Beautiful Virgin Islands

Monday, Aug 04, 2025

Premier: Economy Remains Intact Despite Revenue Decline

Premier: Economy Remains Intact Despite Revenue Decline

Premier and Minister of Finance, Hon. Andrew Fahie has projected that the BVI economy remains intact despite a shortfall in revenue, primarily because of the economy fallout from COVID-19 for most of 2020.
In his 2021 budget presentation in the House of Assembly yesterday, November 13, the Premier indicated that the draft estimates showed total Government revenue in 2020 was $340M, which was $22M less than initially projected and 6.65 percent lower than 2019 actual revenue.

“Mr Speaker, it goes without saying that the COVID-19 global pandemic disrupted and depressed business activity. Revenues shrunk. At the same time priorities had to be reorganised and funding re-assigned to more critical needs,” the Premier stated.

The Premier disclosed that the Ministry of Finance is projecting a small, but tenuous balance on our overall operations in 2020. He also shared that central government debt stands at $149.11M.

“Notwithstanding this, the BVI’s economy remains intact and full of promise. The most recent Cash Flow Report from the Ministry of Finance projects that the Consolidated Fund balance at Friday, 13 November, 2020, will be $41.6M, taking into consideration anticipated inflows and outflows. The accounts payable balance as at 13 November, 2020 is projected to be nil,” the Premier stated.

He shared that Government’s total debt is in the vicinity of $149M, of which $97M is foreign debt and $52M is local debt. According to the Premier, the operating line of credit remains paid in full while total cash and investments are reported to be $208.3M as at 6 November, 2020.

Compared to 2019 and based on estimates for 2020, the Premier revealed that the tourist arrival levy fell by $1.8M. while passenger tax increased by $1.1M, but revenue from cruising permits fell by $3.3M, and hotel accommodation tax proceeds fell by $420,000 or 16.02 percent.

Recurrent expenditure for fiscal 2020, according to the estimates, totalled $366.5 million, representing a 12 percent increase over the budgeted figure and a 19 percent increase over the 2019 total.

This sum includes $57.4 million in COVID-19 prevention expenses that were not initially budgeted for since this coronavirus had not even been heard of at the time.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×