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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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Monument Supports Hands for Hunger With Paradise Plates Debut  

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NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ leading wine and spirits distributor, proudly supported Paradise Plates, Hands for Hunger annual fundraiser with a flavorful offering of its newest product, Monument Beverage Co.

Monument, which launched this July and is available across six major islands, made its Paradise Plates debut. Guests enjoyed three bold flavors: Peach Passion, Ginger-Lime and Melon Fizz as they socialized throughout the evening.

Monument brand ambassadors engaged guests with knowledge on the ready-to-drink beverage’s unique taste and look. Many attendees were delighted to learn that Monument is 100% Bahamian-made and owned and enjoyed seeing the various national landmarks on the packaging.

The booth was adorned with vibrant brand colors, striped arches, tropical florals and a photo worthy backdrop featuring Monument cans filled with florals cascading down the wall.

At the end of the event, the entire Monument inventory had finished, making Monument’s Paradise Plates debut a huge success.

For more details on Caribbean Wines & Spirits, new products and specials, visit www.cwsbahamas.com today.

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Schweppes ‘the Art of Mixology’ Dazzles at Paradise Plates with Nemiroff Vodka

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NASSAU, Bahamas — Schweppes, in collaboration with Nemiroff Vodka dazzled guests with handcrafted cocktails during Paradise Plates, Hands for Hunger’s annual fundraiser held at Atlantis’ Imperial Ballroom.

The evenings’ theme, 70’s: Paradise Disco, inspired bold and delicious sips from Schweppes and Nemiroff.  The beautiful disco themed Schweppes booth, adorned with LED signs, lush greenery and hanging black and gold metallic orbs shined throughout the room.

Schweppes’ brand representatives and mixologists dressed in chic 70’s speakeasy attire engaged attendees throughout the night. Guests enjoyed receiving knowledge of each product and experiencing the vibrant energy of brand representatives.

Nemiroff Vodka, which is locally distributed by Caribbean Wines and Spirits (CWS), The Bahamas’ premier wines and spirits distributor; offered a unique variety of vodkas which made the perfect blend with Schweppes. Guests enjoyed, Nemiroff’s Honey Pepper, De Luxe, Burning Pear, Wild Cranberry, and Bold Orange vodkas throughout the night.

Fan favorite cocktails of the night were: the Wild Cranberry Tonic and the Bold Orange Fizz.

Following a positive response at Paradise Plates, CWS is offering Nemiroff and Schweppes specials at local liquor stores for the entire month. With the purchase of any 1-liter Nemiroff vodka, enjoy a complimentary three-pack of Schweppes mixers, to recreate the magic of Schweppes and Nemiroff.

Cara Douglas-Adderley, Senior Marketing Director for Caribbean Bottling (CBC), local producers and distributors of Coca-Cola and Dasani products and CWS shared the inspiration behind the Schweppes and Nemiroff promotion.

“We are thrilled to have paired Schweppes and Nemiroff for Paradise Plates this year, creating a premium cocktail experience for guests. After receiving such positive feedback, we wanted to extend that experience to consumers at home. Throughout October, consumers can visit their favorite watering hole, buy any 1-liter Nemiroff bottle and receive a free three-pack of Schweppes.”

Caribbean Bottling Company is proud to offer Schweppes, Coca-Cola’s premier mixer in collaboration with Caribbean Wines & Spirits and Nemiroff Vodka at Paradise Plates in support of Hands for Hunger’s mission.

For more information on CBC’s philanthropic work, new products and specials, visits www.cbcbahamas.com today.

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Two Months On, The Bahamas Academy of Sciences Turns Fifty Years of Research into Action

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First peer-reviewed paper published, policy brief delivered to Minister Lightbourne, a seat at Climate Week, and a growing public audience for Bahamian science

 

NASSAU, The Bahamas, 7 October 2026 — Two months after putting fifty years of research on The Bahamas “on the record” at its first public event in July, The Bahamas Academy of Sciences (BAS) has been turning that evidence into action.

Since July, the Academy has published its first peer-reviewed paper, presented its findings to Government through a policy brief, taken Bahamian science to Climate Week in Nassau and New York, and launched a growing public conversation in which Bahamians can ask scientists questions and get answers. The Academy’s new policy brief, “Prioritising National Research Needs for The Bahamas,” is attached to this release.

“In July we said the record was open. Since then, we have been working to put it to use,” said BAS President Dr. Krista Sherman. “Fifty years of research revealed where The Bahamas is strong and where the gaps are: water, food, energy, long-term monitoring. Our job as the national academy is to share that evidence with the decision-makers and the public they serve, and to build the Bahamian research capacity to fill those gaps.”

THE RECORD, NOW PEER-REVIEWED AND PUBLIC

The Academy’s first publication, “Fifty Years of Research in The Commonwealth of The Bahamas: A Quantitative Thematic Analysis of Scholarly Output,” is now published in the international journal Gulf and Caribbean Research. Led by Dr. Amina Moss (University of Stirling) with BAS members Dr.

Krista Sherman, Dr. Williamson Gustave, Dr. Kathleen Sullivan Sealey, Dr. Charlotte Dunn, Dr. Nicola Smith, Lindy Knowles and Dr. Christy Gibson, the study analyses 12,113 scholarly records published about The Bahamas between 1975 and 2025.

It shows a rich scientific legacy, particularly in geology, fisheries, oceanography and conservation, while also highlighting persistent gaps in areas of direct national importance: groundwater resources, food systems, renewable energy, social-ecological governance and locally led, long-term monitoring. The full paper is free to read at https://doi.org/10.18785/gcr.3701.15.

FROM THE RECORD TO POLICY

Building on this research, BAS has prepared a policy brief, “Prioritising National Research Needs for The Bahamas,” which translates the findings into a set of ten strategic priorities.

The policy brief calls for greater investment in locally led, policy-aligned and climate-ready research, including:

  • a national research agenda aligned with Vision 2040;
  • stronger local scientific capacity, laboratories and field stations;
  • rebuilt long-term monitoring of reefs, fisheries, coasts and mangroves;
  • targeted research on groundwater, food systems and renewable energy;
  • a national environmental and health data repository; and public health research on the risks facing small island states.

In September, Dr. Sherman presented the brief to the Hon. Zane Lightbourne, Minister of the Environment and Natural Resources, during a courtesy call. The visit is the first in a series of introductory meetings with Government ministries over the coming months. Through these meetings, the Academy will introduce its work and explore opportunities for collaboration in science, the environment, sustainability, conservation and climate resilience. The policy brief also maps research priorities to relevant national legislation and policies, from the Environmental Planning and Protection Act to the National Health Strategy 2026–2030.

BAHAMIAN SCIENCE AT CLIMATE WEEK, FROM NASSAU TO NEW YORK

BAS also brought Bahamian scientific expertise to Climate Week 2026.

On Monday, 21 September, BAS Board member Dr. Kathleen Sullivan Sealey, Professor Emerita at the University of Miami, presented “Coasts and Climate Change” at the opening day of Climate Week in The Bahamas, hosted by the Baha Mar Resort Foundation at ECCHO, under the theme “At the Edge of the Water.” Dr. Sullivan Sealey explained why The Bahamas’ low-lying carbonate islands face growing risk from sea-level rise and storms, and how historical losses of coral reefs, seagrass, mangroves and dunes have weakened the islands’ natural defences. More importantly, she highlighted actions communities can take to reduce these risks.

During Climate Week, the Academy also released a science statement, “Climate Change and Ocean Warming Impacts on The Bahamas: What Does the Science Tell Us?”, a synthesis of the environmental, ecological, social and economic impacts facing the archipelago.

In New York, BAS Vice President Dr. Adelle Thomas, Vice-Chair of Working Group II of the Intergovernmental Panel on Climate Change (IPCC), brought the realities of vulnerable small island states to Climate Week NYC.

A GROWING PUBLIC AUDIENCE FOR BAHAMIAN SCIENCE

The Academy’s public campaign, 242 #ForTheRecord, has also been building a presence across its five platforms since launching in mid-July. Its most successful format has been the simplest: Bahamians ask a question and a BAS scientist answers it. So far, the “You Ask/Science Responds” series has tackled questions on how climate change will affect Bahamian farming (Dr. Williamson Gustave) and the science of blue holes (Dr. Krista Sherman). An upcoming episode will examine the effects of high temperatures on public health. Question-led content is reaching roughly twice the audience of the Academy’s institutional posts. During its first month, the campaign generated more than 18,500 views and over 200 shares across its platforms.

To extend the conversations to more Bahamians, beyond the traditional science-curious audiences,

BAS has also formalised collaborations with two local content creators, Kaché Knowles (“I is a Bahamian Bey”) and Stephen Hanna (“Schin Nguyen”). Their first joint pieces will appear before the campaign closes on 30 November.

WHAT COMES NEXT

For BAS, putting the record to work is only the beginning. Over the coming months, the Academy will:

  • continue introductory meetings with Government ministries and agencies;
  • host its Future Scientists classroom event with Bahamian students in early November;
  • launch its YouTube channel with a video-podcast series on Bahamian scientists in November;
  • begin work on its second peer-reviewed publication, “A Horizon Scan on Emerging Environmental Issues in The Bahamas Over the Next Decade”; and
  • offer “Introduction to Statistics using Excel,” a short, practical course in early 2027 that will give early-career scientists and resource managers in The Bahamas hands-on skills in organising, analysing and summarising their own data.

“Research is most valuable when it can be used,” said Dr. Sherman. “The Bahamas has an extraordinary scientific record. Now we need to ensure that record informs the questions we ask, the decisions we make, and the science we build here at home.”

See BAS Climate Statement and BAS Policy Briefing 50 Years of Bahamian Research here: BAS Climate Statement,

BAS Policy Briefing_50 Years of Bahamian Research

PHOTO CAPTIONS:

Header: BAS President Dr. Krista Sherman met the Minister of the Environment and Natural Resources and his team on 17 September 2026. L–R: Mr. David Davis, Permanent Secretary; Mr. Ricardo Deveaux, Acting Under Secretary; The Hon. S. Obie Roberts, Parliamentary Secretary; Dr. Krista Sherman, BAS President; The Hon. Zane Lightbourne, Minister; Dr. Rhianna Neely-Murphy, Director, Department of Environmental Planning and Protection; Ms. Danielle Hanek, Acting Director, Forestry Unit.

Credit: Ministry of Environment and Natural Resources.

Insert: Kathleen Sullivan Sealey, BAS Board member, presents the Academy’s science statement at Climate Week in The Bahamas, ECCHO, 21 September 2026.

Credit: Amaeleo Carey.

PRESS RELEASE: BAS

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