BVI recognised as regional leader in public debt management

The Virgin Islands has been recognised as a top-three regional leader in public debt management at the inaugural Commonwealth Public Debt Management Awards, according to a government release. 

The recognition was announced following the awards ceremony hosted by the Commonwealth Secretariat at Marlborough House in London on March 26. The event marked what organisers described as a milestone in recognising excellence, innovation and sound debt management practices across the Commonwealth’s 56 member countries. 

The release stated that the BVI’s placement “underscores the territory’s growing strength in fiscal governance and economic resilience”.  The Caribbean region was also highlighted as a strong performer, particularly in addressing debt vulnerabilities and climate-related financial challenges.

Financial Secretary Jeremiah Frett said the government intends to continue strengthening its approach to managing public finances. “We remain focused on strengthening our institutional capacity and leveraging innovative tools to ensure long-term economic stability for our people,” Frett stated. 

Macro Fiscal Coordinator Michele Phillips accepted the award on behalf of the government. The recognition, the release noted, reflects ongoing efforts to build a modern and resilient debt management framework capable of responding to complex global financial conditions. 

Improving financial management systems

Phillips said the award reflects sustained work in improving financial management systems. “This recognition is a testament to the Government of the Virgin Islands’ disciplined approach to public financial management and our commitment to continuous improvement,” Phillips stated. 

The territory was named among the top three recipients in the Regional Debt Management Office Award for the Caribbean. The release said this reflects strong institutional capacity, transparency, and alignment with international best practices, while also positioning the Virgin Islands alongside other regional leaders in fiscal sustainability. 

The awards were part of the Commonwealth Public Debt Management Forum, a week-long meeting of policymakers and financial experts focused on collaboration, sharing best practices and advancing sustainable debt strategies. Discussions at the forum centred on innovation, resilience and sustainability as key pillars of debt management. 

The government also highlighted ongoing technical support from the Commonwealth Secretariat, including the use of the Meridian system to improve debt recording, reporting and analysis. Additional support is being provided to develop a Business Continuity Plan for Debt Management between April 20 and May 1, 2026. 

The release stated that these measures are aimed at strengthening governance, improving risk management and ensuring accountability in public finance, as the territory continues to respond to global economic uncertainty and climate-related risks.