Beautiful Virgin Islands

Tuesday, Mar 21, 2023

Penn alarmed! Gov’t seeking over $38M heading into elections

Penn alarmed! Gov’t seeking over $38M heading into elections

Opposition Leader Marlon Penn said he was taken aback recently by a post-Cabinet statement from the government which was seeking additional funding.
“I was taken aback just last week when I got the Cabinet paper — the extract from Cabinet that speaks on the decisions that were made in Cabinet,” Penn stated.

The Opposition Leader said there were two major resolutions coming to the next available sitting of the House of Assembly (HOA).

An extract from the government’s March 23 Cabinet decisions shows the government decided that a draft resolution should be introduced at the next HOA sitting. This resolution is seeking to withdraw more than $38 million from various funds, including the Consolidated Fund and the Reserve Fund.

Penn said he has already expressed concern in the past about the government not accurately funding projects that it has been executing.

He made reference to the Elmore Stoutt High School (ESHS) redevelopment project which he said grew from $7 million to a contract signing that called for $11 million.

Monies geared to elections campaign?

“This money seems like we’re gearing up for something, particularly campaign spending,” the Opposition Leader stated.

Penn warned that if those requested monies are withdrawn, the territory may eventually be in breach of the Protocols for Effective Financial Management signed a decade ago between the United Kingdom and the BVI. These protocols effectively set fiscal limitations for the territory to ensure that the government manages the public purse prudently and responsibly at all times.

“Based on the numbers that I’m seeing here, this is going to put us in breach of the Protocols for Effective Management based on our liquid assets and based on our current expenditure,” the Opposition Leader said.

Penn argued that current guidelines state that the BVI must maintain a position within 25 per cent of its liquid assets.

He said the Public Finance Management Act is very clear in terms of its regulations and how persons can access funds from the Reserve Fund.

Penn said he was deeply concerned that the BVI is now more than three years into the current administration and has not been given a clear picture in terms of the current financial state of the territory.
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
I have a dream, MLK inspiring speech
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Aretha Franklin, Marvis Staples - Oh Happy Day
Paris Rioting vs Macron anti democratic law
BVI Freedom Song
'Sexual Fantasy' Assignment At US School Outrages Parents
Billy Preston - You Can't Beat God Giving (Live)
Credit Suisse to borrow $54 billion from Swiss central bank
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Russian Hackers Preparing New Cyber Assault Against Ukraine
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
If this was in Tehran, Moscow or Hong Kong
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Nashville police officer, and a female driver shooting one another
Hello Dolly
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Mexican President Claims Mexico is Safer than the U.S.
Bob Marley - Get Up Stand Up
A brief banking situation report
Yes He Can
Lady bites police officer and gets instantly reaction
What A Friend We Have In Jesus
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Unforgettable
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Touch The Hem Of His Garment
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
The Lord's Prayer
Silicon Valley Bank exec was Lehman Brothers CFO
THE GOD MOVEMENT...BEAUTIFUL BVI
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Siyahamba
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Ramblin' Rose
Elon Musk Is Planning To Build A Town In Texas For His Employees
Protoje - Who Knows ft. Chronixx
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Pressure - Virgin Islands Nice
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Phil Wickham - House Of The Lord
Fitness scam
My God Is Real (Yes, God Is Real)
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
Louis Armstrong - When The Saints Go Marching In
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Kanye West Sunday Service - hallelujah, salvation, and glory
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Jonathan Nelson - I Believe (Island Medley
Banking regulators close SVB, the largest bank failure since the financial crisis
From The Virgin Islands Sqad Up
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Common, John Legend - Glory
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
I have a dream, MLK inspiring speech
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Aretha Franklin, Marvis Staples - Oh Happy Day
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
BVI Freedom Song
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
Billy Preston - You Can't Beat God Giving (Live)
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Spain officials quit over trains that were too wide for tunnels...
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello Dolly
Hello. Here is our news digest from London.
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Bob Marley - Get Up Stand Up
×