Premier Must Come Clean On Finances! Governor Says UK Concerned

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Melissa Edwards/BVI Platinum News
Premier and Finance Minister, Hon. Dr. Orlando Smith

(PLTM) - Cabinet is currently reviewing several documents pertaining to the Territory's finances, but Governor John Duncan has placed the responsibility on Premier and Minister of Finance, Hon. Dr. D. Orlando Smith to release those documents to the public.

A whirlwind of speculation has engulfed the current state of the Territory's finances as the UK appears to be clamping down, particularly as it relates to expenditure. Governor Duncan is on record as providing a 12-month window for the BVI to get its finances back on track.

"The UK is keeping a close eye on what’s going on...The issue of the government’s finances, of course it’s a concern to the UK, because if in the worst case the government needed a bail out, it would be the UK tax payers who would pay for that and therefore, one of the roles of the Governor is to make sure that finances are kept on track," Governor Duncan told BVI Platinum News on Tuesday, October 25.

He added, "I hope that the Premier will be releasing documents which are currently under discussion, which will show where the finances currently are; where the money is being used...Those papers are under discussion in Cabinet and I hope they will be issued very soon."

The Governor maintained that it is for the Premier to answer questions about the finances. Governor Duncan explained that the Premier is the Minister of Finance and his role is to make sure the finances are run properly.

"Of course if it was to go wrong, the British government would have to intervene. At the moment, I don’t see any need for that to happen. What is needed though is transparency," Governor Duncan said.

He pointed out the need for transparency in Cabinet's minutes and an open government, which he has been requesting for a long time.

Not Transparent Enough

The National Democratic Party (NDP) administration has been called out before for not providing timely information, and in some, cases no information as it relates to expenditure. However, there remain obvious concerns about the Territory's fiscal position with the Opposition contending that the government is broke.

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BVI Platinum News
Governor John Duncan

The Opposition's claims may have some merit as government recently received permission from the House of Assembly to pursue a $25 million line of credit from CIBC First Caribbean International Bank.

Premier Smith is also still to produce annual audited financial statements to the House, something he complained about while he was Leader of the Opposition.

The Premier disclosed this month that he plans to release regular quarterly financial reports. He explained that he is scheduled to have the annual Treasury Reports up to 2015 submitted or ready for submission to the Auditor General by the end of this year, with the 2016 report completed by the middle of 2017.

“These reports which I will be bringing to this Honourable House will illustrate that our financial position is indeed quite strong," Premier Smith explained.

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