Our economy is performing well, Premier says
Premier Dr Natalio Wheatley has reaffirmed that the BVI economy is performing well despite Opposition claims of slow revenue growth.
Speaking in the House of Assembly recently, the Premier highlighted the government’s achievements in sectors such as tourism and infrastructure, and addressed criticisms surrounding a recent $100 million loan secured to tackle pressing national issues.
Dr Wheatley emphasised that the economy has demonstrated resilience, with the tourism sector, reporting record numbers.
“We have had the best first quarter numbers ever,” Dr Wheatley stated, adding that the BVI is seeing a significant increase in overnight visitors. “Very soon, we’ll get close to the overnight numbers, which were around 400,000, our best numbers ever,” he said. The Premier also noted that upcoming developments on Peter Island, Norman Island, and Beef Island are expected to boost these figures further.
The $100 million loan is a crucial part of the government’s economic plan, and Premier Wheatley explained that it will address long-standing issues such as road repairs, sewerage treatment, and water supply improvements.
He stressed that this financial commitment is necessary for the sustainable development of the territory. “This loan is designed to address challenges that the people want resolved,” Dr Wheatley stated. He also noted that previous roadworks had lacked proper drainage and long-term durability.
“We are talking about doing a proper job with the roads, which we know have not really been done in the past.”
In response to concerns about the loan’s size and impact, Dr Wheatley stated that the government had taken a responsible approach. “We didn’t just decide to jump in and borrow $100 million,” he said. “We went through a process… the Ministry of Finance team did a great job negotiating the best possible terms.”
Despite external challenges, such as global inflation and geopolitical tensions, Dr Wheatley was optimistic about the territory’s economic outlook. “We don’t control the interest rates and we can’t afford to wait for them to drop,” he said, explaining the urgency of moving forward with development projects. He reiterated that the loan, along with other government initiatives, will bring much-needed improvements to the territory’s infrastructure and overall economic health.
Dr Wheatley urged the Opposition to support the loan, arguing that it is vital for the territory’s progress. “You can’t say that you want better roads for the people of the Virgin Islands, but when the loan comes to the House, you vote against it,” he added.
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Visitor arrivals are not translating into actual revenue for the BVI.
The reality is:
– Roads with potholes and falling apart
– Bad education system
– Poor healthcare systems
– NHI is bankrupt
– Corruption even after COI
– Crime & murders on the rise in the area of drug trafficking
– Budget deficits and need to borrow money for capital expenditure
I believe you might want to start measuring “doing well” in a different manner!
You all quit pontificating: the man offers the numbers so challenge them- emotion is a waste of time.
Something is wrong with Natalio Wheatley. I don’t think he lives in the real BVI.
Premier, tourism may be up but financial services, which accounts for 70% of revenue, is going downhill. Which one is more important? Did you think about mentioning how our most important source of revenue is doing?
We need a Government which is capable of focusing on the economy, and this is not it!
Apart from your false narrative on Financial Services, clearly you have not understood our need to find out revenue streams and stop depending solely on financial services.
I believe Fantasy Land was noting the Premier’s comment as to the economy doing well without mentioning the main driver of the economy, financial services. Everyone wants to diversify, but it is a false statement as to the economy doing well without considering financial services. I think you missed the point.
I guess the rising crime and people resorting to sleeping in car is a reflection of our economy performing well.
what do you know about roads not being done well in the past. always planting seeds to grow but we are on to you. Note that Mark, Fraser TB, Wattley, Cills, Bennet, Courtney, Glasgow, and some very seasoned engineers are the past; so how long ago is your past? engineering minds want to know.
But as you can clearly see the geopolitical system is rapidly going downhill. Everyday the situation is getting worse and BVI economy will most likely be affected as most other countries in the world. To enter this economic climate with a historical loan burden should be concerning. We all want the best for the BVI but we must be cognizant of our situation in relation to global trends.
There can be no doubt that this young Premier is on a remarkable trajectory. With initiatives in infrastructure, tourism, healthcare reform, and education now unfolding, what once seemed like stagnation reveals itself as deliberate prioritization. By addressing the COI recommendations first, he understood that neutralizing those impediments was key to unlocking broader progress. Now, with those obstacles largely behind him, it is full steam ahead—proactive and undeniably effective.
Comment
You got to be the Trinidadian spin doctor wha getting 10k a month
Let me understand this correctly—someone is being compensated $10,000 to express the same observations I share without charge? While I certainly wouldn’t object to such a sum, I simply offer my insights without delving into the realm of partisan politics. Admittedly, the financial benefit would be appealing, but a) I wouldn’t know how to navigate the process of turning these observations into a paid role, and b) to do so would inevitably compromise my integrity. We all view the world through our own particular lens, and I strive to offer my perspective as I see it. The Premier faced a steep learning curve, but his recent actions suggest a deliberate and carefully considered approach to governance. His maneuvers reflect a growing command of his role.
Reads like AI or chat GPT, or else some good smoke….
which country is he refering to .certanly not bvi
Financial Services isn’t going downhill, stop talking what you have no clue about.
If that is the case I would not want to see the BVI when finances are not good.
If that is the case I would not want to see the BVI when finances are not good.
Tell us about the Music fest and t ” profits” ..why no accounting on this controversial expenditure as big money to the updeislun creepers whose ki and kin are the free tenants in the full to the max prison. When will the construction for additional incarceration facilities be addressed. Not imprisoning criminals, letting loose prisoners to roam and using friend and families commercial facilities for the illegal immigrants is beyond COI ugly. A firing squad for allyo set of elected unconscionable crooks,aiders and collaborators of the crime and criminal elements is what should be implemented.
Just had to borrow $100 million to keep government running, sort of. Have to keep part of that for kickbacks and payoffs and Trinny consultants happy.
Only needed 80 Million if he hadn’t mislaid 20 Million. Why is he still Finance Minister???? Why is he still Premier??? This money disappearing to places we don’t get to know about real fast. We be paying for it for the next 20 years.
Any properly run enterprise could back up assertion as to their performance by providing audited financial statements. When was the last time there was an audited financial statement for the BVI govt? Without numbers ie facts, it’s just puffery
Sir,we live here .If you are referencing the BVI, we reside and we participate in every day life and suffer forcthe lack of basics such as lapidated hospital schools,roadways ,maintenance and lack of adequate staffing.
It is extremely offensive the way you spew and falsify facts.
Have you no shame.
How I wish you be g**e! You are de***cable in your role as Premier . This is not a makebelieve game . What is wrong with you!!! Are you so deficient inorals that truth is nonexistent in your being?
Do you shop Hon Wheatley?
If the economy is doing sooo well why are the prices of food soo high that our take home grocery items are going less and less . The money we can spend is more for less items
Premier people are hurting ??? More people ate feeling the pinch is this improvement
The economy is row bust