Beautiful Virgin Islands

Friday, Oct 24, 2025

Premier announces $399M budget for 2023

Premier announces $399M budget for 2023

Premier and Minister of Finance, Dr Natalio Wheatley has announced the estimated fiscal budget for 2023 to be $399.33 million.
According to Dr Wheatley, this figure is a decrease of $21.17 million when compared to the total revised expenditure of $420.5 million seen in the previous year.

Giving a breakdown of the figures in the House of Assembly on Tuesday, November 29, Premier Wheatley said $335.08 million will go towards recurrent expenditure while $41.59 million has been allocated for capital expenditure.

Within the recurrent expenditure allocation, Dr Wheatley said $128.92 million is allocated for employee compensation, $85.65 million is for goods and services, $81.23 million will go towards grants, $8.55 million is for property and other expenses, $1.5 million is for subsidies, $6.6 million is for interest payments, and $22.55 million will be for social benefits.

The Finance Minister further noted that $22.19 million will go towards debt servicing in 2023.

Estimated revenues for 2023 is $373.03 million. Some $352.64 million of this amount will come from taxes while $20.39 million will come from other revenue sources.

What each Ministry will receive

Premier Wheatley said the Health Ministry will receive the largest share of the recurrent allocations with $73.07 million or 18.3 per cent.

The second-largest share of the recurrent budget goes to the Ministry of Communications and Works which will receive $62.51 million or 15.65%.

The Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture will receive 13.95 per cent or $55.7 million.

The allocation to the Governor’s Group is $52.3 million or 13.09 per cent while the Premier’s Office has been allocated $43.3 million or 10.84 per cent.

The allocation to the Ministry of Finance is $37.18 million or 9.31 per cent. The Ministry of Natural Resources and Labour is set to receive $7.77 million or 1.95 per cent.

A further breakdown of the budget will see $54 million being allocated to pensions, public debt and various contributions, while $8.67 million will be given to constitutionally established departments. Some $4.61 million will go towards miscellaneous recurrent expenses.

BVI News will provide more details in a subsequent publication.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Lakestar to Halt External Fundraising as Investor in Revolut and Spotify
U.S. Innovation Ranking Under Scrutiny as China Leads Output Outputs but Ranks 10th
Three Men Arrested in London on Suspicion of Spying for Russia
Porsche Reverses EV Strategy as New CEO Bets on Petrol and Hybrids
Singapore’s Prime Minister Warns of ‘Messy’ Transition to Post-American Global Order
Andreessen Horowitz Sets Sights on Ten-Billion-Dollar Fund for Tech Surge
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
×