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Source: Ministry of Finance, The Bahamas

Date: July 09, 2025

Contact: Financemail@bahamas.gov.bs

Section 13 of the Public Debt Management Act, 2021 mandates that the Minister of Finance ensure the publication of the government’s annual borrowing plan (ABP)—outlining the government’s projected borrowing needs, as contained in the approved annual budget, and including the categories and nominal amounts of debt instruments to be issued.

In compliance with these statutory requirements, and aligned with the broader debt management objectives, the FY2025/26 ABP aims to meet the government’s borrowing needs at the lowest possible cost, while effectively managing risk. According to the approved FY2025/26 budget, the government estimates gross financing needs (GFN) of $1,116.0 million—comprising $1,191.5 million designated for refinancing maturing debt securities and loans, and offset by the $75.5 million budget surplus.

The overall borrowing plan focuses on extending the average maturity of the debt to reduce liquidity and refinancing risk, while balancing cost and risk in the debt portfolio. The approach includes refinancing maturing Bahamian dollar-denominated securities through new issuances, accessing semi-concessional loans from multilateral lenders, and exploring liability management initiatives, where feasible.

Against the backdrop of prevailing global and domestic financial conditions, the government plans to raise approximately $579.4 million (51.9 percent) of the GFN in Bahamian Dollars, $228.0 million (20.4 percent) domestically in foreign currency representing a rollover of the promissory note arrangement with the Central Bank of The Bahamas for the FY2022/23 SDR borrowings, and $308.6 million (27.7 percent) in foreign currency from multilateral sources. The latter comprises $265.0 million in new loans from International Financial Institutions (IFIs), alongside an estimated $43.6 million in drawings on existing IFI facilities.

Although the FY2025/26 ABP does not include any international bond issuance, the government intends to proactively monitor market conditions to evaluate potential liability management opportunities.

The government views the ABP as a key component of its commitment to fiscal accountability and promoting transparency and borrowing predictability in debt operations, and invites the public to visit the national Budget Website (www.bahamasbudget.gov.bs) to access the FY2025/26 ABP and other fiscal and debt reports.

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.