BVI News

NDP promises to give reserve fund $20M top-up by year’s end

Chairman of the National Democratic Party (NDP) Myron Walwyn is promising to grow the territory’s reserve fund by roughly $20 million in a matter of months if his party is re-elected into government.

Speaking at an NDP political event in Road Town on Saturday, Walwyn said: “As of January 25, 2019, the government had $89.5 million in its consolidated fund, and our reserves are at $54.5 million, which we expect it to go to $70 million by the end of this year.”

Walwyn said the territory saw an increase in other areas and added that persons have confidence in the local economy when the NDP sits as the governing party.

“We have more Virgin Islanders who have been invested in this country, and we see this in our tourism product. Not just with businesses but more Virgin Islanders own villas and hotels than ever before,” Walwyn said.

“The bank will tell you that our people build homes during an NDP government. Why? Because we have the experience and the leadership to take care of the economy so that you can take care of your investments.”

The NDP chairman then urged the voting population to remain with the NDP.

“Stick with the team that grew our reserves from $5 million — after the VIP recklessly spent the funds — to now over $65 million just before the hurricanes. Stick with the team that grew our GDP by over two percent in 2018 … [and] saw the government’s revenue at its highest ever even after the events of 2017.”

More than $370 million in revenue last year

He further said that at the end of 2018, the government raked in $372 million in revenue.

“That was an over-performance of $60 million based on what was budgeted for 2018,” Walwyn said.

In explaining the figures, the NDP chairman said: “Financial services accounted for $230 million of that figure which is the highest recorded revenue collected ever in the history of this country and the highest ever recorded revenue for the financial services sector.”

He said the BVI had such record revenue collection coming in largely because of the policies the NDP government implemented. He mention policies such as the increase in incorporation fees in the financial services sector.

“You tell me if this is not a strong economic performance by your government coming out of the worse natural disasters in modern times,” Walwyn said.

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48 Comments

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  1. Hmmmmmmmm... says:

    So how come this money couldn’t be in the reserve before election was called? How come all of a sudden you can promise to put this money in the reserve. If you couldn’t put it then where are you going to find it to put it after your?? Another rouse to fool the people.

    Like 25
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    • The way it works says:

      Monies are placed in the reserve in every budget cycle… the budget for 2019 will be pass after the election (March/April which is the usual time that the budget is passed).

      Like 6
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      • Love for My Country says:

        @The way it works: We have been having deficit budgets and even had to borrow to get a balanced budget. Having received some new funds do not in my opinion say that we have monies. Certainly, we have to use some of that same money to take care of the deficits. So that should be taken into account. Walwyn needs to stop trying to fool the people for he very well knows that the UK has asked that the public service and salaries be cut to help us to get out of the financial mess we are in. I well remember the late Hon Delores Christopher saying that in her last memorable statement in the HOA – that the UK wanted the Government to cut salaries and the puclic service. As a matter of fact I heard that the transformation of the Public Service is to include a reduction of personnel. Additionally, we cannot trust none of the Ms in the NDP to get us out of our financial mess when they are the ones who have led us into it.

    • Humpty Dumpty says:

      Why didn’t you do this before? He try to bribe us.

      He ask us to “stick with the NDP.” But most peeps I know want to stick it to the NDP at the voting poll and not vote for a single one of them.

      NDP approved the $7.2 m to the airline. So Stick it to them.
      NDP couldn’t stop the sewage from running through our streets. So Stick it to them.
      NDP couldn’t fix our schools. So stick it.
      NDP couldn’t fix our roads. So stick it.
      NDP couldn’t provide us with reliable water and electricity. So stick it.
      NDP couldn’t put the fire out at the dump. So stick it.
      NDP done broke our country and and they can’t put it back together again.

      Like 11
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    • wow says:

      what is the money in the reserve really for?

  2. crazy says:

    “don’t try that”

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  3. ndp heckler says:

    ALL WEEK LONG THIS GUY IS TAKING US FOR FOOLS

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  4. Hold on!!!! says:

    Am I reading right??!! We (the taxpayers) had $372 million at the end of 2018 in the reserve. We are in February 2019. Can you please please please inform the taxpayers what over $300 million dollars was spent on. Enquiring minds would like to know and I surely would too. Schools still struggling to be fixed, road still in a state, government complex still in dyer need of repair must I go on?

    Like 22
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  5. bvi says:

    Let’s hope by next monday he is sitting on the opposition side

    Like 26
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  6. RW says:

    FIX THE FU**ING SCHOOLS. WITH THIS NON SENSE. YOU WELL KNOW THE COUNTRY AINT GOT NO MONEY.

    Like 34
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    • @RE says:

      They are fixing one at a time. Building better and stronger. No need to do a quick fix.

      We need to help government. This one and the next. Otis time to put away all the negatives and put our hands to the wheel. I am sick of the negative attitudes of us. We show ourselves as selfish, bad minded people and the sad thing the world is watching and we want the world to come here.

      If we are god fearing people as I was taught, it is time to show love. The sad thing about it is our pastors getting so involved in politics which is earthly and for a short time and leering the devil take full control and we are seeing the worst in them. The devil is laughing big time. My heart aches for my country because this same government is displaying what we as god’s people should display.

      All we should do is to pray for our leaders that god will direct them because we are leaving in a sinful world.

      What ever happen on Monday please accept. Let us work together for the betterment of our dear country.

      If we love our country let us start by cleaning up our country beginning from our homes and surrounding, instead of criticizing help, bring out your hands and feet , trucks, backhoes, highmack and love for your country and let us all work to get. National Pride

      Government can’t do it alone . It needs you and we need all on deck,

      May God bless you and this beautiful place so many love. Please stop the negativity. It cannot help us.

      Like 6
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  7. Greed says:

    Greed is a bad thing. It makes one talk s**t and do s**t

    Like 22
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  8. no not for premier says:

    The money was/is wasted on asphalt

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  9. Blah says:

    We have seen Dr Smith bragged for 8 years about the money saved and when the biggest disaster in the history of the BVI struck in 2017 what did the government use the money for ? The high school still in rubble. There are many homes still damaged and abandoned as a result. Are we saving just to say we saved money or do we have a plan.

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    • @Blah says:

      How do you think Civil Servants continued to remain employed at FULL SALARIES with no layoffs, despite the situation? That’s what the money was used for. Dr. Smith is too quiet and doesn’t talk enough about the good he has done for this Territory.

      Like 12
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      • Blah says:

        Irma did not erase the money that was in the government’s operations accounts from months before the hurricane so why would they be using the reserve funds to pay salaries. Financial services and other government revenue sources also continued to make money as well after the hurricane. Government did not stop providing paid services.

        Like 13
    • @Blah says:

      Question, Do you have any reserve now for in case a disaster comes?

      If yes, great

      If no, go si fun

      Leadership matters. Please take a page from this government. If a lot of us did that we will be on our feet.

      If you don’t have anything positive to say “go si fun”

      Like 2
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      • READ says:

        Yes we have money in the reserve. That money was used to pay government workers after the hurricanes.

        That is a fact. If the government had lay off like those trust company then you will know that the country broke.

        Also if the country broke why loans were granted from the CDB and the UK? Sure they will want to be paid.

        If the country broke why we were able to pay off the contractors for the millions spent by VIP government just last year for the greenhouse and the millions for bi-water.

        Lastly if the country broke why they give up their jobs to run. They will need yo get paid

        If the cou

        Like 4
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        • @Read says:

          Yes that’s all well and good but the government there saving money while the people of the country suffer. More than 16 months after the 2017 hurricanes out school system a mess, government workers operating in open mold infested buildings, roads only getting proper attention now that is election and a cheap fix they doing, prices for goods still high, houses still not fixed. I can go on, but saying you saved money when the country in this state is not a good look in my eyes.

  10. Lollll says:

    “The government takes in” HOW?

  11. Oh boy says:

    Look non sense. BVI said that you Myron should be sitting on the opposition side next week. But in fact you should be sitting at your home next week. You Myron and any of your party members should not be any where close to Government.These lazy people making you think that you are intelligent but you are not and you are very far from being intelligent.

    You are ignorant. Oh my God and people especially Civil Servants will waste their precious God given time and vote for you and this NDP. People wake up. Send NDP and PVIM home.

    In 12years of being in Government, yes 12 years. This NDP Government or Party never gave a red cent to civil servants. But instead the cost of living was increased over 100%. People think again please please. Send them packing. Send them home.

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  12. History says:

    2003-2007 the NDP Government built a strong economy and reserves for the BVI. In 2007 because we didn’t get what we wanted we voted them out for VIP. 2007-2011 were some of the worst years in BVI history, so bad that the VIP Government of the day couldn’t access $15 mil in CDB monies despite the loan being approved. NDP has taken over since 2011 and despite catastrophic hurricanes, flooding etc. they were able to borrow and access $65 mil and in addition to that the UK has offered a $400mil guarantee program for rebuild. Do we want a replay of 2007-2011? Do we really want to stop everything and have a do over at this crucial time in our Territory? Vote wisely!

    Like 12
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    • Think to talk says:

      Yes I remebered it well the VIP could not access the loan due to poor mismangement.

      We need to stop and use our basic common sense. If this country was in pool fiscal spending then why they could get a loan of 65 million loan from CDB bank of the caribbean. This is the same bank that the VIP back then when the VIP in power could not get a loan.

      The reason why the VIP is fooling us but the country broke and no money is becuase Andrew no for fact that these loans werw granted and money in government bank account and the reserved.

      They want to full their pockets. C****e want to get is hand on Government money again.

      Their supporters up and down telling people and convincing people that once VIP in they will eat.

      The VIP has no manifesto because they do not want to be held responsible to the people. It is about Greed

      Like 8
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    • You Damn Right says:

      Why Not>… When The Uk gave us another Government until we can elect an honest, people caring Country building government.
      Bye, bye Jail Bates (in waiting).

  13. Not!!!!!!! says:

    STOP THE PROMISES! FOR ONCE FOLLOW THROUGH AND JUST DO IT!

    Like 5
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  14. TAX PAYERS TAKE NOTICE says:

    The complete illiteracy on this topic is shocking. There are no tax payers paying in for the revenue of this government. Most of the funds come directly from the finance industry and tourism sector. 95% of funds earned is spent on salaries and rental of government buildings. 5% might be put back into schools, roads and infrastructure. Educate your selves on these expenses as there is a lot of ignorance on this topic…

    Like 13
  15. Home Boy says:

    Where are you going to get it from MYRON, we are in so much trouble financially. You are so desperate and keep embarrassing yourself.

    Like 8
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  16. FACTS says:

    Who please PEOPLE MONEY IN THE TREASURY DO WE WANT A REPEAT OF 2007-2011. VIP DO NOT SAVE MONEY THEY SQUANDER IT.

    VIP DO NIT SAVE MONEY THEY SQUANDER IT

    Like 6
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  17. VI people SCHUPID says:

    Similar performance U.S.V.I had under Mapp administration. They send him home because of his mouth they said. VI people SCHUPID BAD.

  18. Oh Boy says:

    History you are so wrong. The NDP campaigned that country brook and fooled you all. Ok look at this. VIP was unable to get 15 million and they were ask to put certain measures in Place. NDP won the election got the 15 million and what is to show for it. They spent at least two years in power crying saying Territory brooks but spending money like hell.

    Now tell me what did they have to do to get the 65 million and where is it and why the board was put in place to manage that 400 mil you are talking about. You better vote wise Mr or Miss History.

    In 12 years in Government no increase in Salary but 100% increase in family expense in every thing you can possibly think about. No increment in 3 to 4 years, in the name of development but 7 million gone flying never to return. Is that a Government that cares. You better vote wise, Mr or Mis HISTORY.

    Like 7
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    • Qiestionable says:

      Was not minimal wage increase given you can only do such if revenue in a country increase. Was not NHI created you can only do so if revenue has inncrease.

      Has any government employee laid off after two major hurricanes. The private sector did.

      Banks lend money to Governments who gas fiacal management. England let us money becuause revenue was there.

      If we were fiscally iresponsible no loans would have been granted

      Look at Barbados banks in the region refuse to lend them money so they went to the IMF due to poor financial management of government.

      So get real. All of them running because money in the kitty

      Like 3
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    • @Oh boy says:

      I’m voting for Myron and NDP, they have real plans not shouting and behaving like crazy people on a nightly basis. NDP gave us the new Hospital, New Technical School, New VG Mini-Hospital, Pier Park and much more. I will vote for them all the way.

      Like 10
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      • Hah says:

        Do you realize the hospital cost over $114 million dollars and took almost 10 years to build? Do you think that was value for money considering there are larger more state of the art hospitals that cost 50 times less around the world. Do you realize the Pier Park cost over $82 million. You think that is value for money? Anybody that is willing to waste and overspend millions of dollars can just about “accomplish” anything in the BVI. Yes we have a new hospital and a Pier Park but spent almost $200 combined that is nothing to boast about.

        Like 8
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  19. Civil Servant says:

    Here we go again, smh.

    The talk is now to save 20 million, and not at the end of the four year term, but by year’s end? How is this possible when we have so many infrastructural works to be done, prior and especially after Irmaria?

    Most campaign talks are about fixing the schools, roads, sewerage, healthcare etc. How is the NDP going to save 20 million on top of ALLLLLL that spending, and by 2019 year end? Stupes!! If anything we the people should understand why saving at this time is not possible with the caveat that we see value for money with the projects undertaken and delivered.

    Listen, can we the voters please, please, please, decide to vote person specific and not the ‘party all the way’ BS that we (and I do mean WE), have been doing in the past? As far as I am concerned (although I am but one), voting for someone who buys me a drink or jouverts with me with a potty in hand is not helping the wider BVI and I personally don’t have anything against the guy….

    PS. I am not a staunch supporter of any party, but I AM a proud BVIslander who knows we CAN and SHOULD demand better.

    Like 3
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  20. voiceofthevoiceless says:

    372 million dollars revenue how did he arrive at that figure? I mean for part of the year you had duty free concessions for the entire territory. Tourist arrivals were down for 2018 as most of the major hotels were damaged or completely destroyed. Cruises were not coming regularly until October November. Financial services have been declining for a while now. Construction boost alone could not contribute to 372 million. Work permits and fees would have taken a dip as well as many left although some new workers came in. It just does not add up. Again until this Government conducts annual audits we can and will never know its true financial standing.

    Another question. If the revenue was really 372 million why is it that vendors can not be paid for Festival 2018?

    Like 4
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    • Answer says:

      FSC increased fees, cruise passengers head taxes and other government revenue. If it was bad news you wouldn’t be asking for clarification, but such is life.

      Like 1
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      • voiceofthevoiceless says:

        If it was bad news he would not air it. Why should I not demand clarification? Is it his money? Again it simply does not add up so if he can kindly present to us some preliminary figures of the break down so we could see how this adds up. Also it would be nice to get a balanced perspective with the expenses.

        Again all of this is fool’s gold until it is independently audited.

  21. Blah says:

    NDP is the same party that completed less than 20% of their manifestos from 2011and 2015. They even promised energy efficient light bulbs in every household within their first year and couldn’t keep that promise. How you gon bring a new manifesto without first completing the many other promises from 2011. My thing is we didn’t ask them for a manifesto, nobody forced them to print a manifesto so why make a bunch of promises, put it in print then ignore the promises then come back with more promises yet again in 2019.

    Like 12
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    • @Blah says:

      New leadership, new candidates, new times, new energy. I believe in this NDP team. Further look at the alternatives, even if you don’t like some of the things NDP has done, you really think anyone in VIP can get my vote? Never.

      Like 5
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      • Anonymous says:

        NDP is the worst party out of the bunch if we really being honest. Lebron, Jordan, Kobe needed help to win you expect anybody to think that Myron alone can save the BVI GTFOH. A team with Hubert, Alvera, Diego, Jedi can never be the best option for the BVI if true we might as well all drink gramazone and go out with a bang. Mark failed miserably as a minister just because he’s popular, friendly and a good talker does not mean that he did well.

        Like 9
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  22. Old says:

    Ndp 1=2 same thing :we to big to be fool again ,not a another 4 years

    Like 5
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  23. Weir D. Playne says:

    Never forget NDP’s accomplishments

    – Missing plane $7.2 million

    -Dr. Smith NDP Hospital a whopping $114 million and counting

    – $8 million for East End Sewerage project diverted to Pier Park.

    – Destroyed Agriculture (Farmer’s week cancellation and poor support previous years)

    – Green Houses never used just because it was a VIP project resulting in millions wasted.

    – Brandy Wine Fake Beach over $2 million wasted project apparently abandoned.

    – Over $1 million spent on widening Georgie Hill road.

    – Pier Park millions overrun and $83 million spent on a few kiosk.

    – Road Town Sewerage issues including today in peak tourist traffic.

    – Hospital millions overrun and years to complete

    – Fake Culture Dress/Song no song or dress can instill pride when sewage flows in town and garbage burning causes the USVI residents to angrily complain.

    – High School Wall issue, millions spent on a wall
    Trump would be proud.

    – Cane Garden Bay Sewerage near popular tourist attraction.

    – NHI operating at a massive loss despite being established to save money (how ironic) from paying for a few people that had no insurance to go overseas for treatment in emergency situations.

    – Pockwood Pond Incinerator Issues, open burning

    – West End Ferry Terminal non existent

    – Police Dept. funding issue. First time a governor has ever intervened in our finances to seize funds to assist law enforcement.

    – Fire Station neglect

    – Where is the millions supposedly donated by other countries after Irma???

    – Over $20 million spent on consultancies in the last 6 years.

    – Over $23 million and counting lost in lawsuits against Government.

    – Banks and Airports closed on sister islands

    – Schools begging for toilet paper and stationery

    – No water / major water delivery issue for many residents even in 2019… ridiculous.

    – No financial audits

    – Failure to complete over 80% of their 2011 and 2015 manifesto

  24. How Sway? says:

    20 Million dollars in reserve by year end? What Mryon plan to do sell c*****e or something?

  25. Political Observer (PO) says:

    It is prudent to set aside at least 3 months of expenditures to cover unexpected catastrophic events/ emergencies. The 2017 storms were catastrophic events. Per the Hon Walwyn, the Reserve Fund had a balance of $65M before the storms; it now stands at $54M and will tise to over $70M by year end. The numbers indicated that only approximately $11M of the Reserve Fund was spent since the storms of 2017. There is approximately $54M in the Reserve Fund so why can’t some of this money be appropriated to fund repairs of public safety facilities, sewage system( EE/LL), roads, school repair, repair government buildings……etc, as the fund was intended?

    Further, per the Hon Walwyn, government revenue rose to approx $372M in 2018, exceeding projected revenue by $60M. This was awesome. Does this mean that the GDP shot pass $1B? Moreover, can’t this $60M surplus be appropriated to meet the project needs noted above and more? It seems as if the territory does not have to wait on the $65M CDB loan, which is taking an eternity to access. Why contribute $20M to Reserve Fund by year’s end? Should not this $20M be appropriated to fund some of the projects listed above? Or is this another political gimmick?

  26. The list says:

    VIP failure

    Over run beef island bridge millions spent

    Over run airport built with no proper a.c. In the terminal

    Hospital over run due them making many changes from the initial plan

    Millions spent to put down and pick back up stop light by the roundabout

    Half million spent for a after school initiative that never started

    Millions spent on a short walk built stacked bay

    Millions spent on greenhouse at paraquita and not one vegetable produce

    Hundred of thousands dollars given the judge Matthias for a speech to the youths where we could have use a local

    Millions spent to bi-water which has financial problems and still have water issues

    Failed on our youths but 97% percent passed that when they reach college they are not prepared for credited courses

    Millions spent on generators at the BVI electricity that we were having brainpower outages until the NFL government got better generators and upgraded the power plant at Lockwood pond

    Thousand of dollars spent to dump dirt at mount West end where to this day the mountain cannot be moved

    Millions of dollars spent to paved Johnson Ghut to prevent floods but today it still floods

    Thousand of dollars spent in an empty building for rent for for more than two years till this government out a stop to it now housed the AG office

    Thousands of dollars given to the ——– hotel which did belly up in financial problems

    Millions of dollars given to your now candidate to fix the sewage in the BVI and still have a problem

    Failure on financial audits

    Poor fiscal management that they could not secure loan from CDB bank in the Caribbean

    Failure to negotiate our constitution with the UK

    Failure to create a national song and dress

    Failure to create a technical school

    Failure to get the sewage off Greenland street

    Failure to build a pier park and improve tourism
    Failure to increase the cruise ships coming o port
    Failure to upgrade the education grade mark that now we can boast number one in the OECS
    Failure to create national business beauru
    Failure to increase minimum wage
    Failure to create WHO
    Failure to complete the hospital
    Failure to increase revenue at the BIG Registry for corporate work request
    Failure to pass a consumer protection act
    Failure to make it mandatory for employers to mandate under the Labour code to make employee penionshable
    Failure to build a proper craft alive village
    Failure to upgrade the port of entry in road town
    Failure to upgrade the old people home
    Failure to build a rubber track in road town
    Failure to negotiate with FOR A to build a football stadium in Greenland
    Failure to improve Greenland field and built a basketball court for its residents
    Failure to build a mini hospital in virgin Gorda
    Failure to build a visitor center in gun Greek
    Failure to pave the roads leading to northbound
    Failure to develop long bay beach for locals and tourists to bring in income
    Failure to make college tuition free
    Failure to create an autism center
    Failure to build a park and honor it in Noel lyold name
    Failure to improve the queen Elizabeth park
    Failure to visit an easy end park and other parks through out the district’s
    Failure to upgrade the light house watch at fahie hill
    Failure to create to create solar lights on road town to conserve energy

  27. Donde says:

    Where are the polling stations for each district? One or two of them can not be used.

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