Sunday, November 30, 2008

BVI premier speaks on budget cuts

Hon. Ralph O'Neal, the premier of the British Virgin Islands, made an announcement that construction projects will be placed on hold, because of the global financial crisis and reduction of the budget connected with it.

The BVI premier said the economic situation in the country could improve in the next six months, if the measures will be taken by the U.S., Europe and other countries. O'Neal said that the BVI expects a decline in tourism, which it depends on for the bulk of its revenues. In September, about 276,000 tourists arrived in the country – about 1% decrease from the last year.

The 2009 budget is expected to be present in January. Hon Ralph O'Neal noticed that government programs related to education and health will be financed as much as possible.

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