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.
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.
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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The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.
Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”
This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.
A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.
In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.
Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.
Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.
To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.
The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.
In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.
Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.
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