TOURISM arrivals have reached seven million for 2022 in figures revealed so far, according to Minister of Tourism, Investment and Aviation Chester Cooper.

This figure comes close to the record setting year of 2019 when the country recorded 7.2 million visitor arrivals. #While in Grand Bahama on Friday, Mr Cooper said: “I am happy to say that yesterday we got our unofficial new numbers of tourism in The Bahamas. And even though we will be announcing on Monday (January 30), I am happy to give a sneak peek today and let you know that the year 2022 we recorded arrivals across the country of approximately 7.01m tourists.” #“And to put this in perspective, in 2019 it was 7.2m and that was a record setting year.” #Mr Cooper also said the tourism stats indicate that “Grand Bahama is on the move”. #The minister attended the opening of $4m newly renovated suites at Pelican Bay Resort. Minister for Grand Bahama Ginger Moxey was also present. #He commended Magnus Alnebeck of Pelican Bay for his hope and confidence in Grand Bahama. #“I am delighted you have now renovated those 48 suites, and that 24 of those will be extended stays. I hope you do well with your revamped product,” Mr Cooper said. #“Your investment of $4m into your property is not just an investment, but it is a signal of hope in the economy and tourism industry here in GB, and I want you to know that the executives of Ministry of Tourism share that optimism when it comes to the future of tourism in GB.” #“They were around and about today, and the reports are very good. They all like what is here. There was a renewed or a new prospective of the product here on the island of GB. I think that is fair to say, and I see the deputy director general nodding and that should tell you the future really does look bright.” #He thanked Mr Alnebeck and his team for their support. #“This is a proud day for GB and a proud day for Pelican. I want to thank you and we hope in the very near term the signal you have given here with your new renovations will also happen with some of your neighbours,” he said, referring to the Grand Lucayan Resort, located just to the south, across the street. #Mr Cooper said they are about to relaunch the island of the GB as an innovation centre. He said they are expected to visit Canada to target technical personnel. #“I hope to be able to attract a lot of techies to GB who might decide to make GB their home for a couple months at a time to enjoy the special environment we have. We hope to be able to begin this process next week as we visit Canada to talk about what I coin today as ‘Tech Tourism’.” #The minister said the new renovation at Pelican Bay is good for tourism on Grand Bahama. #“Thank you for building back better, for spending the money, and demonstrating with your cheque book that you are optimistic about the future. This rebuild and refresh is going to be good for tourism for the island of GB. #“We extend gratitude for the investment, gratitude for betting on GB, and for the confidence you displayed in future of tourism and future of GB. I can only say to you as competing properties that what is good for Pelican, is good for the neighbourhood.” #According to Mr Alnebeck, the 48 staterooms have been completely renovated. With this, the hotel property has now completed renovations to 75 percent of their rooms. #“We spent $4m for the 48 rooms. They are opened and most of them are occupied. We have 182 rooms in total and we have done 75 percent over the last five years.” #He said Pelican Bay never closes, even during the hurricanes. #“We stayed open in Matthew and Dorian, and we stayed open during COVID - that is what we are proud of. #“Not only do we not close down, neither do we run away with the insurance money. We actually spent it. Immediately after Dorian we had people sleeping in every room, we could possibly have opened even though we had a lot of damage. We started repairing and then gradually transitioned into more serious renovations,” Mr Alnebeck explained. #The hotelier said he used only Grand Bahama contractors to do the work and called on the government to consider doing the same with large projects on the island. #“Now as we all read in the papers these days there are all sorts of interest in GB, and we see the big boys from Nassau starting to be interested in construction, etc, here. #“So, since we have a lot of powerful people here, I want to remind them that we have some very good people in GB who can do this sort of work, don’t leave them out when the big things are happening here because there is no other stuff, and I highly recommend them.” #As for the Grand Lucayan Resort, Mr Alnebeck implored the minister to get the property sold and opened. #“Our minister of tourism is here which is fantastic, and we appreciate him being here. He is no stranger to PB and stayed here very often. When I chatted to his wife, she reminded me that they like staying at PB, but lately ended up at another hotel in the vicinity. I said yes, I understand that your husband leads by example and that you should be staying in that hotel as long as he owns it, and that there is a very easy solution to that. Tell him to sell it as soon as possible and he could be back in PB. Minister, I hope you take that message and be back.” #Mr Alnebeck also noted that Pelican Bay does not receive any subsidy from the government. #“We are unable to borrow from our grandchildren and we still keep on going and going. And I don’t want to sound like (President) Reagan did in Berlin when - he said, “tear down that wall,” but it obviously worked. But I say the same thing, ‘please open that hotel for us Minister, we need it open’.” #Mr Alnebeck also called for the demolition of the old Arawak Hotel, which located on the Lucayan Waterway. #“I took some VIPs down the Lucayan Waterway and we went by the Arawak Hotel, and I got the question which hurricane closed that hotel down. I said it been closed for 30 years. And surely, we must find the owners and get them to tear down that place because it just does not look good with all the things that are going on here,” he said.

This figure comes close to the record setting year of 2019 when the country recorded 7.2 million visitor arrivals.

While in Grand Bahama on Friday, Mr Cooper said: “I am happy to say that yesterday we got our unofficial new numbers of tourism in The Bahamas. And even though we will be announcing on Monday (January 30), I am happy to give a sneak peek today and let you know that the year 2022 we recorded arrivals across the country of approximately 7.01m tourists.”

“And to put this in perspective, in 2019 it was 7.2m and that was a record setting year.”

Mr Cooper also said the tourism stats indicate that “Grand Bahama is on the move”.

The minister attended the opening of $4m newly renovated suites at Pelican Bay Resort. Minister for Grand Bahama Ginger Moxey was also present.

He commended Magnus Alnebeck of Pelican Bay for his hope and confidence in Grand Bahama.

“I am delighted you have now renovated those 48 suites, and that 24 of those will be extended stays. I hope you do well with your revamped product,” Mr Cooper said.

“Your investment of $4m into your property is not just an investment, but it is a signal of hope in the economy and tourism industry here in GB, and I want you to know that the executives of Ministry of Tourism share that optimism when it comes to the future of tourism in GB.”

“They were around and about today, and the reports are very good. They all like what is here. There was a renewed or a new prospective of the product here on the island of GB. I think that is fair to say, and I see the deputy director general nodding and that should tell you the future really does look bright.”

He thanked Mr Alnebeck and his team for their support.

“This is a proud day for GB and a proud day for Pelican. I want to thank you and we hope in the very near term the signal you have given here with your new renovations will also happen with some of your neighbours,” he said, referring to the Grand Lucayan Resort, located just to the south, across the street.

Mr Cooper said they are about to relaunch the island of the GB as an innovation centre. He said they are expected to visit Canada to target technical personnel.

“I hope to be able to attract a lot of techies to GB who might decide to make GB their home for a couple months at a time to enjoy the special environment we have. We hope to be able to begin this process next week as we visit Canada to talk about what I coin today as ‘Tech Tourism’.”

The minister said the new renovation at Pelican Bay is good for tourism on Grand Bahama.

“Thank you for building back better, for spending the money, and demonstrating with your cheque book that you are optimistic about the future. This rebuild and refresh is going to be good for tourism for the island of GB.

“We extend gratitude for the investment, gratitude for betting on GB, and for the confidence you displayed in future of tourism and future of GB. I can only say to you as competing properties that what is good for Pelican, is good for the neighbourhood.”

According to Mr Alnebeck, the 48 staterooms have been completely renovated. With this, the hotel property has now completed renovations to 75 percent of their rooms.

“We spent $4m for the 48 rooms. They are opened and most of them are occupied. We have 182 rooms in total and we have done 75 percent over the last five years.”

He said Pelican Bay never closes, even during the hurricanes.

“We stayed open in Matthew and Dorian, and we stayed open during COVID - that is what we are proud of.

“Not only do we not close down, neither do we run away with the insurance money. We actually spent it. Immediately after Dorian we had people sleeping in every room, we could possibly have opened even though we had a lot of damage. We started repairing and then gradually transitioned into more serious renovations,” Mr Alnebeck explained.

The hotelier said he used only Grand Bahama contractors to do the work and called on the government to consider doing the same with large projects on the island.

“Now as we all read in the papers these days there are all sorts of interest in GB, and we see the big boys from Nassau starting to be interested in construction, etc, here.

“So, since we have a lot of powerful people here, I want to remind them that we have some very good people in GB who can do this sort of work, don’t leave them out when the big things are happening here because there is no other stuff, and I highly recommend them.”

As for the Grand Lucayan Resort, Mr Alnebeck implored the minister to get the property sold and opened.

“Our minister of tourism is here which is fantastic, and we appreciate him being here. He is no stranger to PB and stayed here very often. When I chatted to his wife, she reminded me that they like staying at PB, but lately ended up at another hotel in the vicinity. I said yes, I understand that your husband leads by example and that you should be staying in that hotel as long as he owns it, and that there is a very easy solution to that. Tell him to sell it as soon as possible and he could be back in PB. Minister, I hope you take that message and be back.”

Mr Alnebeck also noted that Pelican Bay does not receive any subsidy from the government.

“We are unable to borrow from our grandchildren and we still keep on going and going. And I don’t want to sound like (President) Reagan did in Berlin when - he said, “tear down that wall,” but it obviously worked. But I say the same thing, ‘please open that hotel for us Minister, we need it open’.”

Mr Alnebeck also called for the demolition of the old Arawak Hotel, which located on the Lucayan Waterway.

“I took some VIPs down the Lucayan Waterway and we went by the Arawak Hotel, and I got the question which hurricane closed that hotel down. I said it been closed for 30 years. And surely, we must find the owners and get them to tear down that place because it just does not look good with all the things that are going on here,” he said.

 

The Ministry of Finance has sight of a press release by the Bahamas Insurance Association (BIA) with respect to the VAT treatment on health insurance claims. The Ministry wishes to express its disappointment that the BIA would release a statement that relies on so little facts, as this statement misconstrues key elements of the discussion and seeks to politicize a technical issue. For transparency purposes, while conducting a 2021audit of a health insurance company, the Department of Inland Revenue (DIR) discovered the incorrect treatment of VAT paid to a health provider. Audit results revealed that the company claimed VAT as an input, although it was not a beneficiary of the service provided. This is clearly against the VAT Act. This company subsequently benefitted by receiving over $20 million illegally, that should have been paid to the Government. Subsequent to the above, the DIR continued to audit similar insurance companies. After similar problems surfaced at other health insurance companies, it was suspected that this issue may not be isolated to one company. However, DIR, without auditing all health insurers, could not confirm this position. For the record, the DIR only discusses audit results with the taxpayer or his/her authorized representative. In this case, the taxpayer advised the BIA of the audit results, as is the taxpayers’ right. In this regard, the BIA’s comment about the unorthodox method of finding out about this issue is misleading and not factual and seeks to cast aspersions on the professionalism of the DIR and the Ministry of Finance. Once the BIA became involved, discussions were had at all levels including the DIR, the Ministry of Finance, the Minister of Economic Affairs and the Prime Minister. In these discussions, the BIA acknowledged that health insurers were applying the incorrect VAT treatment and petitioned the Government for a transition period to apply the correct treatment. This offer was formally made to the Government by the BIA and was formally accepted by the Government. The attempt by the BIA to imply that this was a unilateral decision by the Government is again not factual. With respect to the impact of this change on the individual or group health insurance client, the Government believes that it would be insignificant. The rate of VAT tax on health services is not changing, there would be no double layering of taxes. What is changing is the treatment of this VAT paid by the health insurance company. This would be no different from treatment of VAT paid on insurance claims by general insurers as of April 1, 2023. Different companies will deal with these adjustments in different ways, however, the health insurance market in The Bahamas is very competitive. The BIA is seeking to unnecessarily alarm consumers about this adjustment, and this is unfortunate. The Ministry of Finance was of the view that through its discussion with the BIA all parties had reached an amicable solution to this issue. However this statement, filled with misinformation from the BIA, is very disappointing. The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to stay up to date on the latest news and information on the country’s fiscal matters.

The Ministry of Finance has sight of a press release by the Bahamas Insurance Association (BIA) with respect to the VAT treatment on health insurance claims. The Ministry wishes to express its disappointment that the BIA would release a statement that relies on so little facts, as this statement misconstrues key elements of the discussion and seeks to politicize a technical issue.

For transparency purposes, while conducting a 2021audit of a health insurance company, the Department of Inland Revenue (DIR) discovered the incorrect treatment of VAT paid to a health provider. Audit results revealed that the company claimed VAT as an input, although it was not a beneficiary of the service provided. This is clearly against the VAT Act. This company subsequently benefitted by receiving over $20 million illegally, that should have been paid to the Government.

Subsequent to the above, the DIR continued to audit similar insurance companies. After similar problems surfaced at other health insurance companies, it was suspected that this issue may not be isolated to one company. However, DIR, without auditing all health insurers, could not confirm this position. For the record, the DIR only discusses audit results with the taxpayer or his/her authorized representative. In this case, the taxpayer advised the BIA of the audit results, as is the taxpayers’ right. In this regard, the BIA’s comment about the unorthodox method of finding out about this issue is misleading and not factual and seeks to cast aspersions on the professionalism of the DIR and the Ministry of Finance.

Once the BIA became involved, discussions were had at all levels including the DIR, the Ministry of Finance, the Minister of Economic Affairs and the Prime Minister. In these discussions, the BIA acknowledged that health insurers were applying the incorrect VAT treatment and petitionedthe Government for a transition period to apply the correct treatment. This offer was formally made to the Government by the BIA and was formally accepted by the Government. The attempt by the BIA to imply that this was a unilateral decision by the Government is again not factual.

With respect to the impact of this change on the individual or group health insurance client, the Government believes that it would be insignificant. The rate of VAT tax on health services is not changing, there would be no double layering of taxes. What is changing is the treatment of this VAT paid by the health insurance company. This would be no different from treatment of VAT paid on insurance claims by general insurers as of April 1, 2023. Different companies will deal with these adjustments in different ways, however, the health insurance market in The Bahamas is very competitive. The BIA is seeking to unnecessarily alarm consumers about this adjustment, and this is unfortunate.

The Ministry of Finance was of the view that through its discussion with the BIA all parties had reached an amicable solution to this issue. However this statement, filled with misinformation from the BIA, is very disappointing.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to stay up to date on the latest news and information on the country’s fiscal matters.

 

 

The Bahamas has made progressive strives in meeting compliancy targets in the financial services sector. This, according to Attorney-General and Minister of Legal Affairs, the Hon. L. Ryan Pinder, places the country in a top ranking position in the industry despite its small size and diversity of external threats. Mr. Pinder was addressing the fourth Anti-Money Laundering Conference, on Wednesday, 25th January. The two-day event was held at Margaritaville Resort.  The conference brought together researchers, practitioners and policy-makers in the financial services sector. “The Bahamas has placed tremendous efforts over the last seven (7) years (2015 – 2022) in addressing strategic AML/CFT/CFP deficiencies. Progress was made each year with introduction of enhanced legislation and attendant regulations (e.g. POCA, 2018, FTRA 2018, ATA, 2018), supervisory and enforcement AML/CFT/CFP regimes, and increased engagement with the professional stakeholders," said Mr. Pinder. “These efforts and supporting evidence were assessed by CFATF and FATF International Cooperation Review Group, leading to The Bahamas being delisted from the FATF Grey List on 18 December, 2020. This was followed up with the significant achievement obtained on the 22 December 2022 with the publication of the Bahamas’ CFATF Follow-up report announcing that the country had obtained compliant or largely compliant ratings with 40 of the 40 FATF Recommendations.” Consequently, Mr. Pinder said that the country became the 2nd jurisdiction in the Caribbean and the Americas to attain such a position and only the 6th in the FATF’s Global Network of 206 jurisdictions.  “Of note – only one European country has achieved this perfect rating under FATF standards, despite the misconceptions that originate from that part of the world of countries such as ours,” he emphasized. He said that, notwithstanding  the noted achievements, The Bahamas while attending and tackling the FATF/CFATF matters, was also urgently addressing matters with the European Union’s Director General of Financial Stability, Financial Services and Capital Markets Union regarding the country’s AML Blacklisting. “Our efforts paid off as the country was delisted from the EU’s AML Blacklisting on the 7th January 2022,” he said.    He also discussed the current issues regarding FTX Digital Limited, which recently, placed the Bahamas in the spotlight internationally. “As the FTX Digital Limited is a hot button current issue, The Bahamas would like to advise that the Digital Assets and Registered Exchanges Act (DARE) was passed into law in December 2020. The provisions of this legislation allowed for the country to take swift action to place the company into provisional liquidation as warranted in November 2022. The operations are being dealt with in confines of the insolvency laws of The Bahamas with the assets under the control of court appointed liquidators and the regulator, the Securities Commission of The Bahamas.”   Further, he pointed out some of the legislative moves that have been taken to enhance the sector. “Of note – the DARE Act and the guidance and rules of the Securities Commission of The Bahamas allowed The Bahamas to become compliant with Recommendation 15 of the FATF as it pertains to Virtual Asset Service Providers.  Recommendation 15 requires that VASPs be regulated for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes, that they be licensed or registered, and subject to effective systems for monitoring or supervision.   I think it appropriate to mention that The Bahamas is one of the few, if not one of the first countries in the world to be fully compliant with Recommendation 15 as it pertains to Virtual Asset Service Providers.”   He reiterated the government’s commitment to working with all international partners to maintain the AML/CFT/CFP regime on par with international agreed measures to safeguard the global financial system.   Mr. Pinder challenged the stakeholders to continue the standards of the sector. “For AML/CFT/CFP purpose, the FATF is the recognized body internationally that sets the standards for every country to comply with.  I can speak first hand, the requirements are robust, the obligations on countries are significant and we like other countries do what we need to do to comply at the fullest levels.  A challenge arises when other institutions, organizations or multilateral bodies try to represent themselves as international standard setting bodies, prescribing standards that are different from those of the recognized bodies.  I implore on institutions like the FATF, reaffirm yourself as the only standard setting body and do not let other, in certain instances, rogue organizations supplant your standards.” In addition, he took a moment to suggest topics for further consideration by the stakeholders during their two days of deliberations. “What is the true cost benefit analysis for countries such as mine to arbitrary and unilateral blacklists.  What does it achieve?  We all strive to be compliant, the world economy dictates we must be to participate.  So, assuming that, what is the utility of blacklists in light of the extraordinary economic damage it implores on us small developing countries.  We make up the vast majority of blacklisted countries, former colonies of European imperialists.  Of the 65 jurisdictions gray-listed or blacklisted by FATF from 2010 to 2020, none are in the Group of 7 industrialized nations while only two, Argentina and Turkey, are in the Group of 20. The vast majority hail from the Global South, and 28 rank in the bottom half of economic output as measured by GDP.  We must look at this much closer and have objective research demonstrate the point that blacklists have lacked objectivity and fairness and have devastated at times economies of small developing states in our hemisphere with questionable global benefit.”   He concluded by leaving the participants with some more food for thought.  “To continue the example, after the Paradise papers, the EU’s code of conduct group blacklisted 17 countries.  Not one European country was listed; they all got a free pass.  In February 2019, The EU published an updated version of their AML/CFT list.  Again, not a single European country was listed.  In 2022, the EU identified jurisdictions with strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system.  Why is not a single EU member country or their most influential trading partners listed?  Again, I suggest a research study of these arbitrary actions and the cost / benefit analysis.  I know that a paper was prepared last year that discusses this discrimination, we should take it further and assess the damage done to our countries versus the global benefit achieved.  I suspect I know where that analysis will fall,” he said. 

The Bahamas has made progressive strives in meeting compliancy targets in the financial services sector. This, according to Attorney-General and Minister of Legal Affairs, the Hon. L. Ryan Pinder, places the country in a top ranking position in the industry despite its small size and diversity of external threats. Mr. Pinder was addressing the fourth Anti-Money Laundering Conference, on Wednesday, 25th January. The two-day event was held at Margaritaville Resort.  The conference brought together researchers, practitioners and policy-makers in the financial services sector.

“The Bahamas has placed tremendous efforts over the last seven (7) years (2015 – 2022) in addressing strategic AML/CFT/CFP deficiencies. Progress was made each year with introduction of enhanced legislation and attendant regulations (e.g. POCA, 2018, FTRA 2018, ATA, 2018), supervisory and enforcement AML/CFT/CFP regimes, and increased engagement with the professional stakeholders," said Mr. Pinder. “These efforts and supporting evidence were assessed by CFATF and FATF International Cooperation Review Group, leading to The Bahamas being delisted from the FATF Grey List on 18 December, 2020. This was followed up with the significant achievement obtained on the 22 December 2022 with the publication of the Bahamas’ CFATF Follow-up report announcing that the country had obtained compliant or largely compliant ratings with 40 of the 40 FATF Recommendations.”

Consequently, Mr. Pinder said that the country became the 2nd jurisdiction in the Caribbean and the Americas to attain such a position and only the 6th in the FATF’s Global Network of 206 jurisdictions.  “Of note – only one European country has achieved this perfect rating under FATF standards, despite the misconceptions that originate from that part of the world of countries such as ours,” he emphasized.

He said that, notwithstanding  the noted achievements, The Bahamas while attending and tackling the FATF/CFATF matters, was also urgently addressing matters with the European Union’s Director General of Financial Stability, Financial Services and Capital Markets Union regarding the country’s AML Blacklisting. “Our efforts paid off as the country was delisted from the EU’s AML Blacklisting on the 7th January 2022,” he said. 
 He also discussed the current issues regarding FTX Digital Limited, which recently, placed the Bahamas in the spotlight internationally. “As the FTX Digital Limited is a hot button current issue, The Bahamas would like to advise that the Digital Assets and Registered Exchanges Act (DARE) was passed into law in December 2020. The provisions of this legislation allowed for the country to take swift action to place the company into provisional liquidation as warranted in November 2022. The operations are being dealt with in confines of the insolvency laws of The Bahamas with the assets under the control of court appointed liquidators and the regulator, the Securities Commission of The Bahamas.”
 Further, he pointed out some of the legislative moves that have been taken to enhance the sector. “Of note – the DARE Act and the guidance and rules of the Securities Commission of The Bahamas allowed The Bahamas to become compliant with Recommendation 15 of the FATF as it pertains to Virtual Asset Service Providers.  Recommendation 15 requires that VASPs be regulated for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes, that they be licensed or registered, and subject to effective systems for monitoring or supervision.   I think it appropriate to mention that The Bahamas is one of the few, if not one of the first countries in the world to be fully compliant with Recommendation 15 as it pertains to Virtual Asset Service Providers.”
 He reiterated the government’s commitment to working with all international partners to maintain the AML/CFT/CFP regime on par with international agreed measures to safeguard the global financial system.  

Mr. Pinder challenged the stakeholders to continue the standards of the sector. “For AML/CFT/CFP purpose, the FATF is the recognized body internationally that sets the standards for every country to comply with.  I can speak first hand, the requirements are robust, the obligations on countries are significant and we like other countries do what we need to do to comply at the fullest levels.  A challenge arises when other institutions, organizations or multilateral bodies try to represent themselves as international standard setting bodies, prescribing standards that are different from those of the recognized bodies.  I implore on institutions like the FATF, reaffirm yourself as the only standard setting body and do not let other, in certain instances, rogue organizations supplant your standards.”

In addition, he took a moment to suggest topics for further consideration by the stakeholders during their two days of deliberations.

“What is the true cost benefit analysis for countries such as mine to arbitrary and unilateral blacklists.  What does it achieve?  We all strive to be compliant, the world economy dictates we must be to participate.  So, assuming that, what is the utility of blacklists in light of the extraordinary economic damage it implores on us small developing countries.  We make up the vast majority of blacklisted countries, former colonies of European imperialists.  Of the 65 jurisdictions gray-listed or blacklisted by FATF from 2010 to 2020, none are in the Group of 7 industrialized nations while only two, Argentina and Turkey, are in the Group of 20. The vast majority hail from the Global South, and 28 rank in the bottom half of economic output as measured by GDP.  We must look at this much closer and have objective research demonstrate the point that blacklists have lacked objectivity and fairness and have devastated at times economies of small developing states in our hemisphere with questionable global benefit.”
 He concluded by leaving the participants with some more food for thought.  “To continue the example, after the Paradise papers, the EU’s code of conduct group blacklisted 17 countries.  Not one European country was listed; they all got a free pass.  In February 2019, The EU published an updated version of their AML/CFT list.  Again, not a single European country was listed.  In 2022, the EU identified jurisdictions with strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system.  Why is not a single EU member country or their most influential trading partners listed?  Again, I suggest a research study of these arbitrary actions and the cost / benefit analysis.  I know that a paper was prepared last year that discusses this discrimination, we should take it further and assess the damage done to our countries versus the global benefit achieved.  I suspect I know where that analysis will fall,” he said. 

Prime Minister Philip Davis yesterday urged regional heads of state to advocate for fairer criteria for international financing for developing countries.

Intensifying climate disasters in recent years, and the COVID-19 pandemic have galvanized small island developing states to call for a globally accepted vulnerability index, that would increase the eligibility for SIDS to receive greater financing to address their unique vulnerabilities.

Addressing the opening session of the Seventh Summit of Heads of State and Government of the Community of Latin American and the Caribbean States (CELAC) in Buenos Aires, Argentina, Davis again reiterated the "discriminatory" practices that disadvantage small island nations and make it difficult for them to meet the eligibility requirements that are currently in place.

"Even while we pursue national development, other international partners pursue policies which harm our progress. The Bahamas will continue to voice its displeasure with the discriminatory practice of the blacklisting of countries. I invite you to join us. We will also continue to advocate against the unfair use of GDP per capita to determine how or if developing countries, in vulnerable developing regions, qualify for reasonable concessionary financing or grants," he said.

"The use of the Multi-Vulnerability Index in assessing eligibility for help, rather than the blunt, outdated measurement of GDP per capita, is a fairer measurement. I invite you to join us in advocating for mutual agreement of alternative eligibility criteria for international financing and overseas development assistance."

Last week, during a visit to the White House in Washington, DC, the prime minister again brought up the issue of fair access to climate financing, during his meeting with US Vice President Kamala Harris.

He called for the US to take action on its commitment to the US-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030), which is the Biden-Harris Administration's new initiative involving fresh commitments to, and integration of climate adaptation and resilience and clean energy programs across the Caribbean region.

Yesterday, the prime minister urged developed nations to honor their commitments to smaller states like those in the Caribbean.

"Rising sea levels pose an existential threat to my country. In 2019, a Category 5 storm devastated two of our main islands. We are not and have never been the polluters, yet we suffer from the greatest vulnerabilities caused by carbon emissions. Our debt burden remains high, in part due to these climate risks, including the need to regularly rebuild homes, businesses and infrastructure after devastating hurricanes," he said.

"Our cost of borrowing also prices in the risk of future hurricanes. We are already paying a high price for the intensifying weather patterns of tomorrow. We urgently need the developed countries to honor their commitments to compensate for the loss and damage associated with climate change. And in order to build resiliency, we urgently need finance and access to technology. Each of our countries must keep the pledges we've made, in this and other settings, to reduce our own emissions. We have seen glimpses of a future we cannot survive. We must change course, or perish. It is that simple."