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IMF interest rate fears dampened

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian financial analysts yesterday dampened fears of near-term interest rate hikes after the International Monetary Fund (IMF) suggested such increases may be necessary to protect the US dollar exchange rate peg.

Hubert Edwards, head of the Organisation for Responsible Government’s (ORG) economic development committee, told Tribune Business he “didn’t really see the need for increasing interest rates” unless there was a sudden surge in consumer credit and import purchases that diluted

• Analysts: ‘No need’ for Bahamas to hike borrowing costs • Fund suggests rises ‘as needed’ to protect US dollar peg • But prospects for near-term consumer credit boom dim the foreign currency reserves beyond acceptable levels.

Hinting that a credit-fuelled explosion in consumer demand was highly unlikely, given the

challenges banks are having in locating qualified borrowers, he added that the $2.448bn worth of surplus liquidity in the commercial banking system will also act to

maintain Bahamian interest rates at their current levels.

Mr Edwards was backed by Gowon Bowe, Fidelity Bank (Bahamas) chief executive, who also told this newspaper that he “certainly doesn’t see” any increase in the discount rate, and Bahamian Prime, within the next 18 months. He added that the nation has “quite a way to go before seeing any interest rate movement of consequence”.

Both men spoke out after the IMF, in a statement on the completion of its annual Article IV consultation with The Bahamas, raised the spectre that the Central

IMF: New, increased taxes a must for 25% revenue target

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE International Monetary Fund (IMF) yesterday subtly signalled that The Bahamas must introduce new and/or increased taxes to hit fiscal targets that include a 25 percent revenue-to-GDP ratio before the next general election is due.

The Washington D.C. based Fund, in a statement on its Article IV consultation with The Bahamas, while praising the Davis administration’s “well-calibrated” plans to eliminate persistent Budget deficits and boost tax enforcement warned that this needed to go “hand-in-hand” with tax policy reforms.

“Measures include the re-establishment of the Revenue Enhancement Unit and an updated property tax roll. The envisaged overall surplus would be consistent with rebuilding fiscal buffers and putting public debt-to-GDP on a decisive downward path towards the target of 50 percent, as laid out in the Fiscal Responsibility Act.”

KWASI THOMPSON However, the Fund then added: “A well-calibrated tax policy reform should go hand-in-hand with ongoing revenue enhancement efforts. Options include gradually bringing VAT rates close to the regional average of 15 percent; further limiting tax

SEE PAGE FIVE

National debt still bigger than Bahamas economy

Bahamas’ growth ‘more than double’ projections

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS’ national debt remained larger than the size of the country’s economy at year-end 2021, it was revealed yesterday, standing at a sum equivalent to 100.3 percent of gross domestic product (GDP).

The Central Bank, unveiling its quarterly economic review for the three months to end-December 2021, pegged the national debt - which includes the Government’s direct debt as well as that it has guaranteed on behalf of state agencies - at $10.717bn.

While the rate of national debt growth was easing, the monetary policy regulator said: “The direct charge on the Government grew by $230.9m (2.3 percent) over the quarter, and by $900m (9.6 percent) on an annual basis, to $10.318bn at endDecember 2021.... The Government’s contingent liabilities decreased by $2.2m (0.5 percent) over the three-month period, and by $40.9m year-on-year, to $399.1m.

“As a result of these developments, the national debt - inclusive of contingent liabilities - rose by $228.7m (2.2 percent) over the previous quarter, and by $859.1m (8.7 percent), on an annual basis, to $10,717bn

THE BAHAMAS exceeded 2021 economic growth projections by 180 percent, the International Monetary Fund (IMF) revealed yesterday, as it urged this nation to make increased COVID-19 vaccination rates its top priority.

The Washington D. C. based Fund, in its annual Article IV statement on The Bahamas, said the country had achieved more than double the projected gross domestic product (GDP) growth for 2021 with actual economic output expanding by 5.5 percent as opposed to the forecast 2 percent.

However, the more rapidthan-anticipated reflation of the Bahamian economy following the COVID-19 pandemic, coupled with the impact from soaring global inflation and uncertainties caused by Russia’s invasion of Ukraine, has resulted in the IMF shaving two percentage points off 2022’s growth forecast - reducing this from 8 percent to 6 percent.

GDP growth estimates for 2023

SEE PAGE SIX

HUBERT EDWARDS

Gov’t seeks tariff slash proposals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

• Praises deficit-eliminating plans as ‘well-calibrated’ • Opposition tells Gov’t: ‘Stop being coy’ on taxation • Bank chief points to ‘risk premia’ warning by Fund “The Government’s goal to achieve a 1.5 percent of GDP fiscal surplus over the medium term is well-calibrated,” the IMF said. “The authorities have invested considerable resources in strengthening tax administration with a goal of increasing the revenue-to-GDP ratio to 25 percent.

SEE PAGE FOUR

have been maintained at 4.1 percent.

“The Bahamas’ tourismdependent economy was hit hard by the COVID-19 pandemic, which came on the heels of the devastation caused by Hurricane Dorian. The economy is recovering strongly but the pandemic has exacted a tragic human and social toll, and caused a significant weakening in public finances,” the IMF said.

“Growth in 2020 was -14.5 percent, among the lowest in the region, as tourism receipts fell by more than 75 percent. Starting in the second half of 2021, the tourism sector experienced a significant rebound, with stopover arrivals doubling relative to 2020.

“Coupled with an uptick in construction activity, output is estimated to have expanded by around 5.5 percent last year.

Real GDP growth is estimated at around 6 percent this year, although a full recovery to prepandemic levels is not expected before end-2023. Inflationary pressures are building in line with global developments and

SEE PAGE FOUR

THE Government is seeking private sector recommendations on potential Customs tariff cuts that could be implemented via the upcoming 2022-2023 Budget as a means to ease the impact of soaring inflation on Bahamians.

Well-placed Tribune Business sources, speaking on condition of anonymity, said Senator Michael Halkitis, minister of economic affairs, had asked businesses to submit a list of tariff headings that could potentially be slashed along with new rates when he met with Bahamas Chamber of Commerce and Employers Confederation (BCCEC) executives - including members of its ease of doing business committee - on Friday.

Ben Albury, president of the Bahamas Motor Dealers Association (BMDA), whose members and consumers face some of The Bahamas’ highest Excise

BEN ALBURY tax rates, confirmed to this newspaper that the sector was currently formulating its reduction proposals.

With prices continuing to “blow up”, he added that it was vital that The Bahamas “try to get a grip” on soaring inflation given the threat it poses to living standards, quality of life and the postCOVID economic recovery.

“I have spoken to somebody at the Chamber who advised they’re [the Government] looking at ways to try and ease the burden on

SEE PAGE FIVE

PAGE 2, Tuesday, March 22, 2022

THE TRIBUNE

WATER SUPPLY START-UP GAINS $207K FUNDING A SAN SALVADOR water and ice supply startup has received $207,500 in funding facilitated by the Access Accelerator Small Business Development Centre (SBDC) Out Island Water Company, founded by Trevor Williams, a New Providence native, will specialise in purified water manufacturing, water bottling and manufacturing ice. The capital injection came from the Bahamas Entrepreneurial Venture Fund, the Government-sponsored venture capital fund, in the form of loan and equity funding.

As a son of San Salvador natives, Mr Williams was inspired to start the company by the need to increase water security on the island. “Presently, San Salvador does not have a water bottling plant on the island,” he asserted. “They do have the presence of Water and Sewerage Corporation, which provides portable water, but with a major resort like Club Med Columbus Isle, I feel

as though having bottled water should be localised.

“There is no reason bottling water should not be done on the island. There are a lot of systems that can be used for reverse osmosis. San Salvador even has areas of freshwater based on my research. My whole purpose in starting this business is to increase water security, and to take advantage of the fact that San Salvador has a major resort and a few small ones going.

So instead of taking those funds out of the community, we will be able to keep it circulating on the island.”

Explaining how he plans to use the Bahamas Entrepreneurial Venture Fund’s financing, he said: “The funding received will help in purchasing machines for reverse osmosis, bottling and wrapping. I will also be able to buy bottles and smaller machinery for helping with the storing, moving and delivery of the water and ice, such as pallet jacks and a delivery truck.

“All of those things go into setting up the

TREVOR WILLIAMS manufacturing space, along with having the actual building constructed. I am looking at summer this year to be up and running.

Based on my business plan, I am going to be able to hire between four to six employees within a three to four-year period. I am looking forward to being able to provide more employment opportunities to the locals on San Salvador.”

While entrepreneurship was not always the path that Mr Williams saw himself taking, he believes

the experience from previous jobs he has held have readied him for business ownership.

He added: “I was hesitant about starting a business, so it was a slow drift toward an entrepreneurial career.

I had to build confidence in myself through my professional career in operations management and my other job experiences. This journey for me has been very educational, and has contributed to my overall notion of how the world works, the things you need to do to be successful in this life and, more importantly, how if you want something you must work hard at it.”

“I want to thank the Access Accelerator for working with me and helping me to get my plan to the point where a reputable organisation was willing to give me a chance. They gave me advice and pointed me in the right direction when my plan did not speak to key elements. I wish this organisation the best because they are helping Bahamians.

“I know a lot of Bahamians out there looking for an opportunity like what I have been afforded, so I really do appreciate the effort they put into assisting business owners. I know that there are other organisations out there that I may have been able to access funding through, but what the Access Accelerator does is consolidate the effort, so it gives the business owners the best chance at guiding them through the process and ensuring that the business plans speak to what the financial institutions or investors look for.”

Mr Williams encouraged business owners to approach the Access Accelerator for themselves, and put in the time to take advantage of opportunities when they come. He said: “You have to try it for yourself. Those people who have not tried the system, and are out there making negative commentary, I would say they are absolutely wrong.

Any organisation that is working towards helping Bahamians to achieve their

goals, at least give them a fair opportunity.

“I would encourage business owners to believe in what you believe in, prepare themselves and study their ideas. You cannot just say I am going after this idea, but you cannot properly explain it. That is important because other people cannot believe in your dream if you cannot articulate it and convince them that you know enough about what you are talking about for them to be willing to take a chance on you.

You may have a good idea but study your craft.”

The Access Accelerator is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The centre works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

DPM: Gov’t tackling GB airlift obstacles THE deputy prime minister says the Government is working to expand, and reduce the cost, or airlift to Grand Bahama as well as grow the island’s hotel room inventory in a bid to kick-start its tourism product.

Chester Cooper, also minister of tourism, aviation and investments, said there are ongoing discussions with several airlines in an effort to lower the price of flights into Freeport.

“It is still distressing to me that you can fly to the Dominican Republic from New York for a cheaper price than flying into Freeport,” he said. “You can fly to Nassau at a cheaper rate than you can fly to Freeport.

That means something is wrong. I think if we are able to fix that, we will see more activity coming to Grand Bahama and that’s something we’re working on.

“We’re excited about what we see in the pipeline.

We do need more room capacity in Freeport. So it is critical that we expand the availability of rooms in Grand Bahama. Everyone will benefit from the increased activity and the increased airlift in Grand Bahama.”

Mr Cooper, along with representatives from the Ministry of Tourism and the Bahamas Investment Authority (BIA), visited Grand Bahama on Sunday to tour Viva Club Fortuna

Resort. He wanted to show his support for the resort, which has been hit by the multiple hurricanes that have struck Grand Bahama since 2004.

“And yet, they still persist,” he added, praising the owners, operators and employees of Club Fortuna.

“I was pleased to hear of a commitment from them for the long-term in Grand Bahama. They are, and will be, a strong partner for the tourism product.

“Club Fortuna is a great resort and offers a mixture of peace and quiet, as well as night life and a party atmosphere. I’m excited with what I’ve seen here.

This is an exciting time for The Bahamas, but it is

CHESTER COOPER, deputy prime minister and minister of tourism, aviation and investments (centre), along with minister for Grand Bahama, Ginger Moxey (left), are greeted by president of Club Viva Fortuna, Ettore Colussi, and general manager, Marco Gobbi (right), during their visit on Sunday, March 20. particularly an exciting time for Grand Bahama.”

The deputy prime minister said the Ministry of Tourism, along with the Ministry for Grand Bahama, are working on new promotional material to spread the message that Grand Bahama is alive with a strong product, experiences, attractions and things to do.

“Grand Bahama Island is more than just Freeport,” said Mr Cooper. “We’re sending that message to airlines; we’re sending that message to all of our partners, including our cruise lines. We’ve been getting some distressing reports from visitors that there is nothing to do in Grand Bahama.

“That simply tells me that we’ve not been adequately telling our own story. So, we’re going to do a better job of telling the story of Grand Bahama island.”

Mr Cooper added that with the Carnival Cruise Port’s construction; renovation of Grand Bahama International Airport; and the proposed sale and renovation of the Grand Lucayan resort, there will be an increase in employment on the island.

“So, yes, there will be a lot of opportunities, and once we get the activity going, and once business travellers return, that will improve occupancy overall and, when we improve occupancy overall, we improve employment. So, Club Fortuna will benefit and other resorts and properties on the island will benefit,” he said.

“We are cautiously optimistic about the future of tourism and business activity on Grand Bahama. I am very well aware that Grand Bahamians have been expecting a ‘big boom’ for a long time. The time for talking about it is over.

The time for grandstanding is over, and it’s time to get some shovels into the ground.

“I would like Grand Bahamians to know that everything we in this Davis-Cooper administration are doing is for them.

To create jobs, to create opportunities, to create new businesses, to help expand the pie so that we can share the wealth. That really is what our mission and objective is. And we will not stop until we bring some relief to the island of Grand Bahama.”

Mr Cooper was due to meet with five potential buyers for the Grand Lucayan resort while on the island. He added that the Government was not just looking for an investment partner with = deep pockets, but one who has a vision for Grand Bahama island and for the longevity of the resort itself.

BAHAMAS EYEING TOURISM COLLABORATION WITH CAYMAN THE BAHAMAS is seeking to increase tourism collaboration between itself and the Cayman Islands.

Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, last week welcomed Kenneth Bryan, minister of tourism for the Cayman Islands, during a courtesy call at the ministry’s headquarters on Bay Street. .

Mr Cooper said: “We are delighted to see the growth in tourism in Cayman, and it is essential as regional counterparts to collaborate in many different areas. I hope our relationship helps strengthen both of our tourism products. I think this would be phenomenal for both countries as we move our product forward.”

Both ministers drew comparisons to the similarities of both countries.

Like The Bahamas, tourism is also a leading sector in the Cayman Islands, a selfgoverning British Overseas

Territory, and accounts for some 50 to 70 percent of the Gross Domestic Product (GBP) for both island nations.

The Cayman Islands and The Bahamas are both linked by European visitor arrivals through British Airways(BA).

Mr Bryan, in acknowledging multiple opportunities to form linkages between the countries, said: “There is only one Bahamas and there is only one Cayman.

There is benefit for both of us working together to improve each other.”

THE TRIBUNE

Tuesday, March 22, 2022, PAGE 3

COURIER FIRMS SEE SLOWDOWN AS UKRAINE UNCERTAINTY BITES

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

BAHAMIAN courier companies yesterday warned of a further shipping cost increase by summer 20202 with customers now holding back on spending due to growing economic uncertainty sparked by Russia’s invasion of Ukraine.

Kenneth Gibson, chief executive of Five Star Brokers, told Tribune Business that import demand has slowed down considerably over the past month

coinciding with the conflict in eastern Europe. “My customers just don’t know how things are going to play out,” he said.

“I do know there are a lot of people that tell me they still have cargo on hold because of the jam-up in shipping, and then there is the scepticism around the market because of the war and stuff like that. The availability of produce is a big issue. Some people, quite frankly, don’t have a job. They are either out of their original business or they just aren’t working.

These are the three things they are saying to me.

“People are saying they don’t know about the war and are sceptical about shopping because of it.

They don’t want to put out any money because they don’t know what’s going to happen in the war.”

Latiska Barr-Carey, owner/operator of JUST Complete Coverage Customs Brokerage, added: “Since COVID-19 came the industry has been taking a hit in terms of cost of freight, availability of supplies and, as more of my clients are in the construction industry, building materials have been scarce.

“For the past two years we have been having

challenges in terms of finding materials or sourcing materials outside of the US for our clients for their various projects here within The Bahamas.”

Ms Barr-Carey continued: “Personally, in terms of the war that’s happening now with Russia and the Ukraine, we have not felt the effects as yet. There are delays, but these are delays that were happening well before the war broke out and started from COVID19, but we are anticipating some fall-out from the war.

“The thing about it is that with the populace here in The Bahamas, unless you bring it to their attention, a

lot of persons are not aware of what’s happening unless they are in the midst of it.

For example, we have to interact day-to-day with our international partners and suppliers, so when I revert back to our clients that’s when they are brought up to speed at home in The Bahamas.”

Ms Barr-Carey said consumers will be feeling the “residual effects” of the Russia/Ukraine conflict come summer 2022. She added: “For example, freight from Spain would have cost you $1,500 prior to COVID-19, but during COVID-19 the LCL (less than container load)

BAHAMIAN INSURER ADDS NEW OPERATIONS DIRECTOR A BAHAMIAN life and health insurer has named industry veteran, Vivienne Forbes, as its director of operations.

Lynda Gibson, CG Atlantic Medical & Life’s executive vice-president and general manager, CG Atlantic, said: “Vivienne Forbes is eminently qualified to do an excellent job as our director of operations. She is certainly not a newcomer to CG Atlantic.

She served as our client relationship manager from March 1999 to May 2009, when she left to explore new opportunities and further career building.

“This initial decade of contribution to our company, her subsequent professional experiences with another international insurer, and her proactive stance on customer service influenced our choice.

She returns at a higher level because of her personal growth and valuable experience.

“The post of director of operations is central to customer satisfaction, and our customers are CG Atlantic’s focus,” Ms Gibson said. “They come to us to support them in one of the most sensitive areas of their lives; that is, securing their families’ well-being through

quality medical and life insurance.

Ms Forbes’ responsibilities run across the company, connecting policy administration, eligibility, customer service and client relations and liaising with other business units as needed.

“We anticipate that this integration of key company sectors at a senior level will further enhance our service delivery to the people who matter most - those who trust us with a key aspect of life preparedness. We are confident in our choice. She possesses excellent leadership skills, and is efficient and caring. I take pleasure

LYNDA GIBSON in welcoming Ms Forbes back to CG Atlantic.”

Vivienne Forbes said of her new post: “I’m happy to be back with CG Atlantic Medical & Life, which is a leader and a highlyrespected provider of what I see as key life-enhancing services. Since January of this year, I have been

serving as the company’s director of operations.

“In this capacity, I will be involved in all aspects of the business. I’m passionate about service excellence, and my mission is to assist the company in delivering the level of quality service that our clients expect and

DPM SPEAKS WITH GB’S MARITIME, INDUSTRY CHIEFS

CHESTER COOPER, deputy prime minister and minister of tourism, investments and aviation, on Monday held a closed breakfast meeting with several representatives from Grand Bahama’s industrial and maritime sectors at Portabello’s Restaurant at the Grand Lucayan Resort. Also present for the meeting was minister for Grand Bahama, Ginger Moxey. The deputy prime minister met with executives of Viva Club Fortuna on Sunday. He toured Port Lucaya Marketplace, accompanied by Mrs Moxey, today.

Photo:Lisa Davis/BIS

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shipping cost went up to $8,000 for roughly just about three pallets.

“The projection for a 15-foot container could average over $10,000 very easily by the summer. In fact, we’re already seeing 40-foot containers costing over $10,000 depending on where it’s coming from.

You can get cheaper container prices from the US, but when you talk about outside of the US, you’re looking at spending upwards of $10,000 depending on the various ports and whatever.” deserve. I see this work as my professional mission.

“Even before my initial employment with Atlantic Medical, I lived and worked in Atlanta, Georgia, where I held a management role with a leading home health company with operations throughout Georgia and Florida. I feel that this involvement and prior work experience at Atlantic, plus my recent years with a worldwide insurer, will enable me to contribute to the continued growth of CG Atlantic.”

Ms Forbes holds a bachelor’s degree from Tennessee Temple University, Chattanooga, Tennessee. She holds insurance industry designations and awards that include health insurance associate, AHIP; healthcare customer service associate, AHIP; and licensed salesperson for ordinary life, The Insurance Commission of the Bahamas.

PAGE 4, Tuesday, March 22, 2022

IMF INTEREST RATE FEARS DAMPENED FROM PAGE ONE

Bank may have to increase Bahamian dollar interest rates as necessary to support the external reserves and maintain the one:one exchange rate peg with the US dollar.

“The exchange rate peg to the US dollar has served as an anchor of macroeconomic stability,” the Fund said. “It is recommended that the Central Bank allows interest rates to rise, as needed by market conditions, to support the currency peg without having to resort to a drawdown of international reserves. If the market environment were to deteriorate markedly, consideration may need to be given to a temporary tightening of capital flow management measures.”

John Rolle, the Central Bank’s governor, did not respond to Tribune Business phone messages and e-mails seeking comment before press time last night.

However, the mere mention or suggestion of an interest rate increase is likely to have provoked consternation among some given

that it raises the possibility that borrowing/debt servicing costs will rise and impose a further burden on struggling businesses and consumers still grappling with COVID-19 and inflation.

Any interest rate increase, though, would go against the “accommodative stance” that the Central Bank has adopted for some time in its monetary policies, and which was reiterated as recently as January 2022. “Based on the prevailing outlook, the Central Bank will retain its accommodative stance for private sector credit and continue to pursue policies that ensure a favorable outturn for external reserves, and mitigate financial sector disruptions,” it said in its latest report.

“In addition, the bank will continue to assess developments within the foreign exchange market and, if necessary, adopt appropriate measures to support a positive outcome for foreign reserves,” Mr Rolle has also said repeatedly that the Central Bank has the necessary tools to manage any unexpected

dilution of the foreign currency reserves, and protect the exchange rate peg, if the situation demands. A small, manageable decline in the reserves is expected this year.

Outside observers also branded the possibility of a Bahamian interest rate increase highly unlikely.

Mr Edwards said: “At this stage, unless there’s a huge concern about inflation and the possibility we are heading in that direction, I don’t really see the need for increasing interest rates.

“It’s kind of difficult to see how rates are going to increase when you think about the level of liquidity in the system. We have a lot of liquidity and the banks are well-capitalised. There was obviously a reduction in the demand for lending.

Banks will generally see this as an opportunity to get excess liquidity into productive loans. I don’t really see where the Central Bank will want to increase interest rates at this time.”

This is because any interest rate rise, and hikes in the cost of capital and borrowing, would threaten to choke-off The Bahamas’

BAHAMAS’ GROWTH ‘MORE THAN DOUBLE’ PROJECTIONS

THE TRIBUNE

still-fragile post-COVID recovery. Besides deterring new credit-financed investment and job creation, it would also raise debt servicing costs for existing business and consumer borrowers, potentially helping to push them back into financial hardship once again.

The Central Bank last acted on interest rates in December 2016, when it slashed the discount rate by 50 basis points to the present 4 percent. Bahamian prime, which the commercial banks and other lenders use as the benchmark for pricing their loans, also dropped by the same 0.5 percentage points to the current 4.25 percent. Interest rates in The Bahamas have only been adjusted twice in the last 11 years, with cuts coming in 2011 and 2016.

Mr Bowe yesterday said this affirmed how Bahamian monetary policy is not employed as a stimulative tool to expand the economy, as in other nations, but rather its overriding objective is to preserve the one:one fixed exchange rate that this country’s

non-convertible currency has with the US dollar.

Describing the IMF’s “theory” as accurate, the Fidelity chief added: “In practice, our monetary policy is to protect the peg.

Their narrative changed to say interest rates need to be used to protect the peg.

That happens when Bahamian dollar credit creation exceeds US dollar credit creation.”

Despite the recent US interest rate increase to combat soaring inflation, Mr Bowe said the US “prime rate” would have to rise by another 100-150 basis points - taking it from 3.5 percent to between 4-4.5 percent - for there to be any likelihood that will happen.

And the US Federal Reserve, due to the economic fall-out from Russia’s invasion of Ukraine, was likely to adopt a more cautious, measured approach to any rate hikes.

“The reality is that no foreigner will borrow in Bahamian dollars, convert to US dollars and invest in the US. The room for interest rate arbitrage is very limited because of exchange controls,” Mr

Bowe said. “The economic theory behind it is accurate, but in practical terms the US rates have to go so high to make it attractive to get Bahamian dollars. I don’t see it any time soon.”

As for the prospect of any Bahamian interest rate jump, Mr Bowe added: “I don’t see that. You can’t really predict out more than 18 months, but I certainly don’t see any in The Bahamas in the next 18 months.

I think the IMF statement is fair and legitimate on [capital flow management], but we have quite a way to go before we see any interest movement of any consequence.”

He explained that the Central Bank had traditionally raised interest rates to “stifle” Bahamian dollar credit growth that was producing a consumer import boom, and running down the external reserves to pay for it. With borrower quality making any “skyrocketing” in credit growth unlikely, Mr Bowe said: “The consumer quality means we will not see a large expansion in consumer credit.”

FROM PAGE ONE

unemployment rate to 13.9 percent in 2022 as compared to 18.1 percent in 2021 and 25.6 percent in 2020. However, the former figure indicates that close to one in seven Bahamians looking for work are unable to find it, although the figures remain open to challenge given that no Labour Force Survey has been conducted since 2019.

Meanwhile, the Fund urged The Bahamas to focus on increasing its COVID vaccination rates to protect against future outbreaks and disruption to the tourism-driven economy. “The policy priorities ahead are to safeguard the recovery, preserve debt sustainability and promote sustained and inclusive growth,” it added.

“First and foremost, this will require vaccinating the population as swiftly as possible. As the pandemic’s impact recedes, policies should focus on tackling long-standing challenges by improving the structure of revenues and spending, rebuilding fiscal space, and making the economy more resilient to the effects of climate change.....

“A re-intensification of the pandemic cannot be discarded. With about 40 percent of the population fully vaccinated, the emergence of new COVID-19 variants could prolong the pandemic and induce renewed economic disruptions. Alternatively, rising cases in source countries could dissuade travel and lead to a renewed decline in tourism.”

Assessing the deep scars inflicted by COVID-19, the IMF added: “The pandemic has deepened the country’s medium-term growth challenges and public finances have deteriorated. Education gaps have increased given the varied quality and access to remote learning. Private investment and employment will take time to recover.

“Additionally, the economy will have to contend with lasting effects of the pandemic on travel preferences as well as broader shifts in technology and climate risks. The new administration has pledged relief through tax cuts and increasing investment in resilient infrastructure, health and education. However, fiscal space has been eroded, limiting the room for manoevere to achieve these goals. Public debt is close to 100 percent of GDP, gross financing needs are high, and fiscal financing costs are elevated.”

The IMF forecast that the Government’s primary deficit, which measures by how much its spending exceeds revenue income while stripping out interest (debt service) payments, will narrow to a sum equivalent to 3 percent of GDP this fiscal year compared to 9 percent in 2020-2021. “The economic recovery accounts for about half of this decline in the primary deficit,” the Fund added.

“A reprioritisation of public spending is also needed to promote better social and economic outcomes. The Government plans to reassess the various

roles and responsibilities of civil servants to improve efficiency. Measures are also underway to contain rising outlays to state-owned enterprises - monthly performance reports will be published by these enterprises starting in the next fiscal year.

“Discussions are ongoing on civil service pension reforms. Conducting rigorous cost-benefit analyses would help ensure sound capital projects selection. A more effective allocation of scarce public resources would create room for increased spending on health and education, which is well below regional peers,” it continued.

“Improving social assistance will require obtaining better information on potential recipients, including a timely and comprehensive household survey. Fiscal transparency would be further enhanced by the timely publication of audited financial statements for public sector entities, including beneficial ownership information of those receiving COVID-related spending.”

The IMF also called for “a more robust, multi-year” medium-term debt management strategy, and urged the Government’s debt advisory committee to closely track its performance and undertake “contingency” planning against a “less favourable market environment”.

“Even with significant fiscal consolidation, financing needs will decline only gradually over the mediumterm. This creates elevated risks of the country finding itself in debt distress.

Mitigating these risks will require careful planning,” the IMF added.

On the monetary front, the report added: “Further amendments to the 2020 Central Bank Act, including lowering the ceiling on credit to the Government and restricting Central Bank purchases of securities issued by public corporations, would help safeguard the Central Bank’s institutional and financial autonomy and bolster confidence....

“Inter-agency co-ordination on systemic matters could be enhanced, and a new inter-agency coordination body, such as a Financial Stability Council, could facilitate regular information exchange and co-operation on financial stability and crisis management issues.

“The Central Bank is encouraged to update its supervisory framework for bank intervention to ensure that early warning indicators are used more effectively.

Further enhancements to the Deposit Insurance Corporation are warranted, including strengthening its governance, organisational structure and funding arrangements.”

The IMF also urged The Bahamas to properly implement a risk-based approach to combating financial crime that covered all digital asset and Sand Dollar transactions as well as regular currency.

are expected to ease only gradually.”

The IMF said the economy’s re-opening, and return of many workers, will further cut the Bahamian

THE TRIBUNE

Tuesday, March 22, 2022, PAGE 5

IMF: NEW, INCREASED TAXES A MUST FOR 25% REVENUE TARGET FROM PAGE ONE concessions; and increasing property tax rates on higher-value residences.

In addition, consideration could be given to corporate and personal income taxes for large businesses and high earners.”

The phrase “tax policy reform” appears to be IMF code for new and/ or increased taxes. The “options” it refers to are the ones contained in a set of policy recommendations that it presented to the Government just prior to the September 16 general election, including the call for The Bahamas to “preempt” moves towards a 15 percent minimum global corporate tax by introducing such a levy for its own purposes.

Directly tied to this was the proposed personal income tax on so-called “high earners”. This was urged on the basis that Bahamian companies could seek to avoid/evade a corporate income tax by switching their profits to salaries paid to shareholders, senior executives and upper management, thus requiring that both company and personal income be taxed.

Senator Michael Halkitis, minister of economic affairs, could not be reached for comment yesterday. However, Prime Minister Philip Davis QC, in his mid-year Budget statement, indicated that his administration will be guided by the results of Deloitte & Touche’s study into The Bahamas’ tax reform options, and

especially whether the existing Business Licence regime could be converted into a corporate income tax.

Raising the VAT rate to 15 percent, in line with the Caribbean average, is likely to be a more remote possibility - at least in the near-term - given that it has just been slashed to 10 percent. Raising taxation rates on high-end properties, though, would be one step towards making the Bahamian tax system more progressive and linked to ability to pay.

The Official Opposition, meanwhile, last night urged the Government to “stop being coy” with its fiscal plans after picking up on the IMF’s hint that new and increased taxes will be required to achieve the $1.3bn revenue increase it is targeting over the next four fiscal years.

“The Government has stated in its Fiscal Strategy Report 2021 its intention to increase its tax yield by over $1bn - a whopping 50 percent increase - over the next four years,” Kwasi Thompson, former minister of finance and FNM MP for east Grand Bahama, said in a statement.

“Yet there have been conflicting statements from senior government officials as to whether this plan includes new tax measures.

The IMF report indicates that the Government should give consideration to new and increased taxes. We ask again: Is that the plan of the Government?

“We have said before, and we maintain, that the Government should stop

GOV’T SEEKS TARIFF SLASH PROPOSALS FROM PAGE ONE Bahamians with the severe rate of inflation being seen worldwide,” Mr Albury confirmed.

“I am very happy to hear they are. It seems the Government are very interested in consulting to find out where these impacts are felt the most, and how we can level things off to some degree. I think that all consumers have noted that, everywhere they go, prices are blowing up. This inflation is something we have not seen for a very long time. It’s extremely important to try and get a grip on it.”

The US Federal Reserve last week raised interest rates in a bid to curb surging inflation that has hit peaks not seen for 40 years, with the year-over-year increase hitting 7 percent in December and January.

Similar inflation is being experienced in the UK and European Union (EU) with Russia’s invasion of Ukraine only worsening the situation.

Mr Halkitis, in his midyear Budget address to the Senate, yesterday conceded there was “little that can be done in the short-term”

by The Bahamas to combat surging inflation given that the nation is a price taker that imports virtually all it consumes. However, the tariff cut recommendations indicate that the Government is at least exploring all options, even though any reductions will have to be carefully targeted so they do not undermine its dire fiscal position.

And the International Monetary Fund (IMF), in its Article IV statement on The Bahamas, said: “It will be important to allow higher international food and energy costs to pass through to domestic prices alongside targeted support to protect the poorest members of society..... Higher food and oil prices, including because of the effects of the war in Ukraine, could erode consumer demand and impose a particularly heavy burden on the vulnerable.”

Mr Albury, meanwhile, said of the Government’s call for tariff reduction suggestions: “They seem to be very receptive and interested in talking and trying to find ways to lessen the burden on Bahamians.

That approach is very welcome. It’s something we’ve

been looking for for quite a while.

“The BMDA has started dialogue among its members to make recommendations to ease the burden on businesses, consumers and, hopefully, the Government can collect the revenue necessary to keep the country functioning. We know the Government is facing financial challenges of their own.

They’re having their own issues to deal with. There has to be respect from all parties involved, and the Government functions in the way it needs to and provides much-needed relief to people who have been hurting for a while.”

The auto industry is likely one of the most heavily regulated and taxed sectors in The Bahamas. While electric and hybrid vehicles face a 10 percent Excise Tax; and gasoline autos with an engine size of up to 1.5 litres, a 25 percent tax rate; those with engines of between 1.5 to 2 litres and over 2 litres are taxed at 45 percent and 65 percent, respectively.

Commercial vehicles, too, face a 65 percent tax rate.

Asked about the impact of any tariff cuts, Mr Albury told Tribune Business: “I think it would be fantastic for us from a cash flow perspective and to pass price savings on to consumers.

You have businesses that need to refresh their fleets, and and having a challenge to do so considering the costs nowadays.

“We have already started formulating a list and putting down the recommendations we believe will be necessary. I’ve already done a draft, and am hoping to have that finalised between today and tomorrow. That’s all we can ask for. At least the discussion is being had. That’s a key first step, and hopefully it will materialise into something that works for everybody.

They’re at least listening to people’s cries. Let’s see what happens.

Mr Albury said vehicle prices from his suppliers were changing frequently, while the price of an airline ticket had altered between the time he went online and when he actually booked and paid for it. “I see shipping companies are sending out notifications to expect further increases in shipping costs in the next two months,” he added.

being coy with the issue and instead engage the full range of stakeholders for meaningful dialogue on the way forward in respect to any tax reform that may be necessary.”

The Government, in its Fiscal Strategy Report, is targeting a projected 55.7 percent increase in government revenues over the next four years - an objective critical to achieving a forecast $71.9m Budget surplus by the 2024-2025 fiscal year.

Simon Wilson, the Ministry of Finance’s financial secretary, told Tribune Business then that some “new tax measures” will be required to achieve these goals while confirming that the Davis administration had not fully declared its hand on all possible options in the Fiscal Strategy Report.

He held to the position that enhanced enforcement and greater compliance will be “the primary driver” behind the attainment of $3.643bn in total revenues in the 2025-2026 fiscal year.

This means the Government has to increase its total tax and fee income by over $1.3bn from the $2.339bn projected for the 2021-2022 fiscal year.

Such a goal, together with the forecast $71.9m and $220.4m Budget surpluses for 2024-2025 and 2025-2026, have already provoked concerns that the report’s projections are too aggressive and overly-optimistic given the struggles of many households, businesses and the wider economy to recover from the twin devastating impacts of Hurricane Dorian and COVID-19.

Gowon Bowe, Fidelity Bank (Bahamas) chief executive, yesterday told Tribune Business that enhanced tax compliance, enforcement and administrative measures will be insufficient by themselves to achieve the Government’s revenue forecasts.

“On the tax front, we’ve known that for a while,” he said of the IMF assessment, backing its conclusion. “In reality, any collection of arrears is a one-time collection and that will not enable you to sustain 25 percent revenue-to-GDP....

I think the IMF statement is balanced. It says we have the right objectives, but we have to ensure we have the right action plan to meet the objectives.

“The statement was very balanced and sober.

It highlighted that there are positive developments in tourism and the growth of the economy (see other article on Page 1B), but gave equal value to the precarious situation we are at with the debt levels. There’s very little headroom. We have to be more deliberate because there’s no room for error, or no forgiveness for mistakes, let’s put it that way.”

“The new administration has pledged relief through tax cuts and increasing investment in resilient infrastructure, health and education. However, fiscal space has been eroded, limiting the room for manoevere to achieve these goals. Public debt is close to 100 percent of GDP, gross financing needs are high and fiscal financing costs are elevated,” the IMF warned yesterday.

“In addition, a sharp rise in global risk premia could limit the ability to place new debt and further strain public and private balance sheets. Natural disasters related to climate change are a continuous risk. On the upside, the global recovery could prove stronger than is currently anticipated, which would help support tourism.”

Mr Bowe placed particular emphasis on the IMF’s “risk premia” warning.

The recent increase in US interest rates, he warned, could spell higher borrowing and debt servicing costs for the Government (and Bahamian taxpayers) when it next sought to raise debt financing on the international capital markets.

Based on the US prime rate of 3.25 percent, the Fidelity chief said there was a five percentage point spread between that and The Bahamas’ last $225m tranche of bonds placed internationally, which attracted an 8.25 percent coupon. Prior to COVID and successive rating downgrades, The Bahamas had typically placed its debt at interest rates in the 5.75 percent to 6.675 percent range, coming much closer to what was then US prime.

Arguing that The Bahamas has to show “we are a stronger risk” than the country’s present credit rating, Mr Bowe added: “We really need to work on getting our risk premia back to 150 basis points so that any increase in global interest rates does not have a deleterious effect on our debt servicing costs.”

PAGE 6, Tuesday, March 22, 2022

THE TRIBUNE

PUBLIC NOTICE

THE CENTRAL Bank of The Bahamas.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MYRTLE PINDER of Palm Beach Street, Nassau, Bahamas, intend to change my name to MYRTLE ROLLE GIBSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

NATIONAL DEBT STILL BIGGER THAN BAHAMAS ECONOMY FROM PAGE ONE

at end-2021. As a ratio to GDP, the direct charge increased by an estimated 1.5 percentage points on a yearly basis to 96.6 percent at end-December.

In addition, the national debt-to-GDP firmed to an estimated 100.3 percent compared to 99.5 percent in the same quarter of 2020.”

Prime Minister Philip Davis QC, in presenting the mid-year Budget in the House of Assembly recently, suggested the debt ratio had dropped below 100 percent. However, he appears to only have been using the Government’s direct debt, which the Central Bank pegged at 96.6 percent, and excluded the Government’s contingent liabilities rather than employing the broader national debt measurement.

And the 96.6 percent ratio was still higher than the 95.1 percent direct government debt-to-GDP position attained by the

MARKET REPORT www.bisxbahamas.com

MONDAY, 21 MARCH 2022

BISX ALL SHARE INDEX: BISX LISTED & TRADED SECURITIES 52WK HI 6.70 40.15 2.05 2.90 2.60 6.05 10.05 2.56 9.02 3.10 7.20 13.00 2.71 10.10 11.25 10.75 15.00 4.00 10.00 16.50

52WK LOW 4.55 32.12 1.46 2.20 1.30 5.50 6.00 2.82 4.25 2.27 5.50 9.75 1.99 6.50 10.02 8.40 13.10 3.42 8.00 15.50

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank (Bahamas) Limited Focol Finco J. S. Johnson

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 1.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

CLOSE

CHANGE

%CHANGE

YTD

YTD%

2250.09

0.10

0.00

21.85

0.98

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.98 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 96.71 93.97 94.12 91.00 90.95 89.02 89.62 89.00 90.24 90.73

MUTUAL FUNDS 52WK HI 2.50 4.67 2.20 207.86 207.68 1.72 1.83 1.81 1.05 9.37 11.83 7.54 16.64 12.84 10.77 10.00 10.43 14.89

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.68 1.73 1.75 1.01 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FX BGR106036 BGRS FX BGR117037 BGRS FX BGR118037 BGRS FX BGR125238 BGRS FX BGR127139 BGRS FX BGR127149 BGRS FX BGR129249 BGRS FX BGR131249 BGRS FX BGR132249 BGRS FX BGR136150

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGR1060361 BSBGR1170376 BSBGR1180375 BSBGR1252380 BSBGR1271398 BSBGR1271497 BSBGR1292493 BSBGR1312499 BSBGR1322498 BSBGR1361504

LAST CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.90 2.82 7.16 13.00 1.95 10.06 11.62 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00 LAST SALE 100.00 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

CLOSE 5.30 39.95 2.04 2.31 2.50 6.05 9.50 3.30 7.90 2.82 7.16 13.00 2.00 10.06 11.69 10.75 15.00 3.99 10.00 15.50 1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

VOLUME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 89.62 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund RF Bahamas Opportunities Fund - Secured Balanced Fund RF Bahamas Opportunities Fund - Targeted Equity Fund RF Bahamas Opportunities Fund - Prime Income Fund RF Bahamas International Investment Fund Limited - Equities Sub Fund RF Bahamas International Investment Fund Limited - High Yield Income Fund RF Bahamas International Investment Fund Limited - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

MARKET TERMS

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.07 0.00 0.00 0.00 0.00 0.00

(242) 323‐2330 (242) 323‐2320 EPS$ 0.239 0.932 0.000 0.140 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.080 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

INTEREST Prime + 1.75% 6.25% 6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.40% 5.20% 5.22% 5.00% 5.00% 5.50% 5.55% 5.60% 5.65% 5.69%

NAV 2.50 4.67 2.20 204.67 199.97 1.72 1.83 1.81 1.01 9.37 11.79 7.54 15.94 12.47 10.74 N/A 10.43 14.89

YTD% 12 MTH% 0.34% 4.30% -0.06% 5.21% 0.21% 2.72% 1.37% 3.18% 8.18% 14.94% 0.26% 2.76% 0.36% 2.37% 0.28% 2.51% -1.31% -3.43% -0.02% 10.36% -0.33% 18.23% 0.22% 3.05% -3.89% 14.76% -1.04% -2.57% 0.81% 4.20% N/A N/A 3.00% 25.60% 7.90% 48.70%

P/E 22.2 42.9 N/M 16.5 N/M N/M 25.7 -7.5 56.4 15.3 15.9 18.0 19.6 21.5 18.1 14.8 18.4 19.7 10.6 24.6 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

YIELD 3.21% 3.15% 0.98% 3.46% 0.00% 0.00% 2.74% 0.00% 0.00% 4.26% 3.07% 5.54% 21.70% 0.60% 2.81% 2.23% 3.60% 3.01% 2.00% 3.94% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

MATURITY 19-Oct-2022 30-Sep-2025 20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 4-Aug-2036 14-Jul-2037 13-Oct-2037 15-Oct-2038 15-Jan-2039 15-Jan-2049 15-Apr-2049 15-Jul-2049 15-Oct-2049 21-Apr-2050

NAV Date 31-Jan-2022 31-Jan-2022 28-Jan-2022 30-Sep-2021 30-Sep-2021 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Jan-2022 31-Mar-2021 31-Mar-2021 31-Mar-2021

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

Minnis administration at year-end 2020. Meanwhile Senator Michael Halkitis, minister of economic affairs, yesterday said the Government’s revenues for December 2021 and January 2022 had either exceeded, or were close to, their pre-pandemic comparatives.

“While in Opposition, we contended that the curfews and lockdowns did little to prevent COVID-19 spread and only stifled our economic rebound,” he told the Senate. “In November 2021, the Government eliminated the then-existing emergency orders, which imposed limitations on the movement of persons and curfews, restricting the hours of business operations.

“Based on preliminary data from the Treasury, shortly after eliminating emergency orders, government tax receipts in December 2021 immediately rebounded to $202.1m, far beyond pre-pandemic levels of $167.8m in December 2019.

Similarly, January 2022 government revenue firmed to $232.1m, in line with the $234.9m posted in January 2020 before the onset of the pandemic.

“The point is madam president, The Bahamas is

late out of the gate again.

Imagine the suffering that could have been alleviated, the pain that could have been quenched, and the cries that could have been answered if the Government at the time had only listened and ended these cruel emergency orders sooner.”

The December 2021 revenue total is thought to have been boosted by the receipt of some $24.5m in dividends from the Bahamas Telecommunications Company (BTC) on the Government’s 49 percent stake, a one-off transaction.

Still, the Government’s revenue for the month would have remained ahead of pre-COVID comparisons.

Data released by the Ministry of Finance yesterday showed a net $9.3m increase in the fiscal deficit in January 2022, taking the total for the first eight months to $288m or 33.5 percent of the projected full-year ‘red ink’.

The $232.1m in revenues was exceeded slightly by $241.5m in expenditure.

The Government’s debt decreased by a net $58.9m during January 2022, with some $52.3m in new borrowings exceeded by $111.2m in repayments.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HUDALL CYRIL BAIN of #10 Tamarind Way, Cedar Way, #2 Golden Gates, P.O. Box SS-5891 Nassau, Bahamas, intend to change my name to HUEDOL CYRIL BAIN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that MCDONALD FRANCOIS of Lucky Heart Corner, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 22nd day of March, 2022 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

SIROCCO INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

SIROCCO INVESTMENTS LIMITED in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 18th March, 2022 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 22nd day of March, A. D. 2022

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CORALISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

_________________________________ Bukit Merah Limited Liquidator