HAMILTON, Bermuda, CMC -- Finance Minister Bob Richards announced on Thursday that his One Bermuda Alliance (OBA) government is to borrow up to US$800 million to cover budget deficits for the next three years.
Richards told the media that borrowing for the medium term in the current low interest rate environment would save the taxpayer millions of dollars in financing costs.
"We judge that we are in the last phase of the ultra low US dollar interest rate cycle," Richards said.