#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.
Peter Turquest, Bahamas Deputy Prime Minister, Minister of Finance
“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.”
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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.
Abaco post Hurricane Dorian
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.”
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Nassau, BAHAMAS — “A dish without wine is like a day without sunshine” – Jean Anthelme Brillat – Savarin
This saying emphasizes the enjoyment and pleasure that wines bring by enhancing the overall dining experience of every meal. This most certainly was the case in early April when Carna, at Baha Mar, hosted a six-course intimate dining experience with Cakebread Cellars wines. Cakebread Cellars is exclusively distributed by Caribbean Wines & Spirits.
Cakebread Cellars, a renowned Napa Valley winery, earned international acclaim when its Chardonnay became the first Californian wine to win a prize in France – an impressive milestone that helped put California wines on the global map. Known for their elegant, food friendly wines and commitment to quality, Cakebread Cellars continues to be a celebrated name in American winemaking.
The four wines featured during the evening were some of the most phenomenal vintages available in Cakebread Cellar’s portfolio: Napa Valley Reserve Chardonnay (2019), Two Creeks Vineyard Pinot Noir (2020), Napa Valley Cabernet Sauvignon (2018) and the Cabernet Sauvignon Reserve Howell Mountain (2018). Guests enjoyed the perfect pairings which highlighted the brand’s diversity.
Jennifer Vitali, Regional Manager for Kobrand and DeCarlo McPhee, Sales Manager for Caribbean Wines & Spirits spoke to the guests in detail about each wine, giving diners an enhanced experience.
Guests were also treated to one of Cakebread Cellars’ most luxurious products, their Dancing Bear Cabernet Sauvignon, which retails at $255.
The Dancing Bear Ranch is located high on the slopes of Howell Mountain in northern Napa Valley. The vineyard’s high elevation, dry soils, and unique exposure contribute to small yields of intensely flavorful grapes
The Dancing Bear Cabernet was decanted by Faizal Farook, General Manager for Carna in SLS Baha Mar. Farook took delight in pouring a glass for each guest which they all savored.
The Dancing Bear Cabernet Sauvignon delighted guests with its tasting notes of ripe cherry and blackberry, along with hints of mocha, leather, baking spices and rocky minerality. The rich yet complex flavor can be accredited to the wine’s ranch unique location.
All the wines from the Cakebread portfolio, including the Dancing Bear Cabernet Sauvignon retail between $70.40 and $255.
For more details on exclusive dining experiences, new products and exciting events visit Caribbean Wines & Spirits’ website www.cwsbahamas.com today!
Photo Captions:
A display of the Cakebread Cellars wines tasted during the dinner at Carna
Guests seen engaging in conversation while savoring their perfectly paired wines and food.
NASSAU, The Bahamas -The system for the implementation of the Longevity and Regenerative Therapies Act, 2024 was officially introduced locally and internationally on April 28, 2025.
The Minister of Health and Wellness the Hon. Dr. Michael Darville foreshadowed the move at the 2025 HEALinc Future Innovation Summit opening ceremony on Sunday, April 27, at Atlantis Resort on Paradise Island.
Referred to as LAR-TA, it is an on-line portal and digital platform designed to ensure that all approved longevity and regenerative therapies acceptable to patients in The Bahamas are properly vetted for safety and scientific merit, and that these therapies are delivered within a closely monitored ethical framework.
“The LAR-TA system has been developed to ensure that patients are properly consented, that the studies and therapies are ethically approved, meaning they have Institutional Review Board (IRB) approval that follow-up data from patients receiving cutting-edge therapies are properly tracked and regularly reviewed for safety and efficacy,” said Dr. Darville.
The new Act also establishes a Longevity and Regenerative Therapy Board that will encourage medical tourism, as well as the advancement of translational medicine locally and globally.
The board will develop the framework to attract top-tier bio-tech companies that will create jobs and other economic benefits and will ensure that stem cell therapies, gene therapies and other promising regenerative therapies accessible in The Bahamas are approved and properly monitored.
The 2025 HEALinc Global Summit ran April 27-29 under the theme: “New Opportunities in Healthy Longevity and Regenerative Medicine”.
The Summit opened with the “big picture” idea of embracing more connected perspectives on the restoration of “whole-person” health and life enhancement.
It featured more than 30 speakers who discussed topics such as precision medicine, gene therapy, and health longevity. It also explored the intersection of advanced longevity, regenerative medicine, and technology focusing on the mind-soul-spirit consciousness.
This unique convergence also highlighted the innovations and insights necessary to restore and sustain whole-person health, bridging science and spirituality to redefine the future of well-being.
The summit unites world leading scientists, innovators, thought leaders, entrepreneurs, and medical professionals with a mission to empower individuals in health management and future shaping.
HEALinc, challenges norms, fostering innovative methods and connecting patients with resources for enhanced quality of life. Its focus is on safe, efficient solutions for longevity and regeneration.
Dr. Darville thanked Bahamian Dr. Desirée Cox, CEO and Founder of HEALinc and her team for organizing and bringing together industry leaders and scientists to the Fifth Annual HEALinc Global Summit in paradise.
“Your work embraces the spirit of collaboration and continues to reshape our understanding of ageing, wellness and recovery,” he said.
GRAND BAHAMA, The Bahamas — The Ministry of Energy is actively engaging Bahamians in shaping the National Energy Policy (NEP) 2025–2030, emphasizing transparency, inclusivity, and public participation. The campaign encourages citizens to contribute to policy development, with public consultations closing at the end of the month.
The NEP aims to provide safe, reliable, and affordable sustainable energy, aligning with the UN’s 2030 Agenda for Sustainable Development, particularly in areas like affordable energy, sustainable cities, and global partnerships. Key themes in the policy include access, resilience, inclusion, and sustainability.
The transportation, telecommunications, and electricity sectors are the largest energy consumers and central to national development.
The Bahamas currently relies heavily on imported fossil fuels (mainly diesel and heavy fuel oil), exposing the country to volatile global oil prices and high energy costs. The main electricity providers are Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC).
During a recent national address on January 8, 2025, announcing the nationwide 5% VAT rate decrease, Prime Minister and Minister of Finance Philip Davis said that his Government had already started by creating the country’s first nationwide energy sector reforms.
He said: “The high cost of energy runs right throughout the economy. Important parts of our outdated electricity grid date back to before Independence. Some of them are so old that no one makes the parts to fix them anymore. But we can’t build a successful economy – and Bahamians can’t build their own success stories – if we continue to be burdened by an old, outdated, system, dependent on heavy and diesel fuels.”
Prime Minister Davis added: “An unreliable system, and above all, an expensive system – you simply can’t build a 21st century economy with 20th century infrastructure. So, we’re reforming, upgrading, modernizing.”
He noted that solar panels were going to go up, and prices were “going to come down”.
“We are partnering with Bahamian companies across our Family Islands, to meet the unique needs of each,” Prime Minister Davis pointed out. “We are going to have New Providence’s first utility-scale solar field. We’re integrating LNG. We’re updating transmission lines and technology, for efficiency – which means cost-savings – for reliability, and increased resilience during storms.”
He noted that it was a huge undertaking, and it was going to make a “huge difference”.
“But the changes will take time – so while that work is happening, we’re offering relief on high monthly electricity bills with an equity rate adjustment – a tariff reduction that has already added up to significant savings for thousands of Bahamian households and businesses,” Prime Minister Davis stated.
“In the coming months and years, imagine how many more Bahamian businesses will grow and thrive, once they are not held back by high electricity costs.”
The NEP is part of a broader legal and regulatory framework, supported by:
The Electricity Act 2024 (regulating generation, transmission, and supply),
The Natural Gas Act 2024 (regulating importation, transport, and retail of natural gas),
The URCA Act, empowering URCA to regulate and issue licenses.
Importantly, the NEP is a policy document, not legislation, but it guides and complements existing laws.
The energy revolution is underway in The Bahamas, with the Prime Minister emphasizing that the country will no longer be held back by long-standing energy challenges. The government is committed to ensuring no island is left behind in this transformation.
As part of ongoing public engagement, the energy team are updating residents of George Town, Exuma, and Matthew Town, Inagua — with the final stop of the consultation tour being at Inagua All-Age School Hall on Friday, May 16, from 5:00 PM to 7:00 PM.