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IMF: Bahamas weathering crisis better than peers

Compared to its neighbours, The Bahamas is performing relatively well in economic terms due to lower debt levels and strong fiscal policy, according to the International Monetary Fund. Construction projects, gradual recovery in tourism drive muted, but sustained growth. Pictured: Miguel Savastano (left), deputy director of the IMF’s Western Hemisphere Department and Gene Leon, the IMF’s senior resident representative in Jamaica and Mission Chief for The Bahamas.  

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TheBahamasInvestor.com
Monday, October 31, 2011
Monday, October 31, 2011

The Bahamas is weathering the global economic fall-out better than many of its regional peers, according to officials of the International Monetary Fund (IMF).

“The Bahamas started from a much stronger position than others, because it had essentially low debt levels to start with. That gave it more room to observe the shock of the crisis and three years later, it’s still–in relative terms–better than others,” says Miguel Savastano, deputy director of the IMF’s Western Hemisphere Department.

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Prime Minister opens new shopping plaza – photo

Southeast New Providence gets a new shopping plaza with 22 stores, costing $12 million. (BIS photo/Peter L Ramsay) 

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TheBahamasInvestor.com
Monday, October 31, 2011
Monday, October 31, 2011

NASSAU, Bahamas – Prime Minister the Rt Hon Hubert A Ingraham opens a 150,000 square foot plaza in southeast New Providence, Saturday, October 29. The $12 million plaza has 22 stores and will employ 350 persons.

Bahamas represented at Commonwealth meeting

Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette attends a meeting of the Commonwealth members in Perth Australia October 28. Pictured: Attendees at the Commonwealth Heads of Government. 

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TheBahamasInvestor.com
Saturday, October 29, 2011
Saturday, October 29, 2011

Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette represented Hubert Ingraham, Prime Minister of the Commonwealth of The Bahamas, at the official opening ceremony of the Commonwealth Heads of Government in Perth, Australia, on October 28, 2011.

The ceremony took place at the Riverside Theatre of the Perth Convention and Exhibition Centre and was officially opened by Queen Elizabeth II, Head of the Commonwealth.

Invitees were welcomed by the traditional elders of the local Noongar Aboriginal Community and were addressed by Julia Gillard, Prime Minister of Australia; Kamla Persad-Bissessar, Prime Minister of the Republic of Trinidad and Tobago; and Kamalesh Sharma, Commonwealth Secretary-General.

Fifty-four heads of government assembled in Perth to attend the event 28-30 October.

The US Commerce Department said today that consumer spending increased 0.6 per cent, matching expectations, after a 0.2 per cent gain in August, according to Reuters. Consumer spending accounts for about 70 per cent of US economic activity. 

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Reuters
Friday, October 28, 2011
Friday, October 28, 2011

Reuters
Oct. 28/11 (Reuters) — Sluggish growth in U.S. consumer income in September led households to cut back on saving to increase their spending, casting doubts over the durability of the economy’s third-quarter growth spurt.

The Commerce Department said on Friday consumer spending increased 0.6 percent, matching expectations, after a 0.2 percent gain in August. Consumer spending accounts for about 70 percent of U.S. economic activity.

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This is an excerpt from Reuters as it appeared on October 28, 2011. For updates or to read the current version of this post in its entirety, please click here.

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Bahamas government registered stock issue–$60 million

The government of The Commonwealth of The Bahamas has invited applications for Bahamas Registered Stock totaling $60 million, according to The Central Bank of The Bahamas. The Stock will be available in a range of maturity dates; the earliest being repayable in 2016 and the latest in 2028. 

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The Central Bank of The Bahamas
Friday, October 28, 2011
Friday, October 28, 2011

NASSAU, Oct. 28 (The Central Bank of The Bahamas) – Issued under The Bahamas Registered Stock Act, and authorized by Resolutions of the House of Assembly, 9th June, 2011, the Government of The Commonwealth of The Bahamas invites applications for Bahamas Registered Stock totaling B$60,000,000.00. The Stock will be available in a range of maturity dates; the earliest being repayable in 2016 and the latest in 2028. Applications will be received by The Banking Department beginning at 9:30 a.m. on 31st October, 2011 and will close at 3:00 p.m. on 8th November, 2011. Allocations will commence at 9:30 a.m. on 9th November, 2011 and will cease at 3:00 p.m. on 10th November, 2011. If the total subscriptions exceed the sum of B$60,000,000.00 (Nominal) partial allotment will be made to subscribers, and a proportionate refund will be made as soon as possible after allotment. No interest will be paid on amounts so refunded.

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This is an excerpt from The Central Bank of The Bahamas as it appeared on October 28, 2011. For updates or to read the current version of this post in its entirety, please click here.

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IMF report calls for macroprudential, debt-reducing policies

International Monetary Fund's Regional Economic Outlook: Western Hemisphere report says key components need to be put in place by policy makers to protect the stability of the banking system. 

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TheBahamasInvestor.com
Thursday, October 27, 2011
Thursday, October 27, 2011

While macroprudential policies should remain part of the toolkit to protect the stability of banking system, the International Monetary Fund (IMF) says policy makers should focus on gradually reducing debt and on returning structural balances to precrisis levels.

This strategy would support policy credibility, while rebuilding fiscal buffers that could be deployed in a downside scenario, says the world body in its October 2011 issue of the Regional Economic Outlook: Western Hemisphere.

Given the current high levels of financial uncertainty, the IMF report says any fiscal easing now would be “premature.”

“Fiscal consolidation efforts should avoid placing an undue burden on infrastructure spending (needed to support medium-term growth), and pressures to increase recurrent spending (particularly wages) should be resisted,” the report warns.

In the financial services sector, the IMF says macroprudential policies should remain the order of the day.

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Sheraton Nassau enhances executive team

A new general manager and hotel manager have joined the staff at the Sheraton Nassau hotel and resort. The appointments come ahead of the hotel's repositioning as part of the Baha Mar development. 

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TheBahamasInvestor.com
Thursday, October 27, 2011
Thursday, October 27, 2011

Nassau, The Bahamas – The Sheraton Nassau Beach Resort, located in Nassau, has announced the appointments of Glenn Sampert as general manager and Steven White as hotel manager.

With more than 40 years of collective experience in various segments of the hospitality industry, Sampert and White will work together to reposition the resort as part of the anticipated new Baha Mar development.

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After marathon late-night talks, European leaders agreed on a "three-pronged" debt deal to prevent the economic crisis in the region spreading further, according to the BBC website. The strategy includes a mechanism to boost the main bailout fund to around $1.4 trillion. 

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BBC NEWS Europe
Thursday, October 27, 2011
Thursday, October 27, 2011

BBC.CO.UK
Oct. 27/11 (BBC) — They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital.

Shares on European markets rose sharply on news of the deal.

The agreement is aimed at preventing the crisis spreading to larger eurozone economies like Italy, but the leaders said work still needed to be done.

After marathon talks in Brussels, they agreed a mechanism to boost the eurozone’s main bailout fund to about 1tn euros (£880bn; $1.4tn).

Banks must also raise more capital to protect them against losses resulting from any future government defaults.

BBC business editor Robert Peston says it is perfectly clear that EU leaders have bought some time, and for a few weeks and maybe longer the markets will give them the benefit of the doubt.

The framework for the new fund is to be put in place in November.

Meanwhile EU leaders welcomed Italian Prime Minister Silvio Berlusconi’s pledge to balance his country’s budgets and implement reforms to bring down its 1.9tn-euro debt.

Correspondents say Mr Berlusconi had been under huge pressure to prove he was serious about austerity measures.

This is an excerpt from BBC NEWS Europe as it appeared on October 27, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

The International Monetary Fund's (IMF) Regional Economic Outlook presented earlier this week in Nassau is a key source of data for determining fiscal policy, according to a senior government official. The IMF predicts The Bahamas will have a moderate two per cent economic growth this year and 2.5 per cent in 2012. 

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TheBahamasInvestor.com
Wednesday, October 26, 2011
Wednesday, October 26, 2011

Ehurd Cunningham, acting financial secretary in the Ministry of FinanceThe International Monetary Fund’s (IMF) Regional Economic Outlook has proven to be an “invaluable tool” for helping governments construct microeconomic frameworks, which form the basis of their fiscal plans, says Ehurd Cunningham (pictured), acting financial secretary in the Ministry of Finance.

On Tuesday, representatives from the IMF presented one of their flagship publications, the Regional Economic Outlook, to a Bahamian audience. The presentation took the form of a panel discussion.

It comes at a time when the world economy is in the midst of a turbulent period with growth and confidence being negatively affected by the sovereign debt crisis in the European Union and high unemployment in some developed and developing countries.

“Nevertheless, governments have to operate in this environment and put in place policies that will lead to growth over the short and medium term,” says Cunningham. “One of the pre-requisites for survival in such an environment is that a government has to rely on information and data to help construct policy positions and navigate the course.”

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Panel discussion following the release of the International Monetary Fund's Regional Economic Outlook suggests that any unforeseen event could knock world economic recovery off track. 

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TheBahamasInvestor.com
Wednesday, October 26, 2011
Wednesday, October 26, 2011

Miguel SavastanoEarlier predictions that The Bahamas economy was set to grow by two per cent this year and 2.5 per cent in 2012 are “knife-edge,”?according to an International Monetary Fund (IMF) official who cautioned that any shock could shift the balance to “negative territory.”

This is not only the case for The Bahamas, but for the rest of the world, according to Miguel Savastano (left), deputy director of the IMF’s Western Hemisphere Department. His comments came at Regional Economic Outlook panel discussion, the first of its kind in The Bahamas, hosted by the IMF and the Ministry of Finance.

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