After Hurricane Matthew devastated The Bahamas last week, Prime Minister Perry Christie has announced the government’s intention to issue a hurricane recovery and reconstruction bond as well as duty free sanctions on relief items.
During a national address this past Sunday, Mr. Christie said based on the assessment throughout New Providence, Grand Bahama and other islands something must be put in place to facilitate those who have lost almost everything.
Hurricane Matthew made landfall in The Bahamas on October 5.
While storming through The Bahamas it devastated Andros, New Providence and Grand Bahama leaving many without homes, power, water and other essential services.
“We will require the banks to participate in that offering. The financial secretary is in discussions as we speak and we’ve had discussions with the Chamber of Commerce so we can have a shared vision of what that money will be used for,” Prime Minister Christie said.
“It has to be recognized that we provide exonerated press one jock. Custom duties are waived in which people are able to being in duty free items.”
The initial response to the concept has been very favorable.
The government will also work with local vendors to supply goods.
The order will include building materials, furniture, vehicles, and in the future, other items.
Furthermore, innovative avenues for hurricane expenditure to raise funds must also be brought to the table.
“I have determined with the help of the financial secretary that we need a new financing bond to deal with hurricane expenditure,” Mr. Christie said.
“In the past, we have taken away from all ministers’ budget allocations to finance hurricane relief and we have restructured the approach to raising funding through private sector involvement.”
The prime minister also announced that the responsibility to handle the aftermath of disasters could no longer fall on the shoulders of the head of the National Emergency Management Agency (NEMA).
With this in scope Labour Minister Shane Gibson was revealed as the individual directly responsible for restoration.
“He would have the direct responsibility answerable to me for overseeing what is taking place in the country ,” Mr. Christie said.
“We need his proactive skills in getting things done quickly and effectively.”
Mr. Gibson gave the assurance however that all impacted areas in the country will be given equal attention.
“We have a tremendous task ahead of us which will require the removal of territorial boundaries that often exist between Government Ministries and Departments,” he said.
“We are working towards one goal, the full restoration of our impacted islands in the shortest possible time.”
The estimated damage brought by Hurricane Matthew will be two to three times more than what was spent in the aftermath of Hurricane Joaquin, according to government officials.
Prime Minister Christie said The Bahamas is not going to be broken or bowed by this once it works together.
