ORG in The News

Caribbean Bank: Bahamas Fiscal Plan 'Very Ambitious'

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas' plan to reverse its fiscal woes has been branded "very ambitious" by the Caribbean Development Bank (CDB), with this nation needing to outperform GDP growth forecasts to hit target.

The CDB, in a recently-released economic assessment of The Bahamas, warned that this nation faced an "unsustainable" debt burden as a result of borrowing levels that exceed economic growth rates.

"The debt level in The Bahamas is currently unsustainable," the CDB said. "The Government has continued to increase its debt at a rate that exceeds the growth of the economy, causing debt payments to absorb an increasingly higher proportion of GDP.

 

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Gov't Urged: Delay Wto Until 2021'S New Power Plant Established

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government was yesterday urged to delay the Bahamas' WTO accession until 2021 to coincide with the prospect of lower energy costs for New Providence at least.

Robert Myers, the Organisation for Responsible Governance's (ORG) principal, told Tribune Business that the proposed timetable for Shell's liquefied natural gas (LNG) power plant "gives the timeline" for when the Bahamas should seek to become a full World Trade Organisation (WTO) member.

Reiterating that he was in favour of the Bahamas ultimately joining the WTO once it could realize the full benefits, Mr Myers again urged that accession be delayed to properly position the economy for this.

 

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Bahamas' Gdp Growth '25%' Of What's Needed

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas is just "25 per cent of the way" towards generating the economic growth its needs following real GDP expansion of 1.4 per cent in 2017.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that while welcome last year's growth was still well short of the 5.5 per cent needed to slash existing unemployment in half and absorb all new workforce entrants.

The International Monetary Fund (IMF) has estimated that an average annual growth rate of 5.5 per cent, sustained over a five-year period, is needed to achieve such an objective, indicating the Bahamas still has much work to do.

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Cabinet approves appointment of Local Government Advisory Committee of New Providence

The Bahamas Local

Matt Maura

(April 26, 2018) NASSAU,BAHAMAS- The Cabinet of The Bahamas has approved the appointment of an Advisory Committee for the introduction of Local Government in New Providence. 

The Committee met for the first time on Wednesday, April 18 (2018) in the Conference Room at the Ministry of Transport and Local Government at which time they received their charge from Minister of Transport and Local Government, the Hon. Frankie Campbell. 

Press Secretary in the Office of the Prime Minister, Mr. Anthony Newbold, said the Committee is comprised of a “good cross-section” of professionals from varying backgrounds, during his weekly press briefing.

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First Moves In Local Government Initiative

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

THE Minnis administration is moving closer to bringing local government to New Providence, with Press Secretary Anthony Newbold announcing yesterday that an advisory committee has been established to guide its inception.

The committee features at least 17 people from various institutions across government and civil society.

They are expected to produce a preliminary report for Cabinet by the end of August, Mr Newbold said

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Fronting Will ‘Grow More’ Without Wto

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

THE Bahamas’ chief WTO negotiator yesterday said ‘fronting’ will “become far worse”, with local businesses overrun by foreign rivals, if this nation stays outside the rules-based trade regime.

Raymond Winder, Deloitte & Touche (Bahamas) managing partner, told Tribune Business that the WTO-related laws and regulations that this nation will be required to implement will afford local entrepreneurs far greater protection than the current policy-based regime.

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Cabinet approves appointment of Local Government Advisory Committee for New Providence

Bahamas Information Services

Matt Maura

(April 24,2018) NASSAU, The Bahamas – The Cabinet of The Bahamas has approved the appointment of an Advisory Committee for the introduction of Local Government in New Providence.

The Committee met for the first time on Wednesday, April 18 (2018) in the Conference Room at the Ministry of Transport and Local Government at which time they received their charge from Minister of Transport and Local Government, the Hon. Frankie Campbell.

Press Secretary in the Office of the Prime Minister, Mr. Anthony Newbold, said the Committee is comprised of a “good cross-section” of professionals from varying backgrounds, during his weekly press briefing.

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Editorial: Fnm Government Has No Vision, No Plan Says Davis

The Tribune 

(April 23,2018) NASSAU,BAHAMAS- ACCORDING to PLP leader Phillip “Brave” Davis the reason for the FNM government’s slippage in the recent popularity polls is because of the “mistruths” they told voters during last year’s election campaign.

There probably is some truth in this because the FNM — like the rest of us— knew that the public finances had been badly crippled by the defeated PLP government. However, few knew the resuscitation needed for the Public Treasury before those election promises could be kept. For example, can Mr Davis explain the need for the million dollar clinics in his district when there was no one to staff them? And, considered on the larger scale of needs, did these islands have a sufficient number of patients to justify such expensive clinics? Yet, to build them, funds were diverted from the Princess Margaret Hospital, this country’s central hospital, which is badly in need of structural repairs, new equipment, medicine, nurses, and the list goes on.

 

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Fronting 'More Ferocious' If No Pre-Wto Crackdown

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

(April 23,2018) NASSAU,BAHAMAS- The Bahamas must crack down on widespread 'fronting' that threatens to become more "ferocious" once this nation joins the WTO, a governance reformer has urged.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that Bahamians will find themselves in a "subservient economy" unless the Government and private sector move quickly to enforce the law.

He warned that the National Investment Policy, and reservation of certain economic sectors for Bahamian ownership only, was constantly being undermined by local attorneys, accountants and politically-connected persons acting as 'fronts' for businesses that were really owned and controlled by foreign companies/investors.

 

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Higher work permit fees needed as immigration dept.’s expenses increase

Chester Robard

The Nassau Guardian 

(April 17,2018) NASSAU, BAHAMAS -Work permit fees, which will be adjusted by July 1, are due for an increase, according to Immigration Minister Brent Symonette. An increase is also needed due to mounting expenses at the Department of Immigration that require increased revenue.

Symonette said yesterday that the fees have not been increased in ten years, meantime the Department of Immigration has embarked on establishing a registry which requires renting a building and has incurred costs of $1.6 million, to deport non-nationals.

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