Economy performing well post hurricanes –Premier Smith
“I will say this, that the economy has actually performed quite well, in fact our Financial Services have performed better than we expected and our Tourism is showing promises of coming back…So far I am pleased about the way the economy is responding since Irma and Maria.”
He gave his position during a recent One-on-One with the local press on August 29, 2018.
40% Blow
As a result of the tragic events, the VI lost about 40 per cent of its Gross Domestic Product (GDP), or annual earnings—a significant blow to the economy, Premier Smith said.
“We had to seek loans to finance our budget…We had a $50M loan to finance the budget from the Caribbean Development Bank (CDB), we also had what you call a recovery loan, which we are still working on at the moment and several other small loans immediately after the crisis.”
Premier Smith has also been pushing for Public/Private Sector Partnerships (PPP), as one area, key to the revitalisation of the of the domestic economy.
He told reporters, he has been getting some assurance of PPP cooperation, especially in the hospitality sectors.
Partnerships
He said too, “in other areas we are looking at PPP and that is for example in the lengthening of our airport runway and that’s very significant because we see that as one of the important things in helping, in the next step, in helping to build the economy through the tourism sectors.”
Asked if there were any ‘takers’, for possible investment in the touted airport runway expansion, Premier Smith responded saying, “I have no details but I understand that there are interests.”
He used the occasion to allude to the return of the major cruise line ‘Disney Fantasy,’ as key to the gradual recovery of the VI.
While Dr Smith has praised the performance of the VI's economy following the 2017 hurricanes, many are still homeless and unemployed, while many residents continue to struggle to pay bills and survive, both financially and otherwise.
13 Responses to “Economy performing well post hurricanes –Premier Smith”
In my humble view, all elected individuals involved to the BVI have been corrupt from the start, i guess only following the pattern, never the less we are not moving ahead by living in the past. Its time to start with a new beginning. No more government contracts for cousins or relatives who don't know the first thing about the job they have been hired to do leaving the county in debt.
Let our Governor run the country for a while and lets see which direction things take, our previous governor insisted and ensured the police got more funding and now we see the results... We have too many skeleton's in the closet and need an honest reliable person in charge with the view...is this the best option for the country and its people, not what shall I gain from this.
We all need help!! Rich or poor- Really, we are being screwed by new taxes, immigration policies, landlords not being monitored, we need help and assistance with all aspects, it really doesn't matter where we come from or who we are...born here is a thing of the past since Irma broke our golden egg.
No town water for days, still schools under tents, raw sewage on the roads, sargassum stinking up the place..
Every day more people are leaving from all walks of life, too much stress, smoke from Pockwood pond making us sick yet we bill an environment fee upon arrival, no NHI paid as no jobs so no health coverage, bad roads, powers issues, crime on the up....the list could go on.
What is happening, I feel we have no hope.