Daily Archives: December 8, 2020

The Bahamas government says it will allow the vaccine developed to treat the coronavirus (COVID-19) to be used in the country, only if it believes it is safe to do so.

Prime Minister Dr. Hubert Minnis in a radio and television broadcast on Sunday that many countries around the world are still struggling to deal with the pandemic that has killed 163 people and infected 7, 549 others in the Bahamas. But he said that the country has done well in dealing with the virus.

Just as we fought hard to get to this place by aggressively battling a difficult second wave, we must work just as hard to guard this success. It is essential that we stay the course and continue to maintain our new case numbers as we await the vaccine, Minnis said, adding we will only distribute vaccines if we believe that they are safe.

But we must keep in mind that a vaccine will only prevent further infections. It will not cure current infections. Therefore, we must continue to work to control new infections, especially as it will take time to distribute a vaccine once it is available in The Bahamas, Minnis said.

He told the nation that the country continues to mourn those who have died as a result of the virus which has also severely affected the countrys economy.

This deadly virus and the subsequent and quick collapse of our tourism industry, and the decline in other areas of the economy, has hit Bahamians hard. This includes many of those under 40 and our young people, who are anxious and worried about their future.

After nearly approximately three years of economic recovery, growth and an increase in jobs, our economy is in terrible shape because of COVID-19. We have fallen on very tough and rough times. The vast majority of our children and young people have not been able to go back to school for in-person learning.

Minnis said that many Bahamians have required food and unemployment and social assistance. Many business people, including small business owners, are enduring the worst period they have ever experienced, he said, noting yet, amidst the devastation and downturn we continue to endure, there is the promise of a new day and of economic recovery.

Thanks to promising news on vaccines, the beginning of the end of the pandemic is near. Developed countries such as the United Kingdom and the United States are on track to start vaccinations this month.

But, during this period before vaccines arrive here, we must work extra hard to keep our numbers down, so that we can continue to restart our economy and to welcome tourists. Though we have many months to go, the light on the horizon is rising, Minnis said, adding the sacrifices we have made as a country has paid off.

He said that as the country enters the holiday season, there is a reason for growing optimism that the economic recovery is broadening. The recent decision by major resorts, such as Atlantis, Baha Marand the Hilton, to reopen their properties will start to restore employment opportunities for the many Bahamians who have either been furloughed or laid off as a result of COVID-19.

CMC

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Bahamas Will Only Allow Vaccine if it is Safe - Caribbean News - caribbeannationalweekly.com

KUALA LUMPUR (Dec 7): Genting Malaysia Bhds resort in the Bahamas will be reopening on Boxing Day (Dec 26) this year.

On its website, Resorts World Bimini Bahamas said that it had been taking extra precautions for the safety of its guests, noting that limited packages including two-night packages are currently available for booking.

We cant wait to welcome you with the same friendly service and smiles! Per the minister of health, all visitors to the Bahamas must be cleared of the Covid-19 virus before coming ashore. It said.

The resort in the Bahamas includes some 305 rooms and a casino.

In order to enter the Bahamas, guests have to go through a Covid-19 test five days prior to arrival. In addition, they also have to apply for a health travel visa and opt in for mandatory Covid-19 health insurance.

They will also have to complete a mandatory daily online health questionnaire while they are in the country, and takeCovid-19 rapid antigen test on the fifth day of their visit.

Shares in Genting Malaysia were up by 0.39% or a sen higher at RM2.57 as of 9.32 am today, valuing it at RM15.26 billion.

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Genting Malaysia's resort in the Bahamas to reopen on Dec 26 - The Edge Markets MY

Public Domain contracted to conduct marijuana commission survey

NASSAU, BAHAMAS Bahamas National Commission on Marijuana (BNMC) Chairman Quinn McCartney said yesterday the United Nations (UN) removal of cannabis from its list of dangerous drugs signals the likelihood of the global legalization of cannabis.

McCartneys comments follow a historic vote at the UN Commission on Narcotic Drugs on Wednesday,to remove cannabis and cannabis resin from its list of the worlds most dangerous drugs.

The commission voted 27-25, with one abstention, to follow the World Health Organizations recommendation to remove cannabis and cannabis resin from Schedule IV of the 1961 Convention on Narcotic Drugs, where it was listed with heroin and several other opioids.

The Associated Press noted, however, that the vote does not clear UN member nations to legalize marijuana under the international drug control system.

In an interview with Eyewitness News, McCartney said the vote was consistent with the commissions view to prioritize medicinal marijuana.

The commission supports the view that our law should be amended to facilitate easy access to medical cannabis products for use in The Bahamas, he said.

It didnt go as far as full-scale legalization and thats kind of consistent, too, with the views of some of the commissioners Certainly, it changes the dynamics or it will cause, most likely, The Bahamas to rethink its views on this topic.

McCartney noted that countries to the south and north of The Bahamas are moving towards legalization and that will have to be taken into consideration as the country rethinks its position on a number of things.

Its a historic vote. Its an interesting vote and I suspect its the first step of an international journey towards the global acceptance or global full legalization of cannabis.

Among the 24 recommendations put forth in the BNCMs preliminary report tabled last year January, the commission has suggested cannabis possession be decriminalized up to one ounce or less for personal use for people 21 years or older, and laws would be amended for the immediate expungement of small possession criminal records.

The commission stopped short of recommending the legalization of recreational marijuana, insisting the issue needs to be explored further before a consensus can be garnered.

While the prime minister has publicly voiced his support for the decriminalization of small amounts of marijuana, the attorney general has advised that The Bahamas remains challenged on the issue as long as the drug remains illegal at the United States federal level.

McCartney noted yesterday that full-scale legalization in the US remains an important factor, given concerns of banking with the country.

There must be that ability to freely exchange and do transactions in the global market and so as long as the United States is not synchronized with the rest of the world or the rest of the world is synchronized with the United States, there may be some challenges, he said.

Im certain it will cause the US to also rethink its federal position.

The commissions final report was expected to be presented following a national survey to codify the views of the Bahamian public on the matter, however, the local spread of the novel coronavirus has derailed most of the governments plans.

McCartney advised yesterday that that survey has been implemented and is underway withBahamian market and opinion research firm Public Domain.

He, however, could not indicate when the data would be analyzed and completed.

McCartney noted that while the commission had initially proposed the survey be conducted by the Department of Statistics, that plan was no longer feasible given the current pandemic.

He would not reveal how much the commission paid Public Domain to conduct the survey.

Itll be worth the cost and I think we will get value for money.

Seventy-one percent of respondents who participated in a June 2018 Public Domain survey said they believed marijuana should be legalized for medicinal purposes.

Public Domain has released two surveys to date surrounding marijuana legalization.

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Commission: UN vote signals new line of thinking for The Bahamas on marijuana - EyeWitness News

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A top Ministry of Finance official has dismissed assertions by a top Caribbean economist that The Bahamas is at risk of a sovereign debt default as early as 2021 as "outside the realm of fiscal possibilities".

Marlon Johnson, the acting financial secretary, told Tribune Business that the position voiced by Marla Dukharan, the former Royal Bank of Canada (RBC) chief regional economist, had "extremely little chance of happening".

Ms Dukharan, now an RF Merchant Bank & Trust director, had echoed comments she gave previously this year in also asserting to a webinar given by that institution last week that The Bahamas was likely to find itself in an International Monetary Fund (IMF) structural adjustment programme next year due to the drying up of its tourism-related foreign currency inflows.

Speaking after the Ministry of Finance rejected her views, branding them "unreasonably alarmist", Mr Johnson said Ms Dukharan had not provided any data or evidence to support the claim that The Bahamas would miss a scheduled payment on the Government's $9bn-plus debt.

"There is extremely little chance of that happening," he told this newspaper of a Bahamian sovereign debt default. "For all practical purposes it isn't within the realms of fiscal possibility. There are enough fiscal levers that the Government can make use of, and short-term adjustments government can make, to address it.

"Our foreign reserves still remain at high levels, so we are in position to meet our obligations now and for the foreseeable future." Mr Johnson also queried why, if The Bahamas faced the dangers outlined by Ms Dukharan, foreign investors bought a further $225m worth of government bonds at an interest rate 125 basis points lower than the rate they demanded less than two months earlier.

"The Ministry isn't particularly concerned regarding international investors and the like," he added of Ms Dukharan's comments. "They have their information, and assessment of that information, that undergirds their sentiment towards the Bahamas' market.

"They've just expressed that in the fact the Government successfully was able to obtain additional financing at rates lower than they were several months ago. The proof of the pudding is that private investors don't share the sentiment that a default is imminent otherwise they would not have provided credit to the country."

Mr Johnson, saying this proved The Bahamas maintained its access to international financial markets and was "not even close to some of the jurisdictions more stretched than we are", said neither the International Monetary Fund (IMF) and credit rating agencies - Moody's and Standard & Poor's (S&P) - had raised concerns about an imminent Bahamian sovereign default in their recent assessments.

"The important thing is to ensure Bahamians understand notwithstanding what is happening there is commitment on the part of the Government to remain fiscally prudent and take whatever action is necessary to protect the country from a fiscal standpoint," Mr Johnson said.

However, Ms Dukharan's comments serve as a timely warning of what might happen - short term or further out - if The Bahamas does not swiftly bring its fiscal deficits and $10bn-plus national debt under control once COVID-19 has passed.

The Ministry of Finance, in its statement, admitted that The Bahamas is "not out of the woods", but argued that the economy is "not in the danger zone". It said: "Some countries in the region have debt levels of 100 percent of GDP and beyond. The Bahamas is nowhere near that level, even though its debt level ratios have increased because of the pandemic.

"The Government has confidence that the economy will rebound, and is seeking to ensure that this rebound is resilient and durable. In keeping with the Resilient Bahamas budget plan, the Government is practicing expenditure restraint wherever possible, and has indicated its willingness to take measures to protect the countrys fiscal health.

"These measures range from addressing the reform of state-owned enterprises to release fiscal space to cover other priority needs of the Government; to bringing more efficiency in the delivery of government services and processes; to reducing waste in expenditures and ensuring efficiency in revenue administration and the adequacy of our tax system to support the operations of the Government."

The Ministry continued: "The country does have high exposure to externalities because of its openness and heavy reliance on tourism, but notwithstanding the pandemic, the tourism model is still viable and has proven itself to be resilient.

"This model has brought with it strong foreign and local investment activity, through the creation of hotels and other facilities, which offers both important short and long term employment opportunities, and serves as a catalyst to other high value activities, such as the second homes market and linkages with the financial services sector.

"Indeed, there remains an active pipeline of ongoing significant domestic and foreign commercial investment projects which support a strong and sustained economic recovery as we emerge from the pandemic."

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Sovereign default 'outside the realm' of fiscal possibility - Bahamas Tribune