Hashtag: #BermudaDebt
Debt Service Costs Projected At $121.4 Million
“Debt service costs for 2020/21 are projected at $121.4 million,” Minister of Finance Curtis Dickinson said as he delivered the 2020 Budget, with gross public debt estimated to stand at $2.717 billion as of March 31, 2021. The debt service costs will equate to approximately $2.3 million per week, or around $332,000 per day. The Budget report... Read more of this article
Govt: 2019/20 First Quarter Fiscal Performance
The Ministry of Finance today [Sept 17] reported on the 2019/20 First Quarter Fiscal Performance. 2019/20 First Quarter Fiscal Performance: A Government spokesperson said, “The headline numbers for the 2019/20 National Budget was: a revenue target of $1,118.5 million; current expenditure of $1,046.4 million, including debt service; capital expenditure... Read more of this article
Govt To Raise Debt Ceiling Due To Morgan’s Point
[Updated with PDF & Video] The Government will raise the debt ceiling to cover the liabilities triggered by the defaults in relation to the Morgan’s Point project, Minister of Finance Curtis Dickinson announced today. The previous administration had provided a guarantee of up to $165 million for the Morgan’s Point project, which has... Read more of this article
Debt Calculated From $2.4 Billion To $3.8 Billion
Bermuda’s most recent debt has been calculated at amounts ranging from $2.4 billion to $3.8 billion, with the first figure reflecting “the amount of debt borrowed less the monies in the sinking fund” and the second indicating the “difference between a government’s liabilities and financial assets.” $3.6 Billion Figure According... Read more of this article
Meetings In Boston On Govt’s Debt Refinancing
Premier David Burt, Finance Minister Curtis Dickinson, Financial Secretary Anthony Manders, and HSBC Bermuda Head of Corporate Banking Neville Grant are ‘on the road’ in Boston, speaking to investors regarding the Government’s debt refinancing. Premier Burt tweeted the photo below, saying: “On the road in Boston with Finance Minister... Read more of this article
Moody’s Affirms Bermuda’s A2 Ratings
[Updated] Premier and Minister of Finance David Burt announced that ratings agency Moody’s Investors Service [Moody’s] has affirmed Bermuda’s A2 issuer ratings and its A2 senior unsecured bond ratings. The outlook remains stable. Premier Burt stated, “According to Moody’s, the key drivers for the rating affirmation are our economic... Read more of this article
Govt’s Loan Facility With Bank Of Butterfield
The Government is executing a $135 million 18 month loan facility agreement with the Bank of Butterfield, Premier and Minister of Finance David Burt said, adding that “it must be noted that at this time Government has not borrowed $135 million but only is arranging a facility in place to borrow up to this amount.” Speaking the House of Assembly... Read more of this article
Govt: 2017/18 First Quarter Fiscal Performance
The Ministry of Finance today [Aug 24] reported on the 2017/18 First Quarter Fiscal Performance, saying that revenues for the first quarter ending June 2017 are $249.9 million; current account expenditures, excluding debt service, for the first three months ending June 2017 are $232.3 million; and gross debt at the end of June 2017 stood at $2.494 billion. 2017/18... Read more of this article
Fiscal Responsibility Panel Annual Assessment
The Minister of Finance today [Dec 12] released the second annual Assessment Report of the Bermuda Fiscal Responsibility Panel. In the 2015 Budget Statement, the Minister announced the intention to establish a Fiscal Responsibility Panel in order to “increase transparency and international credibility, Government intends to establish an international,... Read more of this article
Column: Airport Project Video Was ‘Misleading’
[Opinion column written by Craig Mayor] On October 31, the Ministry of Finance [MoF] released its video “The Best Option For Bermuda” that describes why the Government to Government [G2G] option is the best option for the Airport. The video uses slides with text to clearly state the advantages and disadvantages of the EBA [repair Wade] and G2G [build]... Read more of this article
Ministry: 2016/17 First Half Fiscal Performance
The Ministry of Finance today reported on the 2016/17 First Half Fiscal Performance and provided an updated Economic Review for 2016, saying that revenues for the six months ending September 2016 are $491.9 million; while current expenditures, excluding debt service, for the first six months ending September 2016 are $471.8 million. The full statement... Read more of this article
Videos: Minister Bob Richards On Refinancing
“The Government has taken the opportunity to not only finance the fiscal 2016/17 budget deficit of $199.4 million, but also to refinance a $200m, 5.0% loan facility,” Minister of Finance Bob Richards said today. “The refinancing of the $200m, 5.0% loan facility, due in 2017, will now result in interest savings of $1.8 million for the... Read more of this article
