#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.”
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“Everyone must continue to invest in preventing violence against our women and girls (VAWG). It is an investment in our shared future,” were the words of Dr. Carla N. Barnett, CARICOM Secretary-General, as she reiterated the need for solutions against VAWG.
She called attention to VAWG as she gave a speech surrounding the annual campaign “16 Days of Activism Against Gender-Based Violence,” which runs from November 25 to December 10, 2023.
Barnett expresses the well-known fact that VAWG is one of the most prevalent issues affecting all corners of society.
“VAWG remains one of the most pervasive forms of human rights violations in the world and cuts across all races, cultures, genders, and educational backgrounds,” she maintained, as she continued to point out the sad reality that this is still a major issue despite regional and global policies.
“Despite the existence of regional and global policies and legislation to combat VAWG, weak enforcement and discriminatory practices remain significant barriers to ending VAWG.”
The Secretary-General highlighted statistics for VAWG, bringing attention to how serious and embedded this issue is in society.
She said that globally, 736 million women—nearly one in three—have experienced violence—physical and/or sexual intimate partner violence, non-partner sexual violence, or even both.
For the Caribbean region, she said surveys conducted between 2016 and 2019 inform us that one in two women experience intimate partner violence, which is higher than the global average.
In continuation, Barnett expressed that the campaign calls everyone to action against VAWG, including “development partners, civil society organizations, women’s organizations, youth, the private sector, and the media.” Also, world governments are being asked to share how they are investing in gender-based violence prevention.
Ending her address, the Secretary-General urged everyone to wear the color orange for the duration of the campaign, as well as on the 25th of each month, “as a symbol of hope for a brighter future where women and girls live free from violence.”
#TheBahamas, November 25, 2023 – Bahamasair celebrated a significant milestone on Wednesday November 15, 2023, with the launch of its new direct service between Fort Lauderdale, Florida, and Georgetown, Exuma. The new route enhances accessibility and convenience for Bahamian residents and travelers seeking direct access to the Exuma Islands.
The inaugural flight carried approximately 50 passengers. The new service, which will operate on Wednesdays and Saturdays, allows Bahamian locals to explore mainland Florida, while at the same time, providing travelers direct access to Exuma without the need for a stopover in Nassau.
During a ceremonial ribbon-cutting event at the Fort Lauderdale International Airport (FLL), Tracy Cooper, Managing Director of Bahamasair, was delighted with the new service. He highlighted that the decision to add the flight to the Airline’s roster was a direct response to the public’s demand. He added that the move signified Bahamasair’s commitment to delivering a quality product.
“Today, we are thrilled to inaugurate our first flight between Georgetown and Fort Lauderdale, marking a significant milestone in expanding our reach and enhancing connectivity,” Mr. Cooper said. “Next year, we are looking to acquire more airplanes, leading to increased rotations and even more accessibility.”
For the route, ATR aircraft will travel between the Georgetown International Airport and Terminal 1 at the Fort Lauderdale-Hollywood International Airport, with an estimated flight time of approximately 90 minutes.
Lamar Fisher, Broward County Mayor, emphasized the significant impact of Bahamasair not only on the airport, but also on the county. The mayor pointed out that The Bahamas currently ranks as the 5th largest international market for FLL. He highlighted the strong cultural, historical, and business ties between South Florida and The Bahamas, expressing optimism that the new route to Georgetown would strengthen the connections.
“We welcome the Georgetown route,” said Mayor Fisher “We look forward to the tourism, business and trade benefits to come, connecting Broward County to another island in The Bahamas.”
Highlighting the significance of this milestone, Dr. Kenneth Romer, Deputy Director General and Director of Aviation at The Bahamas Ministry of Tourism and Aviation, characterized the launch as historic. He conveyed his enthusiasm as The Bahamas reached another major achievement, having welcomed approximately 7.9 million visitors in the first nine months of 2023.
Dr. Romer underscored the government’s strategic vision to boost overall arrival numbers.
“This milestone is particularly noteworthy because, despite the ongoing efforts of our longstanding partner airlines to bring people to The Islands of The Bahamas, I am delighted that our national airline, Bahamasair, has left its mark and etched history,” he said. “We are highly pleased with Bahamasair’s initiatives; they consistently make us proud. Their exploration of new routes has our full government support.”
According to Dr. Romer, the new route not only adds value to the airline’s route network but is also valuable to Exuma’s economy.
“This inaugural has significant economic value and benefit because each person who comes into Exuma on a plane contributes 28 times more than a cruise arrival,” said Dr. Romer. “So, when we look at Bahamasair adding additional seat capacity to Exuma, that translates in a tangible way to heads in beds and money into the economy of Exuma.”
Georgetown, Exuma serves as the gateway to an unparalleled Bahamian experience, with access to pristine beaches, ranked among the world’s best. Exuma is also home to the world-famous swimming pigs. Exuma and its neighboring island to the South – Long Island – will both benefit from the new route. Over the past 26 years, Bahamasair has provided transportation to FLL. During that period, the Airline has conducted over 65,000 flights and transported more than 4 million passengers.
With Georgetown, Exuma added to its schedule, the Airline now offers seven (7) daily flights to Fort Lauderdale to and from other Bahamian Family Islands: Nassau and Freeport, Grand Bahama.
#TheBahamas, November 25, 2023 – Some Bahamians could unknowingly be using stolen money from the bank after one reported being robbed of the cash.
According to a press release from the Central Bank of The Bahamas eary this month, a commercial bank informed them that it was violated by an armored car robbery and bundles of money were stolen.
It said the stolen funds include bundles of Series 2022 $10, Series 2018 $20, Series 2006 and 2019 $50 and Series 2009 and 2021 $100 banknotes.
The Central Bank urged that these banknotes could be in circulation.
In making sure the public knows as much as possible about the stolen money, the Central Bank released information and images on the banknotes. This includes serial number details.
Additionally, the complete list of serial numbers has been provided to authorities and commercial banks where possible, the release said.
The 2018 series 20 dollar notes have a serial number range of N760001 to N765000. All the others have non-sequential numbers.
People are urged to contact the Commercial Crime Unit of the Criminal Investigation Department, Royal Bahamas Police Force, at (242) 322-4191 or (242) 501-9991/2, if they have the banknotes or suspect any suspicious activity related to the notes.