Government Loans Amendment Act

What this bill does

This bill increases the legal limit on how much money the Bermuda government can borrow from $2.75 billion to $2.9 billion. It's a straightforward change that raises the government's borrowing cap by $150 million.

If passed (voted YES)

• The government can legally borrow up to $2.9 billion instead of the current $2.75 billion limit
• Government has more flexibility to take on additional debt for spending on programs, infrastructure, or other expenses
• The increased borrowing capacity becomes available immediately (effective March 16, 2020)

If rejected (voted NO)

• The government borrowing limit stays at $2.75 billion
• Government cannot legally borrow beyond the current cap without passing new legislation
• Any government spending plans that require borrowing above $2.75 billion would need to be revised or postponed

Who it affects

This affects all Bermuda residents and taxpayers, as government borrowing impacts public spending, services, and future debt obligations that citizens may ultimately be responsible for repaying.