Campbell refutes criticism of lack of preparedness ahead of Dorian
#NASSAU, The Bahamas – February 24, 2020 — Minister of Social Services and Urban Development, the Hon. Frankie A. Campbell, Wednesday refuted criticisms that there was a lack of preparation in the face of the monster storm, Hurricane Dorian, in 2019.
Minister Campbell told House Members that: “while there is always more that can be done just because we occupy the largest room in the world, which is the room for improvement, let us not take away from what has been done because we believe there is more that could have been done.”
Contributing to the Mid-Term Budget Debate for the Fiscal year 2019-2020 in the House of Assembly Wednesday, Minister Campbell said Hurricane Dorian was of the magnitude that had never before been experienced. It resulted in what Minister Campbell said became the greatest humanitarian aid and relief effort in Bahamian history.
Minister Campbell said officials at the Ministry of Social Services and Urban Development, the four Departments (Department of Social Services, Department of Rehabilitative Welfare Services, the Department of Gender and Family Affairs and the Urban Renewal Commission) and many Divisions and Units that fall under its remit (and in particular, the Disaster Management Unit) engaged in a wide range of activities months prior to the start of the 2019 Atlantic Hurricane Season – including the inspection and assessment of proposed shelters and the launch of public service announcements as part of its education and awareness campaigns.
He applauded ministry employees across the country for their commitment to preparations prior to the Hurricane Season and the approach of Dorian, and their efforts on the frontline during and in the aftermath of the monster Hurricane, and despite suffering major losses in some instances themselves.
“My level of respect and gratitude for, and towards, the staff and the team of the Ministry of Social Services and Urban Development has increased ten-fold after observing and witnessing their level of commitment and dedication – even in the face of their own adversity; even while some of them lost their own homes and had family members who were injured and/or missing. They continued to give the service that was required.”
Minister Campbell said the Ministry was called upon to manage up to 15 shelters throughout The Bahamas, including ten in New Providence, in the aftermath of the Hurricane. He commended those institutions that: “allowed us to use their facilities here in New Providence.”
These included: All Saints Anglican Church, the Salvation Army, the Enoch Backford Memorial Gymnasium, Bahamas Academy Gym, Pilgrim Baptist Church, Kendal G.L. Isaacs national Gymnasium, Calvary Haitian Baptist Church, Grants Town Seventh-Day Adventist Church and the Fox Hill Community Centre.
“We were very fortunate to have use of these facilities and let me say that none of these facilities were purposefully built for the amount of persons and the duration that we needed use of them.”
Minister Campbell said of the shelters mentioned, just one — Bahamas Academy Gymnasium — remains operational. The Kendal G.L. Isaacs Gymnasium closed its doors as a shelter February 15.
Minister Campbell told House Members that the ministry’s preparations have already begun for the 2020 Atlantic Hurricane Season even as it continues to provide assistance to victims of the 2019 Hurricane.
“I assure the Bahamian people that we in the Ministry of Social Services and Urban Development are evaluating protocols, policies and procedures. We are mindful that it cannot be business as usual. We are mindful that what we faced could become more frequent and as a result, we will continue like every good sailor does, to adjust our sails and remain steadfast and agile at the helm so that we can remain on course and meet our target.
“We ask persons to continue to come forward and volunteer because the next hurricane season is upon us. We ask persons to appreciate that even as we haven’t been able to conduct a complete post mortem of Dorian because we are still living it, we are already planning for the commencement of the next season,” Minister Campbell added.
BIS STORY BY MATT MAURA
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)
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