Here follows a statement by Peter Turnquest, Deputy Prime Minister and Minister of Finance, on the International Monetary Fund (IMF) staff’s concluding statement of the 2019 Article IV Mission:

It is clear from the IMF’s initial Article IV assessment that the reform agenda of the Prime Minister Dr Hubert Minnis-led administration is moving the country in the right track. The economy is getting stronger.

The fiscal measures to raise revenue and contain expenditure are bringing the nation’s public deficits down in line with an articulated and published plan.

The financial affairs of the country are stabilizing and the economy is expanding after years of stagnation; this is setting the stage for sustained economic growth and shared prosperity across The Bahamas.

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The Bahamas Ministry of Tourism and Aviation recently participated in the AIRLINE Networking Conference in London.

The AIRLINE Networking Conference has a unique format that is designed to optimize networking of representatives of airlines and tourism destinations, and the airports that they serve.

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Minister of State for Grand Bahama Kwasi Thompson has said that the new proposed Carnival Cruise Port, slated for development in East Grand Bahama, was announced to over 11,000 people within the cruise industry, during a recent conference in Miami, Florida, April 8-10, 2019.

It was during one of the opening sessions of the Seatrade Cruise Global 2019 conference that president of Carnival Cruise Line Christine Duffy told the over 11,000 participants at the conference about her company’s major development in Freeport, Grand Bahama.

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Fostering more trade and greater investment flows between the Caribbean and the Gulf states could boost the Caribbean economy by billions per year, according to a new report from the Inter-American Development Bank (IDB).

Trade between Latin America and the Caribbean (LAC) and the Gulf countries totalled $16.3 billion last year but this figure could be significantly higher according to the IDB which says commercial opportunities are not being fully exploited.

More diplomatic missions between the two regions, bilateral trade agreements and removal of barriers to trade by improving the business environment could help grow trade by $13 billion a year, say IDB economists.

The Bank estimates that new trade agreements could deliver an extra $9.8 billion a year while greater diplomatic links could yield a $3.3 billion increase in trade.

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Co-founder and CEO of Bahamian blockchain firm PO8 Matthew Arnett represented The Bahamas at an innovative technology conference in Africa recently, as the tech start-up looks to enter the African market.

Speaking on the topic of blockchain technology, cryptocurrencies and their social and economic impact at the Blockchain Africa 2019 conference, Arnett spoke of the importance of public and private sector involvement in regards to launching cryptocurrencies and online payments.

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In continuation of its strategic priorities, The Bahamas Development Bank (BDB) met with the country’s representative of the Organization of American States (OAS) Phyllis Baron.

The purpose of the meeting was to explore opportunities and avenues to strengthen efforts to better assist micro, small and medium-sized enterprises.

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General manager at Resorts World Bimini Vince Angelo says that the facility has seen an increase in both domestic and international visitors.
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The International Monetary Fund (IMF) is warning of a “delicate moment for the world economy” as it predicts a slowdown in global growth, however the outlook for Latin America and the Caribbean is cautiously optimistic with economists forecasting growth rates of 1.4 per cent in 2019 and 2.4 per cent in 2020.

Released earlier this week, the IMF’s World Economic Outlook downgrades its previous 3.5 per cent global growth forecast to 3.3 per cent. The Fund attributes this slowdown to trade tensions between the US and China, as well as macroeconomic stress in Argentina and Turkey and tighter credit policies in China.

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The Bahamas took a step towards greater uptake of technology within the public sector this week, signing a loan agreement with the Inter-American Development Bank (IDB) to fund its digital transformation agenda.

The Inter-American Development Bank is providing a $30 million loan to support The Bahamas’ Government Digital Transformation to Strengthen Competitiveness project.

Speaking at the loan signing ceremony, Minister of State for Grand Bahama Kwasi Thompson (stock photo) said: “The government has begun to heighten the role of information communication and technology as a national priority underpinning the further development of The Bahamas.”

“We must improve the digital infrastructure and capacity within the public service to provide improved levels of customer service efficiency, transparency and accountability.”

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The Bahamas is ramping up its cruise offerings and negotiating with Royal Caribbean Cruise Ltd (RCL) for substantial redevelopment in Freeport on the back of a record 11 million expected cruise ship passengers in 2019, as the Caribbean region’s share of the global market continues to grow.

The Caribbean region continues to be the strongest market for the cruise industry worldwide according to a new study from Cruise Industry News, with around 39 per cent of global cruise capacity deployed in the region this year.

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