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!
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!
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.