British Virgin Islands: Premier and Minister of Finance, Dr. D. Orlando Smith, said in the coming weeks, government will be looking at more cost-cutting measures after announcing that the projected revenue for the year 2012 is $287,472,000 with expenditure of $258,472, according to a BVInews.com report.
Smith said after being affected in 2008 the territory’s economy recovered slightly in 2010 and 2011. He stated that the territory’s cash balance met an all-time low because of ballooning expenditures recorded in 2011. The BVI leader noted that inflation levels have been manageable compared to that of other Overseas Territories, and further stated that the BVI’s inflation is directly associated with its imports. Dr. Smith announced that 2010 saw a decrease in employment by 1.3 percent, stating he is concerned that people studying overseas return to find it difficult to enter the workforce.
The BVInews.com report said that Government plans to attract more investors which Dr. Smith explained is the cornerstone of improving the standard of life in the territory. In examining the infrastructural aspect of the budget, Dr. Smith mentioned that steps are being taken to bring the BVI Health Services Authority in line with international standards.
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