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BVI Finance Minister O'Neal Presents 2009 Budget,
by Phillip Morton, Investors Offshore.com
Monday, March 02, 2009
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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