Montserrat Stands Millions in Aid as the Pound Sterling Falls

Montserrat’s leader of government business has highlighted the fall-outs that the plummeting British pound sterling is having and continues to have on the island’s aid budget.

Speaking during a session to signal the opening of the new parliamentary year, Premier and minister for finance, Honourable Joseph Farrell revealed that the situation as it now stands means that there is a reduction in projected revenue.

Premier Farrell outlined that when the budget was presented earlier this year, the aid allocation was predicated on an exchange rate of 3.6 dollars to the pound but that itself was undermined from the very beginning.

Montserrat is was scheduled to receive 88 million dollars in budgetary aid but stands to lose an estimated 12 million dollars.