NASSAU, BAHAMAS – Government is concerned over the potential impact Hurricane Dorian’s devastation may have on this nation’s sovereign credit rating, Deputy Prime Minister K Peter Turnquest said yesterday.
Turnquest told reporters outside Cabinet it is important to get the business community back up and running quickly.
“Obviously in any circumstances like this where you are losing a significant portion of your GDP there is concern,” he said.
“However as the Central Bank governor would have confirmed we do believe that the pace of investment through the rest of the country will continue to move forward. The investments in Grand Bahama continue to move forward, the hotel deal continues to be negotiated and so we expect that to close.
Turnquest continued: The Abaco community itself, the investors are eager to get back and do their clean up work and get back in operation. The local business community, despite the rumors are also very eager to get back and have the opportunity to start rebuilding their properties.
“We anticipate that within a reasonable period to time we will see a rebirth and the businesses come on stream. Yes we have to be concerned because as the revenue drops as a result of the storm, expenditure rises in response to all of the needs both social and infrastructural costs.
He added: “We are trying to mange these things very actively to keep them in front of us to ensure that we are planning appropriately and responding as we see circumstances develop.”
Government estimates it could lose around $200 million in revenue as a result of Hurricane Dorian’s impact on the economies of Abaco and Grand Bahama.