Premier of the Virgin Islands Andrew Fahie revealed phase two of the Economic Response Plan to the tune of $62.9 Million dollars on a live speech aired on May 28th, 2020.
Within the roll out, Government expressed that they did not touch the territory’s reserves. Premier Fahie said “your government has been trying to avoid touching our taxpayers’ piggybank because we understand that the Hurricane season is upon us…hence we have to leave room in case, God forbid, the BVI is struck by a disaster.”
Left with no alternative, the Government consulted the Social Security Board, who agreed to provide the people of the British Virgin Islands with a special COVID-19 grant in the form of $40 million dollars towards the provision of social and economic relief and the stimulation of economic activity.
That coupled with a $17 million grant from the SSB’s Affordable Home Construction project, a $2 million grant for infrastructure and $3.9 million from Central Government comprise the $62.9 million package.
PHASE 2 OF STIMILUS PLAN- $62.9 MILLION
- Includes $40.0 million form social security
- Includes $2.0 million infrastructure
- Includes $3.9 million other assistance
- Includes 17.0 million SSB Affordable Home Construction Project
$40 MILLION FROM SOCIAL SECURITY BOARD
- Includes $10.0 million for unemployment
- Eligible workers will receive income for a period not exceeding three months
- compensation is given on a “case to case basis”
- Application forms will be available from Tuesday, June 2nd
- Includes $6.5 million in grants for local businesses
- Must make genuine effort to retain staff
- Discretionary Funds
- Applications are open from June 15th
- Contact the Ministry of Finance and Department of Trade and Consumer Affairs
- Includes $1.0 million for Taxis
- will create pedestrian-friendly capital with shuttle service
- will transport returnees to quarantine
- similar program for sister islands
- Includes $1.0 million for hospitality-related businesses
- to host returnees for mandatory quarantine
- contact BVI Tourist Board and Ministry of Health and Social Development
- Includes $2.0 million Agriculture and Fisheries
- Forms available from June 5th from Ministry of Education, Culture, Youth Affairs Fisheries and Agriculture; the Premiers Office; District and Territorial Representatives, District Offices on Sister Islands
- Includes $1.0 million for Day care centers, private schools, and churches
- Includes $7.5 million for NHI
- scheme was never properly funded says Premier Fahie
- will secure adequate healthcare
- medical establishments, pharmacies, other facilities set to benefit
- Includes $9.0 million for Housing Recovery
- will repair hurricane damaged homes
- will provide jobs through construction while benefitting home owners ahead of hurricane season
- Applications available at the Housing Recovery Unit of the Ministry of Health and Social Development
$2.0 MILLION FOR EAST END SEWAGE PROJECT
$3.9 FOR DISTRICT FUND
- Includes $300 K per district representative
- Includes $400 K per at-large representative
$17.0 MILLION FOR SSB’S AFFORDABLE HOME CONSTRUCTION
- Includes 43 Homes at $395K per unit
BVIEC AMNESTY
- Governed and monitored by the management and board of BVIEC
- Relief is discretionary based on case by case analysis
- Relief to apply to the months of May, June and July
The plan was informed by the work of the Coronavirus Economic and Fiscal Stability Task Force headed by the Financial Secretary.