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Ministry: 2016/17 First Quarter Fiscal Performance

Ministry: 2016/17 First Quarter Fiscal Performance

The Ministry of Finance provided information today on the 2016/17 First Quarter Fiscal Performance. “The headline numbers for the 2016/17 National Budget were: a revenue target of $996.9 million; current expenditure of $1.11 billion, including debt service; capital expenditure of $87.3 million; and a projected deficit of $199.4 million,”... Read more of this article

Moody’s Downgrades Bermuda’s Rating To A2

Moody’s Downgrades Bermuda’s Rating To A2

Moody’s Investors Service has downgraded Bermuda’s issuer and senior unsecured ratings to A2 from A1, and said the outlook remains stable. In response to the downgrade, Minister of Finance Bob Richards said, ”Given the momentum we continue to gain in reducing the deficit, as outlined in the government medium-term expenditure framework,... Read more of this article

PwC Release 2016 Budget Highlight Summary

PwC Release 2016 Budget Highlight Summary

Following the delivery of the 2016/17 Budget this morning [Feb 19] by Minister of Finance Bob Richards, PwC Bermuda released a highlight summary sheet. Tom Miller, Managing Director, PwC Bermuda, said, “The Minister points out that there are many people still not yet feeling the economic recovery and the tax burden will need to be restructured... Read more of this article

Finance Ministry On 2015/16 Budget Performance

Finance Ministry On 2015/16 Budget Performance

The Ministry of Finance today reported on nine months of fiscal performance to December 2015 saying they believe the “deficit for fiscal year 2015/16 will be approximately $213 million, slightly better than its original estimate of $220 million.” The statement said, “The headline numbers for the 2015/16 National Budget is as follows: a... Read more of this article

Column: Debt ‘Redline Day’ Three Years Closer

Column: Debt ‘Redline Day’ Three Years Closer

[Opinion column written by Larry Burchall] In early February 2015, months before the Minister for Finance announced the $200 million two year Loan Facility from Butterfield Bank, I wrote that we should not go borrowing again. After all, we had just borrowed $800 million in 2013. I saw that we had failed to grab control of spending and the future national... Read more of this article

Burt: ‘We Have To Return Economy To Growth’

Burt: ‘We Have To Return Economy To Growth’

When the Government borrowed the $800 million the Finance Minister said that it would last for three years and “already he is coming back saying that we need to borrow additional funds” which means “the Government’s economic plan is not working,” Shadow Finance Minister David Burt said “They were planning on growing the economy... Read more of this article

Minister: Govt Arranges $200 Million Loan Facility

Minister: Govt Arranges $200 Million Loan Facility

[Updated] The Bermuda Government will be executing a $200 million loan facility agreement with the Bank of NT Butterfield, Minister of Finance Bob Richards in the House of Assembly today [July 17], saying that when this facility is fully drawn Bermuda’s gross debt will stand at $2.385 billion. Minister Richards said, “Members will recall... Read more of this article

Net Public Debt At End Of Year: $1.768 Billion

Net Public Debt At End Of Year: $1.768 Billion

Net Public Debt, which excludes guarantees and is net of the Government Borrowing Sinking Fund, increased by $291.6 million during fiscal 2013/14 and stood at $1.768 billion at the end of the year representing a 19.7% increase, Minister of Finance Bob Richards said in the House of Assembly on Friday [May 15]. These figures were released as the Minister... Read more of this article

“Go To Markets Before The End Of Fiscal Year”

“Go To Markets Before The End Of Fiscal Year”

Finance Minister Bob Richards said Bermuda will have to borrow money again this year, and while the exact amount we will be borrowing is unclear, the Minister did confirm that we will need to “go to the markets before the end of this fiscal year.” In 2013 the Government borrowed $800 million which they said was “anticipated to cover... Read more of this article

Opinion: Larry Burchall On “27 Missing Words”

Opinion: Larry Burchall On “27 Missing Words”

[Opinion column written by Larry Burchall] There are 27 missing words that could have and that still can make a big difference. Those missing words have been a major contributor to the mess that Bermuda is in today. Between 1st April 2004 and 16th December 2013, two Bermudian individuals – politicians both – created a $2,705 million mountain... Read more of this article

Ministry Releases MidYear Economic Review

Ministry Releases MidYear Economic Review

[Updated with PLP response] Saying it is in “accordance with Government’s commitment to effect ongoing improvements in transparency and it’s reporting on the fiscal and economic affairs of the country,” the Ministry of Finance today [Aug 21] reported on the 2014/15 First Quarter Fiscal Performance and provided a Mid-Year Economic Review... Read more of this article

Burchall: “Over The Hurdle, Into The Wall”

Burchall: “Over The Hurdle, Into The Wall”

[Opinion column written by Larry Burchall] By December 2017, that $800 million that Government borrowed in December 2013, plus the $396 million ‘fluff money’ left over and put in between 2012 and 2017, will have been used up. April 1st 2017 will find the Bermuda Government beginning a scramble for millions to get through to FY 2020/21 and, particularly,... Read more of this article

Larry Burchall: “When The Money Runs Out”

Larry Burchall: “When The Money Runs Out”

[Opinion column written by Larry Burchall] Nine days before Christmas 2013, Minister for Finance Bob Richards completed borrowing $800 million. Most people probably thought that was a lot of money. However, that $800 million will be gone before Christmas 2017. In fact, less than six months after 16th December 2013, by 11th June 2014, more than half... Read more of this article