IMF Wraps Up 2024 Article IV Talks With Bahamas

Washington, DC: January 13 International Monetary Fund Board (IMF) IV Convention ⁽¹⁾ with the bahamas.

Ad Here

The Bahamia economy has been a remarkable recovery since the pandemic that approaches a strong return in tourism. Economic activity returning to the Dorian level before the hurricane, the increase is 1.8 percent in H1 2024 – partially restricted with a limited hotel capacity. Inflation is now negative in modestly, but the cost of living remains high.

FISCAL has improved in FY24 managed by powerful income performance and expenses. The financial deficit shrinks up to 1.3 percent of GDP, shrinking 3.8 percent of GDP in FY23, and the government debt fell to 78.8 percent of GDP. Financing costs are managed by global factors, but the needs of the total financing remain high.

It is expected to approach the long-term potential to the long-term potential of risks related to growth, medium-term and worldview. The growth of the potential in the tourism sector is expected to be further comprehensive, but expected to expand faster than the potential new hotel construction or the short-term lease market. Fiscal vulnerabilities, especially high financing needs, and the risks of natural disasters remain constant threats.

MANAGEMENT OF THE MANAGEMENT ⁽²⁾

Executive Directors agreed with the settlement of the staff assessment. In 2019 and Covid 19 pandemia, after the hurricane, the highment in tourism and economic activity fully understood. However, the directors observed the government debt, the growth and natural disasters were highly exposed to natural disasters, and continued to solve these difficulties.

Directors applied the government’s commitment to reduce the government’s government debt to 50 percent of FY31 and reduce the final steps to increase income. However, this will need more events to achieve this goal, including, including corporate and personal income. These measures will also create a place for priority to infrastructure, educational and targeted social programs. In addition, it is important to contain the pressures of pension and SOE reforms.

Directors have welcomed their efforts to increase the transparency and effectiveness of financial accountability and debt management operations. They advised the re-established financial responsibility and the state sector audit committee to be elected independent.

Directors stressed that the government restricts the Central Bank’s financing to reduce systemic liquidity and strengthen the trust of the currency pole. He is pleased with the great liquidity and capital buffers of the financial sector and the progress with the implementation of FSAP recommendations in 2019. Directors continued to further strengthen the Aml / CFT framework, as well as to further invest in financial literacy, to further invest in financial technology innovation.

Directors need to reduce human capital, close digitalization and information gaps, reduce the labor market and fight crime, to reduce the labor market in tourism. They increased their efforts to strengthen the rise of sea level and the loss of natural disasters that could significantly reduce the loss of the climate.

Directors, growth and other macroeconomic indicators welcomed the planned reforms in the electrical sector, which affected the expected positive medium-term. At the same time, they stressed that the exchange of risk between special and public sectors should be distributed clearly among special and public sectors to support these efforts.

(1) IMF in Article IMF Article IMF, in general, usually holds bilateral discussions with members in general. A team of staff is visiting the country, collects economic and financial information and is discussed with officials with the economic development and policies of the country. According to the headquarters, the staff prepares a basic formal report for discussion by the executive staff.

(2) At the end of the discussion, as Chairman of the Board, the Director General summarizes the views of the executive directors, and this summary is transferred to the country’s authorities. Any voter’s explanation used in Sumpings can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm .