Beautiful Virgin Islands

Wednesday, Oct 08, 2025

Come Clean! Opposition Wants Honesty On Finances

Come Clean! Opposition Wants Honesty On Finances

Opposition Leader, Hon. Marlon Penn, is calling for honesty from Premier and Minister for Finance Hon. Andrew Fahie on the British Virgin Islands’ financial standing.
Hon. Penn’s remarks were made against the backdrop that the territory saw a roughly $12 million increase last year despite the COVID-19 pandemic, as announced by the Premier during a recent sitting of the House of Assembly.

“If he [Premier] is counting the stimulus money that we got from Social Security Board, that’s a misrepresentation of the reality on the ground in terms of where we are financially. We all know 2020 was a difficult year, not just for the Virgin Islands, but globally but let us be honest with the people of this Territory in terms of what our true financial position is, is what I am saying,” he stated, on NDP radio on Monday evening, March 15.

The Opposition Leader said once the financial position is known the territory could make effective plans on the way forward.

“We are leaders; we were put to lead the people of this territory, not to mislead them. We should never seek to mislead the people of this territory in terms of punching the numbers. Let us be truthful about what our true financial position is and let us plan as a territory, as a people in terms of how we move forward and manage our current financial situation; and that all goes to the economic plan for the territory, so we have to be able to manage those things,” Hon. Penn told listeners.

He then pledged to “get more specific numbers” in terms of the numbers to educate the people in that regard.

He added, “because the people need to know this. Because the reality is that if we don’t know where we are economically, we can’t really plan our next step.”

Premier Fahie informed the House of Assembly on March 10 that despite the floods and hurricanes of 2017 and the ongoing pandemic, “The revenue of the Government of the Virgin Islands continues to surpass the revised projected estimates for the periods 2018 to 2020.”

The Premier provided the dollar amounts for unaudited revenue from the government of the Virgin Islands, excluding financial services and total expenditure for the periods January 1 to December 31 in 2018, 2019 and 2020.

For 2018 revenue was $157,843,541 while expenditure was $343,679,391. In 2019 revenue was $158, 911,14 while expenditure was $334,457,187; and in 2020, revenue was $170,431,519 while expendure was $390,332,240.

After hearing the figures, Hon. Penn asked the Premier to explain the $12 million increase in revenue for 2020.

“We were just saying earlier that things had dropped off, and we had lockdowns for COVID-19, so how would revenue jump from $158 million to $170 million in 2019 to 2020?”

In response, Premier Fahie said: “We did some revenue measures, and some of them brought in some money but remember your question is void of financial services, so when you look at financial services revenue, it did drop of it being COVID-19. Overall revenue was down, but we continue to push some significant initiatives, whether it be through construction through different areas, and the government was able to do business with some of the amendments we came in here and make. So we were able to push forward with some revenues for 2020 beyond the other years, but overall revenue was down.”

Hon. Penn then pointed out that the details are needed because “it is virtually impossible for us to be shut down since March, just open up our territory in December, many of the businesses were closed, and you are saying that you had a $12 million increase during the time that we were shut down during COVID-19 than the year before.”

Premier Fahie said if the figures are analyzed in isolation, that would be the case.

“We had unexpected sales in natural resources and labour that came up with some stamp duty; we did have some other things coming up towards the end of the year that increased the revenue. So there were some factors that increased revenue, but when you add revenue together with Financial Services, revenue was still down.”

He said the stimulus received from the Social Security Board would have been recorded on the books under revenue.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×