The Real Truth Behind the Document
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The Government of the Virgin Islands and Her Majesty's Government signed an Agrement referred to as: "Protocols For Effective Financial Management", on April 23rd 2012, the Document sets the parameters for all matters relating to the Financial affairs of the Central Government, particularly in relation to Borrowing, and Spending of Moneys.
This New Document replaced the former Document referred to as: Statement of Agreed Borrowing Guidelines", and is thought by many to be a retrograde step backwards in our relationship with the UK Government in this area. At the Seventh Sitting of The First Session of The Second House of Assembly of The Virgin Islands: to be held on Friday June 29th (recessed till Tuesday July 3rd); The Hon. julian Fraser, RA will move a Motion to have A Special Select Committee of The Second House of Assembly of The Virgin Islands be appointed in accordance with Standing Order 78, to review these Protocols to determine the implications for the borowing privileges of the Territory and report back th the Honorable House. |
Included for your edification is a complete text of the Motion along with a copy of the Protocols For Effective Financial Management", as signed on April 23rd 2012.
However, in order to get a thorough understand of the prose and cons of this Agreement, it is imperative that you tune in to the Debate on Tuesday July 3rd at 10:00 am on either TV Channel 51, or ZBVI Radio 780 on your AM dial. |
THE MOTION
| final_motion_on_protocals.pdf |
The Story Behind The Protocols
CRONOLOGY OF EVENTS REGARDING BVI FINANCIAL AFFAIRS AND THE Foreign & Commonwealth Office:
1) June 2010 Visit to London:
Premier O'Neal & Hon. Fraser met with Minister Billingham of the UK; Minister for Overseas Territory
2) ~= Nov. 2010 FCO sent the Draft FFR
3) July 2011: Pre Consultative Meeting Scrub Island
Premier O'Neal & Hon. Fraser represented the BVI
4) Oct 2011 Deputy Premier Dancia Penn announced that HMG desired for us to submit our Budget for approval, and that we were going to
London to argue against it
5) Nov 7th 2011 ELECTIONS
Change in Government
6) Nov 21st: Consultative Meeting London
Premier Smith Requested time extension for FFR
7) Feb. 2012: FCO Officers came to BVI
Premier Smith (No report on the meeting’s outcome)
8) April 2012: Protocols were signed Between HMG and BVIG
Premier Smith & Minister Billingham
1) June 2010 Visit to London:
Premier O'Neal & Hon. Fraser met with Minister Billingham of the UK; Minister for Overseas Territory
2) ~= Nov. 2010 FCO sent the Draft FFR
3) July 2011: Pre Consultative Meeting Scrub Island
Premier O'Neal & Hon. Fraser represented the BVI
4) Oct 2011 Deputy Premier Dancia Penn announced that HMG desired for us to submit our Budget for approval, and that we were going to
London to argue against it
5) Nov 7th 2011 ELECTIONS
Change in Government
6) Nov 21st: Consultative Meeting London
Premier Smith Requested time extension for FFR
7) Feb. 2012: FCO Officers came to BVI
Premier Smith (No report on the meeting’s outcome)
8) April 2012: Protocols were signed Between HMG and BVIG
Premier Smith & Minister Billingham
The Protocols
| protocols_for_effective_financial_management.pdf |