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MONDAY, MARCH 6, 2023
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‘Do not hit rock bottom’ on public sector reform By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS “cannot squeeze out” civil service reform if it wishes to tackle “the vexing problem” of perceived corruption in accessing public services, governance reformers warned yesterday. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that The Bahamas does not have to follow Jamaica and Barbados’ in “hitting rock bottom” before it enacts meaningful reforms to the public service, fiscal management and other key aspects of government. He spoke as ORG released a report, produced for it by Dr Yvette Pintard-Newry, that sets out a potential road
• Bahamas can ‘control own destiny’ with change • But ‘can’t squeeze out’ reform in corruption fight • Report: Ending graft vital to ‘trust’ in Government map for improving the efficiency and effectiveness of The Bahamas’ public sector and its role in advancing the ease of doing business and quality of life for all citizens and residents. The report, recommending that The Bahamas start by reviewing the Public Service Bill 2010 and using it as the foundation for a new Public Service Act, said it was vital that The Bahamas address real
and perceived corruption within the sector if Bahamians were to regain “trust” in the Government. Dr Pintard-Newry also suggested that The Bahamas’ present fiscal crisis, and the drive for austerity, had created something of a paradox for public service reform. While the Government was directing increasing resources to front-line public services, such as national security, health, education and
THE BAHAMAS Telecommunications Company’s (BTC) top executive last night pledged to deliver “a best-in-class experience” for all users after complaints that clients were left “in the lurch” by poor customer service. Sameer Bhatti, BTC’s chief executive, acknowledged to Tribune Business there will be “occasions” when technology fails to function after several wellknown customers recently complained they were being billed for communications
SAMEER BHATTI services they were not receiving, with no information on the problem’s cause or when it would be rectified being provided. One, frustrated after four weeks
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Gov’t gives $115m tax relief in fiscal first half By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GOVERNMENT granted almost $115m of Excise tax and Customs duty relief during the first half of the 2022-2023 fiscal year, the mid-year Budget documents have revealed. The section on “tax relief, remissions and other waivers” discloses that tax breaks worth a collective $14.869m were granted on eligible goods imports worth a total $415.632m during the six months to end-December 2022, with the concessions granted under a variety of investment incentives laws and other legislation.
SIMON WILSON The biggest share, some 36.7 percent or $42.104m, was granted to the Bahamian resort and hotel sector - the largest industry in the country - under the Hotels Encouragement Act. This sum, more than one-third
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Investors in $18m boost as bank beats target 10% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MATT AUBRY social services, it was also allocating less to develop the public service even though its employees are vital to arresting and turning around The Bahamas’ fiscal decline. “Dedicated resources (human, technical and financial) are also essential to public sector reform,” she wrote. “The importance of improved fiscal management and debt reduction so that the
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BTC chief in promise on service ‘black hole’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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COMMONWEALTH Bank yesterday said it beat 2022 profit targets by 10 percent as it used its record net income to return $18m to shareholders via two extraordinary dividend payments. Tangela Albury, the BISX-listed lender’s vice-president and chief financial officer, told Tribune Business that 2022’s “unusual” $60m profitability was unlikely to be repeated this year with the performance largely driven by the reversal of COVIDrelated loan loss provisions and recovery of charged-off loans. However, she added that Commonwealth Bank was aiming to match or beat its pre-COVID and Hurricane Dorian performance in 2019 as it aims to drive loan delinquency rates below historical levels. And, with deposits growing by 4 percent year-over-year, the personal loan specialist is
TANGELA ALBURY aiming to convert those clients into borrowers. In written replies to this newspaper’s questions, Ms Albury said Commonwealth Bank had paid a total six cents per share in extraordinary dividends as a result of 2022’s performance. This was split into two payments, with the first four cents per share payout taking place last November and the two cent balance occurring in February 2023. “The total extraordinary dividend payment is approximately $18m to shareholders,” she
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