Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Budget debate begins Monday, Dec 14, 2020

The debate for the 3rd budget in 20 months for the Virgin Islands Party (VIP) Government led by Premier and Minister of Finance, Hon Andrew A. Fahie begins in the House of Assembly (HoA) on Monday, December 14, 2020.

It was on December 12, 2020, that Premier Fahie announced a national budget for 2021 of $402,123,046 for the Virgin Islands.

The budget address was made under the theme, ‘INNOVATION: Building a stable, diverse, competitive economy with strong industries and partnerships for regional and international trade, by building and harnessing the creative capacity of our human capital’.

The Budget


According to the Leader of Government Business, the technical experts in the Ministry of Finance are projecting estimated revenues for Government in the sum of $332.3M.

He said $309.9M will be coming from taxes and $20.4M from other revenue sources.

Recurrent expenditure is estimated at $325.2M with employee compensation accounting for some $122.6M, $79.4M allocated for goods and services, $77.4M for various grants, and $18.6M for social benefits.

Other expenditures include $9.6M in grants to the BVI Tourist Board, $9.02M to the H. Lavity Stoutt Community College (HLSCC), $3M for foreign scholarships and $62,000 for domestic scholarships and $1M in grant funding to the BVI Health Services Authority (BVIHSA).

Premier Fahie said a recurrent surplus of $5.2M has been projected.

Capital expenditure of $62.53M, Premier Fahie said, is being targeted.

He said this will be funded by $21.1M in loan funds from Caribbean Development Bank (CDB) and Reconstruction and Rehabilitation Loan (RRL) and $35.4M from the Consolidated Fund, as well as insurance proceeds among other sources of funding.

A further $12.5M has been allocated for debt servicing.

According to the Premier, an overall deficit of $69.8M is being projected largely from capital projects but this will be funded through a $34.7M drawing from the Consolidated Fund capital expenses.

Watch the Budget Debate Live


The HoA sitting on December 14, 2020, will be held at the Save the Seed Energy Centre in Duff’s Bottom from 10:00am.

The proceedings will be carried live on CBN Radio 90.9 FM, CBN-Television Channel 101 on Flow TV and can also be followed on the HoA YouTube channel and online at www.cbnvirginislands.com.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×