Economic Recovery Project Management Office

“The Economic Recovery Plan proposes a governance structure that will see the creation of a dedicated Economic Recovery Project Management Office,” Premier David Burt said in the House of Assembly today [March 5].

The Premier said, “Following an assessment of Bermuda’s past performance & current state and with detailed input from all Ministries and the broadest possible stakeholder groups, an Economic Recovery Plan has been devised to renew this economy. The Economic Recovery Plan focuses on the implementation of 30 key initiatives that will boost economic growth resulting in increased employment.

“Seven key themes emerge from this plan and it is in these key areas that the economic recovery will be driven:

• 1. “Economic diversification – diversifying Bermuda’s economy through growth of new industries, targeting external finance multipliers, separate from a government commitment, energizing the private sector to invest and by allowing individual Bermudians themselves to also invest so that the broadest range of Bermudians can benefit.

• 2. “Financial markets – making financial markets work better for businesses and consumers, principally through the lowering of interest rates and supporting the diversification of the banking sector.

• 3. “Infrastructure investment – we must build critical new infrastructure and enhance our existing systems, including urgent attention to water and waste management.

• 4. “Expanding the resident population – the success of the one year Work From Bermuda certificate, the repatriation of Bermudians due to the Repatriation & Mixed Status Families Act, and the delivery on the promise to introduce the Economic Investment Certificate demonstrate both the demand and the priority of achieving positive net migration thereby driving growth through the expansion of the working population.

• 5. “Labour Market and social development measures- as we continue to deliver on the promise of education reform, the full impact of economic recovery will depend on delivering skills, employment and living wages for workers in Bermuda’s future economy.

• 6. “Healthcare – the introduction of affordable universal healthcare and the Bermuda Health Plan will lead the much-needed reform of healthcare delivery in Bermuda

• 7. “Regulatory Framework – the global reach that Bermuda needs comes with global obligations and requires a supportive legal and regulatory framework to encourage the growth of emerging industries.

“On March 16th, the Honourable Minister of Finance will table for the information of Honourable Members and the public the detail of the Economic Recovery Plan. However, Mr. Speaker, I can advise this Honourable House that initiatives include:

• Lowering interest rates to reduce mortgage costs

• Boosting the development of approved residential schemes in the economic empowerment zones

• Implementation of affordable universal healthcare

• The development of a ‘fit for purpose’ water & waste treatment facility; and

• Creation of a National Digital Bank for Bermuda.

“The Economic Recovery Plan proposes a governance structure that will see the creation of a dedicated Economic Recovery Project Management Office,” the Premier added.

The Premier’s full statement follows below:

Mr. Speaker, in his Statement in Support of the Estimates of Revenue and Expenditure for the Fiscal Year 2021/22, the Honourable Member, the Minister of Finance, captured the essence of the critical nature of rebuilding this economy.

Without exception, the world in 2021 is consumed by managing the impact of the Covid-19 Pandemic in the arena of public health but equally as important is restoring the economic health of communities and countries.

Mr. Speaker, following an assessment of Bermuda’s past performance & current state and with detailed input from all Ministries and the broadest possible stakeholder groups, an Economic Recovery Plan has been devised to renew this economy. The Economic Recovery Plan focuses on the implementation of 30 key initiatives that will boost economic growth resulting in increased employment.

Mr. Speaker, seven key themes emerge from this plan and it is in these key areas that the economic recovery will be driven:

• 1. Economic diversification – diversifying Bermuda’s economy through growth of new industries, targeting external finance multipliers, separate from a government commitment, energizing the private sector to invest and by allowing individual Bermudians themselves to also invest so that the broadest range of Bermudians can benefit.

• 2. Financial markets – making financial markets work better for businesses and consumers, principally through the lowering of interest rates and supporting the diversification of the banking sector.

• 3. Infrastructure investment – we must build critical new infrastructure and enhance our existing systems, including urgent attention to water and waste management.

• 4. Expanding the resident population – the success of the one year Work From Bermuda certificate, the repatriation of Bermudians due to the Repatriation & Mixed Status Families Act, and the delivery on the promise to introduce the Economic Investment Certificate demonstrate both the demand and the priority of achieving positive net migration thereby driving growth through the expansion of the working population.

• 5. Labour Market and social development measures- as we continue to deliver on the promise of education reform, the full impact of economic recovery will depend on delivering skills, employment and living wages for workers in Bermuda’s future economy.

• 6. Healthcare – the introduction of affordable universal healthcare and the Bermuda Health Plan will lead the much-needed reform of healthcare delivery in Bermuda

• 7. Regulatory Framework – the global reach that Bermuda needs comes with global obligations and requires a supportive legal and regulatory framework to encourage the growth of emerging industries.

Mr. Speaker, the thirty [30] key initiatives have been identified following an assessment of numerous policy proposals. These proposals were assessed using three basic metrics: economic impact, fiscal impact and implementation complexity.

Mr. Speaker, On March 16th, the Honourable Minister of Finance will table for the information of Honourable Members and the public the detail of the Economic Recovery Plan. However, Mr. Speaker, I can advise this Honourable House that initiatives include:

• Lowering interest rates to reduce mortgage costs

• Boosting the development of approved residential schemes in the economic empowerment zones

• Implementation of affordable universal healthcare

• The development of a ‘fit for purpose’ water & waste treatment facility; and

• Creation of a National Digital Bank for Bermuda.

Mr. Speaker, Public Officers have been doing more with less for a decade and the strains on them personally and professionally are real and would be exacerbated by superimposing yet another task on the vital core functions they perform every day in support of this country. In the midst of all that must be done in the vein of economic recovery, mail must still be delivered, roads must still be paved and legislation must still be drafted and critical government services provided. With the decision to defund vacant but funded posts, there will be a genuine shortage of personnel to deliver on business as usual, never mind additional measures for implementation.

Mr. Speaker, as the Honourable Minister of Finance said last week, “the Government knows that a good plan poorly executed can be worse than no plan at all.” It is clear that the scope of the identified priority projects and initiatives will require a dedicated project management office, comprised of a team of individuals with the experience and skill-sets necessary to take good ideas from the pages of an Economic Recovery Plan and execute on them in the name of creating the recovery Bermuda demands.

Therefore, Mr. Speaker, the Economic Recovery Plan proposes a governance structure that will see the creation of a dedicated Economic Recovery Project Management Office. This team will require proven experience in planning, stakeholder management, budget and resources management, quality assurance and risk management, knowledge management and a clear understanding of various public and private delivery models. It will be necessary to bring to the fore our best and brightest, from the public and private sectors and potentially from an international talent pool. The urgency of this mission is such that we must be determined to secure the right team.

Mr. Speaker, reporting to the Cabinet Committee on Economic Development, the Economic Recovery Project Management Office will have one mission: to ensure the effective implementation of the 30 highest priority economic policies that provide a clear path to growth, employment and greater economic equity. The work in fulfilling this mission will be supported by all Ministries and Government Quangos.

Mr. Speaker, this dedicated Project Management Office will work closely with the Department for Economic Development who are leading on the execution of policies that cross ministries. In addition to monitoring the successful implementation of policies, there will be regular reporting on the overall implementation status, risks and resource requirements.

Needless to say, Mr. Speaker, the Ministry of Finance will play a critical role in implementation by regularly updating the economic model underpinning the economic recovery plan and determining the impact of the Plan on related processes such as the budget and investor management. On this and other related activities, the Ministry will be asked to report monthly to the Cabinet Committee on Economic Development.

Mr. Speaker, this is work that cannot wait. The Government’s role is to create the conditions in which economic recovery can occur; not just the traditional recovery of business that often follows economic downturns, but the recovery of families and hard-working people whose labour also drives this economy and to whom we pledged in the last election, would become owners in this economy.

As the Honourable Member, the Minister of Finance noted last week, we are set now on a clear path to recovery and the Government will provide the leadership demanded in these times to ensure that path is smoothed by effective and equitable implementation of an agenda for economic renewal.

Thank You, Mr. Speaker.

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