Premier Fahie explained, “At this stage in the Territory’s constitutional and economic development, it is in the best interest of the Government and the people that the EAC, a non-constitutional and independent body be established to provide economic advice specifically to the Premier.”
The EAC is expected to highlight key economic issues facing the Territory to the Government of the Virgin Islands from an objective viewpoint.
It will advise the Premier on economic issues including industries, diversification/development of industries, regional and local business opportunities, inflation (e.g. cost of doing business and cost of living), finance and foreign investment, in an effort to ensure that the economy of the Virgin Islands continues in an upward mobility and that the Virgin Islands keeps its competitive advantage regionally and globally.
The Terms of reference as defined by the EAC are as follows:
1. Analysing any issue, economic or otherwise, referred to it by the Premier and advising him thereon;
2. Addressing issues of macroeconomic importance (whether on its own cognisance or on a reference from the Premier) and presenting views thereon to the Premier;
3. Creating sub-committees of the EAC to look at specific economic categories of the economy including but not limited to foreign investment, national strategic planning, social restructuring, digital transformation/innovation and the environment. Each sub-committee of the EAC shall include representation from the sister islands in the various industries as such representation is determined and approved from time to time;
4. Submitting periodic reports to the Premier on macroeconomic developments and issues with implications for economic policy; and
5. Attending to any other task as may be directed by the Premier from time to time.
The members of the Council are as follows:
The following are the inaugural members of the EAC:
Ms. Patricia Romney, Director of Operations, ROMASCO Group (Deputy Chair)
Mr. Peter Tarn, Chairman, Harneys
Mr. Shan Mohammed, Managing Director, Nagico Insurances BVI
Mr. Sjoerd Koster, General Manager, VP Bank
Ms. Lorna Christopher, Manager, Maria’s by the Sea
Mr. Andrew Ball, BVI Marine Association Chair
Mr. Lawrence Wheatley, Owner/Manager, Anegada Reef Hotel
Mr. Meade Malone, Managing Director, MWM Global Holdings
Mr. St. Clair Flemming, Owner/CEO, P3 Paper Plastic Products
Ms. Tatiana Fahie
Mr. Claude Skelton-Cline
Mr. David Norris
The primary role of the ad hoc EAC is to provide an objective viewpoint on economic policy matters that are referred to it by the Premier of the Virgin Islands. Additionally, the EAC will prepare periodic reports of economic developments that need to be brought to the attention of the Premier.
Hence, the EAC will closely monitor national and international economic developments and trends and will develop appropriate policy responses and points of action for the Premier. It may also publish annual reports on the economic standing and outlook of the Virgin Islands as well as general reviews on the economy of the Virgin Islands.
Wise men talk because they have something to say,
fools talk because they have to say something.