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PM Davis ‘confident’ that Revenue Outturn will near $2.9 billion

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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)

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ELBOW REEF LIGHTHOUSE SOCIETY RELEASES NEW 2024 ORNAMENT

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The Bahamas, November 29, 2024 – The Elbow Reef Lighthouse Society (ERLS) invites the public to experience a unique blend of Bahamian art and cultural preservation with their exclusive holiday ornament collection. Since its inception in 2020, this 10-year limited collection has, and will continue to play a vital role in funding the restoration and preservation of the Elbow Reef Lighthouse Lighthouse in Hope Town, Elbow Cay, Abaco, which is the only remaining hand-wound light station in the world!

Over the past four years, the Society has partnered with talented Bahamian artists to produce a new annual holiday ornament. These unique keepsakes capture beautiful  perspectives of Hope Town’s natural beauty and maritime history through the diverse expressions of each artist.

This year’s ornament features the artwork of local Abaconian artist, Samantha Sawyer who is presently pursuing a degree in painting at the Savannah College of Art & Design. Sawyer’s detailed design skills and vibrant color palette in the 2024 ornament are deeply influenced by her love for the Abacos. Her work reflects a profound affection for her home as she intricately weaves precious memories into her design. Sawyer states: “Growing up on Abaco, I have always held a special appreciation for the lighthouse—not only for its beauty and rich history but also for the resilience and hope it has come to symbolize for so many of us.”

The ornaments will be available for sale at Doongalik by November 23, and will also be available at the ERLS booth at the Bahamas National Trust’s Jollification event.

“It is an honour to promote and sell these fundraising ornaments each year,” states Pam. “As the proud granddaughter of lighthouse keeper, Erskine Jones, who worked at the Elbow Reef Lighthouse where two of my uncles were born, I am committed to working along with ERLS for the preservation of the lighthouse in order to safeguard its history for future generations.”

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DWIGHT LAADAN FERGUSON PRESENTS AT DOONGALIK FOR TS20

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The Bahamas, November 28, 2024 – Multi-media artist, Dwight Laadan Ferguson, is geared up to present his sixth solo exhibition at Doongalik Studios as the featured artist for this year’s Transforming Spaces Anniversary Tour, an honour for which he is fully humbled.

Entitled “On The Road,” this exhibition is the second iteration of Ferguson’s “Road” series.

Ferguson’s formal entry into the word of professional art took place in March 2016 when he was introduced to Doongalik Studios’ manager Pam Burnside, by the late Bahamian poet, Robert Johnson. Johnson and Ferguson were planning a joint show based on Johnson’s book of poetry entitled ‘The Road’ that was published in 1973, along with Ferguson’s artwork and sculptures. Johnson felt that Doongalik was the perfect place to hold the event…and the rest, as is said, is history!

Ever since that fortuitous meeting, Ferguson became immersed in his art. His work has always reflected the element of Hope, signifying the meaning and purpose of his journey ‘on the road’ amongst the people whom he has encountered who have impacted his life whether in community, church, family, or friendship.

As a self-taught artist who is spiritually engaged in his calling as a Pentecostal pastor, Ferguson draws his inspiration from his own life. In view of his present status as a featured Transforming Spaces artist, he also reminisced about his late uncle, affectionately known as “Uncle C”, who as far back as the early 1990s had told him that one day he would be famous as an artist and a preacher.

Through various abstract art pieces in this exhibition, Ferguson pays homage to several people he encountered ‘on the road.’ Firstly to Johnson who brought him purpose and joy as a friend. Ferguson’s intention is to celebrate his friend’s artistic genius and contribution as a literary artist, and to show his appreciation to Johnson for not only opening that elusive door into the world of art for him, but also to acknowledge how far that introduction has brought him at this point in time – as a solo artist for the iconic 20th anniversary celebration tour of Transforming Spaces!

Going back one space in his journey, Ferguson will also pay homage to the late Prince Albert Clarke, who introduced him to Johnson ‘on the road’ during a time when both Clarke and Johnson were fighting their own demons of addiction. Fortunately, both men eventually found their way out from their dark tunnels of chaos and hopelessness into the bright light of conversion to once again live their lives addiction-free before they passed on.

Ferguson’s third tribute will be an installation entitled “Study War No More” celebrating the depth of artistry of the late Bahamian master artist, John Beadle, whose name, for him, was legend but whose presence he never imagined would cross his path. However, it was so ordained that their paths did cross, and Beadle readily welcomed him into his circle before he passed away in April of this year.

As in previous exhibitions, Ferguson continues to address the dark issue of gun violence in the country as it still reverberates deeply in his spiritual duties as well as in his purpose as an artist. He will be exhibiting a mixture of new and reworked sculptures from his previous exhibition entitled “Tar Pillows”, and as always, Ferguson will pay tribute to the renowned Bahamian musician, Joseph Spence, whose music he holds in the highest regard as it provides him with inspiration as he creates.

Always eager to engage in insightful discussion, Ferguson is looking forward to welcoming viewers during the Transforming Spaces weekend. The exhibition will remain on display to the public during the following week.

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Acclaimed Bahamian Artist Allen Pratt to Host Third Solo Exhibition “Exquisite” at Doongalik Studios Art Gallery

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The Bahamas, November 27, 2024 – Renowned Bahamian artist Allen Pratt is set to unveil his highly anticipated third solo art exhibition, “Exquisite” showcasing one-of-a-kind original oil paintings that capture the unparalleled beauty of the Bahamian islands.

The exhibition will open on Sunday, November 24, 2024, from 5:00pm to 8:00pm at the prestigious Doongalik Gallery.

Allen Pratt, known for his breathtaking seascapes and landscapes, brings a new level of detail and emotion to his work. His pieces, inspired by the stunning natural vistas of The Bahamas, have captivated art collectors both locally and internationally. The “Exquisite” collection reflects Pratt’s deep connection to the islands and showcases his ability to blend realism with an artistic flair, offering viewers a vivid journey ELBOW REEF LIGHTBHOUSE through the islands’ pristine beaches, crystal-clear water and lush landscapes. “I wanted to create a body of work that not only highlights the beauty of The Bahamas but also resonates with a deep sense of place and belonging”, Pratt shares. “Each piece in this collection is a personal expression of my love for these islands, and I’m excited to share them with the world”.

“Exquisite” marks a significant moment in Pratt’s artistic career, further solidifying his reputation as a leading figure in Bahamian art. This collection promises to be a visual feast for art lovers, collectors and anyone with an appreciation for the natural beauty of The Bahamas.

Join us for the exclusive opening reception on November 24th, where you will have the opportunity to meet the artist, explore his latest works and enjoy an evening of art and culture at one of Nassau’s most celebrated galleries.

Allen Pratt, Bahamian Artist and Former Executive Pastry Chef

Born in 1971 in New Providence, Bahamas, Allen Pratt has seamlessly transitioned from a celebrated career as an award-wining Executive Pastry Chef into the realm of fine arts. Renowned for his intricate fruit and ice carvings, Allen’s mastery of detail and craftsmanship in the culinary world has naturally evolved into his new passion – creating stunning, photo-realistic seascapes and landscapes that capture the essence of the Bahamian islands.

Today, Allen is a professional artist who specializes in oil painting, focusing on the pristine beauty of The Bahamas. His works are known for their meticulous attention to detail, a skill honed from years of creating delicate and precise pastry art. Each brushstroke reflects his deep love and appreciation for the islands’ turquoise waters, lush flora and unique architecture, translating these elements into one-of-a-kind original paintings. While the legal spelling of his name is ‘Allen’ you will note that his paintings are signed ‘Allan’, this is mainly due in part to growing up with documents in both names. Allen is committed to preserving the authenticity and individuality of his art, creating only original pieces. He believes that making prints or duplicates would diminish the value of the work, as no two pieces can truly capture the spirit of the Bahamian landscape in the same way.

Allen ensures that each piece of art is accompanied by its own Certificate of Authenticity. Allen’s dedication to excellence and his ability to bring the natural beauty of The Bahamas to life on canvas have made his artwork highly sought after by collectors. His pieces are held in private collections both locally in The Bahamas and internationally, where they continue to evoke a sense of awe and connection to the
islands.

Allen Pratt’s work stands as a testament to the power of precision and passion, both in the kitchen and on the canvas, leaving an indelible mark on all who encounter his art.

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