British Virgin Islands

Saturday, Dec 04, 2021

Finance Minister announces $397M budget for 2022

Finance Minister announces $397M budget for 2022

Premier and Minister of Finance, Andrew Fahie has announced the estimated fiscal budget for next year to be $397.17 million.

This figure is approximately $4.9 million less than the 2021 budget, which was $402,132,046.

Giving a breakdown of the figures in the House of Assembly on Thursday, Premier Fahie said $337 million will go towards recurrent expenditure, $39.4 million for capital expenditure, $5.85 million is for contributions to various statutory funds, and $14.96 million will go towards the repayment of the principal on the BVI’s debts.

Estimated revenues for 2022 is $356.7 million. Some $323.2 million of this amount will come from taxes while $33.5 million will come from other revenue sources.

What each Ministry will receive

Premier Fahie said the Ministry of Natural Resources, Labour and Immigration will receive the largest share of the recurrent allocations with $51.2 million or 14.3 per cent.

The second-largest share of the recurrent budget goes to the Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture, which will receive 13.6 per cent or approximately $45.8 million.

The allocation to the Ministry of Health and Social Development is $34.2 million or 9.57 per cent while the Ministry of Transportation Works & Utilities has been allocated $12.34 per cent.

The allocation to the Ministry of Finance and the Premier’s Office are 6.93 per cent and 12.47 per cent respectively. Another 12.08 percent of the recurrent budget will go to the Governor’s Group.

More to come.


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