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BVI Says Economy, Finances Strengthening

by Jason Gorringe, Lowtax.net, London
14 May, 2015

The Premier and Minister of Finance of the British Virgin Islands, Orlando Smith, has reported that the territory has seen a return to positive economic growth and stronger finances.

Smith made the announcement during last week's Address to the Territory. He said the Government had accomplished much of what it had set out to do during the past three and a half years in office. He said: "With respect to the economy, this was our strategy: to develop essential physical infrastructure, to promote business development – small and large – while building on the bedrock of tourism and financial services."

"I can begin with perhaps the most important subject of interest to you - the state of our finances," he continued. "You would have observed that we have responded to several questions in the House of Assembly, many regarding the Territory's finances for the last three and a half years. Despite many attempts to prove to the contrary, I showed that as Minister of Finance, I had a solid grip on our finances," with Government reserves now of USD44.6m, he said.

He said that the half a million companies active in the jurisdiction is a "clear demonstration of confidence in the stability of the territory's economy, its steady development, competent management, and regulatory regime."

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