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by pltm
(PLTM) - Opposition Leader, Hon. Andrew Fahie, like residents throughout the Territory, is awaiting government's defense of its $323M budget tomorrow, Thursday, February 23. At 10:00 am, the two-day budget debate will commence in the House of Assembly’s chambers. "It is up to the government of the day to defend their budget to the people of the Virgin Islands. As a result, we all await their deliberations in defense of their budget," Hon. Fahie told BVI Platinum News. On January 16, Premier and Minister of Finance, Hon. Dr. D. Orlando Smith announced a $323M budget for the financial year 2017, which represents a reduction in revenue forecast compared to 2016, which was the largest in history at $330M. The recurrent expenditure is in the region of $277M. The budget address was delivered under the theme, ‘Charting Our Course: Positioning the Virgin Islands for the Future’, where Premier Smith placed major focus on the controversial T.B. Lettsome International Airport expansion project, which government is hoping will help to boost the economy once it takes off. In relation to revenue generation, Premier Smith noted that they need to critically create a balance in revenues through taxation and other measures. Following the presentation, Hon. Fahie had slammed the government over its inability to bring forward the financial audits. He said that the Premier cannot take the people into a bright future when his government does not know where the Territory stands financially. Meanwhile, Third District Representative and Opposition Member, Hon. Julian Fraser described the budget address as routine, with lack of substance and a clear indication that the future generation will be held in financial bondage, with the national debt at $173M and government's reported plans to borrow a further $153M to expand the airport. Hon. Fraser said he is concerned that the projected revenue for this year is reduced from 2016, but with the airport project, the debt will be doubled.
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