British Virgin Islands Finance Minister Ralph O’Neal has presented his 2009 budget entitled ‘Facing Threats and Capitalising on Opportunities’, which envisages expenditure of USD252.4m and revenues of USD279.8m.
Delivering his budget speech, O’Neal stated that revenue projections, down 1.7% on 2008 estimates, were as a result of the financial crisis, warning that the ongoing turmoil in the global economy would pose a large challenge for the BVI, but at the same it would ‘present opportunities’ in the coming year.
O’Neal stated that the government would introduce several fiscal measures and implement programmes to stimulate the economy at a local level.
“[The government] intends to increase spending on development projects in the coming year, notably major infrastructural improvements and developments within the territory, thus providing our people with the opportunities needed to maintain their standard of living, while simultaneously correcting inadequacies and improving our existing infrastructure,” he said.
Because of falling revenues, government expenditure would have to be refined and channelled in the best possible way in order to maximise its effects, O’Neal urged.
“We will make choices based on thorough, in-depth analysis so as to ensure maximum benefit to all our citizens and provide the best return for them on the investments made,” he said.
O’Neal announced that his 2009 budget would help repair and expand the territory’s physical infrastructure to adequately meet the needs of the growing population and help foster growth when the global financial crisis subsides.
Concluding his budget speech O’Neal stated:
"[The government] knows that there will be challenges and obstacles to overcome, but we also know that the people of this territory have a history of ingenuity, resolve and a solid work ethic. With these traits we know that we can weather the storms that are brewing ahead."
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