Indications are that the domestic economy sustained its modest growth during December last year, according to the latest monthly economic report from The Central Bank of The Bahamas. Tourism maintained a positive momentum, bolstered by activity in New Providence markets and the Family Islands unaffected by Hurricane Dorian.

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The Central Bank of The Bahamas will be issuing Market Briefs on a quarterly basis to stimulate discussions on domestic Treasury securities and strengthen the market’s knowledge around primary issue outcomes.

Government securities experienced strong primary market participation during 2019, and despite a busy holiday season, interest in the January 2020 offerings exhibited similar levels to those of 2019.

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The government has started to see stronger revenue performance based on provisional data from the first-six-months budget performance report, according to a statement released by the Ministry of Finance.

Compared to the same period last year, the government took in $91.8 million in additional revenue, primarily from tax receipts, despite the loss in collections from the islands affected by Hurricane Dorian.

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Ground was broken January 30 on a major new infrastructure residence and multi-purpose complex at the University of The Bahamas (UB).

Prime Minister Dr Hubert Minnis gave the keynote address, declaring the project a major venture that will revitalize surrounding communities, inject new vitality and provide opportunities for community engagement and business investments.

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Deputy Prime Minister and Minister of Finance Peter Turnquest said given the revenue loss and expenditure increases the government expects to incur, the fiscal deficit for FY2019/20 is now expected to increase by approximately $677.5 million, to 5.3 per cent of the gross domestic product (GDP).

“This exceeds the approved budget target of $137 million, and therefore has corresponding implications for the financing envelope,” DPM Turnquest stated as he presented the Supplementary Budget Statement in the House of Assembly, January 29, 2020.

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An advance team of the Organization of American States (OAS) led by Ambassador Francisco Lainez visited The Bahamas for the second preliminary meeting to coordinate preparations for the 50th OAS General Assembly, which is scheduled to be held on New Providence, June 9-12, 2020.

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Cat Island Conservation Institute (CICI) is calling for greater urgency to address United Nations 2030 Sustainable Development Goals following recent global and local environmental catastrophes such as Hurricane Dorian, which ravaged the Northern Bahamas, and the wildfires in Australia.

In response, the local community group has developed The Bahamas’ first Climate Crisis Declaration and conducting a series of strategy meetings and workshops to accelerate climate action, community-driven conservation, youth engagement, and the development of green islands in The Bahamas.

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Deputy Prime Minister and Minister of Finance Peter Turnquest delivered the Supplementary Budget Statement in the House of Assembly on Wednesday, January 29, 2020 concerning the tabling of appropriations and borrowing resolutions.

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The Royal Fidelity Bahamas Economic Outlook Conference will be held Wednesday, March 4 at the Grand Hyatt Convention Centre, Baha Mar, with the annual one-day event tackling the theme of “Colliding Global Interests: Assessing the Impact.”

According to Royal Fidelity president Michael Anderson, the 2020 theme recognizes the conflicts that have arisen over the last decade between entrenched interests of established economies or “super-powers” and those that challenge the status quo. It also captures the tensions created by the emergence of new technologies and their impact on both employment and the concentration of wealth, he says.

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The Bahamas signs an “historic” aviation agreement with the US to increase airlift between the two countries.
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