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Monday, 22 April, 2024 GIU, Montserrat – Montserrat’s journey towards economic revitalization and community empowerment took a significant step forward as Premier Joseph E. Farrell, also serving as the Minister of Finance, presented a robust budget totaling EC$236.03 million for the 2024-2025 financial year. This budget allocation underscores a strategic focus on transformative projects aimed at reshaping the island’s future.

Comprising $155.7 million for recurrent expenditure and $80.6 million earmarked for capital investment initiatives, this budget signals a substantial commitment to catalyzing growth and development across various sectors. Premier Farrell elucidated the budget’s theme, “From Vision to Reality: Transforming our Economy, Protecting our Environment, and Empowering our Communities,” highlighting its pivotal role in translating financial allocations into tangible outcomes that benefit Montserratians.

Reflecting on the challenges wrought by the COVID-19 pandemic and other global uncertainties, Premier Farrell acknowledged the resilience of Montserratians and outlined key achievements despite adversities. Notably, the emphasis was placed on advancing capital and infrastructure projects critical to the island’s progress.

Looking ahead, the Premier expressed optimism, projecting a nearly 5% growth in the local economy and the timely completion of major capital investments. He underscored the government’s commitment to fiscal prudence while providing essential support to the public and business sectors.

The budget presentation outlined several priority areas, including the revision of the Little Bay Masterplan, launching the Sports Rehabilitation Project, and initiating the Agricultural Products Expansion Project. These strategic investments aim to enhance infrastructure, promote sports development, and bolster agricultural productivity, thereby fostering sustainable economic growth.

In a bid to stimulate economic activity and enhance fiscal sustainability, Premier Farrell announced new fiscal measures, including tax reforms and a 3% salary increase for all government employees. Additionally, the establishment of the Ministry of Communication and Digital Transformation reflects the government’s proactive stance in leveraging technology for economic advancement and improved public services.

As part of organizational restructuring, the transition of the Tourism Division into the Montserrat Tourism Authority underscores the government’s commitment to enhancing tourism prospects and fostering sectoral growth.

The budget’s estimated recurrent revenue and expenditures provide a framework for prudent financial management, ensuring the effective allocation of resources towards essential services and operational expenses across government departments.

For stakeholders seeking detailed insights into the budgetary allocations and government priorities, the full budget statement is available on the Government of Montserrat website, offering transparency and accessibility to citizens and investors alike.

In summary, Premier Farrell’s presentation of the EC$236.03 million budget signifies a resolute commitment to Montserrat’s transformation, encapsulating a vision of progress, sustainability, and prosperity for all its residents.