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Relief package for Bermuda

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Premier David Burt unveiled a US$15 million economic relief package in parliament on Friday to help Bermuda’s working families hit by rising prices. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

Burt, who is also Minister of Finance, said financial support will be given to people with children in public schools and LED light bulbs will be bought by the government and handed out to households to reduce energy bills.

Payroll tax rebates are expected to be offered to 75 per cent of the island’s workforce and more money will be made available to help cover food costs for families in receipt of financial assistance.

Burt said the relief package was made possible by a controversial travel authorisation form, which tourists and locals have to fill in before arrival on the island at a cost of $40.

The form, which initially cost travellers $75, generated an estimated $14 million for government coffers last year and is budgeted to bring in some $22 million during the current financial year. Opposition party legislators have called for it to be scrapped.

“Bermuda is an affluent society. But that affluence has created a society in which economic pressures make it increasingly difficult for many hard-working people to keep up. Legitimate aspirations are frustrated by runaway costs of basic items which are necessities for life in this community. The high cost of living creates circumstances which sometimes defy economic theory but create a reality which the government has a responsibility to address,” said Burt as he addressed Parliament.

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He added: “I am pleased to inform this Honourable House that part of the relief package will include a payroll tax rebate for workers making less than $96 000, which makes up 75 per cent of Bermuda’s workforce.

“Individuals earning less than $60 000 annually will receive a $250 rebate and those earning between $60 000 and $96 000 will receive a $100 rebate.

“Many will say this relief package is not enough, and as a government – we get it; but it is also critical we balance being fiscally responsible while providing relief.

“This package is not perfect but it is a start and will make a difference in the lives of many Bermudians who want to know the government is on their side and has their best interests at heart.”

The Premier added: “It is important to reiterate that these relief items would not be possible without the increase in revenue received from the travel authorisation and tourism-related taxes.”

Burt earlier announced a 2.75 per cent rise in pensions for the island’s 10,000 senior citizens, backdated for 12 months.

The increase will take basic contributory pensions from $1 077.14 a month to $1 106.75, and maximum contributory pensions from $1 564.18 to $1 607.19 per month.

Bermuda’s current national debt stands at $3.1 billion. Youth unemployment is running at 30 per cent.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]