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BAHAMAS: House approves $100 million Loan Facility for Disaster Emergencies

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#Nassau, February 1, 2019 – Bahamas – A Resolution to approve the Contingent Loan for Natural Disaster Emergencies in the amount of $100 million was passed in the House of Assembly on Wednesday, January 30, 2019.

Revised Statute Law of The Bahamas 2000 provides for The Bahamas to enter into an agreement with the Inter-American Development Bank to borrow funds for the purpose of financing or promoting economic and social development in the country.  The bank has agreed to grant the government financing of up to $100 million for the purpose of funding the Natural Disaster Emergencies Programme.

It was one of two Resolutions tabled in the House by Prime Minister, the Most Hon. Dr. Hubert Minnis.

The other Resolution passed was for the government to borrow $30 million from the Inter-American Development Bank for the Government’s Digital Transformation to Strengthen Competitiveness Project.

During his contribution, the Prime Minister noted that The Bahamas has been plagued with three consecutive major hurricanes: Joaquin in 2015, Matthew in 2016 and Irma in 2017.

“All Bahamians are, unfortunately, too keenly aware that one of the effects of the global warming phenomenon is the increase in the frequency and strength of tropical hurricanes or cyclones around the world,” the Prime Minister said.

He pointed out that in The Bahamas, this is not a matter of theory; but has been a reality over the last two decades.

“The hurricanes over this time period have cost countries hundreds of millions of dollars in damage to private and public assets, and in lost economic opportunity,” he added.

“As Prime Minister, one of my responsibilities is to ensure that the country does as much as we can to be as prepared as possible to respond to natural disasters and thus minimize the potential loss of lives, and that we are able to recover as quickly as possible to get our communities and the economy back on track as soon as possible following these catastrophic events,” he said.

According to the Prime Minister a key part of any readiness plan is to have access to resources as quickly as possible, to speed up the response and recovery efforts.

“Thus I am pleased to support this $100 million contingent loan facility.   It is a line of credit that is on standby in the event the country is hit by a hurricane and needs additional funds to respond and to recover,” the Prime Minister said, adding that it is hoped that the country would never have use for the facility.

“By design and by our own government policy, this is not monies that can be accessed to do anything other than to respond to natural disasters.  Any prudent government would do what we are doing – that is to have the ability to access funding if and when needed,” the Prime Minister said.

The loan facility will complement the proposed disaster relief fund, which will be set up from the proceeds of extinguished dormant accounts, as was announced by the Prime Minister in the House of Assembly weeks ago. The Government will bring legislation to this effect and the fund will be seeded with an estimated $41 million at its inception.

The Prime Minister also said that his administration took the decision to sign up, once again, for the Caribbean Risk Insurance Facility — the regional insurance fund — to provide coverage for public infrastructure in the event of catastrophic damage.

“And finally, we have agreed to this IDB credit line facility to provide ready access [to] up to $100 million in borrowed funds,” he said.

Taken together, these will ensure that there is an ample source of cash readily available to the government so that it can respond quickly, he said.

“The government is, then, better positioned to save lives, and secure property.   Once the event has passed, this will mean that the government can more readily mobilize the contractors and vendors to get the country back to a state of normalcy,” the Prime Minister said.

 

Release: BIS

 

 

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Fuel Pain at The Pump: Global Tensions Drive Prices Up as Bahamians Feel the Squeeze

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NASSAU, Bahamas — What should be a simple five-minute drive is fast becoming an expensive, hour-long ordeal, as rising fuel prices collide with worsening traffic congestion across New Providence.

As of early April 2026, gasoline prices across The Bahamas have climbed sharply, with motorists now paying an estimated $5.50 to over $6.50 per gallon, depending on the station and grade. The increases, seen at major retailers including Esso, Rubis and Shell, reflect a volatile global oil market driven by escalating geopolitical tensions.

The latest spike — in some cases jumping more than 50 cents per gallon within days — is being driven by uncertainty surrounding escalating tensions involving Iran. U.S. President Donald Trump has issued a direct ultimatum, warning that the United States could launch aggressive strikes on Iranian infrastructure, including power plants and key facilities, if demands are not met. While he has also expressed hope for a swift resolution, the threat of rapid escalation is already rattling global oil markets — and The Bahamas, heavily dependent on imported fuel, is feeling the impact almost immediately.

At the pumps, the frustration is real.

Drivers are now paying significantly more just to sit in traffic. Commutes that once took minutes are stretching into hour-long crawls, burning fuel with little movement and compounding the financial strain. For many residents, the issue isn’t just the price per gallon — it’s how quickly that gallon disappears.

Industry players are also bracing for impact. Higher diesel prices are expected to ripple across key sectors, including trucking, construction, and shipping — all of which ultimately feed into the cost of goods and services. In short, this is not just a fuel story; it’s an inflation story in the making.

Despite the surge, the Bahamas Petroleum Retailers Association has moved to calm fears, confirming that there is no fuel shortage. Supply remains stable, but consumers are being urged to adjust behavior — from maintaining proper tyre pressure to considering carpooling — small measures that could stretch every dollar a bit further.

Retailers, however, are not offering much comfort on price relief. While fluctuations are expected, insiders say the days of sudden price drops are unlikely in the immediate term. The “shock” increases may level off, but a meaningful decline hinges on global stability — something that currently feels out of reach.

For Bahamians, the reality is tightening: higher fuel costs, longer commutes, and a growing sense that relief isn’t coming anytime soon.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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FNM’S $200 CHILD SUPPORT PLAN SPARKS DEBATE AS PLP QUESTIONS FUNDING AND SCOPE

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NASSAU, Bahamas — The Free National Movement has rolled out details of its proposed $200 monthly Working Parent Child Support Initiative, but the announcement has already ignited political debate and prompted clarification from the party.

Leader Michael Pintard said the initiative would provide $200 per month to qualifying caregivers during the first two years of a child’s life, as part of a broader push to ease the cost of living for Bahamian families.

The party estimates the programme would cost between $12 million and $14 million annually, with funding to come from reducing what it describes as excessive government spending — particularly consultancy contracts.

However, the proposal quickly drew scrutiny.

The governing Progressive Liberal Party has challenged the feasibility of the plan, questioning how the payments would be sustained without increasing the deficit or introducing new taxes. The response forced the FNM to further outline its funding strategy, emphasizing that a 21 percent reduction in consultancy spending could fully finance the initiative.

The exchange has highlighted a familiar election-season tension — bold proposals versus practical execution.

Beyond the child support plan, Pintard outlined a wide-ranging policy agenda, including:

  • Removing VAT on select essential goods
  • Constructing 5,000 affordable homes within five years
  • Cutting the country’s food import bill by half
  • Strengthening enforcement against illegal immigration
  • Reforming the nation’s healthcare system

Pintard also took aim at the current administration, accusing it of mismanaging public funds and awarding more than $400 million in contracts without competitive bidding — claims which have further fueled political back-and-forth.

“The best way to pay for high-quality public services in the long run is to have a strong, efficient economy,” Pintard said, arguing that government spending must be redirected toward ordinary Bahamians.

While supporters have welcomed the proposals as timely relief for struggling families, critics remain cautious, pointing to unanswered questions around implementation, eligibility, and long-term sustainability.

With election momentum building, the debate surrounding the FNM’s plan underscores a broader reality — Bahamians are being presented with big promises, but increasingly demanding clear answers on how those promises will be delivered.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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COI UNVEILS FIRST 100 DAYS PLAN, PROMISING SWEEPING CHANGE AND BREAK FROM MAINSTREAM POLITICS

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NASSAU, Bahamas — The Coalition of Independents has rolled out its First 100 Days Plan, positioning it as a roadmap for rapid national transformation and a clear break from what it describes as the failures of the country’s two dominant political parties.

Leader Lincoln Bain introduced the plan during a recent public presentation, outlining a series of early actions his party says would be implemented immediately upon taking office.

At the heart of the proposal is a push to redistribute access to Crown land, a signature policy of the Coalition, which argues that Bahamians should have greater direct benefit from national resources. The plan also prioritizes the full implementation of Freedom of Information legislation, with Bain framing transparency as a cornerstone of restoring trust in government.

Additional focus areas include proposed reforms to the healthcare system, including improved compensation for nurses and medical professionals, and broader governance changes aimed at increasing accountability and reducing political control over national decision-making.

The Coalition has branded the plan as a historic first, describing itself as the only political group to present a structured 100-day agenda ahead of a general election.

But beyond the policy points, the messaging was unmistakable.

Bain and his team continue to urge Bahamians to move away from the traditional two-party system, arguing that both the Progressive Liberal Party and the Free National Movement have failed to deliver meaningful change despite decades of governance.

“The system is not working for the people,” has been a consistent refrain from the Coalition, which is campaigning on the idea of resetting how the country is governed.

While supporters view the 100-day plan as a bold and necessary shift, questions remain about the level of detail provided, particularly around costing, timelines, and how proposed changes would be executed within the existing structure of government.

Still, the rollout signals that the Coalition of Independents is seeking to position itself not just as an alternative voice, but as a ready governing option — one promising immediate action and systemic reform.

With election momentum building, the emergence of a defined 100-day agenda adds a new dimension to the political landscape, as Bahamians weigh competing visions for the country’s future.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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