Skelton Cline calls for sovereign wealth fund for BVI
Talk show host Claude Skelton Cline is urging the BVI to establish a sovereign wealth fund, arguing that the territory must invest in assets that can generate long-term benefits for future generations rather than focusing solely on immediate needs.
A sovereign wealth fund is a government-owned investment fund that collects money from national assets or revenues and invests it for the future. Countries such as Norway have used such funds to build wealth that supports public services, infrastructure, education and future generations long after the money is earned.
According to Skelton Cline, the fund would allow the BVI to have a stake in the territory’s assets and economic development. He argued that revenues generated from land-based and marine resources, as well as certain foreign investments, could be channelled into a fund that would benefit citizens over the long term.
“We ain’t going nowhere unless we own our own stuff,” he stated. “Where we have to engage foreign direct investment, we want to own a piece of it. Where they have to put in a fund, where that portfolio will be diversified for the building up of our citizenship into the future. [A fund] that will send our children to school, fund education, build colleges and keep our infrastructure intact,” the Honestly Speaking host said.
The commentator also pointed to the territory’s marine resources, arguing that the BVI is not receiving enough benefit from its fishing grounds. He suggested that the territory should engage a commercial fishing company that can export fish from the BVI’s waters while requiring that company to invest some of it’s profits into the sovereign wealth fund.
Financial services companies too
Skelton Cline also argued that financial services companies and other major businesses operating in the territory should make more meaningful contributions toward the wealth fund.
He also referenced a programme introduced in the United States under President Donald Trump that provides investment accounts for children. Skelton Cline said the BVI could explore a similar concept to help young people build wealth from birth.
“If you don’t own your stuff, you ain’t in nothing,” he said. “Your children and your children’s children — their future should be insured to some degree financially.”
Skelton Cline said the territory needs bold ideas and a long-term vision to break what he described as a “debt spiral,” adding that future economic planning should focus on creating assets and opportunities that benefit generations of Virgin Islanders to come.
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Csc looks like your pocket is running low trying everything you can think of but nothing is working in your favor stupid man.
Actually, not a bad idea considering we could be a cash flow positive country. But setting revenue aside for investment takes discipline. And who would manage this?
There’s already a sovereign wealth fund and it is called TAXATION. A mess.
CSC: you have lost it. Country is running at a deficit even before the side payments to you. Sovereign wealth funds are created by countries that have a surplus. Not here. Not even close. Can’t even account for money. Can’t file audits. Nonstarter. And you then want a protectionist approach – Foreign investment taxing. Ha. Good luck with that. No one will invest real money without your tax. There are much better places to drop money that don’t require being extorted. We sell nothing special. Remember that. Nothing. Bermuda, Cayman, and others will eat our lunch and dinner as they continue to do if any of what you say gets implemented. Try again.
Better yet, let’s have two of them!
or
perhaps we could get the road between Duffs Bottom and Pockwood Pond fixed first.
Somebody call a mental health professional to assess this man head!
This is the bVI – not UAE!!!
Maybe you can start the fund off with a donation…
This country has no sovereign wealth…
This guy (DETROIT HUSTLER) is clueless.
FIRST FIX:
– BASIC PENSION ACCOUNTING FOR BVI GOVERNMENT WHICH IS A $500 million PLUS liability
– INSURE GOVERNMENT BUILDINGS, CARS and OTHER ASSETS
– FIX ROADS
– FIX HEALTHCARE
– FIX SCHOOLS
Lorna already has her own Sovereign wealth fund system.
We still do not know who authorised that $5Million Dollar Check.
There is something very wrong with that SECRECY.
Any real leader would know within minutes of asking.
He knows…just not answering. Lorna knows….just not answering!!! No accountability…….
these are actually really good ideas so you know that we will never do it in the bvi, we never do anything with common sense here
And just who, will be the one to run this “agency”, Mr. Skelley?
Now, now, now;
Not you, right?
Is hollering out once more (aka) flexing off his hidden talents / a well applied BULLPISSLE on his arz will cleanse his sins • that money will disappear just like the ( 40 million ) that was ripped off from the person’s social security , or the last recently sneaky bank job and contract money paid to him and he produced nothing to show for our taxpayers Money ( your exelency can you holler on those clandestine corruption that was and still is being done to the people of this territory by these predators and while you are at it break it down for us – why are the civil servants and pensioners is not being treated fairly as all human beings should be ? But NAT-AL-EO & MADE SURE HE RAISED THEIR OWN SALARIES /WHAT HAS THEY ACHIEVED THAT NO OTHER GOVERNMENT HAS TO DESERVE SUCH LUXURY ? AND WHY ALL OF THEM ISN’T SAYING THAT THE SCALES NEEDS BALANCING ? EH MR HONESTLY SPEAKING ?