MONTSERRAT FINANCIAL AID SETTLEMENT REACHED

The Government of Montserrat and the UK Foreign, Commonwealth and Development Office (FCDO) are pleased to confirm that a Financial Aid Settlement has been agreed for the financial year 2023-24, following the recent Financial Aid Mission to Montserrat.

The settlement will see £30.3 million available to the Government of Montserrat in the 2023-24 financial year, which represents an uplift of £6.21 million compared to the previous year. This comprises core budget support for ongoing operational costs, technical assistance and capacity-building (Technical Cooperation programme), and funding to maintain access to the island.

The Government of Montserrat has prepared its budget for 2023-24 which was announced on Monday 17th April 2023.

Funding for capital programmes on Montserrat, including the £40 million Capital Investment Programme for Resilient Economic Growth (CIPREG), the £28.3 million Port Development Project and the £3 million Essential Equipment programme are separate to the Financial Aid Settlement and will continue.

The UK Government’s Conflict Stability and Security Fund (CSSF) continues to support Montserrat though a variety of programmes, including Justice, Environmental Sustainability and Climate Change, Border Security and Governance.

On the settlement, Honourable Premier, Joseph Farrell, said:

“This is a historic moment for my government along with the people of Montserrat, we celebrate this significant uplift of £6.21 million to the island’s 2023/24 budgetary support provided by the UK Government. I am appreciative of the efforts the FCDO team who listened to us and made the case for this additional support. My thanks and appreciation is extended to everyone who worked tirelessly to make this a reality”.

Her Excellency the Governor, Sarah Tucker, said:

“I am very pleased to see this settlement, which represents a significant  uplift from the previous year, and is additional to the uplift in support agreed last year to protect Montserrat against exchange rate fluctuations, the £10 million additional CIPREG funding and the new £3 million capital investments for essential equipment.

At a time of great international uncertainty, this result is testament to the hard work of both Government of Montserrat Officials, My office and FCDO colleagues. My sincere thanks to all involved and I look forward to our continued close collaboration to deliver for the people of Montserrat”.

Adam Pile, Deputy Director, FCDO, said:

“A 25% uplift compared to last year is an exceptional result especially in light of the difficult economic situation facing the UK. I was impressed by the stringent financial management of MoFEM and the strong planning ahead of the FAM in December. I am grateful to the Premier, Ministers, the FS and her team and all those involved in getting us to this point and look forward to our continued partnership with Montserrat”.