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'We'll seek new terms to avoid debt default'

Mon, Sep 27th 2021, 08:18 AM
Finance Politics Tribune Stories

PRIME Minister and Minister of Finance Philip "Brave" Davis said his administration is "assessing" the country's debt arrangements and will seek to negotiate where necessary to avoid default.

His comments came when speaking to reporters after returning from his recent trip to the United Nations General Assembly.
#Mr Davis was asked about a recent article in the Jamaica Gleaner which said Caribbean economist Marla Dukharan said The Bahamas was one of two countries expected to default on their sovereign debt. Ms Dukharan made similar comments in 2020.
#In response, Mr Davis said his administration has brought back the substantial financial secretary, Simon Wilson, and is now “looking and assessing” the country’s debt arrangement to determine how best to approach it and to avoid any default. He also said his administration planned to “live up” to the nation’s obligations and stated where they are unable to, “seek to renegotiate the terms so as not to be in default.”
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Prime Minister Philip “Brave” Davis addresses the 76th Session of the UN General Assembly at the United Nations headquarters in New York on Saturday. Photo: Eduardo Munoz/AP
#Meanwhile, Mr Davis described his trip to the UN General Assembly as “extremely productive”, stating government officials have had several discussions with other country heads about climate change, COVID-19 and debt relief management.
#On Friday, Mr Davis and a delegation travelled to New York to attend the event, where he made his first international speech since taking office.
#“Our trip was extremely productive and on every measure, I think successful,” he said. “We were able to conduct bilateral discussions with 11 countries at several levels (including) heads of government, foreign ministers and ambassadors. Discussions ranged across a number of issues of strategic importance to The Bahamas. With Prime Minister of Barbados Mia Mottley, we discussed ways of enhancing and strengthening our partnership in the region particularly in the measures we adopt to support our economic recovery.”
#Mr Davis said Barbados was also on the brink of “financial collapse” when Prime Minister Mottley assumed office. He said he had “deep and intense” discussions with Mrs Mottley based on the experience she had in engaging the International Monetary Fund (IMF) to assist her country with its challenges.

His comments came when speaking to reporters after returning from his recent trip to the United Nations General Assembly.

Mr Davis was asked about a recent article in the Jamaica Gleaner which said Caribbean economist Marla Dukharan said The Bahamas was one of two countries expected to default on their sovereign debt. Ms Dukharan made similar comments in 2020.

In response, Mr Davis said his administration has brought back the substantial financial secretary, Simon Wilson, and is now “looking and assessing” the country’s debt arrangement to determine how best to approach it and to avoid any default. He also said his administration planned to “live up” to the nation’s obligations and stated where they are unable to, “seek to renegotiate the terms so as not to be in default.”

Meanwhile, Mr Davis described his trip to the UN General Assembly as “extremely productive”, stating government officials have had several discussions with other country heads about climate change, COVID-19 and debt relief management.

On Friday, Mr Davis and a delegation travelled to New York to attend the event, where he made his first international speech since taking office.

“Our trip was extremely productive and on every measure, I think successful,” he said. “We were able to conduct bilateral discussions with 11 countries at several levels (including) heads of government, foreign ministers and ambassadors. Discussions ranged across a number of issues of strategic importance to The Bahamas. With Prime Minister of Barbados Mia Mottley, we discussed ways of enhancing and strengthening our partnership in the region particularly in the measures we adopt to support our economic recovery.”

Mr Davis said Barbados was also on the brink of “financial collapse” when Prime Minister Mottley assumed office. He said he had “deep and intense” discussions with Mrs Mottley based on the experience she had in engaging the International Monetary Fund (IMF) to assist her country with its challenges.

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