Bahamas News
PM Davis ‘confident’ that Revenue Outturn will near $2.9 billion
By ERIC ROSE
Bahamas Information Services
#NASSAU, The Bahamas, May 30, 2023 – Prime Minister and Minister of Finance the Hon. Philip Davis said in the House of Assembly, on May 31, 2023, that public revenue receipts were strong over the nine-month period of July 2022 to March 2023, due to legislative reform, effective policy decisions, strengthened economic conditions and more efficient collection efforts.
“Analysis of the trends of the first three quarters of this fiscal year, and the years prior, suggest that the government is potentially set to exceed the $2.85 billion target set forth in the February 2023 Mid-year Supplementary Budget,” he said, during his Communication on Budget 2023.
“I am confident the revenue outturn at the end of the Fiscal Year 22/23 will near $2.9 billion.
Public spending has remained on track, and is well within the budgeted amount,” Prime Minister Davis added. “For this reason I am confident that expenditure at end of the Fiscal Year 2022/23 will almost reach the target of $3.1 billion set in the Supplementary Budget.”
He pointed out that the primary balance will, therefore, record a surplus of $68.4 million at the end of the fiscal year, a $54.8 million increase from the $13.6 million surplus projected in the supplementary budget.
“Likewise, the overall deficit is expected to improve to $520.6 million, down from the $575.4 million outlined in the supplementary budget,” he said.
Speaking of Government financing, Prime Minister Davis said that The Bahamas’ borrowing costs had begun to experience a downward trend in the previous quarter; but the cost of borrowing rose at the end of March 2023.
“At the end of the third quarter, the total average cost of borrowing for current outstanding debt had risen to an interest rate of 5.55 percent,” he pointed out. “This is notably higher than the previous year’s rate of 4.93 percent at the end of March 2022.
“This increase in borrowing costs is primarily attributable to the higher costs associated with external loan facilities.”
He added that, more specifically, the average interest rate for external financing had risen by 1.99 basis points, resulting in a rate of 5.55 percent as of March 2023, compared to the preceding year’s 3.56 percent.
“Throughout the past year, the interest rate policies of the major Central Banks have been restrictive, with a series of interest rate increases,” Prime Minister Davis said. “These adjustments have been primarily motivated by the escalation of inflation, and the resulting upsurge in interest rates has had an impact on the Bahamas’ external borrowing costs.”
He added: “However, the cost of borrowing in the domestic market has been declining over the past quarters.
Looking at it in more detail, we can see that:
- The average interest cost for domestic loans subsided by 27 basis points to 4.62 percent at end of March 2023, from 4.89 percent in the previous year;
- And the average interest cost for domestic bonds subsided by 3 basis points to 4.63 percent at the end of March 2023 from 4.66 percent in the previous year.”
Prime Minister Davis noted that those statistics affirmed the Government’s latest medium-term debt strategy, which aimed to shift its borrowing away from costly external commercial debt.
“Such debt has seen a sharp increase over the past five years, including recent interest rate hikes,” he said. “This strategic move will enable the government to once again rely predominantly on the domestic market to meet its financing requirements.”
Prime Minister Davis pointed out that, when considering the maturity of debt, or the average time it takes to repay the principal amount in the government’s debt portfolio, a longer maturity period led to a reduction in refinancing risk.
“In essence, prioritizing longer maturities is key to managing debt effectively,” he said. “And so another element of the government’s medium-term debt management strategy is the goal of prolonging the average maturity time of its debt.”
Prime Minister Davis said that, in the face of “unprecedented turbulence” in the global financial markets, the Government was able to maintain its average time to maturity.
“At end of March 2023, the average time to maturity has decreased slightly to 6.7 years, down from the previous 6.8 years in March 2022,” he said. “This variance is due solely to the external loan component, as the average time to maturity on internal debt has remained steady at 7.1 years.”
“This highlights the significance of maintaining a prudent approach to debt management, and aligning this administration’s practices with the government’s optimal debt strategy,” Prime Minister Davis added.
“It is imperative that we continue to exercise prudence in this area to ensure financial stability.”
(BIS Photos/Ulric Woodside)
NASSAU, BAHAMAS (July 8, 2025) What began as a small effort to give young people a constructive outlet has grown into an impactful summer camp with participants benefiting from structured practices, personal development sessions, and opportunities to compete. This year marked two incredible decades since D-Squad Basketball has been shaping not just athletes, but leaders.
From day one, Consolidated Water (Bahamas) Ltd. (CWCO) has believed in the program’s mission to build character, discipline, and drive in the next generation of Bahamians through the game of basketball.
The D-Squad camp welcomes dozens of boys and girls between the ages of 5 and 19, offering structured training, mentorship, and a safe,
empowering space to grow each year. With core values of drive, determination, dedication, and discipline at its foundation, the program has become a staple in the community. It has launched the dreams of young Bahamians and provided lifelong lessons both on and off the court. CWCO Board Member, Ethan Adderley, said “Investing in our youth is one of the most meaningful ways we can help build a stronger Bahamas. Programs like D-Squad Basketball offer structure, mentorship, and a sense of purpose. CWCO is proud to stand behind Coach McCoy and the work he’s doing to develop future leaders.”
The water supplier has funded equipment, uniforms, and other essential items so no child is left behind due to financial hardship. From first-time dribblers to college-bound athletes, D-Squad Basketball has reached hundreds of participants over the years.
Founder of D-Squad Basketball, Coach Harcourt McCoy, said, “D-Squad is more than basketball. It is a family, a mindset, and a movement.”
He added, “We have seen kids come through the program and go on to do great things, not just because they were good players, but because they learned how to push through, how to lead, how to believe in themselves. CWCO has been with us from the beginning, and thanks to their belief in our mission, we have been able to reach more children each year.”
As D-Squad celebrates this milestone year, CWCO is honored to continue investing in a program that proves what’s possible when a community comes together to lift its youth.
Bahamas News
Carnival’s Celebration Key Set to Open July 19, 2025, Marking a Major Milestone for Grand Bahama
Deandrea Hamilton | Editor
Grand Bahama, Bahamas, July 14, 2025 – The highly anticipated Celebration Key, Carnival Cruise Line’s newest private destination
on Grand Bahama Island, is set to officially open on July 19, 2025. This momentous occasion is expected to be a game-changer for the island’s tourism and economy, ushering in a new era of opportunities for local residents and businesses.
The inaugural docking will feature the Carnival Vista, arriving at the port from 9 a.m. to 6 p.m. local time, with a grand opening ceremony scheduled for 10 a.m. Carnival Cruise Line President Christine Duffy will lead the celebrations, highlighting the collaboration between Carnival and The Bahamas to bring this vibrant new destination to life.
Celebration Key is Carnival’s first major project on Grand Bahama in over two decades. The sprawling port features five uniquely themed
areas, including the Caribbean’s largest freshwater lagoons and the impressive 10-story Suncastle water playground. With a range of dining, entertainment, and retail options, the site promises an immersive experience tailored exclusively for Carnival guests.
Ahead of the grand opening, top Bahamian officials, including Deputy Prime Minister and Minister of Tourism Chester Cooper, Minister for Grand Bahama Ginger Moxey, and State Minister for Environment and Natural Resources Zane Lightbourne, toured Celebration Key. Their visit underscored the importance of this development for the island’s future and the broader tourism sector.
With its stunning natural beauty and fresh amenities, Celebration Key is poised to become a premier destination in the Caribbean cruise market — a win for Carnival, Grand Bahama, and The Bahamas as a whole.
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