Beautiful Virgin Islands

Tuesday, Jun 03, 2025

People Are Suffering! Vanterpool Tells Gov’t To Dip Into SSB Funds

People Are Suffering! Vanterpool Tells Gov’t To Dip Into SSB Funds

The government is being challenged to access money from the Social Security Board (SSB) to help stimulate the economy during these difficult times.

Opposition Member, Hon. Mark Vanterpool said it is unfortunate that the people of the BVI are suffering and the Social Security Board (SSB) has some $1B. He was at the time speaking under the debate of the proposed Virgin Islands Investment Act, 2020 yesterday, August 19.

“We have to stimulate the economy. We cannot keep the same thing we are doing all the time and expect the people, the people out there are suffering, stimulate the economy. How the people could be suffering out there and social security got a $1B?” he asked in the House of Assembly.

The former Communications and Works Minister clarified, “don’t be mistaken I am not telling you go take up the social security board money and give it away. I am saying take it and stimulate economy and create economic activities in the public sector. That is investment.”

The Virgin Islands Party (VIP) administration has already accessed $40M grant from the social security board last year as part of its $62.9M stimulus package to help cushion the effects of COVID-19.

Hon. Vanterpool said that its prudence that a 35,000-population economy has a $1B fund.

“So what we are going to do, just sit there and say wow, beautiful fund, one thousand billion dollar somewhere out there and we are all afraid to touch it. But guess what we are giving it to the United States to build their bridges, to build their roads, [Fannie Mae and Freddie Mac] housing programmes,” he said.

The Fourth District Representative believes that the issue has to be with mistrust.

“We believe that people out there can manage our money, but we here can manage our money…we are going to keep the billion dollar there, lend it to the rest of the world and we don’t develop ours,” he said.

Vanterpool further said, “We have money to invest in the territory and we should invest that money in the Territory of the Virgin Islands and stop this 'untrusting' thinking. Discontinue this behavior that we don’t trust ourselves to develop our own country with our own funds.”

The Old Boys Did It


He made the point that former leaders including the late Ralph T. O’ Neal, H.L Stoutt, and Cyril B. Romney, were not afraid to borrow money to help stimulate the economy.

“Government has a role to stimulate the economy and there are some who are fearful and afraid to borrow to stimulate the economy but when you go back to the context of the H.L Stoutts, Ralph T. O’Neals, Cyril B. Romneys, and Dr. Willard Wheatley, those old boys time, they borrowed money, they were not afraid. They built the port, that’s a huge investment,” he asserted.

Hon. Vanterpool mentioned that the BVI normally has an outstanding borrowing of a $100M.

“I don’t know how much it is now. We have a good reputation of paying it back, and we should not be afraid to keep borrowing to stimulate the economy and pay it back, that is how economies grow,” he stated.

The Opposition member maintained that there are times when the government must find ways to stimulate the economy and one such time is now, in the midst of the pandemic.

“All that is happening the government ought to seek any way possible to stimulate the economy, borrow the money, spend the money in the economy,” Hon. Vanterpool urged.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
×