-
by pltm
(PLTM) - Over the years, the National Democratic Party (NDP) administration has been faced with criticisms for its handling of the Territory’s finances. However, backbencher, Hon. Dr. Hubert O’Neal believes that if it was not for Premier and Finance Minister, Hon. Dr. D. Orlando Smith, the economy would have collapsed immediately following the storms in September 2017.
The BVI estimated losses in the sum of $3.6B. Dr O’Neal said that the $60M which was saved in the Reserve Fund when the storms hit helped with immediate recovery efforts.
“Three months after the storm our finances were in a very terrible state and if it wasn’t for the wisdom of our Premier, building a $60M Reserve (Fund), this country would have been in serious, serious difficulties. We would have been on the verge of economic collapse because both industries (financial services & tourism) were non-functional,” he recently expressed.
The Ninth District Representative added, “And it is the work of our good Premier to have kept our financial services industry together, especially because that industry managed to work when nothing else was going on in the country and that kept our economy going.”
Pre Hurricane Irma, the NDP received widespread criticisms over its spending habits, including from the then Queen's Representative, former Governor John Duncan. However, in July, two months before Irma hit the Territory, Premier Smith had denied that the government was spending tax payers' money recklessly.
The Finance Minister had also boasted about the efforts by his government to build the Reserve Fund.
Meanwhile, in relation to the recovery process of his district, Dr O’Neal said that, the recovery is going remarkably well one year later, except on Virgin Gorda.
“In my district the recovery is going pretty well. In particular tourism has returned to Anegada, we are seeing the yachts are coming back…They are doing well over there. It’s a bit slow in Virgin Gorda of course because of the rate of devastation on Virgin Gorda,” Dr. O’Neal outlined.
-----
Copyright 2023 by Virgin Islands Platinum News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
