“We are not taking on any obligations if we don’t have any money” – Vanterpool
BVI News Staff - Friday, July 6th, 2012 at 8:36 AM
Vanterpool
Communications and Works Minister Mark Vanterpool announced that this government is committed to being fiscally responsible, maintaining economic growth, and won’t be just spending money just for the sake of spending.
The minister opined that fiscal responsibility comes with careful spending.
“If we don’t have any money to spend, we don’t have any money to spend, so we are not taking on any obligations if we don’t have any money. If we didn’t get the money yet or we are going to borrow the money, we will wait until we get the money to borrow and then spend it, but we must have fiscal discipline,” Vanterpool said.
“We may go to the bank and get an overdraft, but the overdraft has to be on certain conditions. You can’t just go and spend it unless you have those conditions established. You can’t get the overdraft after you already spend it. Which bank will respect you, which financial institution will give you any respect?” the minister said.
He added: “I am not going to sugar coat… I am going to say from my point of view…it is incumbent on us now, past is past, we are not paddling backwards we going forward, we are going to show …. that we are going to be fiscally prudent.
“Madame speaker, just because we might have the Social Security Board money down here that does not belong to us, that belongs to the pensioner. We are not going to borrow it as we wish, we must borrow within certain guidelines. We must be able to ensure that we are not overburdened with borrowing and can’t pay back the pensioners money one day,” he said.
Economic Growth
Vanterpool said that in order for government to be able to look for ways of building this economy for the people of the territory, they must take every opportunity to look at income-generating developments that can be put forward.
Therefore the communications and works minister stated that: “It is incumbent upon us over the next four years and beyond to show that we as a small territory can manage our financial affairs well and be able to carry forward our fiscal and economic plan.”
He announced that government is actively looking for ways of reducing the cost of operations in the territory, and noted that Premier Dr. D. Orlando Smith is looking at customs duties to make the price of goods cheaper and an energy policy to reduce the cost of energy. All of this, he stated, is aimed at reducing the cost to the people of the territory.
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8 Comments
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Hon. Mark Vanterpool is correct with everything he stated in this article; reckless spending without regard for future consequences is what has the country in the state we are in. With regards to the cruise development project, I was initially down 100%, and that was based on my thinking that the government was building it. Now I an not too sure, because an external company is building it, and that could end up being a big chunk of the BVI that is out of our control. I am not against, but not for either; I just don’t know what the contractual part stipulates to support 100%.
When is this 48 year rent free lease of 4 acres of our Capital waterfront land being signed over to TPP / Disney? That is the real question of the day Mr Vanterpool should be answering and asked. I pray it is not a done deal as it often is before the public are informed . This was hard fought for land by our National heros and such a lease requires a National debate.
its aint lies when they have already began, these was so such policy under the VIP it was waste money doing nonsense, traffic lifes, studies nothing tangible….but its commonsense. either you talk or u do something…NDP been in 7 months now and they have already began to do. Aleast I’m willing to give action a chance to see what happens. In these recession times no one has the answer but we cant just sit around hoping for a miracle.
Yes, the Prophet sees wisdom in the policy of spending when and where necessary.The Prophet is at this time attempting to visualize what Mark will look like at the end of the forty eight year lease.Will he look like Moses at the end of his journey or maybe his children will.
lies all lies…i wanna puke…bring the alcolado
What are your suggestions to make the Territory better? You have none, go feed your 7 kids and stop looking confusion.
nonsense..your mother and your sister have seven hungry kids a piece too
To Nonsense and oooooo
Two jacka**
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