(BVI NEWS) – The 2018/2019 budget for the British Virgin Islands has decreased by 7.3 percent compared to the last fiscal year.
Premier and Minister of Finance Dr D Orlando Smith announced a budget of $299,525,366 million for this year.
That figure is $23,587,265 million less than last year.
While delivering the Budget Address on Monday (March 19), the Premier also projected massive public expenditure for 2018.
The Finance Minister approximates that overall expenditure for this year – including public debt – will be $352,816,500.
“This represents a 14.4 percent increase over the 2017 allocation of $308,187,131 million. This increased is firmly attributed that my government’s undertakings across various sectors and agencies in response to the ongoing recovery and reconstructive work,” he explained.
The Premier said based on the 2018 revenue projections, recurring expenditure, public debt, and governmenmt’s fund contributions; this year’s fiscal deficit will be about $53.2 million.
“This is the most difficult address in my tenure as finance minister,” Dr Smith said as he read the budget.