A pre-budget report (PBR) is a policy statement issued by the Government prior to the release of its budget that defines the priorities for the next budget in a medium-term framework covering external developments and internal strategies. A PBR is intended to clearly state the Government’s economic and fiscal policy challenges and its objectives and intentions in the medium term.
Like most small states and territories, Bermuda’s economy is vulnerable to external events, underlining the need for financial and fiscal prudence. This vulnerability is compounded by Bermuda’s continuing budget deficits and government net debt, standing at $3.1 billion.
The Government must take action to address the problems the island faces, and it is important that stakeholders and citizens understand these challenges, have the opportunity to give their views, and are aware of the factors driving the Government's fiscal policy decisions. The government should also be accountable for developing strategies to cope with both domestic and international turbulence, and the strategies contemplated should be transparent and open to feedback.
The Government invites and welcomes feedback on this document. In addition to electronic communication, the Government will engage the public and stakeholders in January 2023 to discuss the principles laid out in this document and to solicit public feedback. If you wish to log your comments/feedback please visit forum.gov.bm or email firstname.lastname@example.org. The deadline for submissions is January 17, 2023.