An International Monetary Fund (IMF) team led by Jarkko Turunen visited The Bahamas from December 7-13, 2016, to update the economic and financial outlook following Hurricane Matthew. The team reports that despite significant damage by Hurricane Matthew, growth is expected to resume next year, supported by construction activity and work toward completion of Baha Mar resort. Also noted was that (a) further fiscal consolidation, including more determined efforts to rationalize spending, remains critical for rebuilding fiscal and external buffers; and (b) high unemployment and the high volume of non-performing loans continues to dampen private sector credit and economic activity.
Mr. Turunen issued an official statement at the conclusion of the mission.
While in The Bahamas , the mission met with the Honorable Michael Halkitis, Minister of State for Finance, Mr. John Rolle, Governor of the Central Bank of The Bahamas, other senior government officials and representatives of the private sector.
