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Neil Smith: Circumstances had prevented me from consolidating debt!
ROAD TOWN, Tortola, VI - Appearing before the 2012 Standing Finance Committee (SFC) to discuss the Virgin Islands’ financial situation Financial Secretary, Neil Smith briefed members of the House select Committee on revenue estimates, loans, debt and challenges.
VI worst off due to previous Gov't's failure to take hard cost cutting measures – FS
ROAD TOWN, Tortola, VI – The decision to reduce expenditure in the civil service by more than $13 million this year could have been less dramatic had the previous Government made some “significant decisions” in 2010 when it introduced several cost cutting measures which has now put the Virgin Islands in a worst financial position.
More than $13M cut in Public Service for reserve fund
ROAD TOWN, Tortola, VI – A recent decision by Cabinet to increase its reserve fund has led to a cut of more than 13 million dollars for expenditure in the public service, which is reflected in a 50 percent reduction in employees’ performance increments and seven percent of operational expenditure in government departments.
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