UPDATE - New fiscal protocols mean VI don't have to send budget to UK!
Premier and Minister for Finance, Hon. Dr. D. Orlando Smith, OBE and Minister for the Overseas Territories, Henry Bellingham, MP signed the agreement which allows the VI to better manage it affairs and sharing information with the UK.
During the campaign trail leading up to the November 2011 General Election, one of the hottest topics was that the United Kingdom (UK) Government wanted to pre-approve the Territory’s budget before it was passed in the House of Assembly.
In response to multiple questions on the budget, MP Bellingham stated, “We don’t want to micro manage the budgets of Overseas Territories, we do expect to share information... we expect to know what is going on and that’s very important. We actually believe in working in partnership, we believe in building up trust...and we have every confidence that the information will be shared in the future.”
Meanwhile, Premier Smith stated that the last budget that was passed in the last House of Assembly was assented to as it was required by the Governor and “this process will continue”.
Furthermore, MP Bellingham gave kudos to the new Government on how it tackled the challenges it faced when they got into office.
“When Premier Smith came into power he found that the finances of the country had been badly stretched, he found that the commitments made needed to be honoured, so the incoming Government did what any responsible incoming Government would have done and that is put in place measures to face up to those fiscal challenges, and I have every confidence that the Premier is doing that.”
Hence the importance of the newly signed protocol, he added.
“The protocol signed is going to be sharing of information, and so what matters is that we have confidence in each other and he [Premier] has confidence enough to share with me all sorts of information regarding the public finances so we can work together ...so when we can make sure that when the budget is in place it is one that is going to be fit for purpose. The most important thing is to bear in mind that the protocol is going to put the situation on to a different footing to what was the case before,” MP Bellingham told journalists.
VI is a huge success story
For a small country to achieve so much in a tumultuous period, MP Bellingham said, was extremely remarkable. “That success is something we [UK Government] are very proud of and we want to work with you in partnership to guarantee and to protect that success going forward.”
He added, “This demonstrates the BVI Government’s commitment to prudent fiscal management, and returning the finances to a sustainable footing...what you have is a world class financial services centre here.”
The UK Member of Parliament welcomed the Premier’s revision of the Public Finances Management Act, which made it more robust. He also expressed his appreciation of Government’s “increased’ commitment to improve transparency, planning and risk management.
“Taken together this sets to ensure that the BVI Government will have the available means to focus its resources on priorities, and value for money is obtained for the people of the BVI.”
Meanwhile, Premier Smith stated that a new direction is being forged - one that signals a departure from the “old ways of partisanship” towards a partnership that is based on mutual respect and the shared value of doing what is in the best interest of Virgin Islanders.
“My colleagues and I have but one goal in advancing this partnership between the UK and the Virgin Islands. This goal proposes that each side will always consider the position of the other and that we will move ahead on one accord, recognizing that though we may have different circumstances, as a unit we can build off of each other’s strengths to form a mutually beneficial solution and destiny,” he added.
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