Coins and banknotes are the only form of legal tender.

The whole world is shutting down oil wells and at the same time in the Bahamas we want to drill for oil? The whole world is moving away from oil with electric vehicles. And some people think we are still in the 70s. Apart from the executives of this company, nobody will benefit from this venture.

Why not increase the import tax from all these EU countries who blacklist us?

All we need now is a big oil spill on our beaches. That will keep the tourists from ever returning to our shores.

There is a place as beautiful as the Bahamas called the Cayman Islands with a much lower crime rate, better education etc. where wealthy expats and entrepreneurs have been relocating to, from the Bahamas for quite some time. They also have lower taxes than the Bahamas. So not only does this demonstrate the theory about higher taxes being good for the economy of Mr. Allen to be incorrect, but if we increase our taxes the exodus to the Cayman will only get worse.

Does anyone really believe that this new loan from the IMF will ever be paid back? There is now way the Bahamas will ever run a $250 million budget surplus to return the funds to the IMF. It would be better for government to cut costs. When you are in a dire financial situation, the worse you can do is to get deeper into debt.

Dear Mr. Allen,
The last thing we need now are news taxes and people promoting their own agenda by advocating socialist policies. It would be well known if countries could tax their way to prosperity.
VAT contrary to what you say is well fitted for the Bahamas as it is collected by the private sector. This has the advantage that the cost burden is not on the government and that it is collected efficiently contrary to other taxes collected by the government. Also, breadbasket items are VAT exempt so that the poor can purchase what they need to live.
If wealth taxes, income taxes etc. were instituted as you suggest, most rich persons would flee the island and the rich who remain would finds ways around it, so that these new taxes would fall on the middle class, which would be wiped out in a few years. Warren Buffet clearly explained that when he stated that he paid a lower tax rate than his secretary.
In any event I do not see how increasing taxes to hire more civil servants or awarding overpriced construction contracts to political cronies is going to make Bahamians richer.
The coming austerity is the result of previous governments having run enormous budget deficits funded by debt so that inevitably there comes a time when government bond holders begin to wonder if they will ever be repaid. Furthermore, any government spending for a fiscal stimulus is limited, as our foreign reserves are running on empty. The only way to replenish these reserves is by attracting foreign investors and they will not come back if the Bahamas goes socialist as you suggest.
If you want the Bahamas to thrive, I suggest you look at Dubai or Monaco as models, not the French model. Just ask the Yellow vests if you don’t believe me.

Ignore it, the failed experiment of the EU will be nonexistent in 10 years

The Bahamas needs to put an additional 25% import tariffs on all EU goods to compensate for the loss of business this will create.

Banker, how would a devaluation resolve any problem this country faces? Devaluations are made to help exports. The Bahamas is not an exporting country. However a 50% devaluation = a 50% increase in all prices. No sure the government wants to go this route. Better to restrict foreign purchases and wait for things to get back to normal.