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Newsletter Vol.13, No 5.

TBI monthly news in review - June 16, 2019

The latter part of May was dominated by the government’s 2019/20 Budget, which Deputy Prime Minister and Minister of Finance Peter Turnquest delivered to the House of Assembly on May 29.

In his Budget Communication, Minister Turnquest highlighted key fiscal prospects for the upcoming budget year, and future prospects for the medium-term horizon.

“Although the economy is expanding, the reality is that recovery is not occurring at the pace previously projected, against the backdrop of a number of global factors.”

“We are fully sensitive to the fact that a further improvement in our fiscal outcomes, and the attainment of the legally binding fiscal objectives, is contingent on both ongoing expenditure discipline and the further enhancement of revenues.”

He noted that the revenue yield of the government’s taxation system amounted to some 18.8 per cent of Gross Domestic Product in 2018/19. A number of factors are expected to contribute to a further enhancement of that yield in 2019/20 and beyond.

“As such, we have budgeted for total revenue of $2.628 billion in 2019/20, which represents a $215 million increase over the projected outturn in 2018/19,” he added.

In tandem with the Budget Communication, the government announced that the Ministry of Finance has created a dedicated Budget website explaining key points about the economy and what the Budget means for Bahamians. This will go live at some point this week, according to the Minister.

Earlier in the month, the National Accounts Section of the Department of Statistics released the Annual Gross Domestic Product report for 2018 as compiled by the Production and Expenditure Approaches at the Department, reporting that The Bahamas had recorded 1.6 per cent real growth in 2018.

In other news, The Bahamas played host to 20th Anniversary Society of Trust and Estate Practitioners (STEP) Conference and also hosted meetings with a high-level delegation from the Overseas Private Investment Corp (OPIC), the US government’s development finance institution.

The OPIC delegation travelled to the Caribbean region to explore investment opportunities in energy and other critical sectors, as well as strengthen relationships with countries that it says are “key partners in fostering stability and security in the Western Hemisphere”.

 

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The Bahamas Investor - May News & Press

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Deputy Prime Minister and Minister of Finance Peter Turnquest has announced that the Ministry of Finance is developing a new Budget website. The site will launch next week ahead of the Budget 2019/20 debate in the House of Assembly.

Deputy Prime Minister and Minister of Finance Peter Turnquest held a press conference at the British Colonial Hilton yesterday following his Budget Communication to Parliament earlier in the week. Read his remarks here.

During his Budget Communication 2019/20 in the House of Assembly, Wednesday, May 29, 2019, Deputy Prime Minister and Minister of Finance Peter Turnquest highlighted key fiscal prospects for the upcoming budget year, and future prospects for the medium term horizon.

Deputy Prime Minister and Minister of Finance Peter Turnquest presented the 2019/20 Budget Communication in the House of Assembly May 29, 2019. Read the full communication here.

Director general of the Bahamas Ministry of Tourism and Aviation Joy Jibrilu, along with Michael Pintard, Minister of Agriculture and Marine Resources, represented The Bahamas at the recent UNWTO Regional Commission for the Americas held in La Antigua and Guatemala City, Guatemala.

The Central Bank of The Bahamas Governor John A Rolle brought welcome remarks at the launch of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Bahamas Chapter May 24. Read his comments here.

A high-level delegation from the Overseas Private Investment Corporation, which is the US government’s development finance institution, has concluded a trip to the Caribbean region to discuss opportunities for US investment in infrastructure, energy, water, and women’s economic empowerment.

PO8, a Bahamian tech company tokenizing archaeological assets by issuing Non-Fungible Tokens (NFT) representing their value, recently received a No Action Letter from The Securities Commission of The Bahamas ahead of the company's Non-Fungible Token offering. The first letter of its kind for NFT offerings, it paves the way for PO8 to move forward with its planned offering in a compliant manner.

Prime Minister Dr Hubert Minnis outlined areas of transformation, including land reform, renewable energy and modernization of public services, in his third National Address for 2019, delivered May 20.

Prime Minister Dr Hubert Minnis held "productive discussions" with senior officials of the US government agency Overseas Private Investment Corp and the US Embassy at the Office of the Prime Minister 20 May.

Prime Minister Dr Hubert Minnis will deliver his third report to the nation on Monday 20 May, at 8pm.

Acting president and CEO of the US government’s development finance institution the Overseas Private Investment Corp will travel to The Bahamas, Jamaica, Haiti, the Dominican Republic, and St. Lucia May 19-22.

Nassau Airport Development Co began a phased demolition of the former domestic and international terminal building at Lynden Pindling International Airport last week. The work is scheduled to take around 10 weeks.

Minister of Financial Services Brent Symonette delivered welcome remarks yesterday to delegates attending the 20th Anniversary STEP Conference, a forum for stakeholders in the financial sector. The two-day event, held under the theme Mind the Gap: Future-Proofing IFCs, is taking place at Baha Mar resort in The Bahamas.

The National Accounts Section of the Department of Statistics has released the Annual Gross Domestic Product report for 2018 as compiled by the Production and Expenditure Approaches at the Department, May 13, 2019.

With a booming market and more luxury developments coming on stream than ever before, the real estate industry faces a new era of compliance, industry leaders warned at the Bahamas Real Estate Association held at the beginning of this month.

Opened by Prime Minister Dr Hubert Minnis during a ceremony 26 April 2019, the 7.3-acre Poinciana House complex located on East Bay Street is now home to three of the country’s financial regulators.

The business news this week in The Bahamas includes the roll out of the new Labour Force Survey and how one Bahamian entrepreneur secured funding for an eco-friendly car rental business through the Small Business Development Centre. Watch the report from ZNS News here.

The Carnival Sunrise made its inaugural visit to Grand Bahama Island May 4. With a total of 5,000 passengers and crew members, the ship sailed from Norfolk, Virginia, to Half Moon Cay and added the brief stop to Freeport before returning to Norfolk, Virginia.

The Bahamas Ministry of Tourism and Aviation presented its new creative campaign featuring Lenny Kravitz to Canadian media and travel industry partners during a local campaign launch event May 2 at the Bisha Hotel in Toronto.

Royal Caribbean International has opened its $250m Perfect Day at CocoCay private destination – the first in the cruise line's new global Perfect Day Island Collection.

Indications are that the domestic economy maintained its modest pace of growth over the review month of March, according to The Central Bank of The Bahamas' latest Monthly Economic and Financial Developments report.

The Central Bank of The Bahamas has released its 2018 Annual Report, which contains a summary of the bank's operations over the year, an analysis of regulatory developments affecting the financial sector and a review of monetary policy, as well as payment systems developments.

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