Prime Minister and Minister of Finance, the Hon. Philip Davis addressed the recovery of the economy in the House of Assembly on Wednesday. His comments came after it was reported that the International Monetary Fund (IMF) raised its projected growth rate for the Bahamian economy.
During his presentation Mr. Davis spoke about the country’s debt conversion project for marine conservation. He said, ” proceeds were used to repurchase and retire existing external commercial debt, generating savings over the life of the new financing. The transaction is expected to generate $124 million US dollars in funding for marine conservation over a 15 year period.”
The Prime Minister went further saying, “the transaction stands as the largest marine conservation funding program in the country’s history and represents a major milestone in The Bahamas’ prudent debt management strategy.”
The IMF’s has increased its projected growth rate for the Bahamian economy from 1.7% to 1.8%. Mr. Davis said, “despite a global context defined by economic uncertainty, trade disruptions and inflationary pressures, the IMF has upgraded The Bahamas growth projections for 2025. In a world where many nations have seen their forecasts downgraded The Bahamas stands apart.”
The Prime Minister said his administration inherited a country with a crushing debt burden, a battered economy and a governance framework in shambles. He said the Bahamian people needed action which is what his administration delivered.
