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THURSDAY, AUGUST 28, 2025
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Opposition: Davis hiding nearly $500m debt By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
• Public sector debt climbs to $13.15bn OPPOSITION blasts Davis administration over ‘secret • Report shows surge in loans’ and nearly $500 m in foreign currency borrowing new debt Opposition Financial Spokesman Kwasi Thompson • Opposition questions is calling for greater transparency from the government $10m for ‘ghost company’ after the Ministry of Finance’s public sector debt bulletin for the fourth quarter of the 2024-2025 fiscal year revealed an annual increase of $440.9m in debt. Mr. Thompson described it as “shocking” that the Davis administration accumulated almost half a billion dollars in new debt between July 2024 and June 2025, demanding an explanation for the sharp rise in borrowing. “This same PLP government kept saying they only needed about $70 m to cover the budget deficit. So why borrow over six times more
than what should have been needed? What are they hiding?” he questioned. The Ministry of Finance report revealed that at the end of June 2025, total public sector debt stood at $13.15bn, reflecting a $440.9m increase over the past year. Most of the rise was driven by central government borrowing, while government agencies and state-owned enterprises reduced their debt during the same period. Foreign currency debt grew by $230.7m in the April–June
Gov’t accused of ‘selling passports’ to Dominican fisherman By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net THE opposition is calling for an investigation into poacher’s collaboration with Bahamians as one fisherman accuses the government of selling passports and “our sovereignty”, further encouraging poaching. Chuck Pinder, a commercial fisherman of 43 years, stands
firm on his belief that poaching is on the rise again and accused the government of selling and issuing passports, especially to Dominicans who have been known to participate in the illegal activity in Bahamian waters. Mr Pinder said he and other fishermen during the reign of the Free National Movement (FNM), “fought tooth and nail” to end “corruption.”
Anger at $100 registration fee for liquor store owners By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net LIQUOR store owners are angry at having to pay a $100 registration fee as a crackdown on their oversaturation in the country - effective September 1- is enforced. Having to pay for a business license already, many bar owners are unhappy with having to pay an
additional $100 for registration upon business license renewals or while trying to obtain a business license for the first time. Daryle Isaacs owner of Lumpy’s Bar & Grill noted the many other bills entrepreneurs are faced with. “It’s kind of crazy, he said. “I think it’s almost like you’re trying to tax the small man, straight out of business. They’re always
LIQUOR - See Page B4
Trade Commission eyes Chinese e-commerce as new frontier for Bahamian exports By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net BAHAMIAN businesses could soon gain access to a consumer market of 1.4 bn people as the Bahamas Trade Commission moves to connect local vendors with China’s booming e-commerce platforms. Trade Commission Chairman Senator Barry Griffin said the goal is to help Bahamian entrepreneurs tap into the Chinese digital marketplace—home to platforms like Alibaba and JD.com—by establishing export pathways for locally made products such as seafood, rum, crafts, and cultural goods.
SENATOR BARRY GRIFFIN He explained that the Commission is working to introduce Bahamian vendors to China’s dominant online sales platforms, which would allow them to create profiles, list products, and receive payments
EXPORTS - See Page B3
quarter, making up 44.7percent of the total debt. Meanwhile, Bahamian dollar debt fell by $213.3m during the quarter but recorded a year-over-year increase of $283.2m. Bahamian dollar obligations now account for a slightly larger share— 55.3percent—of the country’s overall debt portfolio. The report also revealed that the government’s claims on the public sector increased by $71.6m, a 26 percent jump, making up 4.6 percent of total domestic debt. This rise came He claims they were successful in almost completely curing The Bahamas of its poaching problem by pushing for the current legislation that states only Bahamian citizens and residents can fish commercially within the country. Mr Pinder added: “There could be no foreigners on any fishing boat in this country.” “The now Prime Minister got up when he was campaigning in Long Island stated that commercial fishing would remain for Bahamians only,” Mr Pinder said. “So that means the only way that anyone could fish on a companion commercial fishing boat would be if they were Bahamian or held a Bahamian passport. “So this is the next step now in crookedness and cronyism
BOB COUGHLIN
KWASI THOMPSON as other parts of the domestic debt shifted, including higher borrowing from commercial banks and the private sector, and reduced holdings by the Central Bank and public corporations. Mr. Thompson criticized the government for what he described as attempts to conceal overspending through undisclosed loans to public corporations. He pointed to a $10.9 m loan granted to the already over-budget Public Beaches & Parks Authority, as well as a $10 m loan to the
Judicial review called for over Exuma resort development By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
and whatever you want to call it in our country to where we bringing in foreigners, issuing them a Bahamian passport that’s within the system. So when they’re boarded and the Defence Force checks them out, they have a Bahamian passport, and everything seems to be legit, but yet they show no proof of being married to nobody. They show no proof of how long they’ve been in this country, for however long the passport states. “The fact of the matter is, it’s all a ring of corruption that’s taking place to get the foreigners back aboard the Bahamian commercial vessels that we have to compete with within our own country because of a bunch of
AN EXUMA developer has filed for a judicial review in the Supreme Court against the Department of Environmental Planning and Protection (DEPP), challenging its decision to approve a controversial neighbouring resort development. Bob Coughlin, principal of the $75m Turtlegrass Resort and Island Club on Sampson Cay, Exuma, is seeking judicial review of DEPP’s decision to issue a Certificate of Environmental Clearance (CEC) to Yntegra Group for the proposed $200m Rosewood Exuma resort. He told reporters yesterday that he previously filed a formal protest with DEPP last month and has since initiated court proceedings to challenge the department’s review and approval process. While declining to discuss the legal action in further detail, Mr Coughlin maintained that the Rosewood Exuma project is too dense for the area and could cause lasting damage to the environment and surrounding businesses. “Everybody thinks that because we’re doing this stuff, that we’re against them doing a development,” said Mr Coughlin. “I’m not against them doing their development. What we honestly believe, and what SEA believes, without a lot of study, is 96 structures, which is what they plan to put on this barrier cay is too dense. It brings too much traffic, too much land destruction, not just sea destruction, but they’re basically going to
PASSPORTS - See Page B3
EXUMA - See Page B4
HIDDEN - See Page B4