2020 Budget Passed by the House of Assembly

Last week, the House of Assembly successfully passed the budget for the year 2020 with amendments. According to BVI Premier and Finance Minister, Hon. Andrew Fahie, this was the first time in many years when the budget was approved from the first time. He stated, however, that there are some challenges ahead for the BVI.

In his budget speech last month, Hon. Fahie announced a projected revenue of US$414 million, while the recurrent expenditure is set to be US$327 million. Capital expenditure is expected to be US$65 million, with US$6 million to be contributed to the funds. Also, US$14 million are planned to be used by the BVI Government for principle repayment on debt. 

The Premier also mentioned the two major economic pillars of the jurisdiction, financial services and tourism, and the challenges that should be met in these sectors. No new taxes were announced for 2020.