BVI News

First phase of economic stimulus package heads to Cabinet this week

Premier and Minister of Finance, Andrew Fahie delivering his Budget Address on Tuesday, November 19, 2019. (Photo by Esther Durand/BVI News).

Premier Andrew Fahie has said his government’s promised COVID-19 economic stimulus package will be heading to Cabinet for approval within days.

Effectively, an economic stimulus is the use of monetary policy changes to stimulate a struggling economy. The Premier said his government’s stimulus package is expected to assist residents and the local business community.

“I know that there are those rushing the government to come up with an economic stimulus. I want to assure you that work is being done on the economic stimulus package. Your government along with public officers and key stakeholders are working feverishly on it, and the first phase of the economic stimulus will be submitted to Cabinet this week,” he said during a live broadcast on Monday.

We won’t be rushed!

Premier Fahie said while he understands the concerns of residents, his administration will not repeat ‘errors of the past’.

“The hurricanes of 2017 taught us a valuable lesson, and we either learn from it or get trapped in it,” he stated.

“Just like your government took its time but moved with haste in the preventative measures of the Novel Coronavirus Disease (COVID-19) in the BVI to ensure your safety, so will your government do the same with the economic stimulus package for your prosperity,” Fahie added.

He further mentioned that he would address the ‘preliminary economic stimulus plan’ soon.

On March 24, the Premier had said his administration is planning on introducing a number of economic stimulus packages to benefit residents impacted by COVID-19 pandemic.

Part of the plan is to have persons who became unemployed due to the pandemic register at the Department of Work Force & Labour.

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15 Comments

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  1. AWESOME JOB says:

    IF THIS MAN WAS PRESIDENT OF THE USA WE WOULD NOT BE IN ALL THE MESS WE ARE IN RIGHT NOW- KEEP IT UP FAHIE

    Like 8
    Dislike 9
    • state of emergency says:

      FAHIE GAH ALL AH V IN JAIL

      Like 4
      Dislike 2
    • BE HAPPY says:

      DON’T WORRY.

      Those with 1g only, as fast as the internet provides, will always be ruled by 2g, 2g by 3g, etc. The higher gs’ becomes the ruling gods. For example: One Lord Cooley: SM MagikCo. Insurance- can provide a $100m covid19 insurance protection for the precious assets. The Yellow-V Media, and why a bone was thrown to the super-ego p****t-now sitting in the house, and D-Oil marketing beaver behind the scenes- including UC secretary in the premi##r office, and others. Even in clear moments people reach cloudy conclusions. One cannot heal what one does not reveal. All will be told- necessary for generations to come. Too extensive for CV2020 sent out to departments. One will never allow others to tell one’s story. If anyone cared they should have first asked, Why? Family included. Stories will be told. “Stimulus package will not be rushed” at all, from childhood to the present, with all the discoveries along the way, along with the indigenous nonsense you’ll love to throw in our faces. By the way, thanks for the extra 1500 voters, not of indigenous descent. The stories will indeed be told, and the rightful leader will then lead the way.

      • Thank you says:

        @be happy. On the so-called indigenous rights, they voted for politicians who sold them out along time ago. Time has changed, but they still want to remain in a time capsule.

    • @awesome Job says:

      This is an initiative that is rolled out in almost every country. What makes it so different here? As a matter of fact given the unprecedented circumstances we find ourselves in, I think it is an expectation of every BVIslander that such initiative would be rolled out.

      You also made reference to the USA, are you aware that the USA senate just approve over 1 trillion dollars to stimulate their economy?

      Give me a d@mm break!!!

      • Anonymous says:

        @Awesome Job, the comment just above that stated “The US is pumping 1trillion Stimulus dollars into its economy, The real figure is $2-Trillions. But hear this; St. Kitts/Nevis who entered the Tourism market hardly 20 years, compared to BVIs 60+ years is Stimulating their economy with $112-millions ($112,000,000). As premier and minister of Finance, over the SSB and Financial Services; including the National Bank now into the second week of 24 hour curfew hasn’t mentioned a word about stimulating the economy, Well, he has mentioned that he has asked the governor to seek some funding from the UK, for some workers impacted by the pandemic. Perhaps he is more comfortable talking about the multi-thousands being paid to Insider core supporters for multi-year lease of their building, multi-thousands per month fees for insider consultants, multi thousands for personal Body Guard and expensive Legal fees in support of Mr. Speaker.

  2. vip heckler says:

    Just like how the curfew passes were given out to VIP supporters this stimulus will follow suit

    Like 8
    Dislike 5
  3. Socrates says:

    1. Why can’t we find out now what is in the stimulus package?

    2. Will it include a housing, medical, job loss, food……allocation?

    3. Is it a monetary or fiscal policy adjustment?

    4. Will government establish a Works Programme?

  4. Secret Bear says:

    Maybe it’s time to start a Civilian Conservation Corps such was done in the US during the Depression. Pay unemployed people to start picking up trash on the beaches, planting trees, fixing up parks and playgrounds, improving infrastructure and the aesthetics of the island in general.

    Like 10
    • Diaspora says:

      True, under the New Deal, the Public Works Administration, Civil Works Administration and Civilian Conservation Corp were established to create unemployment relief during the Depression. Perhaps, government can bench mark these programmes to create employment relief. As Secret Bear noted there is a lot of things to be done.

  5. true says:

    my business shut the day the borders closed , today for the past 5 years has been the busiest day of the year.

    Times are tough but if the stimulus includes small business loans then I can keep paying my staff till we reopen, if not then at the end of the month I will have no more staff.

    I will survive but have to start at the beginning again as getting staff is hard.

  6. Reality Check says:

    Do not give money to businesses, give directly to laid-off employees, those with their letter from their employer as mandated by the Labour Code. Payments as would be given for sick leave from Social Security. Giving money to businesses is no guarantee it will be given to laid-off workers. I am a business owner and want relief for my employees!

    • Loyal says:

      Any business that laid off their employees and receive a stimulus should be told to hire those employees back. Its already hard in these trying times to be greedy and not help those who helped your business especially when employers say it would be hard to find good workers. So if your employees are that good of a worker why not bring them when you have the money to help. We keep talking about America, that’s what they are doing cant fire anyone if the government giving money tto your business.

  7. Loyal says:

    Any business that laid off their employees and receive a stimulus should be told to hire those employees back. Its already hard in these trying times to be greedy and not help those who helped your business especially when employers say it would be hard to find good workers. So if your employees are that good of a worker why not bring them when you have the money to help. We keep talking about America, that’s what they are doing cant fire anyone if the government giving money tto your business.

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