Financial Services Industry Receives First Cabinet Posting by New Bahamian Government

Newly elected Bahamas Prime Minister, the Honorable Perry G. Christie has reinforced his party's strong support for the country's financial services industry by naming former Ambassador for Investment and Trade James Smith as Minister of State within the Ministry of Finance, his government's first Cabinet appointment.

Prime Minister Christie's Progressive Liberal Party (PLP) defeated the Free National Movement in the May 2 general election winning 29 of 40 seats in the House of Assembly.

Minister Smith, a former Governor of the Central Bank of The Bahamas, was sworn in on Monday May 6 with special responsibility for day-to-day fiscal affairs, budgetary planning and the financial services industry.

"This sends the strongest possible signal to the banking and business community, and to foreign investors, as to how fully committed we are to working in the spirit of partnership with them to spur economic growth and responsible management of our fiscal resources,"said Prime Minister Christie.

A former Permanent Secretary and Secretary for Revenue in the Ministry of Finance during the first PLP government, Minister Smith also served as Alternate Governor for The Bahamas with the International...