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by pltm
(PLTM) - Governor Gus Jaspert has dismissed assertions that the Protocols for Effective Financial Management is blocking the Virgin Islands Party (VIP) administration from delivering a full COVID-19 economic package for the people of the BVI.
At a press conference today, May 21, the the UK representative unequivocally stated that there is nothing barring Premier and Finance Minister, Hon. Andrew Fahie from presenting a stimulus package.
Premier Fahie has been under pressure to present a full economic plan to help deal with the negative economic effects of COVID-19.
But the Premier has stated that he will not be rushed into any quick fix solution and compromise the future advancement of the Territory during the process.
“It has been suggested publicly that these (protocols) act as a barrier to government’s ability to deliver an economic response to COVID-19…. I have not seen any evidence to indicate that they hamper our government’s ability to bring forward an economic package for the people. From what I understand the BVI Reserves (Fund)are in a healthy position, over $18M according to the budget estimates announced late last year,” the Governor told reporters.
In response to the fact that the VIP Government have expressed concerns over some aspects of the protocols which could prove to be detrimental to the BVI in the future if they take large grant/loan at this time, the Governor said that there is flexibility.
He went as far as to mention that the protocols were breached in the past during exceptional circumstances.
“The Protocols also enables flexibility when needed. The UK and BVI government have agreed to temporary breaches in the past when the BVI government needed to borrow large amount in exceptional circumstances. The UK is committed to supporting each Territory during this crisis and is working hard to understand and meet any needs on a case by case basis,” he said.
The Governor noted that the UK is ready to begin discussions on the needs of the BVI and also the concerns the government has with aspects of the protocols.
“I hope that our Government will soon enter discussions with the UK government on their economic plans for the Territory including any concerns over the protocols so we can work through them together,” he noted.
In response to questions, the Governor said that it is for the Premier to detail his economic plans to the people.
“It’s for the Premier to set out more details on his financial plans, access to reserve funds …what I am saying is that there are not barriers to that. So, it’s up to the government, Premier has the lead on that area to set out his plans and I hope they come forward so that the public is aware but also businesses and communities across the territory,” he maintained.
As it relates to the concerns of the BVI government, the Governor said that under the Protocols, the UK expects the BVI government to present a plan on how they are going to payback monies borrowed or spent. However, he maintained that there is flexibility.
“It’s all about a conversation on what the BVI wants to do and what works for the sustainable financial situation in the Territory,” he stated.
The Governor further stated that the Protocols have the sole purpose of ensuring sensible management of public finance and accountability to the public. It was pointed out that by having them in place the BVI is sending a clear message to potential lenders and international partners that they are committed to sensible borrowing and spending of public funds.
“The protocols are about making sure that government don’t spend or borrow more than they can afford to,” Governor Jaspert stated.
The Premier is also slated to hold a press conference this afternoon.
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