also extended its national lunch benefit to displaced students that relocated to schools in New Providence. In addition, the Government is seeking to expand the National Insurance Board (NIB) unemployment benefit to 26 weeks from 13 weeks to eligible persons that have been impacted by the storm.”
BIS STORY By Llonella Gilbert
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
