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News & Press - Apr 4/20

 

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Tourism experts: prepare for post-coronavirus travel surge

The Caribbean should prepare for an upswing in tourism once the coronavirus pandemic has abated, according to former Minister of Tourism Vincent Vanderpool-Wallace (pictured) who said this week that islands should take this opportunity to "get their houses in order" so they can maximise the industry when travel resumes. (Stock Photo)

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TheBahamasInvestor.com
Friday, April 3, 2020
Friday, April 3, 2020

The Caribbean should prepare for an upswing in tourism once the coronavirus pandemic has abated, according to former Minister of Tourism Vincent Vanderpool-Wallace who said this week that islands should take this opportunity to “get their houses in order” so they can maximise the industry when travel resumes.

“There is enormous pent-up demand for when the all-clear is sounded,” said Vanderpool-Wallace, chairman of the Caribbean Hotel and Tourism Association’s Advocacy Committee. “It is important for the private and public sectors to get together for collaboration on where we go together as a region. So when the all-clear comes we can turn it around very quickly.”

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The Inter-American Development Bank (IDB) has earmarked at least $500 million to help the Caribbean mitigate the economic impact of Covid-19 and will be reframing its regional strategy to focus on supporting SMEs and building capacity in the most vulnerable sectors of the region's economy. 

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TheBahamasInvestor.com
Thursday, April 2, 2020
Thursday, April 2, 2020

IADBThe Inter-American Development Bank (IDB) has earmarked at least $500 million to help the Caribbean mitigate the economic impact of Covid-19 and will be reframing its regional strategy to focus on supporting SMEs and building capacity in the most vulnerable sectors of the region’s economy.

Speaking during a recent webinar, IDB Invest CEO James P Scriven said the bank would deploy $5 billion to help address the crisis, at least $500 million of which would be disbursed in the Caribbean. He said the IDB is focused on healthcare and education, as well as those industries that contribute most to island economies such as tourism and agriculture.

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Royal Caribbean reiterates commitment to The Bahamas

Royal Caribbean International has said it remains "committed" to The Bahamas as the cruise giant realigns its strategic priorities in light of the coronavirus pandemic. 

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TheBahamasInvestor.com
Wednesday, April 1, 2020
Wednesday, April 1, 2020

Royal Caribbean International has said it remains “committed” to The Bahamas as the cruise giant realigns its strategic priorities in light of the coronavirus pandemic.

The company signed a Heads of Agreement in early March to redevelop the Grand Lucayan resort in Grand Bahama in partnership with ITM (Bahamas Port Investments Ltd). The $250 million joint venture is expected to transform both the hotel and the cruise port, reigniting Freeport’s tourism product.

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ECLAC issues Covid-19 outlook

Alicia Bárcena, executive secretary of the Economic Commission of Latin America and the Caribbean, has issued guidance on the region's economic outlook and response to the coronavirus pandemic. Read extracts from her remarks here. 

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TheBahamasInvestor.com
Wednesday, April 1, 2020
Wednesday, April 1, 2020

Alicia Bárcena, executive secretary of the Economic Commission of Latin America and the Caribbean (ECLAC), has issued guidance on the region’s economic outlook and response to the coronavirus pandemic. Read extracts from her remarks below, or view the full text here.

“It is true that history recounts the devastating impact of past pandemics, but none of them broke out in such a populated world (with more than 7.7 billion people) or such an interconnected one.”

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Coronavirus update

The Bahamas Ministry of Health has released updated figures related to the Covid-19 outbreak. 

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Ministry of Health
Wednesday, April 1, 2020
Wednesday, April 1, 2020

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Central Bank releases economic report for February – PDF

Preliminary indications are that the domestic economy exhibited moderated, but slightly positive performance during February, according to the latest Monthly Economic and Financial Development report released by The Central Bank of The Bahamas. However, the regulator warns that travel restrictions related to Covid-19 began to take an accelerated toll in March. 

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Central Bank of The Bahamas
Tuesday, March 31, 2020
Tuesday, March 31, 2020

Preliminary indications are that the domestic economy exhibited moderated, but slightly positive performance during February, according to the latest Monthly Economic and Financial Development report released by The Central Bank of The Bahamas.

Sustained growth in the sea segment contrasted with a reaction in the high value-added air component which contracted, as some capacity remained offline in hurricane-damaged areas.

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Deputy Prime Minister and Minister of Finance Peter Turnquest has said the Small Business Development Centre (SBDC) has rolled out the government’s $20 million Covid-19 response to provide loans to small businesses. 

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TheBahamasInvestor.com
Tuesday, March 31, 2020
Tuesday, March 31, 2020

Deputy Prime Minister and Minister of Finance Peter Turnquest

Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest addresses the House of Assembly, March 30, 2020. (BIS Photo/Yontalay Bowe)

Deputy Prime Minister and Minister of Finance Peter Turnquest has said the Small Business Development Centre (SBDC) has rolled out the government’s $20 million Covid-19 response to provide loans to small businesses, ranging from $5,000 to $300,000.

Approved loans will have a payment grace period of four months.

Partnering financial institutions will facilitate the actual loan processing to include the vetting of the required information, the approvals, issuing funds, and payment collection after the four-month moratorium.

DPM Turnquest had the statements as he announced an update on the government’s stimulus measures in response to Covid-19 in the House of Assembly, March 30, 2020.

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PM gives Covid-19 update – PDF

Prime Minister Dr Hubert Minnis has announced that there are three new cases of Covid-19 in The Bahamas and that he plans to extend a state of emergency for eight days. Read his full statement here. 

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Office of The Prime Minister
Monday, March 30, 2020
Monday, March 30, 2020

During a press conference yesterday, Prime Minister Dr Hubert Minnis announced that there are three new cases of Covid-19 in The Bahamas and that he plans to extend a state of emergency for eight days.

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DPM outlines government stimulus measures – PDF

Deputy Prime Minister and Minister of Finance Peter Turnquest updated the House of Assembly this morning on the government's stimulus measures in response to the Covid-19 outbreak. Read his address here. 

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Government of The Bahamas
Monday, March 30, 2020
Monday, March 30, 2020

Deputy Prime Minister and Minister of Finance Peter Turnquest updated the House of Assembly this morning on the government’s stimulus measures in response to the Covid-19 outbreak.

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Economist mulls long-term impact of Covid-19

The coronavirus pandemic will radically shift the structure of economies in the Caribbean region in the long-term, creating more opportunities for diversification and helping islands build fiscal resilience, according to a leading economist. Pictured: Dr Justin Ram, director of economics with the Caribbean Development Bank. (Photo courtesy CBD)

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TheBahamasInvestor.com
Friday, March 27, 2020
Friday, March 27, 2020

The coronavirus pandemic will radically shift the structure of economies in the Caribbean region in the long-term, creating more opportunities for diversification and helping islands build fiscal resilience, according to a leading economist.

“These are really abnormal times. At the end of this crisis, there will be structural changes in our economies and governments are going to have to adjust,” said Dr Justin Ram, director of economics with the Caribbean Development Bank (CDB). “There is going to have to be a concerted effort as to how we move forward.”

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