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IMF projects 13.9% unemployment rate as economy recovers By RASHAD ROLLE Tribune Senior Reporter rrolle@tribunemedia.net
THE International Monetary Fund projects a 13.9 percent unemployment rate this year, still higher than the pre-pandemic rate but a notable decline compared to 2020 and 2021 when the rate was estimated to be 25.6 and 18.1 percent respectively. To address revenue issues, the IMF
recommends the government gradually bring value added tax rates “close to the regional average of 15 percent,” further reduce tax concessions and consider corporate and personal income taxes for large businesses and high earners. The projections and recommendations are contained in the IMF’s Article IV Mission statement published at the end of the visit to a member country. SEE PAGE THREE
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 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.
FULL STORY - SEE BUSINESS
- SEE PAGE EIGHT
WORK ‘ALMOST COMPLETE’ ON NATIONAL TRADE POLICY By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net ECONOMIC Affairs Minister Michael Halkitis said work on a national trade policy is almost complete, adding he was hopeful the matter would not get “hijacked” by arguments that there were attempts to push a free movement agenda that has for years clouded World Trade Organisation (WTO) negotiations. Mr Halkitis told the Senate yesterday that while the government wanted to diversify the Bahamian economy, trade was much more than the WTO. SEE PAGE THREE
...AND FUND CALLS FOR TAX INCREASE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FACE TO FACE: OFFERING YOUNGSTERS A SAFE SPACE
WORDS TO BRING A SMILE STUDENTS were in the spotlight yesterday for World Poetry Day - with grade nine class members pictured reciting a poem at LW Young Junior High, where Education Minister Glenys Hanna Martin was in attendance. See PAGE TWO for more. Photo: Donavan McIntosh/Tribune Staff
COMMISSIONER: I’M RETIRING THIS YEAR By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net
POLICE Commissioner Paul Rolle confirmed yesterday that he will be retiring from the police force this year after nearly 40 years of service, ending months of speculation about his future. Commissioner Rolle made the revelation to reporters on the sidelines of a charitable event hosted by
POLICE Commissioner Paul Rolle yesterday. Photo: Racardo Thomas/ Tribune Staff the RBPF yesterday. The police chief said he plans to meet with Prime
Minister Phillip “Brave” Davis on Thursday to inform him of his retirement plans. “I met with the team this morning and I could say to you that I do intend to make my exit from the police force at some point. I will have 40 years and so I’m looking down the 40-year mark and I’ll make a decision on that in due course,” Commissioner Rolle said yesterday when asked about his future on the force. SEE PAGE FOUR
Nassau & Bahama Islands’ Leading Newspaper
DPM: ‘PROMISING’ PROPOSALS FOR GRAND LUCAYAN
By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net
DEPUTY Prime Minister Chester Cooper has indicated that proposed master plans presented to the Lucayan Renewal Holdings board so far by hotel bidders for the Grand Lucayan resort look “promising.” SEE PAGE FIVE
PETER YOUNG: HOW CAN CONFLICT IN UKRAINE BE STOPPED?
- SEE PAGE NINE