After a delay of four months, the British Government, through Her Excellency the Governor, Ms. Christina Scott, has given approval to the 2016 Budget of the Government of Anguilla. The Governor signed the 2016 Appropriation, 2015, which embodies the Budget, on Wednesday this week. The Act was passed in the Anguilla House of Assembly on December 10, 2015.
Following is the relevant press release issued by the Governor’s Office:
“HE The Governor, Ms Christina Scott, has today given assent to the 2016 Appropriation Act, 2015, following its second and third reading in the House of Assembly in Anguilla on 10 December 2015. The assent follows a recent exchange of letters between Minister Duddridge, Minister for the Overseas Territories in the UK Government, and the Chief Minister, the Hon Mr Victor Banks.
“On 21 March the Chief Minister wrote to Minister Duddridge attaching a Medium Term Reform Programme 2016-2018, prepared with the benefit of advice from the International Monetary Fund. His letter also included terms of reference for a Governor-appointed financial adviser to be based in the Ministry of Finance.
“Minister Duddridge replied to the Chief Minister on 4 April. Whilst noting that the budget proposals may not offer much headroom, he agreed to the 2016 budget, subject to continuing commitment to the standard criteria agreed in previous years. Minister Duddridge also welcomed the high level of ambition in the Medium Term Reform Programme 2016-2018. He noted also that the fiscal forecasts in the Medium Term Economic and Fiscal Plan, which had been provided alongside the budget, pre-dated both the Reform Programme and the latest expected costs arising from the restructuring of the banks. Further work would therefore be needed to review forecasts and plans for 2017 and 2018.
“The Acting Chief Minister’s reply of 5 April, accepting the standard budget criteria, has cleared the path for the Governor to assent to the Appropriation Act.
“Separately, discussions continue towards the objective of ensuring effective delivery of the Government of Anguilla’s preferred plans to create a resilient and stable solution to Anguilla’s banking difficulties. Minister Duddridge reiterated his commitment to ensuring progress can be made as quickly as possible, provided that the actions taken will result in an affordable and sustainable resolution for the Government and people of Anguilla.
“Consistent with this approach, Minister Duddridge has requested that the ECCB provide additional information about the timetable and plans for making the Eastern Caribbean Asset Management Corporation (ECAMC) operational, and any proposed interim arrangements prior to the ECAMC’s establishment. The Chief Minister in his address to the House of Assembly on 30 March rightly underlined the importance of funds recovered by the ECAMC in enabling the Government of Anguilla to meet its debt obligations. It is therefore appropriate that the plans for the establishment of the ECAMC and any interim arrangements are properly understood before the next stages of the bank restructuring plans proceed.
“Governor’s Office
6 April 2016”
