Despite the territory collecting more than $50 million in excess revenue last year, Premier Andrew Fahie has suggested that he inherited the Ministry of Finance portfolio somewhat at a disadvantage.
That is because the previous National Democratic Party administration squandered most of that additional monies, the Premier said on Tuesday.
“You (I as Finance Minister) still end up have to start from scratch,” he said during the Honestly Speaking radio talk show this week.
“Last year [the BVI] performed extremely well for financial services. I think there was an extra 50-something million that was collected but then when you go to the books, all of it was just about blown in election projects,” the finance minister added.
He did not specify the election projects the excess revenue was used to fund. Notably, a major road resurfacing project kicked off in the territory during the course of the elections. It is not clear if the aforesaid excess revenue funded that project.
The Caribbean Development Bank which is currently a major lender to the territory said in an economic report that the BVI recorded an increase in real gross domestic product (GDP) last year.
GDP grew a little more that two percent.