Bahamas News
Projected Contraction in Tourism Activity to have Adverse Impact on the Bahamas’ Foreign Exchange Reserves Position
#NASSAU, The Bahamas — March 19, 2020 — Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest stated that the projected contraction in tourism activity will inevitably have an adverse impact on The Bahamas’ foreign exchange reserves position, which stood at a healthy $2,030 million at mid-March 2020.
“Based on preliminary projections, external reserves could decline by some $900 million by end-2020, DPM Turnquest explained as he presented the Statement on the Fiscal and Economic Impact of COVID-19 in the House of Assembly, Wednesday, March 18, 2020
“Under this scenario, the country would still have a manageable level of foreign reserves. However, the Central Bank will continue to monitor and judiciously manage the reserve holdings.”
He said the Ministry of Finance will support the measures that the Central Bank adopts to ensure that the country’s foreign reserve holdings remain adequate for ongoing financial and commercial needs.
Government Package of Policy Measures to Deal with Economic Impact of COVID-19
The DPM explained that the Government has adopted a package of policy measures to deal with the tremendous economic impact of COVID-19 that is already starting to be felt as hotel occupancies have fallen, as cruise ship arrivals are on a 30-day hiatus, and as hotel workers are being asked to take unpaid or vacation leave.
“These provisions have been put in place first and foremost to protect public health. They will also provide a safety net for individuals as we ride out this turmoil together.”
He stated that in addition to the nearly $5 million the Government has already earmarked for healthcare response, we are allocating up to an additional $11 million to cover detection, isolation, treatment and other COVID-19 mitigation activities.
DPM Turnquest said the Government is setting aside $4 million to provide food assistance and social support for displaced workers directly impacted by the virus, through the Ministry of Social Services.
“These food assistance vouchers, of $100 every second week will be targeted primarily to persons within the hospitality industry who are facing reduced work weeks.”
He also explained that the Government is allocating $10 million to provide for a temporary unemployment benefit, administered through the National Insurance Board, for self-employed persons working in the tourism industry.
“Self-employed persons, such as straw vendors, tour operators, Jet Ski operators, do not ordinarily qualify for the National Insurance unemployment benefit as part of their benefits package.
“However, the Government is making a special accommodation for those self-employed individuals in the tourism industry, given the unprecedented COVID-19 impact.”
The DPM added that for persons in this category, the Government will offer a sponsored unemployment assistance of $200 per week, for up to eight weeks. To qualify, these self-employed persons must be currently registered with NIB or they must register at the time of application for this benefit. The time frame for this benefit may be adjusted according to need.
He said under the normal provisions of the NIB insurance scheme, individuals who contract COVID-19 or are quarantined because of exposure or suspected exposure will be eligible for sickness benefits.
DPM Turnquest added that individuals who are temporarily laid off because of the economic impacts of COVID-19 will be eligible for unemployment benefits, up to the regular 13-week period, if necessary.
“NIB published information on this yesterday to remind persons of these benefits already available to them under the NIB programme. The government encourages all persons who are eligible to contact NIB.”
He explained that the Government has requested that Water and Sewerage reconnect all recently disconnected services for residential customers to ensure that personal hygiene is not compromised.
“Further, the government is also directing both Water & Sewerage and BPL to defer payment of bills – for an initial period of three months for residential customers who are diagnosed with the virus, who are in quarantine, or have been laid off.
“I must stress that this allowance is for this specific group of persons and that it is important that these impacted persons contact BPL and Water & Sewerage to register for this benefit and verify their situation as necessary.”
He said the Ministry has included the Clearing Banks Association in its consultation on the proposed mitigating measures to address the current situation.
“The banks have reiterated to me their commitment to helping their clients through challenging times. They have advised that if persons are experiencing financial difficulties during this period, that they should contact their banks to understand the options that are available to them, such as payment deferrals, credit limit increases, or other measures to offer temporary relief.
“As this issue progresses, the banks have stated their intent to offer more tailored products and services to persons who financially are negatively impacted by the economic effects of COVID-19.”
The DPM said, “The banks have however stressed that for now, it is important that clients who – because of their changing circumstances – find themselves in financial duress, that these customers should go in before they fall into arrears so that their specific situation can be assessed and addressed within the range of the banks’ available tools.”
BIS NEWS By Llonella Gilbert
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor is proud to announce the launch of Monument Beverage Co., its newest 100% locally produced ready-to-drink alcoholic cocktail.
Monument, “Made to Celebrate”, perfectly encapsulates everything the brand represents. Created and distributed by CWS, Monument is
inspired by culture, crafted with excellence and bursting with innovation.
This unique beverage celebrates island living with three bold flavors, Ginger Lime, Peach Passion and Melon Fizz. All of which can be enjoyed at an ABV of five-point-two percent.
The brand’s creativity really shines through each can’s packaging. Bold colored stripes, cherished native flora and fauna and of course, national monuments can all be found on each can.
The beverage’s two year plus development is a testament to CWS’ dedication to quality and innovation. Countless hours of tastings, reformulations, focus groups and package design reviews all paid off with the creation of Monument.
Karla Wells-Lisgaris, Chief Commercial Officer of Caribbean Wines & Spirits and Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, shared what this authentically Bahamian made product launch means for the company.
“When we were conceptualizing Monument, we wanted to create a product that not only tasted like The Bahamas but would be an ode to the
nation as well. With those two thoughts in mind, I, along with a team of experts, created three incredible flavors we believe really connect with and celebrate the essence of island living,” she said.
“Additionally, being that Monument is the first product to be 100% manufactured by Caribbean Wines & Spirits, we really wanted to ensure that both the flavors and packaging honored our rich heritage. On each of the cans, you can find various monuments such as the Nassau Public Library in New Providence, the Garden of the Grove in Grand Bahama and the Hatchet Bay Silos in Eleuthera; all of which pay homage to our diverse Bahamian heritage.” Wells-Lisgaris concluded.”
The historic monuments found throughout our islands are more than places we pass every day; they are reminders of who we are, where we’ve come from and the stories that connect us as Bahamians.
Monument is perfectly formulated with quality ingredients, and each can celebrates a collection of these cultural icons from across The Bahamas.
Whether chilling solo beachside, gathered around a family table or backyard a grill with friends, make Monument your sip of choice. Monument is made to celebrate, visit www.cwsbahamas.com today for more details.
NASSAU, Bahamas —– Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to crown Lady
Kayla of Exuma as this year’s annual Bahamas Goombay Punch Cup winner.
CBC created the Bahamas Goombay Punch Cup to further the advancement of sailing and Bahamian culture through monetary and social support. The competition judges the skipper’s performance across three regattas, The Best of the Best, the National Family Island and Long Island Regattas.
The winning sloop led by Kianno Hutchinson and Joss Knowles showcased their skillmanship in the E-Class category across each round of competition. In addition to winning the trophy, the skippers were awarded a $5,000 donation, an $8,000 stipend to the junior sailing club of their island and a limited-edition Lady Kayla Bahamas Goombay Punch commemorative can, which will be released soon.
Jonathan Thronebury, Marketing Director of CBC shared the significance behind The Bahamas Goombay Punch Cup.
“The Bahamas Goombay Punch is more than a beloved local brand; it’s a vibrant part of our cultural fabric. Just like sailing, our national sport, it carries a rich legacy that spans generations. Recognizing this shared history, we’re proud to support initiatives that celebrate and advance Bahamian culture,” he said.
Hutchinson and Knowles shared what this win meant for them.
“I felt super proud when I realized we won. I am grateful and thankful to God, for good coaches and Joss. It was really an honor winning the
Bahamas Goombay Punch Cup,” Hutchinson expressed.
“I am very honored to have been able to compete in the Bahamas Goombay Punch Cup, I think it is a great concept and idea for a competition and really adds a new motive throughout the regattas. The whole championship was super competitive, and every single race was a fight. Alvington McKenzie was extremely competitive and had us until the Long Island regatta, which made it a very fun and tough competition. Very excited to have been the winner of a super close championship,” Knowles revealed.
Lady Kayla’s owner, Dallas Knowles, shared the team’s winning strategy.
“In sailing consistency is key and our guys in Lady Kayla are some of the best in the business at staying near the top. In the end, that was enough to secure their first Bahamas Goombay Punch Cup win. We are so proud of Joss and Kianno for what they have done in Lady Kayla. Thank you to Caribbean Bottling Company for such an amazing and forward-thinking initiative,” Knowles shared.
The Bahamas Goombay Punch Cup is proud to continue its impact on sailing and community building through clean and fair competition.
For more updates on the Bahamas Goombay Punch Cup and Caribbean Bottling Company visit the website www.cbcbahamas.com today.
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Coca-Cola and Dasani products, is proud to once again support Basketball Smiles for their 27th year.
Upholding its corporate pillar of community outreach, CBC proudly donated $2,000, over 75 cases of Dasani, Powerade and Sprite, reusable
Powerade water bottles and numerous marketing materials.
The annual sporting summer camp offers free basketball and life skills training to Junior and High School students.
Basketball Smiles’ mission of developing leadership qualities while fostering children’s academic achievement and self-esteem aligns perfectly with CBC’s commitment to supporting and empowering youth.
Jazmin Darling, Assistant Marketing Manager for Caribbean Bottling Company shared why the company continues to support this program each year.
“At CBC, we believe investing in our youth is one of the greatest ways to strengthen our communities. We’re proud to support Basketball Smiles each year because it goes beyond the game. This program champions healthy lifestyles, positive values and brighter futures. It’s a privilege to play a role in helping these young athletes reach their full potential each year,” she shared.
Sam Nicholls, Basketball Smiles Camp President and Founder expressed.
“Caribbean Bottling Company is an incredible partner. We are truly grateful for their generous support, which will go a long way in making a positive impact on the lives of our campers,” Nicholls expressed.
CBC is always ready to lend its support toward initiatives and programs that uplift young Bahamians. The impact Basketball Smiles makes on the community is undeniable and is why CBC remains a historic sponsor.
For more information on sponsorship, events and new products, visit www.cbcbahamas.com today.
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