Beautiful Virgin Islands

Monday, Jun 30, 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
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
×