Bahamas News

CDB approves US$100 million policy-based loan to The Bahamas

Published

1 year ago

April 11, 2023

#TheBahamas, April 11, 2023 – The Caribbean Development Bank (CDB) has committed US$100 million in support to The Bahamas as it charts a path to economic recovery and resilience following the back-to-back disasters of hurricane Dorian and the COVID-19 pandemic.

The bank’s board of directors approved a policy-based loan (PBL), the first in a proposed two-part series of PBLs, with a second tranche of US$25 million expected to be appraised in the 2023/24 fiscal year.

The PBL will provide support to the government of The Bahamas as it undertakes a programme of policy, legislative, and institutional reforms aimed at strengthening fiscal discipline and boosting revenue mobilisation while safeguarding the vulnerable.

CDB director, economics department, Ian Durant stated the programme of assistance will help the Bahamian economy to get back on track after the devastating impacts of hurricane Dorian in 2019, and the COVID-19 pandemic in 2020.

“While The Bahamas was recovering from the impact of Dorian, the pandemic created an additional shock on the tourism-dependent economy of The Bahamas. These shocks led to an unprecedented crisis that inflicted severe costs on the economy and people of The Bahamas. Central Government (CG) indebtedness rose sharply, and policy momentum aimed at fiscal consolidation and unlocking higher medium-term growth was interrupted,” explained Durant.

Despite this, he said the government has been “making credible efforts towards restoring fiscal sustainability by implementing measures to increase revenue and reduce expenditure to bring its fiscal responsibility framework back on track” and it was against this background that CDB was lending its support.

CDB provides policy-based loans to governments in response to urgent needs occasioned by external or internal economic imbalances, including debt crises and temporary foreign reserves shortages.

Bahamas News

Bahamas Agriculture Advancements-Reduces Food Import Reliance

Published

2 hours ago

May 11, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas is on its way to greater national food security and being less dependent on food imports with the Ministry of Agriculture’s container farms, two of them, provided by Eeden Farms.

On its Facebook, the ministry informs that the farms, both 40 feet, are able to produce the equivalent of 5 acres of high quality produce annually, resistant to hurricanes and pesticide free.

A container farm is a 21st century farming method that involves growing plants inside customized storage or shipping containers.

Bahamas News

The Bahamas’ Prime Minister Philip Davis reiterated climate change concerns for his nation.

Published

3 hours ago

May 11, 2024

Shanieka

Rashaed Esson

Staff Writer

The Bahamas’ Prime Minister Philip Davis reiterated the threats of climate change to The Bahamas, speaking at a Global Citizen Conference in New York on May 2. He spoke of The Bahamas’ vulnerability as an ocean state, highlighting that more than 85 percent of the landmass is less than 3 meters above sea level and is porous limestone; a huge issue as water is able to seep into the land due to rising sea-levels. He expressed that Bahamians are “Doomed” to become climate refugees.

Bahamas News

U.S. Bird Flu outbreak to drive Poultry prices up says Super Value owner

Published

1 day ago

May 10, 2024

Shanieka

Rashsed Esson

Staff Writer

Bird Flu has been detected in domesticated birds in the US and now reports are saying in the next few months, chicken and turkey will more than likely be off the shelves as a result.

Bahamas supermarket mogul, Rupert Roberts, as owner of Super Value and Quality Supermarkets, is featured in a report by Guardian Business giving a frightening forecast. He fears poultry products will be wiped out.

This he says is scary.

He adds that suppliers are not saying much if anything at all, but are expecting this outcome worldwide.

The bird flu was found in chickens in Texas and Michigan, said media reports which also said one person was infected, as well as other livestock.

In response to the outbreak, the largest egg producer in the US, CalMaine Foods, temporarily stopped egg production in Texas and started executing over 1 million hens and 337 thousand chicks.

Despite this, Roberts reportedly said chicken and turkey supplies are safe for now. The Bahamas imports its turkey from Brazil, which Roberts hopes will grow to become the country’s main supplier.

However, the unfortunate outcome is that poultry prices are set to go up according to Roberts, as the small island nation competes with giant economies like China for poultry products.