ROADTOWN Tortola BVI, September 20th, 2012 – Finance officers across Government are enhancing their awareness of their responsibilities in ensuring the Government of the Virgin Islands not only complies with the Protocols for Effective Financial Management, but also their fiduciary responsibility to the people of this Territory.
The briefings began on September 12 with officers that represented various Government agencies including Treasury, Inland Revenue Department, Ministry of Finance, BVI Post, Education and Health.
Speaking about the protocols in an interview with the Department of Information and Public Relations, Financial Secretary Mr. Neil Smith said, “This agreement cements a partnership between this Territory and the United Kingdom; in which the Government of the Virgin Islands committed publicly to manage public funds responsibly, improve accountability and increase transparency pertaining to all the decisions, activities and operations of the Government.”
In a separate interview, Deputy Financial Secretary and briefing facilitator, Mr. Wendell Gaskin said, “These briefings are facilitated to ensure that all Government finance and accounts officers are well versed with the particulars of the Protocols. We want them to understand that this is a binding agreement between the Government and the people of this Territory to ensure public finances are managed responsibly.”
He added, “Premier Smith may have signed the document, but the officers being trained are the technocrats on the ground and adherence to its principles are not possible without their commitment and dedication to its principles.”
Mr. Gaskin further explained that the programme, as indicated in the protocols, is simply good financial practice, guided by key principles: improved medium-term planning, delivering value for money, effective risk management and improved accountability.
During the September 12 briefing, the deputy financial secretary referenced the White Paper, the document released by the United Kingdom’s Foreign and Commonwealth Office in June 2012, which defines how the UK and its Overseas Territories, including the BVI, will work collaboratively to pursue priority issues and areas for action.
“The Ministry of Finance’s goal is to foster a better appreciation of how these documents will affect how officers conduct themselves on the job every day. The White Paper, for instance, supports the principles found in the financial protocols,” said Mr. Gaskin.
Yesterday, department heads and finance and planning officers within the Deputy Governor’s Office were briefed. Next week, briefings continue with the ministries of Communications and Works and Natural Resources and Labour.
The Protocols for Effective Financial Management were signed on April 23 by the Premier, the Governor and Parliamentary Under Secretary of State and Minister for the United Kingdom’s Overseas Territories Mr. Henry Bellingham, MP, and indicates Government’s commitment to good financial practices, transparency and accountability.
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