Business
Virgin Islands Government Collaborates with Commonwealth Secretariat to Assess Debt Management Practices
The Government of the Virgin Islands has recently conducted a Debt Management Self-Assessment in order to evaluate the effectiveness of its current processes and institutions for managing public debt.
The assessment, which took place from September 18 to 29, was facilitated by the Commonwealth Secretariat’s Debt Management Unit. It covered all aspects of government debt management functions.
Dr. Drexel Glasgow, the Acting Deputy Financial Secretary in the Ministry of Finance, explained that the objective of the assessment was to identify both strengths and areas for improvement. This information will be used to provide technical assistance over the next five years. The government aims to strengthen its capacity and institutions to effectively and sustainably manage public debt.
Dr. Glasgow emphasized the importance of the assessment, stating that it will not only evaluate current debt management practices but also provide recommendations for improvement. The analysis from the report will serve as a guiding document for any future reforms in debt management.
After the assessment is submitted, the Commonwealth Secretariat will work on developing a five-year program to implement the identified measures. This program will help the Virgin Islands implement necessary reforms and enhance its debt management practices.
The government’s decision to undertake this assessment is part of a broader reform effort that began in 2022, following recommendations from the British Virgin Islands Commission of Inquiry Report. The government sought assistance from the Commonwealth Secretariat to conduct the Debt Management Performance Self-Assessment.
Mr. Mac Banda, the Adviser and Acting Head of the Debt Management Unit at the Commonwealth Secretariat, expressed his satisfaction with the ongoing collaboration between the two entities. He highlighted the extensive technical assistance and capacity-building support that the Debt Management Unit has provided to the Virgin Islands in the past. Mr. Banda also mentioned the Commonwealth Meridian tool, which the Virgin Islands has been using for public debt management. He expressed his belief that this new journey of partnership with the Ministry of Finance will have a positive impact on the economy and the lives of the people in the British Virgin Islands.
The assessment was jointly led by Michele Richmond-Phillips, a Policy Analyst in the Macro-Fiscal Unit, and Delia Cox, a Debt Management Adviser at the Commonwealth Secretariat. The team conducted discussions with various departments, teams, central government bodies, statutory bodies, and the private sector to ensure that the assessment accurately captured the unique context of the country. This approach will help tailor the program of support to be more effective.
During the assessment, the team also met with Premier and Minister of Finance, Dr. Natalio Wheatley, to discuss some preliminary findings. Dr. Wheatley expressed his gratitude to the Commonwealth Secretariat for their ongoing partnership and support. He acknowledged the critical timing of the assessment and its potential to bring positive changes to the Virgin Islands’ debt management practices.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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Business
Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development
Business
FirstBank Customers Accounts Show Zero or Negative Balances Electronically
– Persons Accessing Cash In Bank
This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.
The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.
“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”
The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.
JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.
While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.
At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.
The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.
JTV News will continue to monitor the situation closely and provide updates as more information becomes available.
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