Thursday, March 05, 2009

$279.8 Million Budget Presented by the BVI Premier

Last week, Premier and Finance Minister of BVI Ralph O'Neal presented Territory's Budget for 2009. He outlined the projected revenue in the amount of $279,841,000, and operational expenses $252,485.400. The Development Fund allocation is $23,875,600.

Ralph O'Neal said that there is 1.7 percent decline over last year's estimates because of the anticipated reduction in revenue linked to the ongoing turmoil in the global economy. He also anticipated a reduction of revenue from the financial services sector and from tourism industry.

The Premier said that the government will stimulate local economy through various policy and programme implementations, and the projects which will create jobs for BVIslanders.

The Budget projection will be referred to the Standing Committee before the commencement of the debate.

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