Category Archives: Bahamas

A new rig contract was signed envisaging a fourth quarter spud date for Perseverance.

Financial results from () highlight the explorers relatively strong financial performance, as it awaits a hotly anticipated drill programme that was delayed amid the coronavirus (COVID-19) pandemic.

Financial results for the twelve months ended December 31 confirmed BPC finished 2019 with US$11.2mln of cash.

Subsequently, the company has further supported its funding position with a 8mln financing facility with a Bahamian private family office investor and the establishment of a separate Bahamian domiciled mutual fund to specifically investing BPC shares.

The previous project timelines saw the Perseverance well taking place now, late May or early June, and, last week a rig contract with signed with a new spud date envisaged in the fourth quarter.

"Our exploration well, 'Perseverance #1', is aptly named, said Simon Potter, BPC chief executive.

During the period of these accounts we achieved so much, including unambiguous licence tenure, a rig framework agreement, contracting with globally renowned service companies for our drilling campaign, successfully initiating a funding strategy with you - the shareholders - coming first, creating a structure to allow Bahamians the opportunity to invest in their nationally significant project and obtaining Environmental Authorisation from the Government of The Bahamas.

Potter added: But even in the face of a dramatic and deeply impactful global pandemic we have remained resolute in our single-minded focus - to deliver the well.

To this end we have rescheduled our program, revisited our funding strategy, and most recently unconditionally contracted a drilling rig with a window for commencement of drilling beginning before the end of 2020, affording the company the greatest assurance of 60 days of continuous operations necessary to complete the well.

This chosen window demonstrates our clear intent to proceed to drilling without unnecessary delay, being the earliest opportunity post the 2020 hurricane season in The Bahamas, and by which time we expect the worst of the COVID-19 impacts to be behind us.

Potter noted that BPC has preserved all relationships with backers intent on flexibly supporting the Company once operations are able to resume.

Moreover, the company's prospect has not changed: the same rocks will still be there at such time as safe and responsible operations can resume, and shareholders can rest assured that the entire team at the company will continue working towards drilling with the same commitment and belief that has got us to this stage, he added.

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Bahamas Petroleum Company highlights strong financial position as it awaits Perseverance exploration well - Proactive Investors UK

NASSAU, BAHAMAS The Royal Bahamas Defence Force (RBDF) is looking into reports of a family of three currently isolating on an uninhabited island in The Bahamas, Eyewitness News understands.

The BBC World Service featured Captain Brian Trautman and his wife Karin in a video report that quickly made its way around Bahamian social media today.

The pair host a crowd-funded travel vlog where they sail from country to country exploring the worlds oceans.

The couple, who also have a nine-month-old baby, share how they have been living onboard the SV Delos and on an uninhabited island for over 100 days though they had only planned to stay for one month.

As of yesterday, the couple was still sailing in the Ragged Island Chain, near Maycock Cay.

Were thinking like, wellif we can stay here, and we can stay safe and we can stay healthy then it sounds like a much better place to be than heading off to some marina or dock in the U.S. where were just literally trapped on board, Captain Trautman said.

He noted that they have managed to stay very isolated and self-sufficient catching their own food, making drinkable water, and creating their own power supply with solar and wind.

During the interview, Trautman acknowledged that The Bahamas government had put the entire country on lockdown, closing the borders to inter-island travel on all types of transportation.

He also expressed concern over the start of the 2020 Atlantic Hurricane Season and the active season forecasted.

At some point, we will have to make a decision to leave because I dont want to stay here, you dont want to stay here through hurricane season it sounds like a terrible idea, he added.

Hopefully things will improve toward the end of this month.

The BBC story garnered some criticism by those who questioned whether the couple was in Bahamian waters legally and whether they could be considered poachers.

The couple was shown fishing and eating lobster during the closed season.

Some people insisted the story romanticized the couple opting to flee from the coronavirus outbreak in their country, noting that given their length of stay, they had ample time to return home.

The Bahamas entered into a state of emergency on March 17, just days after confirming its first case of the virus, and its borders were subsequently shut down on March 23.

The U.S. Embassy Nassau continually warned citizens who wished to return to the U.S. to make commercial arrangements as soon as possible unless prepared to remain abroad for an indefinite period.

For those U.S. citizens on private vessels, theembassy urged pleasure crafts anchored or moored in The Bahamas to depart directly for their country of origin.

The embassy further advised that while vesselscan transit on a direct route back to the US, they willnot be able to refuel or make use of fuel docks during the full lockdown period.

Departing vessels from The Bahamas were told to avoid unnecessary deviation on the way to their final destination and crew and passengers must remain aboard their vessel.

It is currently unclear whether the couple followed maritime protocol to be docked off the uninhabited island.

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RBDF probing reports of couple isolating on uninhabited island - EyeWitness News

A look back at some of the more interesting stories from London's AIM market this week

() saw its shares zoom126% higher this week to 3p after inking a deal that sets in stone the start of operations for an exploration project.

The Perseverance-1 well, which is targeting 770mln barrels of oil offshore Bahamas, had been delayed as a result of the coronavirus pandemic. The group's chief executive Simon Potter announced in March that sticking to schedule could compromise the safety of operations.

From an initial May/June start date it was moved to back to October, and is now being finalised to kick off between December and February.

The oiler said this week it has contracted Stena Drilling to provide a drilling rig and associated equipment and services, locking in the current low industry prices.

The move knocks 15% off the estimated cost of the project, which will allow Bahamas Petroleum to fund expanded evaluation works without spending extra cash.

Earlier this month, the explorer was approved for listing on the Bahamas International Stock Exchange and is expecting to receive US$900,000 in subscription funds.

However, peer Attis Oil and Gas Ltd () had a worse week, having returned from a trading suspension on Wednesday 71% lower at 0.02p, then dropping another 30% to 0.01p in a day.

The firm, which focuses on boosting production in existing assets at lower costs, was meant to acquire a North America-focused peer but the takeover collapsed due to the weak oil price.

Instead, Attis raised 500,000 by placing shares at 0.0115p plus a further 420,000 through a bridging loan as it seeks to plough on alone.

Looking at the wider market, the AIM All-Share index rose 3.3% to 871 over the week, outperforming the FTSE 100, which advanced 2.6% to 6,154.

Among the few fallers, () tanked 33% to 2p on a share placing at a 38% discount, as the marble quarrying firmlooked to raise 800,000 to boost its strategy.

In the risers, () rocketed 102% higher to 3p on news of a partnership with wellness business Newcastle Premier Health, which will provide its know-how to the group's Cov-ID project, a digital passport to track and trace coronavirus cases.

Elsewhere, PLC () soared by 47% to 9p after sharing positive results on field trials for its PREtec peptide PHC279, part of the pest control firms products to be launched soon.

() ventured 49% higher to 5p after a member of the Swedish Parliament pushed the government to decide on any mining activity in Kallak and Laver; Beowulfs stalled iron ore project is in the Kallak region. The following day, the miner contracted Kati Oy to start working on a seismic model at the Kallak South project.

Remaining in the sector, () glittered 33% higher to 21p after restarting its wholly-owned gold mine near Omagh, Northern Ireland, following lockdown.

And fellow miner () added 16% to 0.9p after announcing it has now recovered over 100 macro diamonds from bulk sampling operations at the Marsfontein development project in South Africa.

Elsewhere, medical devices business () shot up 20% to 119p after its polymer Elast-Eon was granted a US patent, paving the way for product development.

IT service manager () gained 36% to 64p after its FutureGov arm signed a significant digital transformation contract with a global philanthropic organisation, worth US$5.2mln over 14 months.

Meanwhile, data collection firm () climbed 28% to 44p after revealing it has traded profitably in the four months to April.

In the biotech space, () () added 14% to 111p after it unveiled details about presentations at a top medical conference, which underline the potential of its technology in predicting the recurrence of breast cancer.

Digital marketing provider Eagle Eye Solutions PLC () advanced 14% to 162p after lifting earnings guidance as well as announcing contract extensions with Sainsbury's and Asda.

Finally, bed maker () rose 12% to 1p after stating the lack of high street competition during the lockdown was beneficial to trading, although it admitted that next months store re-openings pose a risk.

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Small Cap Movers: Bahamas Petroleum rockets after scheduling start of exploration well - Proactive Investors UK

In a statement, the Ministry of Foreign Affairs marked the anniversary of initial reports that Ramsey had been found in distressing circumstances.

According to MOFA, the ministry had received word about the foreign service officer on May 29 some five days before his body was discovered.

The ministry noted the government remains fully engaged in the investigation of their deaths through an Italian law firm, and continues to press for answers.

On this day, 29 May 2019, we in the Ministry of Foreign Affairs got word that Mr Alrae Ramsey, one of our own, had been reported as having been found in distressing circumstances, the statement read.

And mere moments later, the news reached us that he had passed. Moreover, short days later, the same news reached us about Dr. Blair John, his high school and college friend.

In a later interview, Director General of Foreign Affairs Sharon Brennen Haylock explained the statement was referring to Ramsey being reported missing.

The statement continued: From that first notification, the entire ministry became engaged with this disconcerting concern. The government of The Bahamas has been and remains fully engaged in the investigation of the case, the outcome of which, to date, has not brought a sense of satisfaction or closure to the families, friends or to the government. The Bahamas government, through the engagement of an Italian law firm, continues to press the Italian government for answers as to the cause of their untimely deaths.

The tragic deaths of the two young men sent shockwaves through the country.

Ramsey was on study leave and in Turin on break.

Blair had traveled to Italy to deliver a presentation and was scheduled to meet up with Ramsey, who was a former classmate and friend.

The MOFA statement read: On this day, we remember Alrae and appreciate that his life was short, but we know that he served his purpose in the grand scheme of things, particularly in the way he made an impression on his surroundings. His future with us was bright. To a person, we say that it was a privilege to have known him and to have worked with him.

We also remember Dr. Blair John. Although his life was not immediately connected to the ministry, he and Alrae had many mutual friends in the ministry. Dr. John will be remembered as a person who was God fearing and well-rounded, excelling not only in academics, but also in sports on a national and international level. Both young men left a legacy of being Gentlemen and Scholars.

The ministry added: We had an opportunity to meet again with their mothers, Alraes sister and Blairs father last week to address important administrative matters, and we take this opportunity to extend to both families our heartfelt condolences on a sad and painful anniversary.

We will keep Alrae and Blair and their families in our thoughts always. We ask that all Bahamians and their friends to do likewise.

An initial forensic medical examination indicated the men were in the river for two to three days, according to international reports.

Autopsies were performed on both men on June 10.

According to Italian media reports, the initial findings of the autopsy, performed by coroner Paola Rapetti, indicated the men drowned.

A toxicological examination was also performed.

Italian news outlets reported the results of this exam revealed only traces of alcohol were found in their blood.

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MOFA marks anniversary of Turin deaths, investigations still ongoing - EyeWitness News

NASSAU, Bahamas, CMC The Bahamas government has hinted atfiling an immediate appeal against a ruling by a Supreme Court judge that anyone born in the country to either a Bahamian mother or father is entitled to citizenship at birth, regardless of the parents marital status.

Attorney General Carl Bethel said that the ruling on Tuesday by Justice Ian Winder has sufficient public importance to warrant an immediate application.

The ruling is very interesting. It will be appealed in the public interest, he added.

The ruling contradicts the longstanding requirement that children born out of wedlock to Bahamian men and foreign women must wait until 18 to apply for citizenship.

The ruling could impact the immigration status of many people in the country.

Winder said the legal position must be that every person born in The Bahamas after July 9, 1973, shall become a citizen of The Bahamas at the date of his birth if at that date either of his parents is a citizen of The Bahamas, irrespective of the marital status of the parents at the time of birth.

His ruling hinged on whether Article 14(1) of The Bahamas Constitution is applicable when interpreting Article 6, which states every person born in The Bahamas after 9th July 1973 shall become a citizen of The Bahamas at the date of his birth if at that date either of his parents is a citizen of The Bahamas.

Article 14(1) notes any reference in this chapter to the father of a person shall, in relation to any person born out of wedlock other than a person legitimated before 10th July 1973, be construed as a reference to the mother of that person.

The government had argued during the trial that the clear interpretation of Article 14(1)is that it applies to any provision that is capable of including the father.

But the judge ruled that Article 14(1) should not be applied to Article 6, noting Article 6 was clearly intended to be expansive, as reflected in the opening wordsevery person.

Article 6 was intended to afford an automatic right to citizenship in circumstances where one parent was a Bahamian citizen. The application (or misapplication) of Article 14(1) to Article 6 would take away that opportunity from the child born out of wedlock to access citizenship where one of his parents may be Bahamian, Winder said.

The judge has adjourned to July 29, another matter regarding the applicants in the case who include children purportedly born out of wedlock to Bahamian men andJamaican and Haitian women.

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Government to appeal historic Bahamian court ruling on citizenship - NYCaribNews

NASSAU, BAHAMAS The Bahamas Department of Meteorology has issued a severe weather warning for Central and Northwest Bahamas.

This includes Abaco, Andros, Bimini, Cat Island, Eleuthera, Exuma, Grand Bahama, Long Island, Rum Cay, San Salvador and the Berry Islands.

The warning will remain in effect until midnight.

According to meteorologists, moderate to heavy rainfall along with thunderstorms associated with low to mid-level troughing was spotted via satellite imagers and radars from the gulf of Mexico and northwestern Caribbean sea.

This moist airmass is expected to produce prolonged rainfall, so localized flooding is possible during this event, the department said around 1pm.

Some of the thunderstorms will be severe at times and may cause strong gusty winds; dangerous lightning; heavy downpours; hail and possible waterspout or tornadic activity.

The department said boaters in the warning area should remain in port and residents should remain indoors and away from windows as conditions worsen.

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Severe weather warning for Central and Northwest Bahamas - EyeWitness News

Ulysease Roca Terry was a gay Belizean fashion designer living with HIV. He had recently lost his mother and was coping with depression. Even without a new pandemic, it was a difficult time.

He was arrested for breaching COVID-19 curfew laws in April. While in custody he suffered homophobic slurs and bullying by a police officer. A video of the abuse was posted to social media. He also claimed that he was physically attacked while detained. Days later he died.

This month in the Bahamas, a video circulated on social media of a gender non-conforming woman being beaten by three men hurling homophobic slurs. One man smashed a piece of wood onto her head. Others slapped and punched her. As the video circulated online, some made fun of the victim.

While countries in the Caribbean focus on combatting COVID-19, community organizations have been raising their voices against the casual verbal, physical and emotional abuse that is a feature of life in the region for far too many lesbian, gay, bisexual, transgender and intersex (LGBTI) people. And they are sounding an alarm that this cruelty is increasingly playing out online.

Caleb Orozco of the United Belize Advocacy Movement (UNIBAM) spoke about Mr Roca Terrys case with a mix of sorrow and defiance. Mr Orozco is used to tough battles. He was the litigant who successfully challenged Belizes law banning consensual sex between same-sex partners in 2016.

The police cannot erode public confidence in its law enforcement role by showing disregard for the dignity and rights of individuals who are members of the most vulnerable groups: those with mental health challenges, those living with HIV and those with different sexual orientation, Mr Orozco said. It is the responsibility of the police department to enforce the curfew in a manner that is reasonable. Mocking people does not help to build public confidence that the police are there to protect ordinary citizens.

UNIBAM is calling for a transparent investigation, a review of the autopsy report and action to improve how the police treat members of vulnerable and marginalized communities, particularly in the context of the COVID-19 restrictions.

In Belize, a national dialogue is under way around a proposed Equal Opportunities Bill. A UNAIDS public opinion survey conducted in 2013 found that Belize was among the more tolerant Caribbean countries, with 75% of respondents agreeing that people should not be treated differently based on their sexual orientation. But this incident is a reminder that notwithstanding strides made in social attitudes and the law, pervasive challenges remain around prejudice and the abuse of power.

The Bahamas Organization of LGBTI Affairs has called the attack circulated on social media a hate crime and demanded that the perpetrators be prosecuted.

Around the world, this kind of hate crimethe targeting of a person with extreme violence because of who they areis denounced as among the most reprehensible modes of human conduct imaginable, Rights Bahamas said.

Alexus DMarco, Executive Director of the Bahamas Organization of LGBTI Affairs, insisted that there must be a broader dialogue and action to address social attitudes.

What does it say about us as a people that so many consider this a source of humour and entertainment? What are we to think when so many of the culprits are fellow women, who should be standing together in solidarity to oppose the many injustices faced in common as members of an oppressed gender in this society? Ms DMarco demanded.

The Bahamas is the only Caribbean country to have decriminalized sex between consenting adults of the same sex by an act of parliament. Still, lots more work needs to be done to bring social attitudes in line with the law. Advocates insist that hate crime legislation must urgently be enacted and enforced.

In both the Bahamas and Belize, state entities have joined civil society to denounce the attacks. The National AIDS Commission, the Office of the Special Envoy for Women and Children and the Ministry of Human Development, Social Transformation and Poverty Alleviation have called for Mr Roca Terrys case to be thoroughly investigated. In the Bahamas, the Ministry of Social Services and Urban Development called for a swift prosecution to signal zero tolerance by the government and society for gender-based violence.

Alongside legislative reform and key population programmes, we must continue the social dialogue and law enforcement to create more peaceful and inclusive Caribbean societies for all, said James Guwani, UNAIDS Director for the Caribbean.

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Caribbean community organizations call for decisive action to end homophobic abuse and cyberbullying - UNAIDS

NASSAU, BAHAMAS Royal Bahamas Defence Force (RBDF) Commodore Dr Raymond King said yesterday the multi-layered strategies of the organization has yielded success in deterring illegal migration and with the acquisition of additional assets and technological recourses, particularly in the southern Bahamas, those strategies are expected to continue to perform.

Haiti has emerged as the outbreak hotspot among CARICOM members with the vast majority of new COVID-19 cases among member states stemming from The Bahamas southeastern neighbor.

As of yesterday, there were over 1,000 cases a first among CARICOM countries.

While the borders and airports remain closed in Haiti, natural disasters and widespread civil unrest has seen increased illegal migration attempts from the country to The Bahamas.

King, whoappeared as a guestof ILTVs Beyondthe Headlines with host Clint Watson, was asked the about the developing humanitarian crisis in Haiti and the potential for increased illegal migration attempts to the southern Bahamas.

He said as a result of The Bahamas efforts, the defense force has observed increased illegal landing attempts toward Turks and Caicos, which as a result, has sought to strengthen its maritime patrols.

And so, we are always cognizant that there is a balloon effect, King said.

Once you stop, and you hinder and you deter a traditional route, criminals naturally seek to use a different avenue.

And so, this fight is not a fight the defense force is fighting alone.

Our regional partners, we all experience the same common threat.

And so, by working cooperatively and coordinately, with joint maritime interdiction operations, we are able to realize a huge success rate and to be a huge deterrent. T

The US Coast Guard vessels, our vessels in the southern Bahamas and with those multi-layers of security assets, we will continue to do our work.

But it is through partnerships we will be able to successfully leverage all of our resources and to achieve even greater success.

According to King, the multi-layered security strategy involving persistent and overlapping vessel patrols, intelligence reconnaissance via aircraft, ongoing relationships with international organizations; and the use of technology, which extends the reach of the coastal radars, provides considerable coverage to the extent that we have been able to successfully stem the tide of migrant smuggling and entry into this Bahamas.

The islands in the southern Bahamas, which have had zero reported cases of COVID-19 have been allowed to resume full commercial activity, though the countrys borders remain closed.

Mandate

After serving as acting commodore since late 2019, Rolle officially took command of the defense force after being sworn in last week.

Asked if his new strategies in recent months could be attributed for the lull in illegal migrants landings in The Bahamas, King said the strategies employed were not new, but a national security strategy that he and his predecessor inherited.

However, he said: The governments set strategy, border protection, there are certain strategic objectives, but the difference is and I say this with all humility is how you unfold that strategy. That is the difference.

King, who noted he has spent 80 percent of his career at sea, said he understands the domain and threats well.

As commodore, King said there will be increased focus on border protection as part of a wider strategic national plan to combat crime.

Some of these objectives include the decentralization of operations across the archipelago and enhancing the organizations maritime domain awareness, according to King.

The defense force has integrated unmanned aerial surveillance drones into its arsenal to protect the nations borders, as well as integrated satellite communications.

Those will assist us in being able to detect, track and intercept targets of interest in our domain, King said.

The other concept is being intelligence driven, so we seek to strengthen our relationships with our partner nations.

And nationally, the creation of the National Crime Intelligence Agency will help in terms of intelligence sharing among our sister law enforcement agencies.

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Commodore: Border patrol strategies expected to cont. to deter illegal landings - EyeWitness News

SAN JUAN, Puerto Rico Hurricanes. Earthquakes. COVID-19.

Caribbean islands have rarely been so vulnerable as an unusually active hurricane season threatens a region still recovering from recent storms as it fights a worsening drought and a pandemic that has drained budgets and muddled preparations.

It is crazy, said Iram Lewis, Bahamian minister for Disaster Preparedness, Management and Reconstruction. No one could have imagined this.

An estimated three to six major hurricanes could form this year as part of a total of 13 to 19 named storms that are forecast for the June 1 to Nov. 30 season, according to the National Oceanic and Atmospheric Administration. An average season generates 12 named storms with 3 major hurricanes.

The dire forecast comes at a particularly trying time for the Caribbean. Thousands of people overall lost their homes in southern Puerto Rico because of recent strong earthquakes and in the northern Bahamas because of Hurricane Dorian, which hit September 2019 as a Category 5 storm, killing an estimated 70 people and leaving hundreds missing. Demolition on both islands hadnt even started in some areas when the pandemic hit and lockdowns ensued, causing billions of dollars in economic losses in one of the worlds most tourism-dependent regions.

As a result, governments are struggling more than ever to prepare for a season that started early: Tropical Storm Arthur formed in mid-May and dropped rain on Dorian-battered islands in the Bahamas before heading out to sea.

The response to COVID-19 has dried up government funds and lockdowns have delayed hurricane preparations, especially the identification of sufficient shelters given the pandemic.

Its a very complex landscape this year, said Elizabeth Riley, acting executive director for the Caribbean Disaster Emergency Management Agency.

In the Bahamas, the government will place families in classrooms instead of preparing large gymnasiums like they did with Hurricane Dorian, Lewis said. But thats not an option for some mayors in Puerto Rico, where dozens of schools in the islands southern region were permanently shuttered after a 6.4-magnitude quake and heavy aftershocks, with more than 70 families still staying in hotels as the search for housing continues.

We definitely have additional challenges with all these simultaneous emergencies, said William Rodrguez, Puerto Ricos public housing administrator.

The shuttering of schools means less shelters at a time when more space is needed to avoid a possible second wave of coronavirus cases.

Santos Seda, mayor of the southern coastal town of Gunica, said the quakes damaged or destroyed six schools, leaving only one operational for a shelter if needed. In addition, more than 400 structures still have to be demolished, something that worries him greatly.

If a hurricane comes, theres no doubt they can turn into projectiles, he said.

While the U.S. territory said it has 288 shelters for 40,000 people with social distancing, there are still people living with blue tarps as roofs since Hurricane Maria hit in September 2017 as a Category 4 storm, said Ariadna Godreau, a human rights attorney and executive director of Ayuda Legal Puerto Rico.

The government estimated several months ago that more than 20,000 blue roofs remained across the island, but neither housing officials nor the U.S. Federal Emergency Management Agency could provide updated numbers.

Among those still waiting for their home to be repaired since Hurricane Maria is the mother of 63-year-old Maritza Santos. She said the wood-and-zinc roof blew away and that her elderly mother hasnt received any help to replace it. They live together now and worry about the upcoming hurricane season because Santos home already flooded during Maria and her mothers home is unlivable.

I cant talk about it because I get a knot in my throat, Santos said. It hurts my soul to see my mothers home in that state.

Another problem Puerto Rico and some other islands are facing amid the pandemic as they try to finalize hurricane preparations is a growing drought. Officials in Puerto Rico have warned of possible rationing measures if sufficient rain doesnt fall, while the French Caribbean island of Guadeloupe recently imposed such measures and is distributing water to certain communities.

A cluster of thunderstorms that rolled past Puerto Rico on Thursday provided some relief, but it also reminded people of the vulnerability of the islands electrical grid that Hurricane Maria destroyed. More than 70,000 power outages were reported as a result of the heavy rains, and many wondered what would happen during a tropical storm, let alone a hurricane.

Jos Seplveda, director of transmission and distribution for Puerto Ricos Electric Power Authority, said reconstruction of the grid hasnt started, adding the process could take between 10 to 20 years. He acknowledged that frequent power outages are hitting the island and that the pandemic has delayed maintenance to the system that has not recovered from Maria even as a new hurricane season looms.

There is a lot of hidden damage that hasnt come to light, he said.

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Battered Caribbean prepares for hurricanes amid pandemic - The Republic

NASSAU, BAHAMAS Deputy Prime Minister and Minister of Finance K Peter Turnquest gave a sobering outlook on the Bahamian economy as he warned the governments fiscal plan will come at a necessary but unprecedented cost.

Delivering the 2020/2021 budget communication, Turnquest noted that given the current state of the domestic economy, the outlook for the near-term is very subdued.

The fiscal deficit is budgeted at some $1.3 billion, or 11.6 percent of GDP for the upcoming fiscal year.

It represents the largest deficit to be incurred by any Government in the history of The Bahamas, he said.

Turnquest also noted that recurrent expenditure, at some 22.4 percent of GDP in the upcoming fiscal year, is expected to remain relatively stable over the next two fiscal years, before tapering off slightly to 21 percent in FY2022/23.

Capital outlays are anticipated to decline from 4.5 percent in the upcoming fiscal year to steady around 2.0 percent over the medium term, which is in line with the Governments broader fiscal policy objective to make better use of Public Private Partnerships (PPPs) and secure private financing for public projects, he said.

The fiscal deficit is forecast to decline from 11.6 percent in the imminent fiscal year to 6.7 percent in the subsequent year, with a further reduction to 2.9 percent in fiscal year 2022/23.

Turnquest said most sectors of the economy will take time to restart, and many businesses will need time to rebuild and rebound.

He said the Governments contributions to the economy will be a vital lifeline to keep the economic engine running.

Turnquest said the countrys rebound will be heavily dependent on how quickly travel resumes, noting that the Central Bank has forecast that real GDP in The Bahamas will contract by some 12 percent.

He noted that unprecedented times call for an unprecedented budget.

This budget is unlike any the country has ever seen before. The 12 months past have been unlike anything the country has ever experienced, he said.

Most sectors of our economy will take time to restart and many businesses will need time to rebuild and rebound. The Governments contributions to the economy will be a vital lifeline to keep the economic engine running, and to deliver the impact we seek from our immediate restoration plan.

The Resilient Bahamas Plan will come at a necessary but unprecedented cost. What is at stake is the unquestionable need to protect the Bahamian people, stabilize our economy and transform this crisis into an opportunity for our national restoration.

According to Turnquest the government expects toexpectsto run a deficit of some $1.3 billion, or 11.6 percent of GDP in the new fiscal year.

The imperative of investing in a strategy like the Resilient Bahamas Plan, coupled with the associated revenue loss from subdued business activity will result in an unprecedented fiscal deficit.

The governments plan he said seeks to achieve severalobjectives, namely: to protect thewell-beingand engender the confidence of our citizens and residents;maintain economic stability during the COVID-19 induced crisis; andplant the seeds for accelerated recovery.

In doing so, we will transform this crisis into an opportunity for our economic and national revival, he said.

Turnquest also stressed thatthere will be no tax increases.

While there may be headcount reductions due to retirements and expiring contracts for consultants and services, there will be no public sector layoffs. There will be no one left to fend for themselves while the economy is reeling from the worst slowdown in modern history. We will stand united in support of people and communities, businesses and consumers, who are already feeling the strain.

Still, Turnquest noted that despite the stark declinebeing seenin our various fiscal and economic indicators,the countrywill move onward from this crisis.

There are a number of independent economic indicators to give the Bahamian people hope and reassurance, he said.

Most recently, we have seen prospects for the near term that indicate an appetite for private sector investment. The Cruise Ports $130 million bond offering was oversubscribed when it closed on May 18.

This signals that, despite the uncertainty surrounding COVID-19, investors are confident in the tourism industry generally, and the recovery of the cruise industry and revitalization of Downtown Nassau, in particular, Turnquest said.

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Fiscal deficit projected to climb to $1.3 billion EyeWitness News - EyeWitness News