Government must restore reserves for future says minister

Treasury minister insists Island is in good fiscal standing

The use of government reserves to bolster the economy through the Covid pandemic, and the current financial crisis, was justified but a strategy is needed to strengthen reserves for the future.

That was the message from the treasury minister who has delivered a financial statement to Tynwald.

Alex Allinson said the Island was still in a strong position, with current reserves standing at £1.67 billion, despite two and a half years of rainy days.

However he says the focus must be on efficiency, fiscal accountability and cost savings.