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)
Bahamas News
Public Hospitals Authority Foundation Donates Dialysis Machines to Princess Margaret Hospital (PMH)
The Bahamas, September 21, 2026 – The Public Hospitals Authority (PHA) Foundation, a philanthropic organization launched in January 2024 to support public hospitals and healthcare clinics, donated eight additional dialysis machines for the PMH Renal Services unit.
Director of Foundations, Corporate and Community Relations for the Public Hospitals Authority and Executive Director of the foundation,
Alana Major, said this initiative is a part of the foundation’s “Sun, Sea and Second Chances” campaign. PHA Foundation aims to secure 30 machines for Princess Margaret Hospital.
“As of today, with this donation, we are now up to 15 machines, so we are very excited about that,” Ms. Major said.
Other members of the foundation were present, including PHA Foundation Chairman Mr. Selvin Basden, who said the foundation is committed to doing its part in fulfilling the mandate of the Government of the Bahamas.
“One of the tenets of the Government is to ensure that access to healthcare is a human right. We are committed to ensuring that, at least from our part, we can deliver on that principle,” Mr. Basden said.
The PMH Renal Services Unit dialyzes about 150 to 170 patients annually. The unit provides care for patients who have been diagnosed with end-stage kidney disease and now need renal support. Patients who receive dialysis typically come to the unit three times a week, either on a Monday-Wednesday-Friday schedule or a Tuesday-Thursday-Saturday schedule.
Head of Department for Renal Services, Dr. Thurston Carroll, said she and the unit are excited to receive the donation, as it will replace
machines that are not operating optimally.
“We are particularly excited about today’s donation because, although we have 20 stations within the dialysis unit, we have an aging fleet. These new machines and new water-treatment equipment will allow us to replace some of our aging equipment so that we can continue providing services to our patients.”
Foundation representatives noted that one or two organizations are already considering making bulk donations and if it happens, the foundation may be able to secure another 10 machines or another five machines in the very near future.
PMH Deputy Hospital Administrator Angelica Lockhart-Bastian and Hospital Administrator Mr. Tevard Bastian thanked the PHA Foundation for its donation to Princess Margaret Hospital.
Also in attendance were PHA Foundation Deputy Chairman Dr. Erecia Hepburn; Foundation guest Dr. Maria Oriakhi; Chief Biomedical Engineer Mr. Theodore Nottage; Administrative Officer Ms. Appapisa Neely; and Senior Assistant Hospital Administrator Mr. Valdez Bowe.
By Christina Williams
Bahamas Information Services
BIS Photos/Mark Ford
PHOTO CAPTION:
Group Photo, from left:
– Dr. Rhea Thurston Carroll, Director, Renal Services, PMH
– Nurse Kim Harris, Dialysis Nurse, Dialysis Unit, PMH
– Sister Darnell Roker, Nurse Manager, Dialysis Unit, PMH
– Mrs. Angelica Lockhart-Bastian, Deputy Hospital Administrator PMH
– Mr. Tevard Bastian, Hospital Administrator PMH
– Mrs. Alana Major, Director, Foundations, Community and Corporate Relations, PHA
– Mr. Selvin Basden, Chairman, PHA Foundation
– Dr. Erecia Hepburn, PHA Foundation Board
– Ms. Donette Danvers, Executive Assistant, Foundations, Community and Corporate Relations, PHA
Miami, Florida – Director of Aviation and Deputy Director General of Tourism, Dr. Kenneth Romer was presented with The 2025-2026 Infrastructure Leadership MVP Award, during the 10th Annual Caribbean Infrastructure Forum (CARIF) held in Miami September 15-16, 2026.
According to event organizers, New Energy Events, the MVP Leadership Award is the highest individual honor in the industry and is
presented to an individual who has demonstrated exceptional, strategic and visionary leadership in advancing infrastructure in the Caribbean. Chosen by an independent jury of regional industry leaders, “The recipient is recognized for their sustained impact, influence across sectors, and dedication to driving meaningful progress in policy, investment, or project delivery”, said Event Organizers.
Romer becomes only the third person from the Region, and the first from The Bahamas to receive the Leadership MVP Award, joining last year’s winner The Honourable Mia Mottley, Prime Minister of Barbados.
Represented among the Conference Speakers and present at the Award Ceremony was Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, who said that, “This award amplifies The Bahamas Government’s commitment to executing a vision that sets the benchmark for infrastructural investments opportunities across our archipelago while supporting exemplary Bahamian leaders like Dr. Romer, who are steering the Caribbean toward more resilient, investable, and innovative infrastructure”.
“While this award is deemed an individual honor, it is a recognition of the Bahamas’ position as a respected regional leader and more so, a
reflection of the incredible talent that resides within our small, but indomitable nation that continues to punch above its weight class as the world marks the manner of our bearing”, said Dr. Romer.
Dr. Romer has been instrumental in driving post-pandemic tourism recovery alongside the transformation of airports across the Family Islands through the Government’s landmark Family Islands Renaissance initiative. Under his leadership as Director of Aviation and Deputy Director General of Tourism, the sector has embraced a strategic, forward-looking approach focused on modernizing over 19 runways and terminals, strengthening safety and resilience, expanding international and regional connectivity, and leveraging public-private partnerships to deliver world-class facilities.
Dr. Romer’s work has helped translate the National Aviation Strategic Plan into tangible infrastructure projects that are creating new opportunities for tourism, investment, entrepreneurship and economic growth across the archipelago.
In 2025, he became the first person from the Caribbean and LATAM Region to be appointed to the Board of the International Association of Airports Executives.
NASSAU, Bahamas –— This back-to-school season Caribbean Bottling Company (CBC), the local producers of Coca-Cola and Dasani products, is offering huge wins for parents and guardians in their Level Up and Win Lunchtime giveaway.
The promotion encourages consumers to share their best lunch bag creations featuring the following products, Honest Kids juice box, Minute Maid 12oz Fruit Cooler and Dasani 12oz. water. Now until September 30th, the public can post or privately share a photo or video of
one of the listed products in their lunch bag.
At the end of the promotion, the top five lunch bags will be shared on social media, and consumers will have the opportunity to vote on their favorite lunchtime creations. Prizes include a $200 Kelly’s gift card, $150 John Bull gift card and six-months’ worth of each product.
Lauryn Clarke, Marketing Coordinator of Caribbean Bottling Company, shared what inspired this promotion.
” The back-to-school season is all about getting kids excited for the year ahead, and lunch boxes are a big part of that fun. We wanted to remind parents and guardians that hydration should be just as important as what is being learned in the classroom. This promotion is about encouraging families to pack a refreshing beverage their kids will enjoy and make hydration part of their everyday school routine,” Clarke said.
With a variety of brands and new flavors featured in this promotion, particularly Honest Kids’ newest flavor, Strawberry Peach Keen, and the new 12 oz. Minute Maid Fruit Coolers, CBC hopes this lunchtime giveaway will appeal to new consumers.
For more details on the Level Up and Win Lunchtime promotion, new products and events visit caribbean_bottling on social media.
-
Independent writer1 week agoFifty Years of Ministerial Government: Honouring Our Past, Embracing Our Present and Preparing for Our Destiny
-
Health1 week agoKnow the Possible Warning Signs of Prostate Cancer
-
Independent writer2 days agoLetter to The Editor
-
Education5 days agoTCI Schools Invited to Participate in 2026 National Student Council Election
-
News5 days agoLiberty Business launches in Turks and Caicos Islands
-
Bahamas News1 day agoRomer Receives Regional Leadership Award
-
Bahamas News1 day agoPublic Hospitals Authority Foundation Donates Dialysis Machines to Princess Margaret Hospital (PMH)
-
Bahamas News1 day agoLunch Bag Wins this Back-to-School