Ministerial Statement To the House of Assembly By The Hon. Curtis L. Dickinson, JP, MP 

Minister of Finance 

Mr. Speaker, Honourable Members are advised that on Monday, March 23, 2020 and on Friday, May 22, 2020, the Ministry of Finance successfully executed a BD$20,000,000 and a US$150,000,000 Credit Facility, respectively. Therefore, in accordance with Section 2 (3) of the Government Loans Act 1978, I rise this morning to inform this Honourable House of the execution of these borrowing transactions pursuant to the requirements of the Act. 

Good afternoon. 

I am pleased to provide an update on three specific areas: the unemployment benefits; the Economic Advisory Committee; and the National Pension Scheme. 

Unemployment Benefits 

This week, I authorized unemployment benefit payments to 7,780 people, for a total of $9,210,000. We will now have paid benefits to over 9,000 people for a total cost of approximately $32 million. We expect further payments to continue on a bi-weekly schedule, which means another payment in two weeks on Friday, June 12. 

Ministerial Statement To the House of Assembly By The Hon. Curtis L. Dickinson, JP, MP Minister of Finance 

Good morning, 

Mr. Speaker, I rise this morning to provide this Honourable House with an update on the Ministry of Finance COVID-19 Fiscal Plan and the formation of Government’s new COVID-19 Economic Advisory Committee. 

HAMILTON, Bermuda, 20 May, 2020: Bermuda’s Minister of Finance, The Hon. Curtis L. Dickinson, JP MP, today announced the members of the Government’s new COVID-19 Economic Advisory Committee, which is comprised of a diverse group of 11 local and global, business and community leaders.

Chair:

The Honorable Curtis L. Dickinson, JP, MP

Minister of Finance

Members Appointed by the Minister of Finance:

Ministerial Statement to the House of Assembly By The Hon. Curtis L. Dickinson, JP, MP Minister of Finance 

 Good morning, 

The Ministry of Finance would like to advise the public of the current resumption of services and hours of operation for the Office of the Tax Commissioner, the Accountant General’s Office, the Department of Social Insurance and the Registrar of Companies.

The Office of the Tax Commissioner will have limited staff, on rotation, available from Monday to assist with completion of tax returns. We will be available daily from the hours of 9 am to 2 pm. The remaining staff have been and will continue to work remotely.

The Minister of Finance, the Hon. Curtis Dickinson, JP, MP, today announced that ratings agency Standard & Poor’s (S&P) has revised Bermuda's A+ long-term sovereign credit and senior unsecured debt ratings as well as its A-1 short-term rating and its AA+ transfer and convertibility assessment on Bermuda from Positive to Stable.

The Department of Social Insurance wishes to advise the public that in light of the restrictions given for public officers, staff will be working remotely until April 6. The reception cashiers area will be closed to the public during this time. A skeletal crew of staff will be present in the office to answer any queries by telephone.

The following guidelines will now be in place until April 6, 2020:

Pension Benefits:

· All new applications received as of March 18, 2020, are scheduled to be paid on April 15, 2020. 

Ministerial Statement by the Ministry of Finance, the Hon. Curtis L. Dickinson, JP, MP.

Mr. Speaker, in accordance with section 35 of the Contributory Pensions Act 1970, I am pleased to table the Contributory Pension Fund (CPF or the Fund) Actuarial Report as at August 1st, 2017.

Ministerial Statement by the Ministry of Finance, the Hon. Curtis L. Dickinson, JP, MP.

Mr. Speaker, I rise this morning to provide this Honourable House with an update on some of the proactive economic and fiscal measures to be taken by the Ministry of Finance to combat the likely systemic threat that the COVID-19 Pandemic will have on the economy of Bermuda and by extension Government’s finances.