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Prime Minister discusses Budget with Exuma residents

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#GEORGE TOWN, Exuma, June 29, 2018 – Bahamas – Prime Minister, Dr. the Hon. Hubert Minnis continued his trek across the islands to discuss with residents the 2018/19 National Budget and the Value Added Tax increase to 12 percent.

A Town Hall Meeting was held at St. Andrew’s Community Centre overlooking Elizabeth Harbour, where scores of residents turned up on Wednesday, June 27, to hear of the provisions aimed towards making life better.  Exuma is one of the fastest growing economies in The Bahamas.  The Prime Minister spoke passionately about future plans for the country, particularly the poor, vulnerable and young people.

“It is very important to understand and appreciate the Budget as it relates to the future development of The Bahamas,” the Prime Minister said.  “It is the function of a government to leave behind a better country.”

According to the Prime Minister, several things are of particular importance to him as it relates to the Budget: He used his own childhood as an example of living in poverty within the larger discussion of how the Budget aims at decreasing the poverty level, and increasing opportunities for the middle class, for a better way of life.  Another area he said that is “dear and personal” to him is for Family Island residents to have the same opportunities as residents in New Providence.

Between intermittent applause of approval from those in attendance, the Prime Minister went on to list more provisions within the Budget such as education, health care and home ownership.  He said starting September 2019, qualifying students would receive free education to attend at the University of The Bahamas (UB).  Similar arrangements are being made at the Bahamas Technical & Vocational Institute (BTVI).

Already the top 4 students who graduated from UB with a degree in Economics will be contracted by the Government to work at the Ministry of Finance, and granted scholarships to obtain Masters Degrees abroad. They would be subsequently hired by the Government in line with a 10-year vision plan to improve the Public Service.

Regarding the increase in VAT, the Prime Minister said that it was a hard decision to make, but the aim is to grow the economy.  “As Prime Minister you must make difficult decisions. I would prefer to lose an election than lose a country,” he said.

The government considered raising VAT from 7.5 percent to 10 percent but determined that was not enough to deal with fiscal pressures it encountered, the Prime Minister told Exuma.  The government considered raising VAT to 15 percent but determined that would have inflicted “too much hardship” on Bahamians, so it settled on 12 percent, which it determined is necessary to save future generations of Bahamians.

A significant portion of the new VAT revenues will be redirected into the economy through the payment of arrears to various creditors, among other things, he explained.  “I don’t ever want to see what is happening in Barbados happen here,” he said. “I never want to pick up the phone and call an international lending agency… you have to be in control of your own country.”

“We should not lose sight of the fact that the government has been mindful, in the development of its plan to provide tax relief to the most vulnerable in our society,” the Prime Minister said.  He noted that among those measures are the elimination of VAT on breadbasket items, medicines, residential property insurance, as well as on electricity and water for a large number of households.

The Prime Minister previously visited South, Central and North Andros on Monday, June 25, to discuss the provisions of the Budget.

 

By: Lindsay Thompson (BIS)

Photo Captions: Prime Minister Hubert Minnis addressed the residents of Exuma on the 2018/2019 National Budget in a Town Hall Meeting at St. Andrew’s Community Centre on Wednesday, June 27, 2018.

(BIS Photos/Yontalay Bowe)

 

 

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Bahamas News

Bahamas economic growth

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Rashaed Esson

Staff Writer

The Bahamas’ economy is in good standing according to reports from the Bahamas National Statistical Institute which released the Quarterly Gross Domestic Product Series. They indicate that quarterly GDP trends for 2023 saw increases compared to 2022, a sign of recovery from the Covid 19 pandemic.

The most significant increase was 9.9 percent in the first quarter of 2023, and the industries responsible for the growth include Accommodations and food, construction and Arts.

 

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Bahamas News

C&W COMMUNICATIONS PROUD TO BE ASSOCIATED AS ATHLETES “CHASE THE SUN”

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World Relays to be title sponsored by BTC, one of C&W’s local brands.

 

In just a few days, athletes from over fifty countries will converge in The Bahamas for the BTC World Athletic Relays Bahamas 24. C&W Communications, the parent company of BTC, is proud to be associated with this major event, which will see athletes from The Bahamas, Barbados, Jamaica, and Trinidad & Tobago competing for a place in the upcoming Olympic games in Paris.

Inge Smidts, CEO of C&W Communications, who also serves as Chair of the BTC Board of Directors will be in the stands to witness the highly anticipated relays. Smidts says, this was an event that she simply could not miss. “We are proud to support our Caribbean athletes, and we wish them well as they vie for a spot in the Olympic games.

The relays will be held one of in our markets, The Bahamas, and we are honoured to be the title sponsor of the event. The world relays represent the spirit of relentless courage and the willingness to succeed of the Caribbean people and of our business. Through partnerships like this we demonstrate our unwavering commitment to connect communities and change lives.”

In addition to its sponsorship of the event, Smidts says it was important that athletes, officials, and fans stayed connected during the games. “As a business we are focused on ensuring that our customers have access to faster, stronger, and more reliable connectivity, and we worked with our partners to make certain that athletes and guests remain connected.

We have offered e-sim cards, and we also worked with the major hotels to set up care centers to ensure that we address any connectivity concerns on the spot. Additionally, I am pleased to announce that BTC will provide free Wi-Fi at the stadium giving patrons and athletes the opportunity to share every riveting moment.”

BTC has hosted a special event just for the Caribbean athletes, at the newly renovated Queen’s Staircase in Nassau, a recently renovated historic landmark visited by thousands of tourists each day. This event gave athletes the opportunity to unwind, mingle, and to learn more about each other right before the competition.

This is the fourth time that BTC and its parent company C&W Communications have title sponsored the world relays. The BTC World Athletic Relays will be held at the Thomas A. Robinson Track & Field Stadium from May 4-5, under the theme, “Chase the Sun, from Paradise to Paris.”

 

 

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RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

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RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

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