Wednesday, November 07, 2012

Next Year Budget To Be Presented On November 15

Next week, BVI Premier and Minister of Finance Hon. Dr. D. Orlando Smith will present the Budget of the Territory for 2013. It will be the second Budget of this Government since taking up office a year ago.

The 2013 Budget presentation is the first to be made since signing of the Protocols for Effective Financial Management with Britain’s Government, which mandate that the BVI jurisdiction builds its reserve funds – the initiative much criticized by the Opposition and named too restrictive for the Government. Under these protocols, which were signed by Premier Smith, the amendments to the Public Finance Management Act were passed by the House of Assembly, but they are still waiting Governor’s approval. 

According to the Public Finance Management (Amendment) Act, 2012, the Budget must include Medium Term Fiscal Plan (MTFP); a Budget Policy Statement; and a Multi-year Budget Document.

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