The Bahamas: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas

June 5, 2020

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Format: Chicago

The Bahamas: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas, (USA: International Monetary Fund, 2020) accessed December 21, 2024

Summary

This paper highlights The Bahamas’ Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic comes on the heels of the widespread destruction caused by Hurricane Dorian in September 2019. Coupled with domestic containment measures, the collapse in tourism will cause a deep recession. The Bahamian authorities have taken timely and targeted measures to boost health spending and mitigate the socioeconomic impact of the pandemic, supporting jobs and vulnerable segments of the population. The disbursement under the RFI will help boost resources for essential COVID-19-related outlays, strengthen reserves, and catalyze additional support from other international financial institutions, development partners, and the private sector. In order to address the urgent fiscal needs, the central bank will on-lend the disbursement to the Ministry of Finance. The IMF staff is confident that the authorities will pursue appropriate policies for alleviating the impact of the pandemic, based on the country’s strong track record. The Bahamas is assessed to have sustainable debt and adequate capacity to repay the IMF.

Subject: Central banks, COVID-19, Credit, Financial institutions, Health, International reserves, Loans, Money, Public debt

Keywords: Caribbean, COVID-19, CR, Credit, Dorian, Executive Board's discussion of The Bahamas, Financial support, Foreign exchange market outlook, Global, Government of The Bahamas, Hurricane expenditure, International reserves, ISCR, Loans, Reform agenda, Request for emergency, Revenue collection

Publication Details

Pages:

37
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/191
Stock No:

1BHSEA2020001
ISBN:

9781513546643
ISSN:

1934-7685

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