The Government has a very clear guiding vision for a better future

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp#Bahamas, March 9, 2018 – Nassau – Deputy Prime Minister and Minister of Finance, the Hon. K. Peter Turnquest said to properly understand the Government’s fiscal consolidation strategy and the state of the public finances at the mid-point of the 2017/18 fiscal year, it is necessary to begin with a realistic and thorough assessment of the gravity of the fiscal challenges that this Government Administration inherited from the previous administration.“Irrespective of the baseless and empty rhetoric that we have heard following the presentation of the Mid-Year Statement, our Government does have a very clear guiding vision for a better future for Bahamians, with both a stronger economy and enhanced job opportunities.  We also have a plan for getting there,” the DPM said during his Contribution to the 2017/18 Mid-Year Budget Debate in the House of Assembly, Wednesday, March 7, 2018.He said the present administration elaborated on their vision and plan in its 2017 Manifesto, in the Speech from the Throne, as well as in the May Budget Communication.“As I made amply clear in the Budget Communication, however, we must as a priority addresses the fiscal mess that we inherited from the party opposite. We simply cannot, and will not, spend recklessly as did the previous administration without due regard for the financial resources available.“Ours is now the task of putting order in the public finances of our nation to arrest the seemingly inexorable rise in the burden of Government debt that hangs like the proverbial albatross around the neck of Bahamian society and our economy.”The DPM said it is imperative that the burden of debt is returned to lower and more sustainable levels in order to free up the critical resources that are necessary to fully implement the action plans within the Government’s socio-economic growth agenda as promptly and effectively as possible.He explained that when the burden of Government Debt represented a more manageable and sustainable 30 per cent of GDP, the Government’s interest payments on the debt accounted for some 10 cents of every revenue dollar.“Last fiscal year, with a debt burden of 57.6 per cent of GDP, interest payments chewed up almost 14.5 cents of every revenue dollar.“Were it possible to return to a burden of debt under which interest payments again accounted for 10 per cent of revenues, our annual interest payments would be appreciably reduced.“At the 2017/18 level of revenues, the savings would be on the order of $75 million.  Those are precious financial resources indeed that could make a significant contribution to the advancement of the Government’s agenda for growth through, for example, supplementary investments in education, health or infrastructure.”He said it needs to be stressed that much work needs to be done to get the country to the type of debt burden objective that would be preferable. However, the Government is firmly committed, through its concrete fiscal consolidation plan, to getting the country moving in that direction.DPM Turnqest said as a first step requires the elimination of the annual Government deficit that is the direct cause of increased borrowing.He said, “Eliminating the deficit and getting to a lower debt burden are also vital to recreating the fiscal room to manoeuvre that is prudently required to allow the country to deal with unforeseen economic and other shocks, such as hurricanes, that may present themselves in the period ahead.”By: Llonella Gilbert (BIS) Related Items: Facebook Twitter Google+LinkedInPinterestWhatsApplast_img read more

SENIOR CENTER SPOTLIGHT Wilmington Senior Center Issues Scam Alerts

first_imgShare this:TwitterFacebookLike this:Like Loading… RelatedSCAM ALERT: Wilmington Senior Center Warns Of Social Security ScamIn “Government”HOT OFF THE PRESS: Read Wilmington Senior Center’s August NewsletterIn “Community”HOT OFF THE PRESS: Read Wilmington Senior Center’s June NewsletterIn “Government” WILMINGTON, MA — Below are two scam alerts published in this month’s Buzzell Buzz newsletter:Medicare Scam AlertIt has come to our attention that there several people in our community that have been receiv- ing calls stating it is extremely important to con- firm your personal information in order to con- tinue your health insurance coverage.Medicare or Medicaid would never randomly call you personally to make sure their information is correct.This is just a reminder never to give out your social security number or any personal account information over the phone.If you have any concerns, always feel free to contact the Senior Center at 978-657-7595.Social Security Scam AlertIf Social Security should call you to report you are no longer able to use your Social Security card due to fraud and to call them as soon as possible—this is a SCAM. Please do not respond. In speaking with the Lowell Social Security Office, they have been receiving many calls of concern and share they would not call to cancel anyone’s card.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.last_img read more

Mach waives financing condition for Transat acquisition

first_img Tuesday, June 25, 2019 Tags: Group Mach, Transat Share Posted by Travelweek Group center_img << Previous PostNext Post >> Mach waives financing condition for Transat acquisition MONTREAL — Group Mach Inc. has submitted an amended version of its proposal to acquire Transat today, removing conditions related to financing from the Government of Quebec.The group announced its non-binding agreement with the government, in connection with its formal proposal to acquire all issued and outstanding voting shares of Transat A.T. Inc., at a price of $14.00 cash per share to Transat’s Board of Directors.This entailed waiving a financing condition and the execution of support and voting agreements with the amended proposal, which only contains the following conditions:• Transat terminating its current process with Air Canada prior to entering into any definitive acquisition agreement with Air Canada;• The execution of a confidentiality agreement between Transat and Mach which includes a period of 30 days to complete due diligence and execute a definitive acquisition agreement between Mach and Transat during said period; and• The receipt of customary regulatory approvals, namely the review of the Amended Proposal by federal competition and transportation authorities (the “Key Regulatory Approvals”).More news:  Rome enforces ban on sitting on Spanish StepsOf note in regards to Key Regulatory Approvals, Mach, TM Grupo Inmobiliario and their subsidiaries do not carry on any activities in Canada in any of the segments of current activities of Transat. In particular, neither Mach nor TM or any of their subsidiaries operate an airline anywhere in the world. Mach shall preserve all existing operational activities of Transat post-closing of our proposed acquisition of Transat.last_img read more