Projected $3.4 Billion In Costs For Bahamas
“The Bahamas may need to tap international debt markets as it confronts the steep cost of recovering from the most destructive hurricane ever to hit the islands,” according to a report from Bloomberg.
The report said, “The government will probably borrow about $500 million in coming months as it deals with the roughly $3.4 billion in losses and damages from Hurricane Dorian, said K. Peter Turnquest, the Caribbean nation’s finance and deputy prime minister. The government is weighing options for how it will raise the debt, with some combination of an international bond sale and local borrowing likely, he said.
“In pure dollar terms this is absolutely the worst possible outcome and worst loss that we’ve ever seen,” Turnquest said in a telephone interview. “It is presenting a monumental challenge not only in terms of meeting reconstruction needs and costs but also for rebuilding in a way that is resilient and that will meet the anticipated frequency and severity that is being predicted as a result of this climate crisis.”
You can read the full story here on Bloomberg.
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