The
Ministry of Finance has noted the statement by Standard & Poor's on the
sovereign ratings update for The Bahamas, in light of the Baha Mar bankruptcy
protection filing in the United States courts. S&P analysts are scheduled
to make their regular mission to The Bahamas later this month, at which time
they will update their economic and fiscal assessment.
The
Ministry of Finance welcomes the favorable review of progress made in improving
the fiscal health of the Government, particularly through the gains from the
introduction of the VAT and disciplined public expenditure. These reforms will
continue, in order to anchor a medium-term reduction in the Government's debt
burden.
As
been emphasized in other official statements, the Government is committed to
achieving a speedy resolution that would permit the works at Baha Mar to resume
and the property to open without much further delay.
In
the meantime, it should be noted that medium-term growth prospects for tourism
are also grounded in capacity being added at other resorts in New Providence,
Grand Bahama, Bimini, Abaco; and in significant investments other Family
Islands. The quality and reputation of
these resorts are anchored in international brands that will remain strong and
continue to attract visitor growth.
