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Moody’s: ‘Fiscal Consolidation Efforts Bear Fruit’

February 29, 2016 - Author: bdadmin
 Bermuda, Minister of Finance Bob Richards

Bermuda, Minister of Finance Bob Richards

Moody’s issued a credit report on Bermuda, Minister of Finance Bob Richards said in the House of Assembly today [Feb 26], with the report noting that the ”Government’s success in reducing the budget deficit reflects its increased efforts to maintain fiscal discipline and a moderate economic rebound that took hold in 2015 following a six year recession.”

Minister Richards said, “As emphasized in the 2016/17 Budget Statement, the Bermuda Government lives off credit, therefore, it is essential that we conduct our financial affairs in such a manner that is acceptable to our lenders.

“The perceptions of the lenders to Bermuda, as a credit risk, are strongly influenced by the analysis and conclusions of the major credit rating agencies: in Bermuda’s case, Standard & Poors and Moody’s.

“On February 8, 2016, Moody’s issued a credit report on Bermuda which reflected mainly on the fiscal performance released by the Government for the first three quarters for is fiscal year 2015/16.

“The headline of the report read as follows: “Bermuda’s Fiscal Consolidation Efforts Bear Fruit, a Credit Positive.”

“Mr. Speaker here is a few of the highlights:

  • 1. “The government’s success in reducing the budget deficit reflects its increased efforts to maintain fiscal discipline and a moderate economic rebound that took hold in 2015 following a six year recession.”
  • 2. “As a result, the deficit should narrow to about $220 million, or 3.8% of GDP in fiscal 2015. The resulting drop in the fiscal deficit may exceed 1.5percentage points, making it the most significant fiscal consolidation for Bermuda in more than 20 years.”
  • 3. “Growth over the next few years will be supported by higher infrastructure investment in the tourism sector, as well as improvements to Bermuda’s only airport ahead of the America’s Cup race in 2017.”
  • 4. “The latest labor statistics also suggest that the international business sector has resumed growth. Sustained growth in that sector in addition to infrastructure investment will likely create new jobs, supporting growth in average wages in the economy and payroll tax receipts for the government.”

“It should be noted that this report was written before the 2016/17 budget was unveiled last Friday.

“Mr. Speaker, it is gratifying to note that important, unbiased, expert analysts have noticed the progress this government has made in repairing the broken government finances and the economy as a whole we inherited from the former administration,” Minister Richards concluded.

No Comments - Categories: Bermuda Business, Bermuda Government, Bermuda News, Moody's Bermuda

How a PRC holder can get citizenship in Bermuda

May 5, 2014 - Author: bdadmin

Here is some interesting immigration news from the bermudasun:

New rules make it possible to become a citizen.

How a PRC holder can get citizenship in Bermuda.

“…the Supreme Court is saying that if a PRC holder submits a naturalisation application to become a British Overseas Territory Citizen (of Bermuda) to the Department of Immigration at the same time as a status application under Section 20B(2)(b), and the Minister of Home Affairs (“the Minister”) supports the naturalisation application which is subsequently approved by the Governor, the Minister must, save for various circumstances as set out in the Bermuda Immigration and Protection Act 1956 (“BIPA”) grant the applicant Bermudian status under the said section.”

The spokesperson continued, “This provision has existed for many years, which has only come to light as a result of PRC legislation.  It would appear the previous Government did not grasp the fact that provisions in the BIPA that were amended in 1994 would have this effect upon introduction of the PRC legislation in 2001. In other words, PRC legislation has seemingly created this unique circumstance.

“The applicants in this case made enquiries of the Department of Immigration in 2012 about status under Section 20B of BIPA and were indeed told (correctly) that no such application procedure existed. Applications were eventually made to the Minister in 2013. The Minister rejected those applications on the basis that there had been no pre-approval for status under the BIPA. The Immigration Appeal Tribunal (“IAT”), which was a creation of statute in 2011 by the previous Government, overturned the Minister’s decision. On appeal by the Minister, represented by Mr. Phil Perinchief to the Supreme Court, the IAT’s decision was upheld and the Minister has consequently been directed to grant Carne and Correia Bermuda status. This decision by the Supreme Court obviously has wide ramifications for existing PRC holders.

“In order to become naturalised an individual must follow requirements as set out in the British Nationality Act 1981 (which is a UK legislative Act). That Act basically says that if the applicant is of good character; has been in Bermuda for a period of five years ending with the date of the application; and the applicant is not subject to any immigration restrictions for the 12 months preceding the application (among other conditions) – the applicant should, under most circumstances, be granted BOTC.”


No Comments - Categories: Bermuda Employment, Bermuda News