What do they do?
The following departments fall under the MOF’s authority:
The Minister of Finance also has responsibility for the National Pensions Commission and the Bermuda Monetary Authority.
The Ministry of Finance runs the following units to manage Bermuda’s finances:
Policy, Planning, and Management
- provides overall direction and management of the MOF
- delivers supervisory oversight of the departments in the MOF
- undertakes strategic economic planning
- manages the MOF’s public relations
- organizes the co-ordination, review, and development of economic and financial policy.
Economic and Financial Intelligence
- performs research and analysis of economic and financial conditions
- provides economic forecasts, economic modeling, projections of GDP, development of key economic indicator.
- analyses and comments on economic and financial statistics
- produces an annual and mid-year economic review and outlook
- manages the relationship with credit rating agencies and government lenders
- responsible for government debt management policy
- oversees the public pension fund
Fiscal Planning and Control
- manages, collects, and collates consolidated fund budget data
- monitors and controls overall government expenditures and the achievement of government revenues
- reviews and develops the annual Capital Expenditure Plan
- oversees and controls public debt
- rolls out the Medium Term Budgeting initiative throughout government
Regulatory unit
- provides policy advice, governance, and administrative services on regulatory policy matters (for financial services) of the Government of Bermuda
- oversees the MOF component of the legislative program for the Bermuda Monetary Authority
- provides policy advice to the Financial Secretary and the Minister of Finance on anti-money laundering and European Union financial services regulatory policy initiatives
Treaty Management
