Gov’t rolls out medium-term debt strategy
The government published its first-ever medium-term debt strategy yesterday, describing the move as a guide to its borrowing policies and debt management operations.
The 2024-2026 Medium-Term Debt Strategy (MTDS) is aligned with the 2024-2026 Budget and Medium-Term Fiscal Plan (MTFP) and includes the 2024 Annual Borrowing Plan (ABP).
The ABP shows how the government plans to finance the expected net fiscal deficit in 2024, which will be created by the planned large investment in the territory’s infrastructure.
The MTDS aims to meet the government’s financing needs at the lowest cost, consistent with a prudent degree of risk and with the secondary objective of developing the domestic debt market. The strategy includes maximising opportunities for concessional and semi-concessional borrowings and credit enhancements to contain costs and lengthen the maturity of the territory’s debt portfolio.
Macro Fiscal Coordinator Michele Richmond-Phillips said the publication of the MTDS affirms the government’s commitment to promoting clarity, transparency and accountability in its debt management operations and facilitating constructive dialogue with the VI’s investor base.
Acting Deputy Financial Secretary Dr Drexel Glasgow added that the government will monitor the MTDS due to continued changes in the global and local macroeconomic environment to maintain consistency with key debt management objectives.
The government has been developing the MTDS with the Commonwealth Secretariat’s Debt Management Unit and the IMF/CARTAC team.
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DAH WASTE AH TIME MUSIC FEST PUT WE FURTHER IN THE HOLE
so i think our debt is somewhere around $165mil maybe more now, that is nothing as Bermuda debt is over $3billion…
The Debt Strategy document isn’t on the website as at today’s date although they say it’s there.
Also, this seems like a box ticking exercise unless this falls a part of an overall growth strategy. For example it doesn’t help when Government keeps using funds that otherwise could be used to service debt or be invested at a rate higher than the cost of existing debt but instead use the money for a concert that made no money.
Sad but true
Government claims to have a debt strategy .
Is only justifiable if it’s sustainable and the loan is invested in long term public benefits eg schools ,roads , hospitals infrastructure not corrupt contracts ,free cash and parties for F&F .
Sell the “Affordable Housing” for whatever it will go for and pay back the social security.
Bunch of bums.
I actually heard that a retaining wall fell on some of the “Affordable Housing” during a rainy day (not a named storm or system).
Whoever built those houses should stand by their work.