Column: Island On Path Of Economic Recovery

May 19, 2022

[Opinion column written by MP Jache Adams]

All of Bermuda, regardless of political orientation, should be encouraged by the news that rating agency Standard & Poor’s [S&P] has reaffirmed Bermuda’s:

  • A+ Sovereign Credit Rating
  • A-1 short term rating
  • AA+ transfer and convertibility assessment and,
  • Maintained Bermuda’s Credit Rating outlook as “stable”

Often, the work of our government is disparaged, undermined, and ridiculed by those with political biases and agendas; however, this rating and commentary by S&P, the world’s leading provider of independent credit ratings cannot be dismissed, nor can it be ignored.

I understand that no government policy will receive universal support and appreciate that everyone is entitled to their opinion. As a country we should feel very proud that S&P stated in their report that “the economic recovery is underway in Bermuda and will continue during the forecast horizon”. It is further reassuring to note that they “believe the territory can and is willing to implement reforms to ensure the long-term sustainability of public finances”.

The Government’s hard work and vision have been validated as our maintenance of Bermuda’s Credit Rating attests the continuance of our economic stability and the growth of our international business sector. Despite the economic carnage wrought by the Covid-19 pandemic and despite bias and political attacks, your PLP government is managing our economy prudently, responsibly, and with an inclusive approach that is working.

These are the facts. We are meeting our fiscal targets. We have met the aggressive debt targets laid out in the Bermuda Economic Recovery Plan. We are appropriately managing taxpayer funds and fulfilling our campaign promises. We continue to advance ideas that will grow our economy to the benefit of the people of Bermuda.

While Covid has had a profoundly negative impact on our progress, the Government remains committed to the difficult balance of continuing to operate within its means while advancing a socially conscious agenda. This is demonstrated by initiatives such as the unprecedented relief provided to Bermudian workers and businesses, the cutting of payroll taxes for those earning less than $96,000 annually, the slashing of vehicle licensing fees. You see it in the freezing of fuel prices and our continuing efforts to tackle the cost of living. These, along with the steady increase in tourism numbers and spending, are reasons for hope and optimism.

Your government recognizes that more work needs to be done, and more will be done to address the challenges caused by global inflation and the after-effects of a once-in-a-century pandemic. Your PLP Government remains connected to our community and will continue to advance policy initiatives that ease the pressure on struggling Bermudians, expand opportunities, and break down impediments to Bermudians success. We encourage Bermudians to remain steadfast as our island continues on the path of economic recovery.

- MP Jache Adams, Constituency 19 – Pembroke West


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Comments (4)

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  1. Ringmaster says:

    Economic recovery would be helped by the PLP getting out of the way and stop creating problems. Get rid of the TA to start with. It has no medical purpose and as stated by the Premier is there to gather revenue. Getting rid of it would almost certainly mean more visitors, more money spent than the TA revenue. So who is it benefitting? Not Bermudians as a whole. Update the quarantine restrictions too.

  2. sandgrownan says:

    Jache Adams doesn’t actually understand those ratings, and how meaningless they are to normal people.

    One only needs to look at Bermuda’s published rate of inflation to understand there’s a sleight of hand going on, or more likely, just plain old lying. If the PLP Government cannot report data accurately and truthfully then anything else they say is suspect.

    Roads are a mess, trash isn’t collected, mail isn’t delivered, buses don’t run, ferries are cancelled due to lack of funds. Basic public services are failing. We have a bloated civil service and a declining tax base that can no longer support it. I can’t even pay my boat license fees because “systems are down” and there’s “no idea when they’ll be back up”.

    Bermuda is broke. There is no economic recovery plan, none, nothing. The debt will never be re-paid. We are, and our grandchildren, are shackled to PLP debt.

  3. watching says:

    MP Adams is definitely a shining light in the PLP and I look forward to his ascension into Cabinet and perhaps beyond.

  4. trufth says:

    Wait, what island are we talking about?