Premier Iffy On Budget Date

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Melissa Edwards/BVI Platinum News
Premier and Finance Minister, Hon. Dr. Orlando Smith

(PLTM) - Residents are anticipating the presentation of the 2017 budget, which is customarily due between November and December each year, but from all appearances, the government has not decided on a date quite yet. Premier and Finance Minister, Hon. Dr. Orlando Smith told reporters, "I cannot tell you at this moment, but I am hoping to have it at the end of the year." The 2016 budget was $330M. When asked if government officials have met with the United Kingdom (UK) government on measures they intend to implement to get the territory's finances back on track, Premier Smith appeared taken back, stating that they usually meet with the UK yearly ahead of the budget. Back in August, Governor John Duncan told reporters that the BVI government will be meeting with UK officials on ways to get the finances back on track, admitting that the finances are one of the most challenging issues that need to be addressed in the next 12 months. "The reality is that each year, as we develop our budget for the year, we now have a three-year budget cycle---we have discussions with the representatives of the United Kingdom government and that will be in the same way we have those other discussions as we move forward, because they will have to agree on certain things," Premier Smith said in response to questions. However, when further pressed on the matter, that in this instance the Governor suggested it was not the customary annual meetings, Premier Smith said, "I understand, but we will have the meetings with the representatives as we develop the budget over the next several months." He added, "Of course we will have discussions on the Medium Term Fiscal Plan, and already discussions have taken place on that. Once that is concluded, then we move to the budget cycle." At his August press conference, the Governor said that while this is an issue, the government has not breached the Protocols for Effective Financial Management, noting that the financial issues stem from the major challenges facing the two main economic pillars---the financial services and tourism sectors. "Now it’s obvious to everybody that we have a current problem with the budget and the way it’s being managed. That is one of the big issues I hope we will be able to fix during the next coming 12 months. There are delays in payment, you can see it; everybody has this problem," he said. The Governor said, "So the management of the budget, currently it's not where it should be and that is an issue that the British government would expect the BVI government to sort out, and if necessary, they will provide the support to help them to sort out." He had commented that it's quite a difficult period. "As I said with the global economy not doing very well---financial services struggling a little bit, tourism, see that Norwegian (Cruise Line) not getting the tourists." When asked if the UK has offered to help in any other form, the Governor said yes. "They (UK) have offered to help, but there are discussions going on between the UK and the Ministry of Finance (BVI) as to what way the British may be able to provide certain advice or assistance as required," he said. "It's a decision for the VI government. If the VI government feels it has got everything under control, it can manage these challenges, the British will be happy, but if they say can you provide further expertise or advice…"

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