Premier Andrew Fahie has said the BVI economy is performing as expected given the global COVID-19 pandemic, which has been affecting the territory.
Recently, Anguilla — a British Overseas Territory declared that it will be seeking financial assistance from the UK because of the economic fallout it is experiencing because COVID-19.
Similarly, Turks and Caicos (TCI) Premier Sharlene Robinson recently said the territory was heading for a recession while TCI Governor Nigel Dakin signalled they will need to borrow “many hundred million dollars” because of the economic contraction induced by COVID-19.
In light of the state of the economy in these sister territories, BVI News asked Premier Fahie to reveal the true state of the economy and to say whether the BVI is facing a similar economic situation as neighbouring OTs.
In response, Premier Fahie said: “The BVI is not immune to the effects, financially and otherwise, caused by the worldwide health pandemic COVID-19. Weekly monitoring is being done and thus far the BVI is performing within expectations given the conditions as a result of COVID-19.”
He did not specify what those expectations were but said the December 1 reopening of the territory will provide further economic stimulus for the economy.
“That’s our focus at this time. COVID-19 has challenged all economies worldwide. The BVI insteads to remain steadfast in purpose and diligent in actions,” Premier Fahie said.
The territory, like all other countries worldwide, has faced economic contraction because of COVID-19. However, the government hasn’t given any figures that would show the economic deficit that has been created because of the pandemic.
Many people have lost their jobs in the BVI and many businesses have been forced to reduce or change their operations entirely as they wait for the economy to return to normal.
The government created a $40 million stimulus package to assist businesses and individuals who have been most affected by COVID-19.