Wednesday, April 17, 2024
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HomeInsightsMontserrat receives EDF11 fourth budget support of EC$6 million

Montserrat receives EDF11 fourth budget support of EC$6 million

BRADES, Montserrat – The government of Montserrat has received XCD$6,050,548.73 or €2,000,000 from the European Union under the European Development Fund (EDF11) programme. The funds received is the fourth Fixed Tranche Disbursement from EDF11 for Montserrat to support the islands continued development activities.

The ministry of finance and economic management explained that the continued budget support from our European Partner is aligned to improvement in key sectors such as energy, tourism, infrastructure and financial management.

In welcoming the budgetary support, the premier and minister of finance, Joseph ‘E’ Farrell noted that the development partnership between Montserrat and the EU is critical in the islands continued work towards sustainable development.

“The partnership allows Montserrat to progress in line with our counterparts within the region as well as our fellow OCT’s when it comes to development. Sustainable economic growth is only achievable if we have access to resources, which the EDFs over the years have provided. The Medium-Term Economic Policy (MTEP) lays out the path towards economic growth as we build a fit for purpose safe harbor and improve and enhance our tourism products,” expressed Farrell.

Government of Montserrat’s financial secretary, Lindorna Lambert echoed the sentiments expressed by the premier, and further stated that “The assistance of the EU delegation across all EDFs is commendable and has been welcomed by the people of Montserrat. This has not only strengthened our partnership but allows us to continue to partake in other programmes that positively add to the economy.”

The overall programme budget for EDF11 support is EC$57.35 million (€18.72M). The disbursement of funds is achieved when the GoM successfully accomplishes specific performance indicators under the programme. The government continues to work diligently to ensure that the remaining indicators are achieved, which will trigger the disbursement of the final variable tranche.

 

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