Premier of the Virgin Islands and Minister of Finance Hon. Andrew Fahie has made it clear that the government will not be heavy-handed when dipping into the Territory’s Reserve Fund at this time.
During the live press conference stated Premier Fahie stated that there are “persons” who are pushing his regime to dip into the BVI’s rainy day savings.
Although the Premier did not call any names, persons are of the assumption that his words was aimed towards the members Opposition which suggested, in an earlier press conference, that the government can start with accessing the territory’s reserve fund to commence efforts in putting forward an economic stimulus package.
Hon. Julian Fraser questioned the government’s reluctance to utilize the reserve fund which he reported to be roughly $75 million. He said the reserve was used after reckoning of Hurricane Irma and Maria. Hon. Frazer said “he’s not sure what the situation is and I quote why the people consider it to be some sort of sacred cow”
The opposition members agreed that the purpose of the Reserve Fund is for times of crises and unforeseen circumstances. Opposition Leader Hon. Marlon Penn said they do understand it must be used wisely and they are not telling the government to spend off all the money but he emphasized that this is why a plan is so critical.
Premier Fahie did remind the viewers and listeners of the press conference that the territory is prone to catastrophic events. Rightfully so, many reports have reported that this year’s Atlantic hurricane season will be above average.
He also explained that the government is limited in touching the reserve fund because this is will compromise the B.V.I based on the ratios in the Protocols for Effective Financial Management that the former administration agreed to with the UK Government.