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NASSAU, Bahamas, June 9, 2025 — The Commonwealth of the Bahamas (the “Government”) announced today the commencement of an offer to purchase for cash (the “Offer”) from each registered holder or beneficial owner (each, a “Holder” and, collectively, the “Holders”) its outstanding series of notes listed in the table below (collectively, the “Notes”) such that the maximum amount to be paid for the outstanding principal amount of each series of Notes validly tendered and accepted for purchase pursuant to the Offer, not including interest accrued and unpaid thereon, is to be determined by the Government in its sole discretion (such amount for each series, the “Maximum Purchase Price”). The terms and conditions of the Offer are set forth in the offer to purchase, dated June 9, 2025 (the “Offer to Purchase”).

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Source: Central Communications Unit, Ministry of Finance, The Bahamas

Date: June 5, 2025

Contact: MOFcomms@bahamas.gov.bs

In keeping with Section 61 of the Public Debt Management Act, 2021, the September 2024 public debt statistical bulletin (“PDSB”) represents the fifteenth centralized collection of and dedicated publication on public debt statistics in The Bahamas prepared by the Debt Management Office (the “DMO”) of the Ministry of Finance.

At end-March 2025, the stock of public sector debt was estimated at $13,110.9 million, which corresponded to a quarterly decline of $53.3 million (0.4%) since end-December 2024 and a $402.5 million (3.5%) expansion since end-June 2024. For the nine months to March, the central Government’s component grew by $394.9 million (3.5%) to $11,708.7 million , which equated to an estimated 73.4% of nominal GDP. 

By currency composition, foreign currency the Bahamian Dollar component expanded over the nine months to March 2025 by $485.6 million (6.9%) to $7,468.7 million, for 57.0% of the outstanding debt. Over the same period, foreign currency indebtedness posted a decline of $83.1 million (1.5%) to $5,642.2 million, which corresponded to a 2.0 percentage points reduction in share to 43.0%.

Quarterly movements in the creditor profile of public sector debt featured a contraction in external obligations of $91.5 million, with slightly more than half being attributed to a reduction in claims on financial institutions for a reduced 27.5% of the total. External obligations to multilaterals also declined by $36.7 million and to 23.7% of the total. With a marginal $5.3 million drop in exposure, the dominant private capital markets’ share firmed slightly to 48.1%, while the steady run-off in liabilities to the single bilateral creditor left its share unchanged at 0.7%.

Public sector domestic debt operations featured a $83.5 million quarterly boost in indebtedness to commercial banks and a firming in share to 38.7%. Comparatively smaller gains were posted for both liabilities to the central government ($8.1 million) and public corporations ($1.4 million), with corresponding proportions to the total of 4.2% and 8.3%. In significant offsets, debt owing to the Central Bank and the private sector receded by $38.9 million and $15.9 million, for lowered shares of 12.5% and 36.3 %, respectively.

Dissemination of timely, consistent, comprehensive, reliable and internationally comparable public debt statistics represents a key element of the Government’s commitment to promote accountability and transparency in debt management activities.

The Ministry invites domestic and international stakeholders to visit the national Budget Website (www.bahamasbudget.gov.bs) to view the various published reports.

Source: Ministry of Finance, The Bahamas

Date: May 29, 2025

Contact: Financemail@bahamas.gov.bs

In accordance with the Public Finance Management Act, 2023, the Ministry of Finance has published the 2025 Fiscal Strategy Report (2025 FSR) on the Ministry’s Budget website.

This report serves as the annual update of the Government’s medium-term fiscal framework, which informs the FY2025/2026 national budget and annual borrowing strategy, grounded in the macroeconomic forecasts, fiscal objectives, and policies outlined therein.

Revenue is forecasted to improve steadily over the medium term, supported by strong economic fundamentals, ongoing tax administration reforms, and the rollout of the Domestic Minimum TopUp Tax. While revenue collections are projected to reach a revised 23.6 percent of GDP in FY2025/2026 or $3.9 billion, they are expected to grow to 25.0 percent over the subsequent three fiscal years. Preliminary data for the first nine months of FY2024/2025 show revenues at $2.5 billion, up $266.3 million over the same period last year.

Expenditure forecasts reflect the Government’s focus on efficiency and sustainability. Recurrent spending for FY2025/2026 is projected at $3.4 billion – a steady 20.8 percent of GDP with a slight increase to 21.0 percent of GDP through FY2028/2029. Investments are targeted towards healthcare, education, and social support. Capital expenditure is forecasted at a stable 2.3 percent of GDP for FY2025/2026 and onwards, with infrastructure priorities including roads, health facilities, airports, and housing, being largely financed through public-private partnerships and semi-concessional external loans.

The Bahamas’ debt-to-GDP ratio is projected to decline from 71.4 percent in FY2024/2025 to 57.5 percent by FY2028/2029, in line with Government’s ongoing debt management strategy.

The release of the 2025 Fiscal Strategy Report reaffirms the Government’s commitment to the fiscal principles of accountability, intergenerational equity, responsibility, stability, transparency, and inclusive growth.

The Ministry invites and encourages the public to visit the national Budget Website (www.bahamasbudget.gov.bs) to view the various statistical reports available to the public.