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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

Bahamas Development Bank to Bridge Global Funding and National Development

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Nassau Bahamas, 18 September 2023- The Finance in Common Summit recently held in Colombia gathered national development banks (NDBs), including The Bahamas Development Bank (BDB), and emphasized the major role they play as a link between international and domestic finance related to project development financing and micro, small and medium enterprises (MSME) lending.

The event noted that $4-5 trillion is needed annually for the sustainable development goals (SDGs) to be accomplished globally, private finance will be key to sustainable, inclusive development and NBDs can lead in de-risking and structuring opportunities that are attractive to private financiers. It also stressed that the global focus on SDGs related to factors such as inclusion, climate and gender must consider the unique needs of small island developing states (SIDS) such as The Bahamas.

The Bahamas Development Bank’s Manager of Strategic Development and Initiatives, Sumayyah Cargill, was invited to speak on a panel organized by the European Investment Climate Reform Facility at the summit alongside representatives from Belize, South Africa, and France. President of the Caribbean Development Bank, Hyginus Leon, delivered the keynote address. During Ms. Cargill’s presentation on the impact of technical assistance, she underscored the importance of a strong NDB to progress national economic and social goals.

BDB has positioned itself as the bridge to channel international funding to meet national needs. The bank’s steady growth has resulted in the implementation of necessary structures and increased its capacity to engage with international funders and lead in both packaging projects and bundling smaller projects to attract private financing.

Ms. Cargill said, “SIDS have unique vulnerabilities. We are tasked with building resiliency for the increasingly devastating impacts of climate change while also trying to lift the standards of living for our people. These challenges can be transformed into opportunities with the right investments. However, weak project implementation capacity and a deficit in bankable projects are holding back growth. A well-functioning development bank is a robust mechanism to execute policy driven projects and channel financing to sustainable development. BDB is rising to that challenge with the support of the international community. In the last four years, we have created new policies and programs, integrated the SDGs into operations and have committed to climate and gender equitable financing. We are confident that we have laid a foundation that will see us become a regional leader in innovative, sustainable financing.”

BDB’s improved structuring and increased capacity has been supported by partners such as the Caribbean Development Bank, Green Climate Funds’ readiness program, United Nations Women and Investment Climate Reform Facility.

Highlighting the bank’s recent unveiling of international financing opportunities for creatives, Ms. Cargill added, “long term relationships with multilaterals can have rebounding impact. From our experience, there is a direct line between technical assistance from multilateral to real opportunities for entrepreneurs.

“BDB has far to go but already has a lot to share in many areas. We recognize how important it is for us to not just act as a channel for funding but for mainstreaming SDGs, climate, and gender equitable principles into the wider economy.  As a NDB, we are learning to lead in transmitting the values set at the international level because we are that critical bridge.”

BDB is seeking accreditation as the first national direct access entity for the Green Climate Fund, is the national coordinating authority for Build Bank Better, a joint SDG fund project, is a member of the National Climate Change Committee, and was elected to chair the SDG Technical Committee for Economic Prosperity in the Office of the Prime Minister.

Ms. Cargill underscored, “Well-executed technical assistance is a major driver of BDB’s growth. Likewise, partnerships are core to who we are and we remain open to collaborating on solutions to the challenges we face, and to do mutually-beneficial business. Strengthening The Bahamas Development Bank strengthens The Bahamas.”

 

Photo Caption

 The Bahamas Development Bank’s (BDB) Manager of Strategic Development and Initiatives, Sumayyah Cargill, stands third from left. Ms. Cargill was invited to speak on a panel organized by the European Investment Climate Reform Facility at the 4th edition of the Finance in Common Summit.

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Bahamas News

Royal Caribbean to open adults only private island destination

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Rashaed Esson

Staff Writer

 

#TheBahamas, September 19, 2023 – Royal Caribbean is working on a major project, announcing plans to open a new adults-only “escape” Hideaway Beach at its CocoCay private-island destination in The Bahamas, come January 2024.

The “beachfront paradise,” set to be situated at the western side of Perfect Day at CocoCay, behind Thrill Waterpark, will have a private beach and multiple pools with DJ music, 20 private cabanas and several spots for “drinks and bites,” the company says.

Not only that, it will include a “hidden VIP experience.”

Michael Bayley, Royal Caribbean International President and CEO is of the impression that this will bring a compelling, sought after new way to enjoy a day at its private island.

He said, “Hideaway Beach is a completely new vibe and experience that vacationers are looking for on Perfect Day at CocoCay.”

It is going to be a getaway spot for adults, only 18 or older allowed to enter.

“Everything from its hidden-like location to the exclusive beach and pools to the private cabanas is designed for adults who want a day just for them,” the CEO said.

The space, according to Claudia Diaz-Gonzalez, Royal Caribbean Associate Vice President of Private Destination Development, will be able to host between 1,500 and 2,000 guests.

No specific day was provided for the opening.

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Eleuthera Medical Center Marks 5 Years, Private community clinic ‘grows with the demand’, adds Dental and Dermatology to slate of services

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#Eleuthera, The Bahamas, September 19, 2023 – A Family Island clinic that started with a vision to serve the community with the best in private medical care and wellness regardless of a patient’s financial standing celebrated its fifth anniversary this month, announcing new services it said were those most strongly requested by patients.

Eleuthera Medical Center (EMC), the flagship of Bahamas Wellness Health Systems, marked its anniversary adding dental and dermatology to its growing list of medical specialties that includes primary wellness, vision, gynecology and pediatrics. Some services are offered on an ongoing daily basis provided by physicians at one of Bahamas Wellness Health Systems (BWHS) four clinics, others are offered on a rotating basis by visiting medical specialists and associates on a regularly scheduled rotating basis.

“When we opened our doors to this clinic in 2018, we knew there was a need for full-time medical care and especially attention to wellness in Eleuthera,” said EMC and Bahamas Wellness Health Systems founder Dr. Arlington Lightbourne. “But we underestimated how appreciative the community would be that there were always physicians on call, that in the case of an emergency we could respond, that we provided an ambulance and emergency care saving patients from having to be airlifted to Nassau or beyond.”

Lightbourne said the years have not been without challenges.

“For nearly 18 months, we endured COVID, conducting testing outdoors, trying to keep our spirits strong and staff well so they could care for others and yet in a small community like Eleuthera where you know someone in everyone’s family it’s hard not to feel the pain and suffering others feel,” said Dr. Lightbourne. “But we doubled down and said we are here for the long haul and whatever the path is to provide the best in care, to make that care affordable and to improve the wellness of the community overall, that is the journey we are on, and it has been an incredibly rewarding one.”

To support that emphasis on wellness, the clinic located in the settlement of Palmetto Point adjacent to Governors Harbour in the heart of central Eleuthera, offers regularly scheduled lectures and town meetings with a nutritionist and wellness expert who is part of the team. Lightbourne’s interest in well-being stems from his work in Emergency Care at both PMH and Doctors Hospital where the vast number of cases he treated were the result of non-communicable diseases and conditions including heart attacks, high blood pressure and cancer related to lifestyle – poor diet high in fats and low in nutrition and lack of proper physical exercise.

Today, he said he is seeing more interest in preventative care, a sign that Bahamians learned from Covid and its aftermath that wellness matters.

“We have a brighter future ahead of us and I am proud of what we are doing in Eleuthera and our other clinics to make a difference in The Bahamas with careful diagnoses and individual attention to how people conduct their daily lives when it comes to their overall wellness,” said Lightbourne, now the deputy director of the Bahamas Medical Association and an authorized NHI provider.

BHWS also operates clinics in Nassau, Spanish Wells and Lower Bogue.

 

Photo Caption: The Hon. Clay Sweeting, MP, Central and South Eleuthera, welcomes the Bahamas Wellness Medical Center’s ambulance. He is pictured with Dr. Jessica Moss, Emergency Medicine Specialist and Vice President & Medical Director at Eleuthera Medical Center, and Dr. Arlington Lightbourne, founder of the expanding clinic, which is celebrating its fifth anniversary serving the community by adding dental and dermatology to its growing list of specializations.

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