Minister of Finance and Leader of Government Business Hon. Andrew Fahie proudly reported in a recent press conference held on Wednesday May 26th that the territories main source of income through the Financial Services industry is “performing well” despite the global pandemic that is COVID-19.
Based on the statistics for the first four months of this year, Fahie said the numbers indicate that the Financial Services industry is coming back strong.
He said, “I am happy to report that the Financial Services sector has been performing very well in the first four months of 2021. Between January and April 2021, the Financial Services Commission (FSC) revenues has exceeded $50.6 million. It is above the $42.6 million realized in the same period in 2020 and just below the $51.1 million earned in 2019. In fact, in April 2021, the FSC generated $19.1 million compared to $11.5 million in 2020 and $15.3 million in 2019.”
Fahie said that “these are all positive signs for the territories economy and for the people of the BVI as we continue navigating through the worse pandemic in over 100 years.” While adding, “Of course, your government is mindful that we have to be prudent in managing our expenses and our spending, and we must make careful and wise decisions to ensure that the territory gets the maximum benefit and the best value for money in whatever we do. We have to ensure that we are hitting the targets with our various programmes and initiatives.”