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‘Sharp increase in Gov’t Liabilites’-2013 Auditor General Report

‘Sharp increase in Gov’t Liabilites’-2013 Auditor General Report. Photo: VINO/File
 Auditor General (AG), Sonia M. Webster, in her 2013 Annual Report has stated that “the statements submitted, show a sharp increase in liabilities from $44.5 million in 2012 to $124.1 million in 2013.” Photo: VINO/File
Auditor General (AG), Sonia M. Webster, in her 2013 Annual Report has stated that “the statements submitted, show a sharp increase in liabilities from $44.5 million in 2012 to $124.1 million in 2013.” Photo: VINO/File
ROAD TOWN, Tortola, VI - Auditor General (AG), Sonia M. Webster, in her 2013 Annual Report has stated that “the statements submitted, show a sharp increase in liabilities from $44.5 million in 2012 to $124.1 million in 2013.”

The report noted that the most significant public liabilities are loans received by the government for development projects.

Loan balances however, decreased from $102 million in 2012 to $90.9 million at the close of 2013 the report now a public document stated.

New Hospital a burden

According the Ms, Webster, “the largest balance was for the New Hospital project $71.6 million.”

The report stated that the $90.9 million loan obligation was made up of $14.0 million in foreign loans, $38.2 million from local commercial banks and $38.7 million from the BVI Social Security Board the report noted.

The cost of financing government long term liabilities in 2013 was $4.6 million compared to $5.5 million in the prior year.

2 Responses to “‘Sharp increase in Gov’t Liabilites’-2013 Auditor General Report”

  • facts comes riding (28/08/2018, 13:16) Like (4) Dislike (0) Reply
    we in deep financial do do
  • Political Observer (PO) (28/08/2018, 15:52) Like (6) Dislike (1) Reply
    Wow! All the excerpts from the 2013 audited financial report is concerning news. Ok. Liabilities increased from fiscal year 2012 (last year of audited report) to fiscal year 2013. However, what do we (BVI) have to show for the increasing liabilities? Yes, Peebles Hospital is a modern facility but proper staffing and equipping are inadequate. What else can we say voila there is something concrete. Asset=Liabilities+Capital. If liabilities are increasing and assuming Capital stays the same, then Capital must be increasing. On the other hand, if Assets are increasing, then Liabilities plus Capital will increase commensurately. However, the question is where are the assets? The roads constructed with borrowed money is down the drain; the roads were in a deteriorated condition before before Hurricanes Irma and Maria. The hurricanes just exacerbated the condition. Fiscal year 2013 was eye opening so what will fiscal years 2014-2017 do?


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