BVI News

Gov’t will go bankrupt if new streams of revenue not generated

Leader of the Opposition Marlon Penn has said he believes the British Virgin Islands will go bankrupt if the government does not swiftly devise a plan to generate new streams of revenue to boost the economy.

Since the COVID-19 is affecting the territory’s two main revenue earners — financial services and tourism — Penn said a new plan is needed if government is to sustain its current monthly expenses, which are are said to be more $23 million.

“That’s their recurrent expenditure. That has nothing to do with the projects that you see — the cleaning up of the roads, the planting of the palm trees that are in excess of tens of thousands of dollars. That is what government spends every month to keep the lights on, and we continue to balloon that number.”

“The numbers are very clear that if we continue on this trend without looking at ways to increase revenue, without looking at ways to get the economy going again, it is unsustainable. The government will eventually run out of funds,” he added.

Fluid plan needed or more salary cuts expected

Penn also alluded to the recent salary cuts at the BVI Airports Authority and said similar cuts in other institutions are expected if the government does not come up with a plan that can coexist with COVID-19.

“We need to have a solid plan of how we are going to manage the economy of this territory. If we do not put a plan in place for the economy that is going to be the reality of every entity across the government’s responsibility,” the Opposition Leader stated.

He added: “It is a bleak reality but it is a reality where we have to find a way to get the economy going again. We have to figure out how to get things moving again, and we have to do it in a safe way, a responsible way.”

What message is being sent by the government?

While sharing similar sentiments to Penn, Second District Representative Melvin ‘Mitch’ Turnbull pointed to the inconsistencies in the government’s latest decisions to tackle the virus and revive the economy.

He referenced the decision to lockdown one of the areas of his constituency, Jost Van Dyke, after a single suspected COVID-19 case was reported.

“A shutdown order was given for the island of Jost Van Dyke … and they tested everybody on the island. But now we hear of several reported cases in Tortola and we seem to be playing pelinki ball with people’s health,” he said.

“You shut down the banks, you shut down the financial services, you shut down businesses who have gone through this tedious process to get approvals to open and then allow persons to frolic and gather between 5 and 5,” he added.

Turnbull further questioned the intended message the government is sending to the public, stating that it seems that no real plan is in place.

“Are we really trying to be popular or are we trying to promote business? Are we trying to stimulate the economy or are we just doing what we think we should do? Again, there is the absence of a plan,” he stated.

The BVI currently has more than three dozen active cases of COVID-19 and is currently classified as having clusters of the virus.

The territory is also under a 14-day, 5 pm-to-5 am curfew.

Copyright 2020 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

23 Comments

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  1. Strrrps says:

    Do not believe nothing out Marlon Penn mouth. He is bad for the country. Stop the gimmick!

    Like 13
    Dislike 27
  2. vip heckler says:

    Unfortunately Fahie and his VIP is not the answer to our problems. As a matter of fact they are the problem

    Like 31
    Dislike 11
  3. look trouble says:

    Foy got a plan how to spend the money and not how to bring it in eg barges for marine security, unnecessary rent paid to vip cronies, bodyguards, palm trees, CC consultants, raping social security funds, useless security and the list goes on and on

    Like 42
    Dislike 5
  4. Pay cut now for civil service says:

    Or go bankrupt forever!

    Like 19
    Dislike 4
  5. So Marlon what da plan says:

    You going to on youself bring the world tourism back??

  6. We kno. We aint fools says:

    Whats the monthly budgeted salary for Civil servants 11 to 13 million..add our lock down time….Say no more… No company would survive bankruptcy…

    Like 13
    Dislike 2
  7. Anonymous says:

    Marlons plan for new revenue streams is to start the immediate mining for gold and diamonds and Start exporting air who needs VIP when we have this brilliant mind.

    Like 6
    Dislike 2
  8. Salary Cuts says:

    Employees can understand and live with salary cuts during hard times when they have received regular or even irregular salary increases. Some places have not increase salary wages for over 10 years!

    Like 4
    Dislike 1
  9. 2cent says:

    need to reopen to tourism smartly. No tourist brought covid to BVI but stupidity is going to force thousands into financial hardship and lifetime despair. Need to find a safe way to reopen or at least to provide plans. You are saying nothing which is hurting business more than anything else. Please provide the metrics you are using to open/close the economy. There is no planning just reaction and panic. Keep it coming and you will not only remain susceptible to the virus but also be economically destroyed.

    Like 6
    Dislike 1
  10. The Nation says:

    This man need to hush with his negativity…find solutions and talk about them…that’s what you there for…

    Like 4
    Dislike 6
  11. 🤦🏽‍♀️🤦🏽‍♀️What a ting !! says:

    Any housewife who balances her family budget , knows if you are spending out more than you get in …. it would eventually cause her household to fall into financial chaos . Simple wow maths . Same way for the country . Just a larger scale . No college degree in Accounting … needed to figure it out .

    Like 7
    Dislike 1
  12. Barge Money says:

    If monthly expenditure wass 23 million per month, it is now 24.58 million per month – 3 (3 barges) x $17,000 (cost of each barge per day) x 31 = $1,581,000

  13. New World says:

    Marlon relax yourself. You alone plan to stop the worldwide fall of Babylon? How are you going to do it, lad? This is out of all of the hands of all Governments worldwide. If the economy fail, it will be worldwide. Can you not see the old world is dying, giving way to a new world?

    Like 1
    Dislike 3
  14. Me says:

    He keep running off his flapping beak what’s his plan help me to know

  15. Pat says:

    that’s what funny man tell him to say

  16. Lol says:

    Marlon need to relax himself and stop make the VIP look like the bad people when the tourists come in the island more covid 19 know tourists until this stage past

    Like 1
    Dislike 1
  17. Apples and Oranges dont compare says:

    Sense Alone. It apparently seems that BVI have Oil Wells. Unfortunately it doesn’t. However, out of Castrophy can often be found Opportunity. The past Financial Secretary has been selling us more than 5 years ago that the Civil Service can be reduced by half and the government would still run as if it hadn’t. The premier is known for talking about making Tough Decisions. That’s what Leaders do. Regularising the 1500 ecpat was a Tough Decision and he made it. A other Tough Decision that needs to beade is that of getting rid of the Board Members of Statutuary Boards. The Tourist Board alone has about 14 members with the majority ear ing 900.00 per month with the director earning 2,000 or more. What value do they add to the board really? With the borders closed more than 6 months now and no tourist coming it is likely they are still collecting their checks as if we are still in business. Now consider there are several other boards, most having 8 members or more. The Tax payers moneys could be more effectively used and I’m sure they would appreciate it greatly.

  18. Daffy Duck says:

    And you BVISLANDERS said that he was the best thing to happen to the Territory, guess small island small minds, all ah yo get what ah yo deserve.

    Poly means people
    Tics are parasites
    That’s ALL you BVISLANDERS
    When ah you done run this ship aground we island people has where to go, that’s why we hustle to build up where we come from. Isn’t that what 90% of BVISLANDERS are doing in the US I and the mainland USA? If not ah yo dumb as a bad of rocks.

    Like 3
    Dislike 2
  19. next says:

    some of you all people please if you don’t have any thing to say keep from/ texting nonsense some of the things don’t make sense if you have so much anger you need to pray and able to forgive yourself and others you sound bitter free up your self this island people sound foolish and dumb

  20. greatfull says:

    you need to get on the next plane before you drowned

  21. Anonymous says:

    The 38 persons with corona are asymptomatic so why lock down a country and put 3/4of the country out of job. Corona wont kill us but stress will.

  22. Covid 19 says:

    The 38 persons with corona are asymptomatic so why lock down a country and put 3/4of the country out of job. Corona wont kill us but stress will.

  23. Concern BVI says:

    Is that y you all making law and playing with peoples lives . Y is the government using covid 19 to take away our human rights to BREATH FRESH air . By making it a law to wear mask and going as far as put a fine on it when they know it a dead trap worst than covid 19 to wear mask all the time . Do u all know what build our immune system being around each other . This is not good we are small territory yes but our leaders need to by example stop set up the people. To live in fear of covid 19 and now be charged for living we are not criminals u are if u see it right taking people money for fresh air that so sick. I I BEGGING PLEASE STOP YOUR BOLD CRIMINAL ACT AGAINST YOUR PEOPLE IT WILL COME BACK TO HONT YOU. It not right what happening here . To BVI Leaders

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