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| FCO: VI in ‘good shape’ |
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| Written by Webmaster | |
| Wednesday, 03 February 2010 | |
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A top British official said that the Virgin Islands is in much better shape than some other overseas territories, but that challenges exist in the medium-term — especially in public finances.
Colin Roberts, director of the overseas territories for the United Kingdom’s Foreign and Commonwealth Office, made his first visit here last week to meet with Premier Ralph O’Neal and other officials. At a press conference on Friday, Mr. Roberts found much to praise. “Britain is extremely proud that the British Virgin Islands are British,” he said. “We admire and respect what the British Virgin Islands have accomplished, and the talent that is quite extraordinary which is born here and developed here.” Still, with government revenues declining as spending and deficits climb, the territory’s finances were a key topic of discussion with Mr. O’Neal, Mr. Roberts said. “The fact is, in the BVI, there are red lights flashing in public finances,” he said, adding that the VI government must decide whether the solution is raising revenues, cutting spending or borrowing. The borrowing guidelines, which determine the territory’s maximum allowable amount of public debt, are determined through agreements between the UK and government here. Negotiations to revise those guidelines should begin next month, Mr. Roberts said. He also said that government here should take actions to improve the quality of its economic statistics, which would allow for more accurate planning and budgeting. For his part, Mr. O’Neal said government has been working to reduce spending by cutting travel, telephone and rental expenses for government offices. He also said that government is working to reduce personnel costs by hiring new employees only when necessary.
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