The Bahamas: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for The Bahamas

International Monetary Fund

No 2020/191, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights The Bahamas’ Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic comes on the heels of the widespread destruction caused by Hurricane Dorian in September 2019. Coupled with domestic containment measures, the collapse in tourism will cause a deep recession. The Bahamian authorities have taken timely and targeted measures to boost health spending and mitigate the socioeconomic impact of the pandemic, supporting jobs and vulnerable segments of the population. The disbursement under the RFI will help boost resources for essential COVID-19-related outlays, strengthen reserves, and catalyze additional support from other international financial institutions, development partners, and the private sector. In order to address the urgent fiscal needs, the central bank will on-lend the disbursement to the Ministry of Finance. The IMF staff is confident that the authorities will pursue appropriate policies for alleviating the impact of the pandemic, based on the country’s strong track record. The Bahamas is assessed to have sustainable debt and adequate capacity to repay the IMF.

Keywords: ISCR; CR; government of The Bahamas; foreign exchange market outlook; Dorian; financial support; request for emergency; reform agenda; Executive Board's discussion of The Bahamas; hurricane expenditure; revenue collection; Credit; COVID-19; Loans; International reserves; Global; Caribbean (search for similar items in EconPapers)
Pages: 37
Date: 2020-06-05
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=49489 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2020/191

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().