Financial services saved us after 2017 hurricanes, not UK
Premier Dr. Natalio Wheatley has reminded Virgin Islanders that it was not the United Kingdom, but rather the strength of the BVI’s financial services industry that kept the territory afloat following the devastation of the 2017 hurricanes.
Speaking on the Virgin Islands Voice programme, the Premier was asked about the UK’s level of support to the BVI after Hurricanes Irma and Maria, and whether the lack of direct financial assistance had exposed a disconnect between the local and UK governments.
In response, Premier Wheatley explained that while the UK provided limited assistance in the immediate aftermath, it was the territory’s own financial services sector that truly sustained the BVI’s recovery.
“The UK brought some of their military personnel to help with security and provided food aid packages after the storms, and we were grateful for that,” the Premier said. “But what really sustained us after those hurricanes was the money we received from the financial services industry, which was able to function remotely.”
He noted that the financial services sector continued operations thanks to strong technological systems, even as many residents relocated temporarily to work from other jurisdictions.
“That industry was the reason why we were able to get loans to recover the Virgin Islands,” Premier Wheatley added.
He clarified that the UK did not provide direct financial aid but instead offered a loan guarantee — a commitment that came with significant conditions under the Protocols for Effective Financial Management.
“They weren’t giving us $400 million,” Dr Wheatley explained. “They were giving a loan guarantee, and that guarantee came with controls over our budgetary process, which was one of the sticking points at the time.”
As the UK continues to call for changes to the financial services framework, BVI stakeholders continue to defend the industry — which contributes roughly 60 percent to the territory’s GDP — arguing that the UK should not seek to weaken the sector while offering no real economic support to the Virgin Islands.
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Yeah, the sticking point was the UK telling BVI that they had to be transparent and accountable for the use of the funds i.e. do not put it all in the pockets of the BVI politicians and their friends and family
And guess what…….
The entity created to be charged with such accountability and transparency has been hijacked by government.
They are not at all squeaky clean as they are praised to be. Just another entity toeing the line and keeping the status quo.
Nataly claims he wants independence. However he keeps complaining the UK isn’t helping enough.
What does he want?
SO HOW SINCE YOU FOUND THST OUT ❓️ AND WHY T YOU TELLING US NOW , YOU DIDN’T TELL US ABOUT YOUR SALARY INCREASES WHILE IGNORING THE THE POORER CLASS WHO YOU AND YOUR WANNABE ARISTOCRATS KNOW ARE SUFFERING FROM COST OF LIVING ETC BOI YOU ARE A REALLY GREEDY HUMAN BEING , JAWS AIN’T GOT NOTHING ON YOU ■ YOU MAKING WIL WEEP IN HIS GRAVE
Sadly it is still not understood.
The UK presence is what keeps financial services here, without that stability it is gone.
Also, the governor stepped up after storm whilst the local government cut and ran, did not see them for months
The UK saved us from the break down in law and order immediately after the Storm, and kept things calm for several months afterwards. That help was provided really fast. That was really valuable.
Sharlene Dabreo, Lorna Smith and Jaspert then ran things as well as they could be for the next 6 months. Most other people in leadership were MIA.
Thanks to Lorna the FSC and the Commercial Court both did really well keeping financial services going. That was crucial.
It has been a great shame we didn’t take the $400m loan guarantee from the UK. Almost no repairs to the public infrastructure were done properly. That is why everything has fallen to bits now. We had no High School for 6 years!
It is embarrassing when visitors see the state of Tortola, especially Road Town with the sewage.
LOOKS LIKE EMWE BOSS HAS DEVELPLOPED A TOUCH OF ” SELECTIVE AMNESIA ” , OVERNIGHT / ITS THE COMMON PRACTICE TO SCAPEGOAT SOMEBODY ELSE , EVEN HIS COACH TOLD THE WHITE COLONIALIST SLAVE MASTERS, THAT ( WE ) DON’T WANT NOTHING FROM AR-YO * WE * GAH D WITE -LADY , ALL WE WANT NOW IS INDEPENDENCE , SO WE CAN DO OUR OWN TING WID NO WHITE B* LOOKING OVER SHOULDERS / SO WHEN YOU GINE FINE YO BALLZ AN TEL DEM , LIKE ME PARD-NA THE WIGGED ONE DOES DEM “ISLAND PEOPLE ” GO BACK WAY AR-YO COM FRON
Did thieves really save ofroom the people?
Let’s not forget all of the FORIEGN NON-“BELONGERS” who who stayed to sweat and bleed to rebuild this place just so we could continue to spit on them and treat them as unwelcome inferior people;
Let’s not forget the yachting industry, backed by private yacht owners, who floated in new inventory and tourism infrastructure.
Let’s not forget the scores of foreign individuals who donated money and resources to help us and came to patronise our tourism product when we had nothing to offer, just because they wanted to support us.
Financial services relocated OUR product elsewhere for the interim, and the greed, dishonesty, and tax avoidance practices that prop it up continued unabated. Don’t count on it sticking around. We are the big target for anyone wanting to crack down on these practices, and if the Premier gets his way with independence, there will be nobody to protect us from them. There is no honour among thieves. If there is a more attractive product, the business will leave, and all the people working in the industry here will leave.
Hmmm… Not exactly the way I recall the events…
I recall pride raising its ugly head and not wanting to work with the UK.
oYoou kn0w, thieves d0 envy thieves.
Great leaders are defined by great character not great luxury.
Great leaders are not defined by owning more money than they can honestly utilize in ten life times.
Great leaders are defined by how much their governments and people grow and are satisfied.
Great leaders do not enter the dark and steal from the peoples’ money.
Great leaders are and will be defined by how they treat the least among them:
The sick and infirm, the aged and poor, the financially needy and pensioners who now are in dreadful and vulnerable economic positions and conditions.
No one should work their entire life as a government servant only to end up poverty stricken, living penniless on a meager pension and social security, and never an increase of those life’s necessities. All lived are increases in every thing needed to exist,
In a country where there is enough wealth available to take care of all the human categories mentioned, no one should witness a few people, who once upon a time were our friends become rich and well off over night, while those who have worked to make them so can only watch as they live in luxury, comfort and no needs.
We are witnessing a combined overt and covert mechanism of political and economic control not ever before seen in Virgin Islands time. Yet there are no calls for COI’s or screams for a signed law in transparency, financial accountability, (currently mere smoke screens), integrity, and political moral hygiene from our servants. We must change that political scenario.
Meanwhile, current leaders exude an aura of superiority and better than, failing even to demonstrate basic empathy or care for he majority.
For instance, why do a born and bred voting member from the ninth have to go over seas to achieve a concomitant chance of hope at staying alive?
What about that other pillar of our economy, drugs?
So much cash flowing through our system thanks to this.
It helped sustain us through the years after Irma, and the lean years of Covid.
And, making out like the UK was not a help but financial services was is not the anti-colonial win you think it is.
Financial services would not exist if the UK wasn’t our evil overlord. FS is its evil tentacle, attached to and reliant on the mothership.