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The Fiscal Responsibility Panel report reviewed the evolution of the all-important debt/revenue ratio under different scenarios — and also included a projection based on the recommendations of the Tax Reform Commission being implemented by Government...

An increase in taxes is far more likely to be in our future than meaningful cuts to government expenditures, with the exception of government’s intention to trim expenses by identifying more efficient ways of delivering on its obligations. The island...

The Auditor-General said today there were two reasons why her audit opinion to the Government for its 2017-18 accounts was qualified. Heather Thomas explained there was insufficient evidence for $10.3 million of capital development and a “critical” v...

Bermuda is preparing to sell at least $500 million in new notes next week, the Latin Finance website reported. The manoeuvre is aimed at refinancing government debt in an effort to lock in a favourable interest rate, while also meeting additional bor...

The Government of Bermuda has announced tender offers for up to $424 million of its debt. This means that the Government has offered to return principal to creditors early, at a certain price and time. The offer applies to all of its 5.603 per cent n...

The Bermuda Government’s finances are tracking broadly in line with budget estimates for the first six months of the fiscal year. For the six months ending September 30, the Government’s total expenditure was $584.3 million, just under 50 per cent o...

High interest rates and massive fees are not tackled in new legislation designed to crack down on loan sharks, lawyers have said. A list of “significant concerns” was outlined by John Hindess of legal firm Marshall, Diel & Myers in a submission to th...

The Bermuda Government will borrow an extra $90 million in 2018-19 and put back the date to balance the budget by another year. David Burt’s maiden Budget yesterday focused on economic stimulation at the expense of austerity. One of the results is th...

Nathan Kowalski, Financial Ramblings from the Rock What follows are my thoughts on the 2018/19 pre-Budget report policy options recently released by the Government, considering a set of first principles. Let’s assume our goals or principles in buildi...

“It was out of control — it was going up more than $200 million a year….you can get to a tipping point — and once you get past that, it’s virtually non-stop down to Third-World status.” — Bob Richards, Bermuda’s former Minister of Finance, discussin...

Auditor-General Heather Thomas has urged the Bermuda Government to take action after revealing net debt had reached $3.7 billion. The statements of the Consolidated Fund for the year ending March 2017, tabled in the House on Friday, showed net debt h...

Imagine what the Bermuda Government could do with half a million dollars — every single day. It’s a relevant question as we approach the General Election as this is the amount the island spends to service its huge debt. The estimated $186 million in ...