Michael Halkitis, Minister of State in the Ministry of Finance, has been elected chairman of the Board of Governors of the Inter-American Development Bank and the Inter-American Investment Corp.

It is the first time a Bahamian was elected to such a post at the IDB level, almost 40 years after The Bahamas became a member country.

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The Inter-American Development Bank recently wrapped up its annual meeting encouraging Latin American and Caribbean countries to strengthen their fiscal positions and prioritize infrastructure investments in order to emerge stronger from the economic slowdown.

In a speech to the Boards of Governors of the IDB and the Inter-American Investment Corporation, IDB President Luis Alberto Moreno said: “The backlog of reforms is daunting, and the short-term challenges are great, but this is not the time to hesitate. It is time to seize the initiative.”

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Native Grand Bahamian and rising college basketball star Buddy Hield is helping to put The Bahamas on the map. Watch a report here.
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Preliminary evidence suggests that the domestic economy continued to expand at a modest pace during the month of February, reflecting growth in tourism output, while foreign investment-led projects supported activity in the construction sector. Inflationary pressures remained relatively subdued over the review period, as the decline in global oil prices contributed to further reductions in energy costs. On the fiscal front, the overall deficit narrowed considerably in the seven months of FY2015/16, with the value added tax (VAT)-led surge in revenue, outstripping the growth in expenditure. Meanwhile, monetary sector developments in February were dominated by Government’s receipt of proceeds from an external loan, which led to growth in both liquidity and external reserves.

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April 6, 2016 (Travel Retail News) – The Bahamas has expanded a tax free shopping scheme for tourists in order to remain competitive after the Caribbean island-state introduced VAT at the rate of 7.5% last year.

Cruise travellers, in particular, are able to choose from a number of Caribbean islands for duty free and travel retail shopping so the VAT addition was a gamble for the Bahamian government.

However, a deal struck between the country’s VAT and customs departments, and Switzerland-based tax refund specialist, Global Blue, has meant that over 60% of eligible Bahamian merchants are now signed up to give shoppers instant refunds.

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This is an excerpt from Travel Retail News as it appeared on April 7, 2016. For updates or to read the current version of this post in its entirety, please click here.

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The Boards of Governors of the Inter-American Development Bank and the Inter-American Investment Corporation will hold their Annual Meeting in The Bahamas 7-10 April.
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The Bahamas International Securities Exchange (BISX) is pleased to announce that shares of Guarany Partners II Fund Ltd. SAC Class A Investor Shares (the “Class A Shares”) as well as Guarany Partners II Fund Ltd. SAC Class B Investor Shares (the “Class B Shares”) have successfully completed the BISX Mutual Fund Listing Process. As a result, these shares have now been added to the roster of funds listed on the Exchange. Guarany Partners is an open-ended investment fund.

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Here follows a statement by the Minister of Financial Services Hope Strachan April 4, 2016:

The Ministry of Financial Services is responsible for the promotion of the financial sector. This Ministry also seeks to establish The Bahamas as the jurisdiction of choice for financial services inclusive of banking, insurance, securities and investment funds.

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Pictured: ICAC President, Jasmine Davis. (Photo courtesy ICAC)

The Institute of Chartered Accountants of the Caribbean (ICAC) will host a groundbreaking conference in The Bahamas this month bringing together a gathering of the Caribbean’s senior public sector leaders and representatives of accountancy organizations to discuss approaches to public sector financial management and accounting standards.

The conference will be held at the Melia Nassau Beach Resort April 12-14.

Supported by The Bahamas’ government and other donor partners and hosted by ICAC in collaboration with the International Federation of Accountants (IFAC) and the World Bank, the roundtable discussions are aimed at enhancing inter-governmental collaboration, and strengthening relationships with public sector leaders and the accounting profession.

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PharmaChem Technologies broke ground on its $120 million multi-product manufacturing plant March 31 in a ceremony which saw government officials and industrial sector executives heralding significant growth of industrial and economic development on Grand Bahama.

Scheduled for a construction period of two and a half years, the expansion project is anticipated to involve over 100 local contractors and expand the PharmaChem staff from its current 120 personnel to 220 employees.

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