BVI economy not at a standstill, Premier insists

Premier Dr Natalio Wheatley.

Premier Dr Natalio Wheatley has disputed claims that the BVI economy is at a standstill, labelling such narratives misleading.

Appearing earlier this week on the Honestly Speaking Show with Claude Skelton Cline, Dr Wheatley countered these assertions, defending the government’s progress and efforts.

In response to perceptions, particularly from the business community, that economic activity has stalled, Premier Wheatley stated, “To say that things have been absolutely at a standstill is not completely accurate.”

He highlighted numerous projects undertaken in recent years, including repairs to essential infrastructure damaged during hurricanes Irma and Maria. Dr Wheatley noted that the government has been executing projects under a $65 million loan agreement, including repairs to recreational facilities, government buildings, clinics, and hospitals. He emphasised that while there may be challenges, particularly due to the introduction of a new Procurement Act and the effects of the Commission of Inquiry (COI), the idea that nothing has moved forward is an oversimplification of the situation.

The Premier acknowledged, however, that the economy has faced obstacles, especially in the last two years.

“I don’t want to say that there’s no validity at all to some of the sentiment,” the Premier commented. “It doesn’t really give a full, accurate picture. But I would say, especially over the last two years, that we’ve had some challenges that we’re working to overcome.”

He noted that these hurdles are being addressed, with plans to revise the Procurement Act to speed up processes, particularly for major contracts.

Dr Wheatley also stressed the importance of reducing the territory’s reliance on government-driven projects, calling for a more diversified economy. He explained that while financial services and tourism have been the pillars of the BVI economy, there is now a growing need for tourism to play a more significant role in generating revenue.

“Tourism has to do more for us, and we have to diversify our tourism product so that it can perform better, provide more employment, and provide more government revenue and provide more business opportunities for us,” he said. Premier Wheatley outlined the government’s efforts to attract investment, including its support for developments on Norman Island and the expansion of Nanny Cay.

He also touched on ongoing projects such as the construction of the West End Ferry Terminal and the expansion of the Terrance B Lettsome International Airport, both of which are expected to begin by 2025. Dr Wheatley assured the public that the government is committed to addressing the concerns raised by the business community and moving the economy forward.

“We are taking steps to overcome these challenges, and we are optimistic about the progress we can make in the coming years,” he said.

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