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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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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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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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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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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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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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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The Ministry of Finance wishes to advise that the deadline for economic substance filing is extended by three months for all entities reporting for fiscal year 2019.

As a consequence, all entities with a fiscal year end after June 30, 2019 that are required to submit economic substance filings pursuant to the Commercial Entities (Substance Requirements) Act, 2018 (CESRA) will have to file within 12 months of the date of their 2019 fiscal year end.

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The Caribbean Development Bank (CDB) is mobilising funds to help Borrowing Member Countries (BMCs), including The Bahamas, through the expected economic downturn generated by the Coronavirus outbreak.

“The CDB stands ready to provide support to its BMCs as they weather the COVID-19 storm, and for us to be a partner in the post-crisis period,” said CDB President Dr William Warren Smith who added that the Bank would seek commitments from its partners to help the region access much-needed financial relief.

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