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Deputy Prime Minister Peter Turnquest.

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Turnquest dismisses devaluation threat

FINANCE Minister Peter Turnquest has dismissed reports of the government running out of money as false while stressing the Bahamian dollar is not facing a devaluation threat. Yesterday, a statement from Mr Turnquest insisted measures are being taken

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No decision 'yet' on shedding civil service retirees

The government had made no decision “as yet” on whether it will seek to cut the $670m civil service wage bill by shedding all public sector workers who have reached retirement age. K Peter Turnquest, in brief messaged replies to Tribune Business que

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Govt revenues in 50% March slump

Government revenues declined by 50 percent in March, the deputy prime minister revealed yesterday, as the COVID-19 crisis threw a better-than-expected post-Dorian fiscal showing “out of whack”. K Peter Turnquest, speaking as the government unveiled

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Turnquest clarifies remarks on spending

FINANCE Minister Peter Turnquest yesterday clarified recent remarks he made on a local talk show, saying it was not his intent to tell people how to spend their money but to only give Bahamians sound “financial advice” amid the COVID-19 pandemic. He

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We've no plans to increase taxes, says Turnquest

THE government does not have any plans to increase value added tax “or any other taxes” amid the COVID-19 pandemic, Finance Minister Peter Turnquest said yesterday.

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Govt warns of $800m deficit

The government is facing an $800m deficit for this budget period with “next year looking even worse”, the deputy prime minister revealed yesterday, as revenues are off by up to 70 percent. K Peter Turnquest, in a Zoom conference with members of Old

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Govt lines up budget cuts amid economic hardship

THE government has given guidelines to ministries and agencies on budget reductions it hopes to see while mulling over its strategy to navigate through economic hardship over the next several months, FInance Minister Peter Turnquest said yesterday.Wh

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Govt ‘taking from Peter to pay Paul’

The government is performing a high-wire juggling act with its finances by “robbing Peter to pay Paul” to meet critical liabilities as they become due, the deputy prime minister revealed yesterday.

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Govt: Moody's decision no surprise given strain of pandemic

The Government today said Moody’s decision to place The Bahamas’ credit rating on downgrade review was “unfortunate but not surprising” given the “strain” imposed by the COVID-19 pandemic.

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DPM: 'Govt running as fast as we can'

The deputy prime minister yesterday said the government was “running as fast as we can” to support Bahamians and the private sector with more than $100m in COVID-19 financial aid.K Peter Turnquest urged the private sector to have patience with the ne

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HELPING HAND: Turnquest extends benefits package to help self-employed

THE government will expand its unemployment assistance programme to self-employed people outside of the tourism industry, Minister of Finance Peter Turnquest announced yesterday.

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DPM: Bahamas faces 'deep, stark' recession

The deputy prime minister yesterday warned The Bahamas faces a “very deep and stark recession”, and urged it to brace for “major problems” if the COVID-19 crisis continues beyond summer.

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‘It’s going to be deep recession’

WITH the COVID-19 pandemic threatening to hit the country with a $1bn loss or more, Finance Minister Peter Turnquest said yesterday it is likely the economy is already in a recession.

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'We'll do whatever's necessary to defeat coronavirus threat'

The government will “provide whatever resources are required” beyond the extra $4m allocated yesterday to combat the coronavirus threat, the deputy prime minister pledged yesterday.K Peter Turnquest told the RoyalFidelity Bahamas Economic Outlook tha

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DPM: Coronavirus economic fall-out receiving scrutiny

The deputy prime minster yesterday revealed the government is “contingency planning” for the potential negative impact that the coronavirus may have on economic growth and fiscal projections. K Peter Turnquest, deputy prime minister, told Tribune Bu

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DPM: New GB Power charge is 'unavoidable'

The deputy prime minister yesterday described Grand Bahama Power Company’s (GBPC) new Dorian recovery levy as “unavoidable” if electricity supply is to be restored to the entire island. Arguing that this “comes at a cost”, K Peter Turnquest, said: “

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EU decision proves our finance industry is solid, says Turnquest

DEPUTY Prime Minister Peter Turnquest said yesterday that the removal of The Bahamas from the European Union’s tax watch-list proves that the country’s financial services industry is solid and managed by a “sound regulatory regime.” Mr Turnquest mad

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'Carnival double deal will help recovery efforts'

DAYS after Carnival Corporation announced it will double its investment at the Grand Bahama cruise port, Minister of Finance Peter Turnquest said yesterday the move will aid the recovery efforts on the storm-impacted island. “We’re certainly looking

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EU sorted: Now for France and Holland

The deputy prime minister is “very confident” The Bahamas will resolve its blacklisting by individual European Union (EU) members after it yesterday completed its escape from the bloc’s tax watch-list.K Peter Turnquest told Tribune Business that this

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DPM: Bahamas 'far from' uncontrolled debt spiral

The government is “far from” an uncontrolled debt spiral, the deputy prime minister argued yesterday, while voicing concern that a PLP administration would not remain faithful to fiscal consolidation. K Peter Turnquest told Tribune Business that Bah

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DPM predicts $130m economic output fall

The government is forecasting that Bahamian economic output may be slashed by a full percentage point due to Hurricane Dorian, the deputy prime minister revealed yesterday. K Peter Turnquest, pictured , launching the House of Assembly debate on the

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Bahamas rejects IMF's $200m Dorian offering

The Bahamas will not be taking up the International Monetary Fund’s (IMF) offer of up to $200m in concessionary funding for Hurricane Dorian recovery, the deputy prime minister confirmed last night.K Peter Turnquest told Tribune Business via a messag

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$188m SOE subsidy 'definition of insanity'

The government is awaiting “imminent” receipt of a study on how to “optimise” the loss-making state-owned enterprises (SOEs) responsible for virtually its entire first half $188m fiscal deficit.

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Govt seeks extra $120m for non-Dorian spending

The government plans to borrow almost $120m to cover unbudgeted non-Dorian spending deemed “imperative for orderly, stable, sustainable and resilient governance”, it was revealed yesterday. K P Turnquest, pictured , deputy prime minister, detailed s

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DPM urges more than 25% water bill cut for GB

The Grand Bahama Utility Company yesterday defended its 25 percent water bill discount against calls from the deputy prime minister for the reduction to be greater.The water supplier, in a statement issued to Tribune Business, said Freeport businesse

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100m tax ‘rebate’ in doubt

Hurricane Dorian’s financial fall-out has placed the government’s plan to return $100m to the Bahamian people through “significant tax cuts” in doubt, the deputy prime minister has revealed.

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'Chicken and egg': GB Power eyes 50% cost drop for east

Electricity supply restoration to east Grand Bahama was yesterday branded “a chicken and egg situation” as the island’s utility eyes potential solutions that will slash its costs by 50 percent.K Peter Turnquest, pictured, deputy prime minster and the

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DPM pledges to 'speed up' small business Dorian relief

The government is aiming to “speed up” financial help for Dorian-hit businesses, the deputy prime minister said yesterday, although its $10m facility is likely to meet less than 25 percent of their needs.K Peter Turnquest told Tribune Business the pr

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DPM: Deals 'took advantage of the Bahamian people'

The deputy prime minister has blasted previous administrations for “taking advantage of the Bahamian people” by entering into contracts “nobody in a commercial sense” would agree to. K Peter Turnquest, pictured , told Tribune Business that “there’s

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Most workers have received lump sum, says Turnquest

THE government has, “for the most part”, met its obligation to pay government workers the $1,400 sum promised to them by the end of the year, Deputy Prime Minister Peter Turnquest said yesterday. Mr Turnquest, in an interview with The Tribune , said

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DPM: VAT relief for services 'too costly'

Eliminating VAT on services in the Dorian-hit islands would be difficult to police and too costly, the deputy prime minister said yesterday, while granting tax breaks to companies that do not need them. K Peter Turnquest, pictured , explaining the g

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Turnquest fury over France’s ‘disgusting’ sudden blacklisting

The deputy prime minister yesterday voiced his "total disgust" over France's decision to blacklist The Bahamas as he blasted the "devious" way in which it had been implemented.

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Customs 'learning curve a bit steeper than we thought'

The deputy prime minister yesterday admitted that Customs’ new system had required “a steeper learning curve than expected” as he pledged to work with the private sector to resolve all woes.Acknowledging “challenges” with the Click2Clear electronic s

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‘Fake news’ - 15% VAT rate rise

DEPUTY Prime Minister Peter Turnquest has refuted what he called “misinformation” about value added tax increasing to 15 percent in January 2020.

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'Not grim' despite $1.3bn debt surge

The deputy prime minister yesterday disagreed that The Bahamas faces a "grim" economic and fiscal outlook even though government debt is forecast to increase by $1.3bn over the next five years.

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80% of Dorian-hit assets uninsured

Up to 80 percent of private homes and businesses devastated by Hurricane Dorian were uninsured, the deputy prime minister revealed yesterday, creating an unsustainable burden for the state.K Peter Turnquest, opening the annual Accountants Week confer

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