Governor of the Virgin Islands, H.E. Augustus J.U. Jaspert at his June 30, 2020, press conference has indicated that the UK will not be relaxing the Protocols for Effective Financial Management, however, will maintain its position where the Virgin Islands can 'temporarily breach' the protocols to borrow money.
Premier and Minister of Finance, Hon Andrew A. Fahie's had said that the protocols have hampered the ability of the VI Government to seek out loan funding to help the local people and stimulate economic activity and therefore, needs to be relaxed.
He said his government was "constrained by certain conditions in the Protocols for Effective Financial Management due to conditions agreed to and signed to by the former Government."
Now according to the Governor, with both the UK and VI having discussed the issue, he reminded that the protocols were implemented to ensure that the VI is putting away enough money in savings and also not borrowing more than they can afford to repay.
Always look for the fool in the deal. If you don’t find one, it’s you.