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Senators approve raising of debt ceiling

Legislation to raise the debt ceiling by $600 million to $3.5 billion was approved by senators this morning.

Independent senator James Jardine said of the Government Loans Amendment (No 2) Act: “I understand the need to provide for that based on the events of the last year or so.”

He asked senator Vance Campbell, the Junior Minister of Public Works who read the Bill, whether a portion would be used to refinance Bermuda's debt.

Mr Campbell confirmed that it would.

Jarion Richardson, an Opposition senator, said that Bermuda was “on a razor's edge and we all need to row in the same direction”, but asked how any debt would be paid back with no economic stimulus.

Mr Campbell said there were plenty of “green shoots” of stimulus, referencing the Riddell's Bay Special Development Order, the Ottiwell Simmons Arbitration Centre, legislation aimed at improving the tourism product and one-year remote working regulations.

Two Bills amending the Trusts (Special Provisions) Act 1989 were also passed.

The Trust (Special Provisions) Amendment Act creates a greater legal “firewall” for trusts to ensure that Bermudian law is used for Bermudian trusts.

The Trusts (Special Provisions) Amendment (Number 2) allows the settlor of a trust to decide how property is disposed among their children.

All three Bills were passed without objection.

Progressive Labour Party senator Vance Campbell (File photograph by Akil Simmons)

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Published July 29, 2020 at 4:32 pm (Updated July 29, 2020 at 4:32 pm)

Senators approve raising of debt ceiling

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