Hon. Lorna G. Smith, OBE, has been appointed as the Virgin Islands’ first Minister of State for Financial Services and Economic Development, marking her return to government after her dismissal in October 2024. The announcement was made by Premier Hon. Natalio Wheatley in a special statement, stressed the need for experienced leadership amid global economic uncertainty.

“These are strange and uncertain times, and we need all hands on deck to manage the global economic headwinds ahead of us,” Premier Wheatley said. “Hon. Smith’s invaluable support during my recent mission to Asia and the international respect she commands in the field of financial services clearly demonstrated that her experience would be best utilized as a member of the Government.”

Smith’s new role comes with significant responsibilities, including oversight of financial services, domestic banking, economic diversification, investment promotion, trade, and consumer affairs. Additionally, she will work closely with foreign governments, international organisations, and stakeholders to ensure the Virgin Islands’ economy remains strong. She will also have direct oversight of the Financial Services Commission, the International Tax Authority, BVI Finance, and the Department of Trade and Investment Promotion.

Smith’s return to government comes just over four months after her abrupt dismissal from her previous role as Deputy Premier and Minister of Financial Services, Labour, and Trade. At the time, Premier Wheatley cited concerns over political stability, stating, “She did not give me the confidence that she would remain with my administration for the duration of this term.”

Her removal was met with speculation about her political future, especially after she denied reports in early February that she was in discussions to rejoin the Virgin Islands Party (VIP). “It is not true. I continue to serve the people of this territory to the best of my ability as an independent member of the Opposition to date,” Smith said at the time.

Despite this, her return to government signals a shift in political dynamics. Premier Wheatley, in his announcement, acknowledged her expertise as a key asset to his administration. “I am personally pleased to have her back and to have her support,” he said, noting that her new position as Minister of State is a senior role, reflecting her experience and reinforcing her authority when dealing with external stakeholders.

As Smith assumes her new responsibilities, Karl Dawson, the outgoing Junior Minister for Agriculture and Fisheries, will step down from his ministerial role but continue as Deputy Speaker of the House of Assembly. Wheatley praised Dawson for his contributions, stating, “I commend him for his dedication and commitment to our farmers and fisherfolk.”

Smith’s appointment comes at a critical time for the territory as the government navigates economic challenges, including potential global financial shifts and the impact of international tariffs. In light of these concerns, Premier Wheatley emphasised the importance of a strong economic leadership team. “We will work very closely together to ensure consistency and cohesion of government policy,” he said.

With her extensive background in financial services and economic development, Smith is expected to play a pivotal role in steering the Virgin Islands’ economy toward resilience and growth.

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Iona and Avira, vessels from P&O Cruises, a prominent British cruise line, visited the Virgin Islands as part of their scheduled itineraries. The dual presence of the sister ships highlights the role of the BVI in the cruise industry and its capacity to accommodate vessels of significant size.

Passengers and crew from both ships were welcomed at the port before venturing out to experience the Virgin Islands. This dual docking highlights the increasing popularity of the BVI as a cruise destination.

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“My government continues to persevere to ensure a business-friendly and secure environment,” Premier Wheatley stated. “You should take note that we just sent out the expression of interest for Prospect Reef and look forward to receiving expressions of interest. We continue to persevere to ensure business-friendly and secure environment compliance with regulatory demands, and provide the products and services that will attract business to the sector and maintain our competitive advantage.”

Prospect Reef Resort, once a flagship property of the territory, has been a symbol of both the potential and the challenges of post-hurricane redevelopment in the British Virgin Islands. After the hurricanes of 2017, the National Democratic Party (NDP) government signed a $90 million deal with ICA (BVI) Group Corp for its redevelopment. However, that agreement failed to come to fruition.

When the Virgin Islands Party assumed office, it pledged to seek new investors for the project. Nearly eight years later, this latest move represents a renewed push to breathe life into the property.

Premier Wheatley emphasised his administration’s focus on creating conditions that attract international investment, with compliance, innovation, and competitiveness being central to the strategy.

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The motion, which seeks the dissolution of the current Fifth House of Assembly and calls for new elections, has created a tense atmosphere in the proceedings on September 3.

The Leader of the Opposition, Ronnie Skelton, is barred from introducing the motion, which criticises Premier Wheatley and Finance Minister for a series of alleged failures.

The opposition accuses the Virgin Islands Party (VIP)-led government, in power since April 2023, of worsening the economic outlook, diminishing quality of life, and eroding public trust.

Key points in the motion include Wheatley’s recent admission of a $20 million underestimation in public officials’ salaries, which could strain public resources.

It also criticises the Premier for failing to deliver an economic plan or a tourism strategy, and for mismanaging government assets like the Prospect Reef Hotel and the British Virgin Islands Music Festival 2024.

Other grievances include excessive international travel spending, underfunding of crucial sectors such as education and agriculture, and concerns about the Premier’s handling of infrastructure and public safety.

Further complaints involve the Premier’s unilateral decisions on decolonisation discussions with the UN and acceptance of the Commission of Inquiry’s recommendations, which the opposition argues have eroded public trust and accountability.

Residents are closely monitoring today’s House of Assembly proceedings, which are expected to have significant implications.

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Governor Daniel Pruce reiterated the urgency of the situation at his August 30 press conference, stating, “We cannot slow down.”

He and Premier Wheatley are scheduled to travel to the United Kingdom for talks with the UK Minister for Overseas Territories to discuss the next steps.

In February, former Minister for the Americas, the Caribbean, and UK Overseas Territories David Rutley issued a stern warning, cautioning that slow progress on the CoI reforms could prompt further British intervention.

“The Commission of Inquiry has identified serious governance and reputational issues, but progress on implementing its recommendations has been too slow, with agreed deadlines missed. That is why I am here: to listen and understand from those working directly on the reforms how they can be delivered quicker so that the people of BVI get the good governance they deserve,” Rutley said in a statement issued by the Governor’s Office on February 5.

At that time, the government had addressed only twenty-five of the forty-five identified reforms, with just five months remaining before the deadline.

The report warns that failure to meet this deadline could result in the retention of the Order in Council, potentially leading to a two-year constitutional suspension.

The CoI, initiated by former Governor Augustus Jaspert in January 2021, was established to investigate potential corruption and abuse within the public sector.

Inquiry Commissioner Sir Gary Hickinbottom presented a detailed 900-page report on April 4, 2022, highlighting extensive corruption and offering recommendations, including the partial suspension of the constitution to reform the BVI’s governance structures.

Following Premier Andrew Fahie’s arrest in April 2022 on drug and money laundering charges, an interim government led by Premier Natalio Wheatley took office.

Wheatley, who was previously Deputy Premier, led efforts to prevent a constitutional suspension.

In the 2023 elections, political parties pledged to uphold the CoI reforms as part of their commitment to safeguard the territory’s political autonomy.

Premier Wheatley was re-elected in April 2023.

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This event, running from June 18 to 21, gathers the bank’s highest decision-making body, along with thought-leaders, innovators, academics, business leaders, policymakers, and government officials to engage in critical discussions aimed at advancing sustainable development in the Caribbean region.

The theme of this year’s meeting, “Partnerships for Resilient Prosperity,” highlights the collaborative efforts of the CDB and its member countries towards achieving resilient and sustainable growth. Emphasis will be placed on developing comprehensive measures for sustainable development and securing the necessary financial resources to support these initiatives.

Dr. Wheatley serves as the Governor representing the British Overseas Territories within the CDB. Each member country of the bank nominates a Governor and an Alternate Governor, with Governors casting votes on behalf of their respective territories. The British Overseas Territories, including Anguilla, the British Virgin Islands, the Cayman Islands, Montserrat, and the Turks and Caicos Islands, are collectively recognized as a single member entity in the bank.

Accompanying Premier Wheatley is the Acting Financial Secretary, Dr. Drexel Glasgow, who serves as the primary liaison for the CDB’s partnership with the Government of the Virgin Islands.

In Premier Wheatley’s absence, Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE, has been appointed Acting Premier and Minister of Finance from June 18 to June 21, 2024. This appointment is in accordance with Section 55 (1) of the Virgin Islands Constitution Order, 2007, which mandates that the Governor authorize the Deputy Premier to perform the Premier’s duties if the Premier is absent from the territory for more than forty-eight hours.

Premier Wheatley is scheduled to return to the Virgin Islands on June 21.

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“Our vision for tourism is clear. We aim to increase the number of tourists visiting the Virgin Islands and enhance the quality of their experiences,” said Premier Wheatley, highlighting the significant achievements in tourism over the past year. “Last year, we welcomed 994,253 visitors, the second-highest arrival numbers in our history, despite ongoing recovery efforts from hurricanes.”

Minister of Tourism echoed this sentiment, emphasising the need for targeted initiatives to attract visitors during traditionally slow months. “Diversifying our tourism product is key to boosting visitor numbers,” Minister Wheatley stated, citing successful events such as the BVI Arbitration Week and sports tournaments as examples of initiatives driving tourism growth.

One of the key strategies outlined by Premier Wheatley is the focus on entertainment tourism. “Events like music festivals have proven to be effective in increasing visitor numbers and enhancing visitor experiences,” Premier Wheatley explained. “We are committed to hosting multiple musical events throughout the year to add value to our tourism offerings.”

Minister of Tourism stressed the importance of collaboration between the government and private sector in organising successful events. “We are proud to partner with private indviduals and organisations to host events like the upcoming music festival,” Minister Wheatley said. “When these events are successful, we all benefit.”

In closing, Premier Wheatley expressed appreciation for the dedicated team working to improve the tourism product in the Virgin Islands. “We are confident that our efforts will yield positive results and further strengthen the tourism industry in the Virgin Islands,” Premier Wheatley concluded.

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In a display of respect, a wreath was laid by Premier, Honourable Dr. Natalio D. Wheatley; Leader of the Opposition, Honourable Ronnie W. Skelton; First District Representative, Honourable Dr. Karl Dawson; and Family Member of H. Lavity Stoutt and Mrs. Linett Stoutt-Fahie.

The ceremony served as a reminder of the enduring impact of H. Lavity Stoutt’s contributions to the British Virgin Islands. As a visionary leader and staunch advocate for the territory’s development, Stoutt’s legacy continues to resonate deeply within the community.

Participants in the ceremony reflected on Stoutt’s remarkable leadership, dedication to public service, and unwavering commitment to the betterment of the British Virgin Islands. His influence is felt across various spheres, from politics to education, infrastructure, and beyond.

The Wreath Laying Ceremony not only served as a moment of remembrance but also as a reaffirmation of the values and principles championed by H. Lavity Stoutt. His vision for a prosperous and thriving British Virgin Islands continues to guide the territory forward, instilling a sense of pride and unity among its people.

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