Ingraham Says Bahamas Government Has Delivered On Promises

by Amanda Banks, Tax-News.com, London

29 January 2002

In his annual address to the Bahamian people on Thursday, Prime Minister Hubert Ingraham expressed satisfaction with the country's economic situation and hope for the future, stating that the government has fulfilled its economic and social promises.

'We are today a more prosperous Bahamas, a Bahamas in which thousands of previously unemployed persons have found lucrative employment in an invigorated and expanded economy,' he told the nation.

Looking to the future, the Bahamian Prime Minister said that economic indicators were good, despite the tragic events of 2001. He pointed to record levels of foreign reserves, the steady recovery of the tourism sector, the strong construction industry, and the fact that government revenue has almost doubled, although he did admit that: 'The economic outlook for the medium term depends heavily on the timing of the turnaround of the US economy.'

Mr Ingraham also praised the jurisdiction's financial services sector for meeting the challenges posed by the September 11th attacks quickly and efficiently, and observed that although comprehensive regulatory and legislative reforms in the industry serve the international cause, namely the fight against terrorism, they also serve the interests of the Bahamas.

'Clearly, the Bahamas' self-interest is best served when we are recognised and acknowledged as a premier international financial services centre where top quality individuals and institutions are comfortable to invest and conduct their business,' he commented.

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