Bahamas News
PM Davis ‘confident’ that Revenue Outturn will near $2.9 billion
By ERIC ROSE
Bahamas Information Services
#NASSAU, The Bahamas, May 30, 2023 – Prime Minister and Minister of Finance the Hon. Philip Davis said in the House of Assembly, on May 31, 2023, that public revenue receipts were strong over the nine-month period of July 2022 to March 2023, due to legislative reform, effective policy decisions, strengthened economic conditions and more efficient collection efforts.
“Analysis of the trends of the first three quarters of this fiscal year, and the years prior, suggest that the government is potentially set to exceed the $2.85 billion target set forth in the February 2023 Mid-year Supplementary Budget,” he said, during his Communication on Budget 2023.
“I am confident the revenue outturn at the end of the Fiscal Year 22/23 will near $2.9 billion.
Public spending has remained on track, and is well within the budgeted amount,” Prime Minister Davis added. “For this reason I am confident that expenditure at end of the Fiscal Year 2022/23 will almost reach the target of $3.1 billion set in the Supplementary Budget.”
He pointed out that the primary balance will, therefore, record a surplus of $68.4 million at the end of the fiscal year, a $54.8 million increase from the $13.6 million surplus projected in the supplementary budget.
“Likewise, the overall deficit is expected to improve to $520.6 million, down from the $575.4 million outlined in the supplementary budget,” he said.
Speaking of Government financing, Prime Minister Davis said that The Bahamas’ borrowing costs had begun to experience a downward trend in the previous quarter; but the cost of borrowing rose at the end of March 2023.
“At the end of the third quarter, the total average cost of borrowing for current outstanding debt had risen to an interest rate of 5.55 percent,” he pointed out. “This is notably higher than the previous year’s rate of 4.93 percent at the end of March 2022.
“This increase in borrowing costs is primarily attributable to the higher costs associated with external loan facilities.”
He added that, more specifically, the average interest rate for external financing had risen by 1.99 basis points, resulting in a rate of 5.55 percent as of March 2023, compared to the preceding year’s 3.56 percent.
“Throughout the past year, the interest rate policies of the major Central Banks have been restrictive, with a series of interest rate increases,” Prime Minister Davis said. “These adjustments have been primarily motivated by the escalation of inflation, and the resulting upsurge in interest rates has had an impact on the Bahamas’ external borrowing costs.”
He added: “However, the cost of borrowing in the domestic market has been declining over the past quarters.
Looking at it in more detail, we can see that:
- The average interest cost for domestic loans subsided by 27 basis points to 4.62 percent at end of March 2023, from 4.89 percent in the previous year;
- And the average interest cost for domestic bonds subsided by 3 basis points to 4.63 percent at the end of March 2023 from 4.66 percent in the previous year.”
Prime Minister Davis noted that those statistics affirmed the Government’s latest medium-term debt strategy, which aimed to shift its borrowing away from costly external commercial debt.
“Such debt has seen a sharp increase over the past five years, including recent interest rate hikes,” he said. “This strategic move will enable the government to once again rely predominantly on the domestic market to meet its financing requirements.”
Prime Minister Davis pointed out that, when considering the maturity of debt, or the average time it takes to repay the principal amount in the government’s debt portfolio, a longer maturity period led to a reduction in refinancing risk.
“In essence, prioritizing longer maturities is key to managing debt effectively,” he said. “And so another element of the government’s medium-term debt management strategy is the goal of prolonging the average maturity time of its debt.”
Prime Minister Davis said that, in the face of “unprecedented turbulence” in the global financial markets, the Government was able to maintain its average time to maturity.
“At end of March 2023, the average time to maturity has decreased slightly to 6.7 years, down from the previous 6.8 years in March 2022,” he said. “This variance is due solely to the external loan component, as the average time to maturity on internal debt has remained steady at 7.1 years.”
“This highlights the significance of maintaining a prudent approach to debt management, and aligning this administration’s practices with the government’s optimal debt strategy,” Prime Minister Davis added.
“It is imperative that we continue to exercise prudence in this area to ensure financial stability.”
(BIS Photos/Ulric Woodside)
Rashaed Esson
Staff Writer
#TheBahamas, August 5, 2023 – An American woman has been arrested in The Bahamas, accused of conspiring with two men, one of them alleged to be her lover, to murder her estranged husband.
The woman, 36 year old Lindsay Shiver and the two men, 28-year-old Terrance Bethel, the alleged lover and 29 year old Faron Newbold, were taken into custody last week following police investigation of a reported burglary at
Grabbers Bar and Grill restaurant on Great Guana Cay.
The police looked into their cell phones and found WhatsApp messages detailing the assassination plot to kill her husband.
The couple, who built a life in South Georgia have three children and are home owners on the island in the Abacos.
News outlets throughout the US have reported on the scandalous story, including that a nasty court battle over the couple’s reported, $5 Million dollar fortune and three children was underway. Shiver, an entrepreneur is a former beauty Alabama queen, her husband a former football player was an insurance executive.
According to US media, the husband, Robert, recently filed for divorce from Shivers after a decade of marriage upon discovering she had an alleged extra-martial affair with Bethel whom she met in The Bahamas.
While the husband claims infidelity on the part of his wife, the wife claims he was abusive.
The suspects Shiver, Bethel and Newbold appeared before Acting Chief Magistrate Roberto Reckley on Friday July 28th. Their next court date is set for October 5th.
Rashaed Esson
Staff Writer
#TheBahamas, August 5, 2023 – The Bahamas is now facing an unfortunate reality as sexual assault has become and is a growing issue since 2023. Women and girls are said to be living in fear for their safety from these perpetrators.
The Royal Bahamas Police force has reported on instances of assault in press releases found on their Facebook page.
One report spoke of a 50 year old they were searching for after he burglarized a home and sexually assaulted an elderly woman, 82 years old. She was reported to be asleep when he woke and assaulted her.
This took place on Tuesday July 11th, 2023 at the home in the Centreville area of Nassau.
There is another incident that took place on July 17th, 2023 which the police are seeking in catching the suspect as they investigate. It involves a man believed to the perpetrator in for an armed robbery and sexual assault.
According to preliminary data, he approached the victim, a female, with a firearm, robbed her and sexually assaulted
her. He proceeded to enter the house and robbed a male and escaped. This happened in the Cowpen Road area; also in Nassau.
The assaults continue to grow in number as the police reported that they were investigating two other incidents that took place on July 24th.
The first had to do with a female, 30 years old who reported she was driving on West on Marshall Road when two men approached her after she slowed down near Faith Avenue. One of the males with a firearm, forced her from her vehicle and took her to nearby bushes where they sexually assaulted her after which they escaped.
The second incident involved à 32 year old woman who was sexually assaulted by a male known to her. It is reported that she was walking in the Fleming Street area when she accepted transportation from the suspect, who drove her to a dirt road off Gladstone Road where he presented a firearm and proceeded to rape her.
Furthermore, another assault, this time involving a 9 year old girl, was reported. As revealed by preliminary information, the victim was playing with friends outside where she lives on Saturday July 29th, 2023 when the suspect, a 42 year old male of Summerset Estate, driving a white Nissan Skyline, arrived and gestured to her to enter the car.
She entered the car after which he took her to an unknown location, threatened her and sexually assaulted her. She was later found somewhere in Spikenard Road; this also happened in Nassau.
Fortunately, he was caught and arrested for abduction and sexual assault on Sunday July 30th by officers affiliated with the Drug Enforcement Unit.
There are other reports of sexual assault throughout The Bahamas as well as rape and attempted rape during the earlier parts of the year, dating back to as early as February.
CAPTION: Women Leaders, including Ann Marie Davis, wife of the Prime Minister filled the gallery of The Bahamas Senate this week as members of the upper chamber debated the Protection Against Violence Bill 2023. The debate came just as the country experiences a spike in sexual assaults against women and girls. Photo by Patrick Hanna, BIS.
#TurksandCaicos, August 5, 2023 – On August 3rd, 2023, Premier Misick met with the Leader of the
Opposition of the Commonwealth of the Bahamas, the Honorable Michael Pintard. The discussion was highly productive, and they delved into matters of mutual concern between their neighboring nations. Hon. Pintard was accompanied by other opposition members, including Senator the Honorable Darren Handfield and Mr. Joshua Sears.
Group photo caption:
From Left to Right: Mr. Joshua Sears, Senator Hon. Darren Hendfield, Premier Hon. Charles Washington Misick, Bahamas Leader of the Bahamas Hon. Michael Pintard and Deputy Premier Hon. Erwin J. Saunders.
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