British Virgin Islands

Saturday, Oct 24, 2020

‘I don’t understand the reluctance to touch the reserves’- Hon Fraser

Hon Andrew A. Fahie has repeatedly said financial stipulations are a hindrance. Hon Fraser "don’t understand" why Fahie is trying to take advantage on the opportunity to have access to more and more cash. Hahaha...

Senior Opposition Member, Hon Julian Fraser RA has said he does not understand the reluctance of the Andrew A. Fahie led administration to touch the Reserve Fund and create a COVID-19 economic package.

Premier and Minister of Finance, Hon Fahie has laid out the government’s position regarding borrowing money, noting that the Protocols for Effective Financial Management in place and the UK's reluctance to relax conditions are a hindrance.

According to Hon Fraser, “People in this Territory should not be guessing right now when they go to bed tonight what tomorrow is going to hold. We should have the stimulus available to them already, knowing exactly every two weeks I’ll go and collect x amount of dollars,” he said at a Tuesday, May 19, 2020, Opposition Press Conference.

He called on the government to put systems and mechanisms in place in the event disaster hits, such as an unemployment fund to assist the needs of the people.

VI knew about COVID-19 since December - Hon Penn

Meanwhile, Opposition Leader Hon Marlon A. Penn said the Territory had known since December 2019 that COVID-19 was real and had enough time to get a plan in place; however, the virus was categorised as a pandemic until March of 2020.

Premier Fahie has said Government can only borrow about $110M in loans without violating the protocols; however, he added that it has been trying to renegotiate with the UK, for the past 15 months, the conditions of the Protocols as more monies could be needed if disaster strikes again.

According to the Premier; the conditions 'as is' must be revisited and vague language defined before he can move forward with any plans in his capacity as Minister of Finance for an economic package.

As global figures continue to soar, the Virgin Islands has been praised for its bold measures and continues to have one of the lowest infection rates in the world and region with just 8 confirmed COVID-19 cases, inclusive of 1 death.


Quote of the Day

There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.

Sam Walton, Walmart
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