Montserrat has signed a Budget Support Programme with the European Union for 18.4 million euros (EC$61.7M) aimed at transitioning the country towards sustainable economic development. The overall objective of the programme is to assist the government with the implementation of the updated Medium Term Economic Policy (MTEP) 2017-20121.
The MTEP is pivotal to the development and the implementation of a new Economic Growth Strategy (EGS) currently being drafted, which will define in greater detail a more multi-sector approach in addressing Montserrat’s economic development challenges for the next ten or more years.
The contribution from the European Union is expected to include support to key sectors identified in the MTEP, which are renewable energy and infrastructure development which are crucial to addressing accessibility constraints on the island. Moreover, the programme is expected to support the enhancement of Montserrat’s tourism, improve the business environment and encourage more inclusive private-sector development.