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
Tourism Summit Opens on Peter Island, Focusing on the Future of the Virgin Islands’ Tourism Industry
The 2025 Tourism Summit officially opened on Monday, 13 January, on Peter Island, bringing together industry leaders and stakeholders to discuss the future of tourism in the Virgin Islands. The two-day event, set amidst the stunning surroundings of the island, seeks to foster meaningful discussions and develop strategies to advance the territory’s tourism sector.
In her opening remarks, the Junior Minister for Tourism and Culture, Hon. Luce Hodge-Smith, highlighted the vital role tourism plays in the Virgin Islands’ economy. “Tourism is not only a key pillar of our economy but also a cornerstone of our identity,” she stated. “It impacts our communities, our livelihoods, and the overall quality of life for all residents.”
Reflecting on the history of the territory’s tourism development, Minister Hodge-Smith pointed to key milestones such as the enactment of the Tourism Ordinance and the establishment of renowned properties like Little Dix Bay. She also recognised the contributions of local pioneers, including Charles and Ginny Carey, the Christophers, Creques, O’Neals, and Wheatleys, whose entrepreneurial efforts have helped shape the Virgin Islands’ global reputation.
Minister Hodge-Smith stressed the importance of preserving the Virgin Islands’ natural resources. “Our lush landscapes, pristine beaches, and vibrant marine ecosystems are our most valuable assets,” she said. “It is our collective responsibility to protect these treasures through environmental conservation efforts and ensure that our communities remain clean, welcoming, and ready to serve our visitors.”
Looking ahead, the Minister outlined several strategies to sustain and enhance the tourism industry, including:
- Expanding education and training to build local capacity, ensuring residents are equipped to meet the evolving demands of the global tourism market.
- Embracing technological advancements, such as artificial intelligence, to improve operational efficiency and elevate the visitor experience.
- Exploring new niches within the tourism sector, improving accessibility, and creating inclusive opportunities for all.
- Enhancing customer service standards, recognising the importance of every interaction in creating memorable experiences for visitors.
Minister Hodge-Smith also reaffirmed the collective responsibility of all residents in supporting the tourism industry. “Tourism is everyone’s business,” she noted. “From taxi drivers to hotel staff, every individual contributes to the overall perception of the Virgin Islands as a premier destination.”
The summit, which will continue over the next two days, provides an opportunity for participants to engage in discussions, exchange ideas, and provide feedback on the future direction of the tourism sector. Through these efforts, the Virgin Islands aims to ensure the continued growth and success of its tourism industry.
Several businesses in the British Virgin Islands (BVI) are continuing to flout regulations that prohibit minimum spending requirements for credit card payments.
On January 2, Jahphixtelevision.com visited a gas station and a food establishment in Tortola, both of which were still enforcing a minimum purchase amount for credit card transactions. This comes despite a clear warning from the British Virgin Islands Bank Association (BVIBA) in a December 18 advisory, which stated that such practices violate merchant agreements with financial institutions.
The BVIBA highlighted that imposing minimum spending thresholds or charging additional fees for credit card payments contravenes not only local merchant contracts but also the policies of major payment networks such as Visa and Mastercard.
“We urge all merchants to immediately cease these practices to ensure full compliance with established regulations,” read the BVIBA’s statement issued last month.
This ongoing issue follows rising concerns over the transparency and fairness of payment systems, with both cardholders and industry stakeholders calling for more stringent enforcement of existing regulations.
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
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