Cabinet approves two-year medium-term fiscal plan for BVI
The Cabinet has reviewed and approved a two-year Medium Term Fiscal Plan (MTFP) which will help to keep the territory in compliance with the Public Finance Management Act of 2012.
A Cabinet post-meeting statement released yesterday, January 19, noted that the Act mandates that a MTFP be prepared and updated, as a multi-year document and that the 2023-2025 MTFP fulfils the requirement stated in the Act.
In approving the MTFP, along with an outlined debt strategy, the government said there will be no breaches in any of the ratios under the Protocols for Effective Financial Management agreed with the United Kingdom (UK) in 2012.
The Protocols for Effective Financial Management is an agreement signed with the UK to ensure transparency and accountability as it relates to handling public funds.
Cabinet said that compliance with the ratios, despite strained resources, not only indicates the government’s continued commitment to its fiscal responsibilities but also to debt sustainability responsibility.
According to the release, the Cabinet also reviewed the 2021-2023 Macro-Economic Review and Outlook, which it described as the accompanying supporting background document for the 2023-2025 MTFP of the government.
The MTFP, inclusive of any amendments made by the Cabinet, is now expected to be tabled as the final document at the next convenient sitting of the House of Assembly.
It was further noted that the approved 2023-2025 MTFP will be submitted to the Minister of the Overseas Territories, as a matter of priority.
In approving the MTFP, along with an outlined debt strategy, the government said there will be no breaches in any of the ratios under the Protocols for Effective Financial Management agreed with the United Kingdom (UK) in 2012.
The Protocols for Effective Financial Management is an agreement signed with the UK to ensure transparency and accountability as it relates to handling public funds.
Cabinet said that compliance with the ratios, despite strained resources, not only indicates the government’s continued commitment to its fiscal responsibilities but also to debt sustainability responsibility.
According to the release, the Cabinet also reviewed the 2021-2023 Macro-Economic Review and Outlook, which it described as the accompanying supporting background document for the 2023-2025 MTFP of the government.
The MTFP, inclusive of any amendments made by the Cabinet, is now expected to be tabled as the final document at the next convenient sitting of the House of Assembly.
It was further noted that the approved 2023-2025 MTFP will be submitted to the Minister of the Overseas Territories, as a matter of priority.
