Beautiful Virgin Islands

Monday, Jun 23, 2025

The True Cost of Rebuilding Is To Address Inequalities

The True Cost of Rebuilding Is To Address Inequalities

During the panel session held under the theme, 'Leave No One Behind: Building An Equitable Recovery For Island Communities', Premier and Minister of Finance, Hon. Andrew Fahie delivered his keynote address at the Island Finance Forum held virtually from April 25 to 29.
In his speech, he encouraged his audience to embrace the true meaning of rebuilding and restoration, specifically for Small Island Developing States (SIDS).

He pointed out that most countries in the global economy are on a path of early recovery from the ravages of the COVID 19 pandemic, but for SIDS, recovery is complex. Hon. Fahie explained that even during our recovery process, where we are anticipating economic growth, we are presented with new and existing issues.

“Small Island Developing States (SIDS) in particular have the dual challenge of recovering from the pandemic, while at the same time managing climate risks such as hurricanes and sea-level rise. They must also cope with the external shocks to their small open economies that are currently being negatively impacted by rising inflation and the sharp spike in energy and fuel prices. The combination of these things has actually increased the vulnerability of SIDS which must be taken into account by our international partners when it comes to concessional financing,” he noted.

He maintained that the pandemic was not only responsible for compounding issues for SIDS, but it uncovered and placed emphasis on the social dimensions of inequality in our societies.

The Premier proposed that if our societies are to be rebuilt and be stronger, there needs to be deliberate action to confront and alleviate these inequalities.

The most vulnerable communities like women and youth, need to be protected to ensure that we ensure that the community at large is safeguarded.

“We need stronger social safety nets to protect the vulnerable, especially persons that are low-wage workers in the Hospitality Sector who are the most likely to be laid off or have their hours and income reduced during a crisis. Among other things, it is imperative that SIDS put in place permanent unemployment insurance schemes of some kind to make their economies more shock responsive,” Hon. Fahie stated.

Hon. Fahie also revealed the Government is putting steps in place to extend a safety net of social security to those persons who contribute to economic growth, but are a part of the informal labour markets.

This involves working with the International Labour Organization to ensure that this group of workers are accounted for on the path to recovery. He also spoke about the importance of retraining workers from the hospitality industry to take on new roles in other sectors like construction and renewable energy which was done by his ministry as a result of the pandemic. However, this flexibility and diversification of skills can also assist workers during the “slow season”.

Premier Fahie closed by reminding his audience not to only focus on the weaknesses of our societies.

He stated, “Islands are resilient and we will recover from the pandemic, but we must seize the opportunity before us to address the structural imbalances and inequalities in our societies for an inclusive and equitable recovery based on sustainable development. SIDS share common challenges and there must be a paradigm shift in terms of national life and our response to those challenges. Continuing to share our experiences with each other is critical because we are all in this together.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
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
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
×