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PREMIER ROMEO PRESENTS 164.8 MILLION DOLLAR BUDGET
23rd April 2018
Premier and Minister of Finance and Economic Management, the Honourable Donaldson Romeo presented the Government of Montserrat’s $164.8 million dollar 2018-2019 budget, under the theme ‘Advancing Our Journey To Self-Sustainability Through Strategic Investments’.
Premier Romeo delivered the budget this afternoon (Monday, April 23) during a meeting of the Legislative Assembly at the Montserrat Cultural Centre where he outlined the spending and revenue expectations for 2018-2019 and highlighted a number of success over the previous year 2017-2018.
The local economy is forecast to grow by 2.22% during 2018-2019 and the Government of Montserrat’s aim is to achieve sustainable economic growth of around 3% to 5% per annum over the next 10 years. The budget presentation also highlighted increased in capital expenditure and recurrent expenditure for this fiscal year. The Capital Expenditure Programme increase to EC$33.62 million (EC$7.14 million DFID Funded Projects, EC$24.58 million EU funded projects, EC$1.90 million other funding partners) compared to the $14.95 million dollars spent in 2017-2018.
The Recurrent Expenditure for the 2018/19 financial year is one hundred and thirty-one million one hundred and fifty-one thousand three hundred dollars ($131, 151, 300), representing an increase of 2.16% over last year’s figure.
A number of sectors were highlighted by the Premier as being poised for growth over 2018-2019. These include, the Mining and Quarrying sector; the Agriculture sector; The Construction sector; Hotel and Restaurant segments of the Tourism sector; and the continued growth of the Festivals are expected to result in increased tourist arrivals.
The revenue projections for this fiscal year also show an increase compared to 2 017-2018. The revenue estimate for 2018-2019 is $131.15 million dollars compared to $124.2 million for last year.
In addition to the projections for 2018-2019, Premier Romeo also highlighted the advancements made last year. The strategic breakthroughs which were realized in 2017-2018, as highlighted by the Premier included, the signing of the fourteen million, four hundred thousand pounds (£14,400,00) financing agreement with the Caribbean Development Bank (CDB) for the Port Development; signing of EDF11 for eighteen million, four hundred thousand Euros (€18,400,000); the Economic Growth Strategy and Delivery Plan; the approval if the Subsea Fibre Optic Cable Project which will be advanced in 2018, and the progress made in Geothermal Energy Development.
The full budget speech will be available for download on www.gov.ms. Once on www.gov.ms, click on the publications section, then Ministry of Finance and select Budget Speech 2018.
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GRANT AGREEMENT FOR THE PORT DEVELOPMENT PROJECT SIGNED
12th April 2018
Premier and Minister of Finance, the Honourable Donaldson Romeo has signed, on behalf of the Government of Montserrat, the grant agreement for the Port Development Project.
The grant agreement between the Caribbean Development Bank (CDB) and the Government of Montserrat for fourteen million, four hundred thousand pounds (14,400,000 mn) was signed by Premier Romeo on Wednesday, April 11, 2018. The signing follows the CDB’s notification to the Government of Montserrat of the grant approval. The approval came as result of the Government’s March 2017 application to the CDB, for a grant to assist in financing a project for the development of the port at Little Bay under the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF).Prior to signing the grant agreement, Premier Romeo, the Ministry of Finance and the projects’ implementing Ministry—the Ministry of Communications, Works, Labour and Energy (MCWLE) conducted an extensive review of the conditions of the grant, discussed the possibilities to maximize the Project to fit in line with Montserrat’s future infrastructure and economic growth prospects and sought clarification with the CDB on some areas.
Upon signing the agreement, Premier Romeo expressed his appreciation to the Ministry of Finance and Economic Management and the MCWLE for their hard work, dedication and contribution in bringing the project to this stage.
The grant from the CDB represents 67% of the project cost. The first disbursement of the grant is expected in June 2018, followed by quarterly disbursements until the grant is fully disbursed at approximately May 31, 2021. The Government of Montserrat will finance the remaining seven million, and ninety-eight thousand pounds sterling (7,098,000) or 33% of the project cost.
The grant approval will ignite the commencement of a public consultation to inform the residents of the proposed developments and use their inputs to aid in the orchestration of the final designs.
The Port has been identified as a high priority project and is consistent with the Government’s priorities to improve access and connectivity. The Montserrat Port Development Project aims to improve efficiency, effectiveness and resilience of the Port facilities which will provide a safe harbour and accessibility to all users.
The project will be implemented by the Ministry of Communications, Works, Labour and Energy (MCWL), through its technical arm, the Public Works Department.
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Science and technology
tutorial -
11th April 2018
Today 11 April 2018, the Honourable Delmaude Ryan chaired the Meeting of the Open Campus Grants Committee session at the Meetings of the Campus and University Grants Committees of the University of the West Indies (UWI). Her technical advisers, immediate past Permanent Secretary in the Ministry of Education, Youth Affairs and Sports Philip Chambers and his successor Colin Fergus, accompanied the Minister.Mr. Chambers attended the pre-meeting of the Technical Advisory Committees in Jamaica on the 6th and 7th March 2018 which assessed the details of the proposed budgets.
The meetings are a part of the budget process of The UWI and consider in turn the proposed budgets of the four Campuses (Cave Hill, Open, Mona and St. Augustine) and other UWI budgets. The decisions emanating from today’s meetings will be presented to the UWI Council Meeting on 27th April 2018 for approval of the University’s Biennial Budget Estimates for 2018/2019 to 2019/2020.
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tutorial -
MATLHE TO HOST THE 16th MEETING OF THE CARIBBEAN REGIONAL FISHERIES FORUM
10th April 2018
The Ministry of Agriculture, Trade, Lands Housing and the Environment (MATHLE) in collaboration with the Caribbean Regional Fisheries Mechanism (CRFM) will be hosting the Sixteenth Meeting of the Caribbean Fisheries Forum at the Montserrat Cultural Center, April 16 & 17, 2018.
The Forum meeting will be immediately followed by a Regional Workshop to review the Draft Protocol to integrate Climate Change and Disaster Risk Management into the Caribbean Community Common Fisheries Policy on 18 April 2018. Participation at both meetings will include heads of National Fisheries Authorities from the member states of CRFM, observers and Partner Organizations.
The Objectives of the Meetings are to update the Forum on the progress of programmes, projects and activities being undertaken by the CRFM (Secretariat, Member States and network partners) and prepare recommendations on the way forward for consideration by the Ministerial Council which is scheduled to meet on 18th May 2018 in Montserrat.
It is envisaged that at the end of the three days the Forum will have an updated status of implementation of decisions for the Ministerial Council as it relates to the strategic objectives of the CRFM. It is also expected that future plans of the CRFM will be agreed by the Forum to include
• Information on status and trends in the fisheries and aquaculture sector
• Research & Development
• Sustainable management of fisheries resources
• Sustainable use of fisheries resources
• Sustainable development of aquaculture
• Adaptation to climate change and disaster risk management in fisheries
• Capacity building and institutional strengthening
• Effective collaboration with member states and stakeholders
• Efficient and Effective administrationABOUT CRFM: The CRFM was established by a Treaty signed by the Heads of Government of the Caribbean Community at their Thirteenth Inter-Sessional Meeting in Belize City, on 4 February 2002. It was inaugurated on 26 March 2003 in Belize. It is an inter-governmental organization with its members being Anguilla, Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago and the Turks and Caicos Islands. The goal of the CRFM is to establish, within the context of the Revised Treaty , appropriate measures for: the conservation, management, sustainable utilization and development of fisheries resources and related ecosystems; the building of capacity amongst fishers and the optimization of the social and economic returns from their fisheries; and the promotion of competitive trade and stable market conditions.
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FIVE SUB PROJECTS APPROVED FOR BNTF 9 CYCLE
10th April 2018
The Basic Needs Trust Fund (BNTF) Oversight Entity chaired by the Permanent Secretary in the Office of the Premier, has approved five sub-projects which will be implemented under the 9th cycle of the BNTF programme.
The approved projects are, Mars Hill Road Rehabilitation; Barzey’s Bypass Road; Early Childhood Practitioners Training; Revival of Steel Pan Music and Salem to Desert Storm Water Mains Replacement.
The Caribbean Development Bank (CDB) will fund 95% of these projects and the Government of Montserrat will fund the remaining 5%. Seven hundred and eighty thousand United States dollars (USD$780,000.00) have been allocated from the CDB for the BNTF9 cycle. The funds are intended to cover the cost of the sub projects, project management support, institutional development, monitoring and evaluation and implementation support.
BNTF Project Manager, Mervin Browne said, “the implementation could commence as soon as the last quarter of 2018.” He explained that certain requirements must be satisfied before the Caribbean Development Bank (CDB) releases the funds. Mr. Browne said, “Currently the BNTF Implementing Agency (IA) is working on all required pre-project implementation documents to satisfy the conditions stipulated before the first disbursement of CDB grant funds.”
The BNTF programmes support a socially inclusive development process that empowers the poor and vulnerable, and supports institutional development.
So far, there have been nine BNTF Programme cycles, implementing over 2,000 sub-projects to directly impact the lives of more than 2.8 million people in poor communities. Community participation is essential to every sub-project, as this facilitates local ownership of BNTF investments and enhances social capital within each community.
Over the years, BNTF programmes have contributed positively to Montserrat’s development efforts. Some of the programmes funded under previous BNTF cycles include, the construction of the Abbatoir in Brades; the Barzey’s Community Road Rehabilitation and the Drummonds Community Road Rehabilitation, among others.
The BNTF Oversight Entity, chaired by Daphne Cassell, Permanent Secretary, Office of the Premier, has overall responsibility for the execution of the Basic Needs Trust Fund (BNTF) Project in compliance with requirements, standards and covenants set out in the Grant Agreement between the Government and CDB.
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