instays of the economy and the local government is making efforts to
broaden the base of the economy and thereby lessen dependence on external
influences. Two recent major developments, the establishment of ship-to-
ship, and ship-to-shore oil transfer facilities, will provide substantial
annual royalty payments over the next 30 years. A concerted effort is
being made, with some success, to reduce imports by expanding domestic
agricultural production and to promote exports by establishing light
industries.
UK Aid
The Islands balance their recurrent budget and, in view of their gen-
eral prosperity, UK aid has been declining and is scheduled to terminate in
1980. Development aid, which has been running at about £300,000 a year has
been used primarily on infrastructural projects including airport expansion,
development of a comprehensive school and construction of a broadcasting
station.
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