Opposition legislator Melvin ‘Mitch’ Turnbull believes the Government of the Virgin Islands urgently needs to address the more than $50 million in accumulated debt that is owed to them, dating back to 2015.
Turnbull made the comments during the opening day of the 2022 Budget Debate which was conducted virtually by the House of Assembly.
He believes if the long-standing issue of recovering this debt is not resolved, it will continue to hold the territory back.
He said, “Something has to be done because this number even though we have this proposed budget I think of $394 million, that number of $50 million plus will continue to pull behind us, as much progress as we are making, as much as the things I heard the Honourable Premier said in terms of accomplishments and things that we’ve been able to do.
He added, “That particular number will continue to follow us and be behind us if we don’t address it and find a way to cut off at some point and then move on to having somebody or a group of persons to be able to start collecting the revenues of our territory.”
A cutoff point needs to be established
Turnbull, who is the Representative of the Second District, said based on his experience in finance, he believes the relevant authorities need to establish a cutoff point to help with addressing the monies owed to the government.
“My humble suggestion just coming from a financial space, operating and understanding business and management, there needs to be a determination of policy decisions that is made by this administration within the Ministry of Finance, within the Government of the Virgin Islands that we have a cutoff point,” he said.
“Because some of this debt, some of the monies that are owed to us, is some 15 or 20 years out and I believe a decision would have to be made in terms of what is the cut off point that we go from. Whether it’s 10 years back, 15 years back and everything forward we try to start to collect and write off the rest,” Turnbull explained.