Budget debate to begin today

The House of Assembly will debate the 2025 budget today, 18 December.

This follows weeks of deliberations in the closed-door Standing Finance Committee (SFC) stage of proceedings, during which lawmakers closely inspected budget allocations and questioned government officials.

In his recent budget address, Premier Dr Natalio Wheatley emphasised the importance of sustainability and resilience as guiding principles for 2025.
“Our central theme for 2025 is Laying the Blocks of Success,” he noted. This vision builds upon the 2024 focus of ‘Planning, Priorities and Progress’ and ties into the National Sustainable Development Plan (NSDP), a long-term framework for the territory’s growth and stability.

Dr Wheatley highlighted several achievements in 2024, including advancements in tourism, which recorded nearly 787,000 visitors by September, a 9.9% increase over 2023. The financial services sector also saw an upswing, with a 25.7% rise in new company incorporations as of mid-2024. However, he acknowledged challenges such as inflation, geopolitical tensions, and the lingering effects of the global pandemic.

The government anticipates generating $407.9 million in revenue in 2025, a significant increase from previous years. The Premier stated, “We are projected to collect nearly $100 million more in 2025 than we did in 2015,” attributing this to a resilient economy and enhanced revenue collection measures. Major revenue streams include taxes on international trade and property and improved digital payment platforms for government services.

The proposed budget allocates $60.7 million to capital projects, prioritising critical infrastructure improvements. These include road and water network upgrades, enhancements to school facilities, and significant investments in renewable energy. “We signed the largest loan in the history of the Virgin Islands to fund infrastructure development,” Dr Wheatley explained while pointing to a $100 million agreement with CIBC First Caribbean.

Education and health care also feature prominently in the 2025 plans, with a combined focus on upgrading facilities and expanding programmes to support students and vulnerable populations. The Premier underscored the need for forward-thinking investments, particularly in sectors such as agriculture and fisheries, which aim to bolster food security and economic diversification.

During the debate, lawmakers will scrutinise the proposed measures further to ensure they align with the territory’s needs.