Madam Speaker,
I rise today to address this Honourable House not with rhetoric, but with the firm and growing confidence that our country is now stepping into a season long delayed — a season of recovery, stability, and renewed belief in the Bahamian economy.
The world is taking note.
The Bahamas Debt Conversion Project for Marine Conservation has been recognized by international news and data service GlobalCapital as the ‘ESG Deal of the Year’ at the Latin America Bond Awards 2025, an awards programme celebrating the leading names in the Latin American debt capital markets.
This award is an industry recognition of The Bahamas’ leadership in designing innovative financing solutions to further climate resilience objectives, and honours the country’s dedication to both ocean conservation and sound fiscal management.
Through an innovative credit-enhancement structure — supported by the Inter-American Development Bank, Builders Vision, and AXA XL — The Bahamas secured USD 300 million in long-term external liquidity at a highly favourable fixed coupon of 4.700%. The proceeds were used to repurchase and retire existing external commercial debt, generating savings over the life of the new financing.
The transaction is expected to generate USD 124 million in funding for marine conservation over a 15-year period, supporting efforts to protect The Bahamas’ critical marine ecosystems, combat climate change, and preserve resources vital to the nation’s economy, livelihoods, and cultural heritage.
Completed in November 2024, the transaction stands as the largest marine conservation funding program in the country’s history and represents a major milestone in The Bahamas’ prudent debt management strategy – leveraging innovative blended finance to reduce debt service costs, enhance climate resilience, and advance the country’s ambitious sustainability agenda.
The government wishes to express its gratitude to the Bahamians working behind the scenes to negotiate this important financial transaction: The Department of Marine Resources, The Ministries of Finance, Environment & Natural Resources, The Bahamas National Trust, The Bahamas Protected Areas Fund and the Climate Change and Environmental Advisory Unit.
As the world recognizes this bold step, we look forward to the rollout of this work into the communities and settlements of the family islands.
This program will create job opportunities and establish community-driven resource management groups.
With this program the future of our marine resources and its management can now be guided with the assistance of the people who will benefit most from its use.
Confidence is earned, not gifted. And while many looked on with skepticism — some even quietly rooting for failure — our administration held the line, made hard decisions, and focused on fixing what was broken. We did this not for applause, but because our duty demanded it.
Madam Speaker,
It is with a sense of resolve and encouragement that I share with this House the recent revisions issued by the International Monetary Fund in its April 2025 World Economic Outlook. Despite a global context defined by economic uncertainty, trade disruptions, and inflationary pressures, the IMF has upgraded The Bahamas’ growth projections for 2025 from 1.7% to 1.8%, and for 2026 from 1.6% to 1.7%.
In a world where many nations have seen their forecasts downgraded, The Bahamas stands apart. We are among the few countries that have earned an upward revision. This is a marker not only of international recognition — but of the clear-eyed, hard-nosed, deliberate economic management we’ve insisted upon.
Some doubted this would be possible. Some said the hole was too deep, the institutions too weak, the political courage too rare. They scoffed at the ambition of our fiscal reforms, questioned the viability of our energy agenda, and ridiculed our insistence on national development that is both inclusive and modern.
But Madam Speaker, here we are. The data is clear. The message from global institutions is loud. And the faith being shown in The Bahamas is real.
Let us not forget where we began. When we assumed office in September 2021, we inherited a country on the brink — a crushing debt burden, a battered economy, and a governance framework in shambles. The challenges were structural, compounded by a pandemic and compounded again by a hurricane. We had no time for platitudes. The Bahamian people needed action, not slogans.
And action we delivered. We returned our country to primary surplus. We laid out and followed through on a fiscal plan that curbed waste, stabilized our borrowing, and re-established discipline in public expenditure. The world took notice.
Moody’s — an agency not known for flattery — recently upgraded The Bahamas’ outlook from stable to positive for the first time in nearly 20 years. Their statement recognized that our debt is now falling. That our deficit is under control. That our reforms are yielding results.
Fitch Ratings, in its inaugural assessment, provided a detailed review of our economic architecture and underscored the credibility of our fiscal policy framework.
Madam Speaker,
Growing confidence is not limited to the corridors of the IMF or the credit rating halls of Moody’s. It is echoed in the investment decisions being made by businesses, both domestic and international. It is reflected in the fact that our capital markets are expanding, that tourism remains strong, and that construction across the archipelago is surging.
The Minister of Economic Affairs is currently in Washington, D.C., at the IMF and World Bank Spring Meetings. There, he is engaging directly with global financial institutions, building new partnerships, and reinforcing our international position as a stable, responsible, and progressive economy. These engagements are not ceremonial. They are strategic. They position The Bahamas to access the financing, support, and alliances needed for our future resilience.
Now, Madam Speaker, let us speak honestly about the cynics. The ones who said reform was too hard. Who, with loud voices and little vision, tried to paint our path as reckless. Their forecast? Collapse. Our result? Growth.
It is easy to criticize from the bleachers. It is harder to lead from the front. And leadership, especially in times like these, requires a steel spine, a calm mind, and a heart devoted to service.
Madam Speaker,
We have always said that stabilizing the economy was only the beginning. And so, even as we balance the books, we are making transformative investments — in energy, in healthcare, in education, in the digital economy.
No country can thrive with an energy system that is antiquated, unreliable, and expensive. That is why we are carrying out the largest reform of our energy sector in Bahamian history. New solar microgrids, grid modernization, energy storage, and regulatory reforms are already underway. These initiatives will lower costs and reduce outages — but more importantly, they will anchor the next generation of economic growth.
We have also invested in reducing the cost of living. The VAT reduction on food, targeted subsidies, and price control enforcement have been critical to softening the blow of external price shocks.
Madam Speaker,
The IMF’s recent report makes one thing clear: global uncertainty is likely to persist. From US tariffs to fragile financial markets, the road ahead is not without risk. But for the first time in a generation, The Bahamas enters such uncertainty from a position of growing strength.
We are no longer pleading our case — we are proving it.
We are no longer waiting for help — we are building systems that empower Bahamians to help themselves.
This is the essence of confidence. Not arrogance. But confidence forged in discipline, data, and delivery.
Madam Speaker,
Let me end with a message to those who still whisper doubts, who still cling to pessimism as a strategy:
You said it couldn’t be done. But it is being done. You said we couldn’t earn the trust of the world. But trust is being extended. You said we had no plan. But it is clear now that not only do we have a plan — we are executing it.
There is much work to do. But we are no longer catching up. We are pressing ahead.
And I say to every Bahamian listening: hold firm. We are moving in the right direction. The world is taking note. The work is paying off.
May God bless our efforts, and may He continue to guide this House and this nation.
Thank you, Madam Speaker.