Local News
Virgin Islands Receives US$552,297 Payout from CCRIF for Tropical Storm Philippe Recovery
In a crucial step towards rebuilding and recovery efforts in the aftermath of the devastating Tropical Storm Philippe, the Government of the Virgin Islands has secured a substantial financial boost.
A payout of US$552,297 has been received from the Caribbean Catastrophe Risk Insurance Facility (CCRIF), marking the first such disbursement since the Territory’s affiliation with CCRIF in 2018.
The destructive passage of Tropical Storm Philippe on October 4 left a trail of destruction in its wake, causing extensive damage to homes, businesses, infrastructure, and agriculture within the Territory. The payout was initiated under CCRIF’s excess rainfall policy, providing much-needed assistance to the Virgin Islands during these challenging times.
Premier and Minister of Finance, Honourable Dr. Natalio Wheatley, expressed his gratitude on behalf of the Government and the people of the Virgin Islands for the prompt and essential financial support from CCRIF. This financial infusion aligns with the established agreement and will play a crucial role in expediting the recovery and reconstruction efforts that the Territory so urgently requires.
Premier Wheatley stated, “This payout will enable us to address some of the most urgent needs of our people and restore some normalcy to our islands.” Indeed, the importance of this financial aid cannot be understated, as it will facilitate the initiation of critical recovery projects and help the community regain stability.
Recognizing the substantial financial commitments necessary for the recovery process, Premier Wheatley announced the issuance of a Contingency Warrant in the amount of $500,000 to the Public Works Department. This additional financial support, distinct from the insurance payout, will be instrumental in furthering the recovery and rebuilding of the Territory, mitigating the financial gap created by the damages caused by Tropical Storm Philippe.
In his statements, Premier Wheatley commended his government’s foresight in securing an insurance policy of this nature. The strategic decision to join CCRIF and secure the excess rainfall policy has proven vital in bridging the financial gap during these challenging times. It is a testament to the government’s commitment to the well-being of the Virgin Islands and its unwavering dedication to fostering resilience and recovery in the face of adversity.
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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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