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FRIDAY, FEBRUARY 21, 2025
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‘Absolutely confident’ Gov’t hits fiscal goals
Crawfish volumes up 10-15% but ‘don’t let our guard down’
• Wedded to target despite $395m half-year deficit • No explanation for $192m recurrent spending hike • Corporate income tax no salvation for 2024-2025
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government last night signalled it remains wedded to its full-year fiscal targets despite amassing a near-$400m deficit during the first six months as recurrent spending jumped 13.4 percent MICHAEL HALKITIS year-over-year. The Ministry of Finance, in a written release taking issue with Tribune Business’s reporting of its half-year fiscal numbers, reasserted its optimism that the traditionally revenue-rich second half of the fiscal year will enable it to reverse course and bring the 20242025 deficit down towards its original $69.8m full-year target by end-June. This message was reinforced by Michael Halkitis, minister of economic affairs, who yesterday voiced confidence that the full-year deficit target will be met because the bulk of the Government’s revenue is collected between March and April. Due to the cyclical nature of the Budget, and revenue generation, he argued that it is too early for critics and the Opposition to conclude the Davis administration will miss its forecasts as revenue collection has not peaked. “Yes, absolutely. I’m confident we will meet our fiscal goals. Budgets are very cyclical and, especially for us, when the majority of revenue collections - the Business Licence, the boater registration [fees] and real property tax and such - that revenue comes in by March or April,” said Mr Halkitis.
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• Fishermen warn ‘one slip up’ and poachers back BAHAMIAN fishermen are warning “we must not let our guard down” over illegal • Hail crackdown on woe poaching despite enjoying a that saw them ‘catch hell’ 10-15 percent year-over-year increase in lobster catch volumes for the season to-date. • Key to sustainability and Keith Carroll, the National Fisheries Association’s (NFA) earnings as price $12 president, told Tribune Business that Dominicans and other foreign nationals who have previously plundered this nation’s fisheries stocks are “only waiting for us to slip up and they’ll be right back” with catch quantities proving critical to the success many Bahamian fishermen are presently seeing. With lobster prices relatively flat year-over-year, standing at around $12 per pound since crawfish season began on August 1, the seemingly plentiful supply of lobster has been key to the harvest and earnings of Bahamian fishermen. And
this sustainability has been aided by the law enforcement crackdown on illegal poaching, especially by foreigners but also some Bahamians, that depleted fish stocks in the past. Mr Carroll, who told this newspaper that there have been precious few sightings and reports of commercial Dominican fishing operations penetrating The Bahamas’ territorial waters, said of the current lobster season which ends on March 31: “It’s been pretty good. It’s a pretty
good season compared to last season. “The price has probably been around the same. The price has held at $12 [per pound] all season. I don’t know if it will go up any more before the end of the season, but we’ve been getting $12 all the way through. Last year it went up a bit towards the end of the season but basically it’s been around the same thing.” The Association president said crawfish prices have moderated back in line with typical market levels, having risen as high as $20-$21 per
pound during COVID and its immediate aftermath when global supplied were limited - and lobster more scarce because few fishermen were working due to pandemicrelated restrictions in other nations. “It’s back down to normal pricing. Usually it is between $12 and $15 a pound. We haven’t seen it go to $15 year. I’m not sure what’s causing it,” Mr Carroll added. This is where fisheries and lobster sustainability and conservation become critical to ensuring a plentiful supply that helps fishermen offset lower prices with higher catch volumes. “The catch is up for us, I would say, about 10-15 percent over last year,” he told Tribune Business. “It’s up a bit. A lot depends on the weather. We had some good weather forecasts. If the weather is in or favour we know we will do good. I trap lobsters. We really need a
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Don’t abandon Integrity Commission, Gov’t told By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday warned it will be a mistake for the Government to abandon the proposed Integrity Commission Bill and the “proactive” anti-corruption measures it contains. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the Independent Commission of Investigations
MATT AUBRY Bill and Public Disclosures Bill that were debated in the House of Assembly will not be enough by themselves to
make a sustained dent in the level of graft and corruption The Bahamas must combat. Describing both pieces of legislation as “reactive”, meaning their powers are only activated once an alleged incident of corruption happens, he argued that the Integrity Commission and its accompanying legislation is still essential because it contains preventative measures - such as public education and awareness - that are critical to “changing the culture”. Mr Aubry, asserting that the Integrity Commission
needs to accompany and “be aligned” with both the Independent Commission of Investigations and Public Disclosures legislation, told this newspaper: “The Prime Minister said in his assessment during the debate that these eliminated the need for the Integrity Commission, as his government looked at it and established these are what are necessary to satisfy that. “So there is no need for an Integrity Commission. I think the intent of the Integrity Commission is broader than
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‘Tighten’ anti-corruption Bills and ‘restore trust’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ANTI-CORRUPTION Bills passed by the House of Assembly on Wednesday are vital “to restore trust” in the fight against graft but they can be further “tightened”, governance reformers argued yesterday. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the Independent Commission of Investigations Bill and Protected Disclosures Bill are critical to “changing the culture” and giving
Bahamians the confidence to bring complaints forward knowing they will be protected from retaliation. “Fundamentally, Bills like the Protected Disclosure Bill and Independent Commission of Investigations Bill are vital to build back and restore trust, and encourage participation,” he said.”The law doesn’t mean anything if you don’t change the culture people have that maybe prohibits people who have information about potential corruption from bringing it forward. “There ultimately has to be a real and explicit effort
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Minister: Small businesses more cyber crime vulnerable By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister yesterday described cyber security is both a “key pillar of economic stability and growth” and critical to The Bahamas’ national security. Michael Halkitis, minister of economic affairs, Speaking at Aliv’s Business Cybersecurity Summit, said the issue is not only a technical concern but a national priority for the digital era.
“As we advance digital transformation, managing cyber risks is essential to protecting businesses’ critical infrastructure and, indeed, national security. This is particularly important for The Bahamas, [given] our commitment to the digital transformation to strengthen competitiveness, projecting modernisation and strengthening our position in the regional digital economy,” said Mr Halkitis. He added that the Caribbean region loses a “staggering” $90bn
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