BVI News

Penn calls on gov’t to ‘reveal the real state of the BVI’s economy’

Opposition Leader Marlon Penn has challenged the Andrew Fahie-led government to make the real state of the BVI’s economy public.

He said it is vital for the people to have this information so the territory can make any necessary budget corrections, find ways to cut costs, develop achievable revenue streams, among other things.

“At this stage of almost six months of COVID-19, it is imperative that the government report to the people on the state of the economy. Among the existing mechanisms to monitor and measure the performance of the economy, as well as from all new programmes, we have a wealth of information available,” Penn said via a statement on Thursday.

He continued: “We need to understand how much our economy has diminished. We need to know how many jobs have been lost, we need to know how many businesses have been closed. We need to know how much our revenues have declined, we need to know how much money we have spent, and the list goes on. And if there are any silver linings, we need to know this too.”

Long term plan needed

The Opposition Leader said unity is crucial at this point and with this information, the territory can better manage its finances, implement budget corrections where necessary, and find ways to cut costs even if it is temporarily.

Penn then called for a long term economic plan for the territory to help the BVI to co-exist with COVID-19.

“It is critical that in all our plans that our economy remains central. The preservation of life and health is impossible without the preservation and development of our economy. I have previously offered a number of suggestions, some specific to sub-sectors, others relative to financial stimulus, and other support. The ideas are boundless from me, other members of the Opposition, the business community, the general public, other countries and nations. We just need to commit to the process and apply the resources to achieve it,” he said.

He added: “A clear and well-articulated national plan will help to restore confidence about the future, enhance our peace of mind, allow us at an individual and collective level to proceed in putting our own plans in place to rebuild our lives and our livelihoods. It will provide a clear road map for what we are to expect and how we are to react as we enter the various stages of this crisis, without panicking ourselves or creating panic in our community.”

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19 Comments

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  1. Pandora's Box says:

    Not sure they have anything to reveal other than a depleted piggy bank (social security) that they will likely raid again!

    The silence is deafening, and the shocking lack of any plans for the private sector is terrifying.

    They did however say that they would do all they can to make sure the Civil Service remains unharmed and fully employed.

    Although, Without revenues, not sure how they will manage that but maybe, just maybe, a master stroke of genius is yet to come from our elected leaders!

    Like 11
  2. Quick tip says:

    Mr. v****o man maybe you should chant for the virus to go away when you are over the caldron cooking up your latest p****n.

  3. LB says:

    More like 8-9 months.

  4. vip heckler says:

    We elected a bunch of rookies who don’t have a clue about how a business works

    Like 11
    Dislike 7
  5. Totally Agree says:

    “Opposition Leader Marlon Penn has challenged the Andrew Fahie-led government to make the real state of the BVI’s economy public.”

    They can get financial data from FSC – financial services business volume & revenue for the last 6 months (March to August 2020). This data can be compared against the 2020 budget for the same period (March to August 2020) and can also be compared to the data for the period March 2019 -August 2019. Those regulated entities – banks, corporate service provider companies, insurance companies operating & residing here have financials that have to be kept. An analysis on a total basis can be done of what business looks like from their end. Note: the data of individual entities are strictly confidential, though.

    They can get employment related data from Labour, Social Security and Inland Revenue and across the 2 main sectors – financial services and tourism. This data would provide insight as to the level of household income that pays rent food & bills. This data can be compared with the data in the same 6 month period of the prior year – March 2019 – August 2019

    They can get data from treasury in relation to customs, cruise ship taxes and other revenue generated for the Territory for the same 6 month period (March – August 2020) and compare it to the period budget and the previous 2019 period.

    Yes, there is data out there and all they need to do is ‘mine’ it and they would definitely know where the Territory stands.

    In all the cases, the information can be supplied on a total basis, by sector/source without divulging confidential data.

    They need to get to work and analyze the situation and stop playing fool fool hoping a miracle will happen

    Like 4
    Dislike 1
  6. The Nation says:

    Hon Penn…again…you are part of the problem…it doesn’t take a genius to know that ALL WORLD ECONOMIES are in trouble with covid-19 pandemic now…when you were in Government and your NDP administration failed to audit your accounts to reveal the true state of our economy then you wasn’t talking up. SO PLEASE we don’t need you to pressure the Premier at this time…he has been doing a good job thus far and we know in time he will bring everything to the forefront…unlike you guys… no Premier Fahie ain’t perfect but he suuuuure doing a far better job that you NDPers did for the last 8 years… so please hush and go sidding

    Like 9
    Dislike 4
    • Anonymous says:

      Exactly this guy had nttn to say under ndp robbery comes out now like he’s a police to everything being done Marlon please have a seat

      Like 5
      Dislike 2
    • @the nation aka banana republic says:

      Our premier applied for a job and the people of this territory that he could do it. You minions need to stop having the premier having you out here spewing garbage about NDP this NDP that. The NDP is not the government the vip is in case you haven’t awaken yet rip van winkle.

      If the job is to too much for the Government they need to say so and step down. Once they’re in the seat the have to give account to the people. You must be one of does consultants who sucking so hard on the Government TT them and not doing a lick of work and have us broke.

      Like 4
      Dislike 2
    • @the Nation says:

      That was Hon. Andrew Fahie job wasn’t he leader of the opposition? Hon. Marlon Penn and get need to call the Government to account, after all they’ve been there for going on 2 years for crying out loud. You people are unbelievable.

  7. Anonymous says:

    wHY YOU TOLANS HATE JAMAICANS SO MUCH????

  8. Miss smith says:

    WHY YOU TOLANS HATE JAMAICANS SO MUCH

  9. 2cents says:

    the real state is the economy sucks. It will continue to suck as long as there is no plan to reopen. Tourism is turning away guests left and right and guess what? they are spending money elsewhere. This government is paralyzed, ridiculous, non communicative, irrational and just plain out of touch with realty. Business can not survive like this. They will invest dollars elsewhere not in some backwards unpredictable place. Wait until you start seeing bank foreclosures. They will be coming soon because if you can’t earn you can’t pay.

    gov’t you can’t run from Covid. lock downs don’t work. They are authoritarian. The virus comes anyway. All you are doing is destroying business and not protecting anyone. Quarantines are for the sick not the healthy. The deaths are among the elderly and compromised not the young and heathy. Lockdowns just lead to unrest. How are you and the couple of cops going to keep order when people start revolting?

    This is a choice of life and life, not life and death.

    WAKE UP BVI!

  10. Peace says:

    No this is really serious ,miss Smith isn’t the platform for this conversation, what and how discussing bvi financial status have to do with tolan hating Jamaicans. Miss what is going on in your head.enough of the crazy, how does this help jamaican.

  11. Seen says:

    It has just began economy is going to get even worse wit so much people living d island especially expart who r really the ones spending here gone its going to be worse no money cuming in cant u see all d little money living dis place day taking day saving and going back to their country and spend it there boosting their own ecenomy immigration wont be making much money and i can bet u anything dat all d local dat are complaining. And talking bout expats dnt even shop or really indulge in anything here i can bet dat as soon as d place is free up and and it is safe to travel everyone of u will head straight to d US and spend ur money so wat economy like i say it just start to get worse

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