Economy is Growing; Still a Long Way to Go, Davis Says Following Standard & Poors’ “strong” Steady Recovery Report…

Prime Minister DAVIS: I welcome the latest report from Standard & Poors (S&P), a global credit rating agency, which recognizes our country’s “strong” recovery, the reduction in its fiscal deficit, the containment of our debt burden and the economic stability of the government. new energy reforms These factors supported S&P’s decision to affirm our country’s credit rating and set its outlook as stable.

The report comes in the third year of our mandate, at a time when we honor the Bahamian people for the lengths we have come together and recognize there is much work yet to be done.

The country was in crisis when we took office. Mismanagement of the epidemic has meant that our country’s health and economic outcomes have lagged behind those of other countries in the region. Our national debt has increased by $2.4 billion in just two years. Everyone understood how dire and serious the situation was: Bahamians were afraid of a large increase in VAT and even a devaluation of the currency. Meanwhile, Bahamian businesses suffered from misguided lockdowns and curfews, our hospitals were struggling, and our schools were closed and neglected. Bahamians on our islands were unemployed and in urgent need of support and new opportunities.

Through hard work and partnering with the Bahamian people, we turned things around; We ended harmful policies and implemented the people-first Plan for Change, which allowed us to save the country from the terrible financial crisis, while continuing to increase the minimum wage. Investing in education, health and infrastructure, signing 33 new agreements with unions, removing our country from the black list, breaking tourism records, creating billions of dollars of new investments in our islands.

We know there is still a lot of work ahead of us. The global inflation crisis has hit our Bahamian families hard. There are no easy answers or quick fixes; Therefore, we are faced with the most difficult problems of our country. For example:

• We are implementing our country’s first nationwide energy reforms, improving our electric grid and bringing solar power and natural gas to our islands because we understand that a comprehensive, nationwide reform of this sector is the only way to lower prices and make electricity more reliable. It is necessary to both help Bahamian families and businesses and support the dynamic, inclusive economic growth we know our country is capable of.
• We challenge the Grand Bahama Port Authority to fulfill the terms of the Hawksbill Creek Agreement, because we know that when Grand Bahamians have a true partner in their economic development, the sky is the limit for the Magic City.
• We build and strengthen partnerships around the world to strengthen our borders; advocating for policies that will help small island states like ours; Promoting opportunities for Bahamian entrepreneurs, athletes, students and healthcare professionals; fighting for fair climate finance; and ensure that our country’s excellence is recognized worldwide.
• We are making all kinds of infrastructure improvements on the Family Islands that will improve the lives of Family Islanders and enable a variety of new opportunities and investments.
• Most importantly, we invest in our people, starting with our youngest students, because the strength of our country will always depend on the people who lead it. We are determined that more and more Bahamians will play a central role in our economy and national development.

Problems that have been going on for decades will not disappear overnight. Taking on big fights and challenging the status quo requires a willingness to move forward where others have decided to give up. Some of these policies and investments in change will soon bear fruit; others will take time. But the important thing is that we are no longer throwing away work, and as a result, our country is finally moving in the right direction.

It is disappointing to see that the opposition is determined to ignore our country’s progress rather than celebrate it. They almost seem to support bad news. But we know that Bahamians across our islands are working hard to build a stronger, more inclusive economy; None of us will let malicious criticism slow us down.

So today, every day, we thank God and we thank the Bahamian people, because it is a blessing to do work of such great purpose and importance. Onward and upward together!