Press Release

Premier's Office
Ministry of Finance
Release Date:
Tuesday, 9 February 2016 - 3:45pm

The Territory is on the path to economic growth following the delivery of the 2016 Budget Address by Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE yesterday.

Premier Smith in his presentation stated that the budget is a continuation of the last few years, as the Territory continues along the path of economic growth with Shared Sustainable Growth.

The budget projects some $330,846,500.00 in revenues. The recurrent expenditure will be in the region of $286,512,400.00, with the resulting recurrent surplus of $29,334,000.00 that is expected to meet debt service obligations on existing loans to the amount of $12,484,000.00.

 Premier Smith said that much of the Territory’s developmental projects will be funded from loans that were approved over the last two preceding years, in addition to some funding from the consolidated fund in the amounts of $21,100,000.00 and $20,550,000.00 respectively.

The Government will also contribute $15,000,000.00 to the reserve fund, bringing it to a total of over $64 million dollars in 2016. This will allow the BVI to meet its requirements under the Protocols for Effective Financial Management by the end of the 2017 financial year.

The Government of the Virgin Islands remains committed to ensuring efficient use of the fiscal resources, on its path towards economic growth through shared sustainable growth.

Click here to access the 2016 Budget Address by Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE.