Roadown, Tortola - Financial Secretary Mr. Neil Smith has identified a need for what he termed, “a strong group of economists with empirical or quantitative type background who can properly analyse the statistical data of the Virgin Islands.”

In a recent GIS Radio Report, Mr. Smith said such individuals will help develop what he hopes will be, “a cadre of individuals in the public service who will be able to undertake this work on a regular basis.”

Having identified this need, Mr. Smith is hopeful that it will encourage Virgin Islanders to pursue the relevant areas of study. He also wants to see more training opportunities offered for public servants who are responsible for making projections about Government’s revenue.

“The data available and the ability to analyse that data right now are nowhere near an acceptable level. Better information and better analysis will enable the leaders of the Territory to make better decisions regarding the development of the Virgin Islands,” Mr. Smith stated.

“The Ministry of Finance understands the importance of highly technical analysis, we understand the absolute critical nature of not only information, not only data, but of accurate and timely data and we further understand that in order to advise the leaders of this country properly we musty have these two elements, they are of paramount importance,” he added.

Mr. Smith’s comments came against the backdrop of the recently concluded Forecasting Workshop organised by the Ministry of Finance and facilitated by the Caribbean Regional Assistance Centre (CARTAC).

  “In this workshop what we attempted to do was provide some structure to the individuals who should actually be doing this work in terms of making projections of revenue and these types of things. Additionally, it is not a guessing game so it is important that people understand how to actually make these projections and make them accurately so that when decisions are made based on that information, it will be better,” the Financial Secretary noted.

During the workshop, participants were able to analyse available statistics and revise the projected revenue collection for 2009, which was subsequently announced by Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE during the 10th sitting of the second session of the first House of Assembly of the Virgin Islands, held on September 8.

The workshop was designed to strengthen the structure, analytical skills and technical tools utilised in predicting Government’s revenue, allowing for more informed decisions to be made by the political directorate.

It is the mission of the Ministry of Finance to promote leadership in the development and implementation of an overall economic and fiscal strategy aimed at promoting financial and economic stability, growth and development of the Virgin Islands. Additionally, the ministry’s vision states that it is committed to providing effective financial management of the Territory’s resources through timely, thorough and accurate financial and economic analysis through high quality service, integrity and transparency, flexibility, cutting-edge technology and empowered and motivated professionals.