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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