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COVID crisis to make 25,000 Bahamians jobless; unemployment expected to soar to 30 percent says Prime Minister

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#Nassau, The Bahamas – May 13, 2020 – With each passing day, COVID-19 is devastating the Bahamian economy.

“Not since the outbreak of World War II over 70 years ago have we lived through such a devastating impact on our economy and the livelihoods of so many Bahamians. Tourism, trade and commerce are all suffering devastating and deep blows. We are in very difficult and uncharted waters,” said Dr. Hubert Minnis, Bahamas Prime Minister on Mother’s Day during a National Address. 

As the Caribbean region braces for what is forecast to be another high performing hurricane season, countries like The Bahamas, which is still reeling from the historic hit of Hurricane Dorian last year, may see the jobless rate soar to 30 percent.

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The Prime Minister shared, “Based on applications to NIB, more than 25,000 people have been laid off or have lost their income to date.   This number will likely increase.    The initial numbers from the Treasury indicate that the tax revenues for April were just about one-half of what was collected in April, 2019.    Our unemployment rate in the near term will likely exceed an unprecedented and extraordinary 30 percent.  The entire global economy is in freefall and in unchartered territory.”

It is excruciating imagery, to accept that 25,000 Bahamians will be unemployed and as many as 12,000 others, who are work permit holders will be without a job and an income.  The future looks grim, and the Prime Minister on Mother’s Day did not attempt to paint a rosy picture.

“Even the most powerful and developed countries in the world have entered into deep recession with very high unemployment and the loss of scores of businesses, especially in service industries like tourism, hospitality and entertainment.”

It is true that the International Monetary Fund, a month ago in a video statement told the global community that the crisis precipitated by the continuing impact of the Coronavirus contagion would bring about a global recession akin to the Great Depression, which  tragically spanned a decade beginning in October of 1929.

“The IMF predicts that the economic fallout will surpass “that seen during the global financial crisis a decade ago,” said Dr. Minnis.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva

The Bahamas, according to the nation’s chief, is forecast to see its economy contract by 14 to 20 percent; a one-year decline.  And the driving engine, Tourism, is severely stalled.

“Our closest economic partner, the United States of America, is now seeing job losses like that of the Great Depression. By some estimates, our economy may shrink by between 14 to 20 percent during 2020.  This will represent a historic one-year decline.   Tourism, the leading engine of our economy, is being devastated.  Many businesses that closed during the lockdown are not confident they will be able to reopen once the restrictions are lifted.   We are facing a stark reality that the vast majority of us have never seen in our lifetimes,” explained Dr. Minnis.

On May 27, The Bahamas is expected to hear the fiscal plan by Dr. Hubert Minnis’ FNM Government Administration, when it presents the National Budget.

“It will be a budget that is shaped to match the unprecedented nature of the times we are living in.   What I will say at that time is that your government will ensure that social welfare allocations are expanded to meet the basic food and other core needs of those economically displaced because of COVID-19.”

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Bahamas News

GBPA welcomes EY’s New Office to Freeport

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#TheBahamas, June 22, 2022 – The Grand Bahama Port Authority (GBPA) has approved a business license for EY Bahamas Ltd., who is set to open a new office in Freeport.

With more than 300,000 employees globally, EY provides assurance, consulting, law, strategy, tax and transactions services to businesses, countries and entrepreneurs. Significant economic impact from this investment will stem from the need for local housing, food and beverage, entertainment, transportation and more.

“We are pleased to welcome EY to Freeport,” said Ian Rolle, GBPA’s President.  “GBPA has been working with EY to take advantage of the BH-1B Visa program, which provides a significant opportunity for us to welcome more people to our city. We are looking forward to the economic boost to local businesses including grocery stores, taxis, car rentals, the housing market, restaurants and more. The ripple effects as a result of EY’s new footprint in Freeport will be a positive addition to our business community.”

GBPA and EY began serious discussions in 2019 prior to Hurricane Dorian regarding the benefits of operating in Freeport’s Special Economic Zone.  Since then, GBPA continued building its relationship with the firm and further helped them to understand the benefits of the BH-1B visa, which allows them to use Freeport to support their client’s needs across the region and globe.  Besides attracting local Bahamian and international talent, EY was drawn to Freeport’s proximity to North America, its safe environment, technology infrastructure and more.

EY has operated in The Bahamas for decades, providing rewarding careers for Bahamians. In its new Freeport location, EY will offer its clients solutions utilizing global talent, while creating new opportunities for employment and training for Grand Bahamians.

“Our Invest Grand Bahama promotional arm is dedicated to attracting these types of businesses that can benefit from our unique Free Trade Zone. We will continue to do our part as we promote the best Freeport has to offer,” Mr. Rolle concluded.

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RM Bailey’s Class of 2022 told, go where your heart leads you; be courageous, innovative, be your best

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By: Kathryn Campbell

Bahamas Information Services

 

#TheBahamas, June 22, 2022 – Vice-President of the Senate, Senator the Hon. Barry Griffin appealed to R.M. Bailey Senior High School’s Class of 2022 to be advocates of change and to use their voices to encourage good governance and constant innovation.

Senator Griffin was the guest speaker at the school’s commencement exercise Monday, June 20, at Charles Saunders Auditorium. “Empowered to Make What Seems Impossible – Possible” was the theme for the event.

“What we need now from our leaders is a sense of urgency. There has long been this feeling in The Bahamas, and in particular the upper echelons of our country, that we have comfort and we can manage to navigate the twists and turns that come our way,” said Senator Griffin.

“But what Hurricane Dorian has taught us, what the pandemic has taught us, what the inflation and rising costs of gas, electricity and food has taught us is — something that those at the fringes of our society have known for far too long — that comfort we feel will not last for long.”

To make the change, he remarked that the love of an old  “anachronistic” system that no longer serves the nation and its students must be removed.

He appealed for expanded opportunities for all, structural changes in the economy and in politics.

“We must begin to call a spade a spade — we have a problem of inequality, a problem of equal access to opportunity and a problem of failed politics. And graduates the only way that changes, is by you making your voices heard.”

He offered the following advice to the graduates:

  1. The old rules are crumbling and nobody knows what the new rules are. So make up your own rules.
  2. Start where you are, use what you have, do what you can.
  3. When you take risks, you learn that there will be times when you succeed and there will be times when you fail, both are equally important.
  4. Be bold, be courageous, be your best.
  5. There is no script. Live your life the way you want.
  6. Wherever you go, go with all your heart.
  7. If opportunity doesn’t knock, build a door.
  8. Failure is the condiment that gives success flavour.
  9. Don’t wait. The time will never be just right.
  10. Go where your heart leads you — and do everything you desire — act as if it were impossible for you to fail.

“My advice is to be bold, to be you, to embrace failure, and to live as if everything is possible.

“It is my hope that you run out of here excited, leaning forward into the wind and ready to take the world by storm,” he said.

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Summit of the Americas elevates hemispheric challenges, Bahamas PM vocal

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By Shanieka Smith

Features Writer

 

#TheBahamas, June 17, 2022 – “The Americas are challenged by crisis.” This was the statement made by the Bahamas Prime Minister and Minister of Finance, the Hon. Philip Davis during his contribution to the Plenary Session of the 9th Summit of the Americas on June 10, 2022.

“Climate, COVID and conflict have undermined our safety and our security,” he said. He went further to ask some thought-provoking questions: “Have we done enough here, at this gathering, to relieve suffering? To promote peace? To fight for the economic dignity of our People? “Will the work we carried out here continue once the spotlight and the world’s attention has moved on?”

He said the work and fine words do not count unless the people are told that the leaders have laid a true foundation for their progress.

Hinting back to the Summit in 2019, he said it is evident that the good intentions and optimism of that gathering did not translate into enduring advancement.

“Indeed, some countries in our hemisphere have become more unequal and more violent… across the Americas, the scourges of racism and discrimination appear to be on the rise. Emerging moral and technological challenges to our democratic norms threaten our capacity to deliver free and fair elections, and effective governance.” He added that all the mentioned challenges are “eclipsed by the existential threat of climate change.”

He expressed thanks to President Biden and Vice-President Harris and the people of the United States, to host and facilitate the dialogue and cooperation because none of the mentioned issues can be resolved by one nation.

Davis added, however, that “multilateral engagement at the highest levels happens too infrequently – certainly when it comes to issues which are important to the Caribbean,” he added. “But if the work of this Summit continues, if the will to cooperate endures, if words turn into action –change can lead to progress, and we can move forward.”

He highlighted several key factors affecting the region’s development, like hurricanes and other natural disasters that result in injury and debt, Covid-19 and the lack of sufficient healthcare workers, disinformation, and the illegal shipment of guns and movement of people. He also hinted at a topical issue, which suited the occasion as some countries were not invited to the Summit.

“It is easy to talk with those with whom we agree, but we must also be able to talk with those with whom we disagree. In fact, sometimes those are the conversations that are most urgently needed,” he said.  Prime Minister Davis noted that all the countries in the hemisphere faced overlapping developmental, security and democratic challenges. Collaboration and collective action can only be of mutual benefit. The absence of the Republic of Cuba has made these deliberations less complete,” added the Prime Minister.

“We must also be mindful of the unintended consequences of isolation and separation,” he said as he shared that more could be done to provide support for Haitians.

He noted that for the institutions within the Inter-American system to fulfil their potential, there should be some rethinking or re-calibrating. He added that the Organisation of American States (OAS), in particular, required both a structural and cultural adjustment.

As the Prime Minister ended his presentation, he called for not just more talking but also that participants “keep ‘doing — upholding our commitments and taking the action necessary for our collective survival.”

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