'Financial sector buoyant despite global challenges’ – Premier Smith
This was put to Premier and Minister of Finance Dr the Honourable D. Orlando Smith during his press conference the following day, September 17, 2014 when he was asked whether he truly believed the Virgin Islands (VI) is struggling and how his government intends to address the issue if that's the case.
In response Premier Smith said following the Financial Crisis, the issue of the VI Financial Services (FS) leaks and the issues with certain banks there was increased compliance due to various factors with the banks and not with the BVI economy, resulting in more challenges faced by the VI Financial Services Sector.
“There has been some decrease in new incorporations but for BVI the revenue from financial services continues to be as it has been,” said Premier Smith. He also stated that the issues within the Financial Services Sector are not isolated to the VI but are globally felt.
Further pressed on the issue the Premier said that his government has put things in place in an attempt to combat the issue. “We are looking at changes, what changes may be necessary for the BVI to make in our structure to adapt more to what is currently the mode, the norm in Financial Services,” he said.
According to Premier Smith despite the financial challenges the contributions from FS to the Government continues to be ‘buoyant’.
With the insistence of the Premier of the buoyancy status of the VI, Chairman of the Virgin Islands Party (VIP) Honourable Julian Fraser, RA in responding to issues raised at the Carrot Bay community meeting of the party on September 17, 2014 did say that there has been an increase in the revenue to the FS. However, what he found bothersome was trying to understand what the current NDP government has been doing with the monies as they continue to cry of struggling financially.
“At Financial Services they are bringing in more money now than when we were in office so where is the money going? Something is startlingly wrong in this country,” said Hon Fraser.
That question arose as Honourable Fraser was addressing the issue of the financial status of the people of the VI recalling the days when it was easy for the average Virgin Islander to go into his pocket and easily give a buddy or friend a hundred dollars casually.
He said, “You know what it’s like when you walking [down] the street and you meet a friend and he says let me hold something, you push your hand in your pocket and give him a hundred dollars, those things don’t happen anymore, this is the same Virgin Islands that we are accustomed to.”
He further examined the case of many persons who have regular jobs having otherwise business ventures in the form of owning a truck or other machinery and was able to get work for those. “These things don’t happen anymore,” he said.
Hon Fraser’s point was further supported by VIP’s Honourable Andrew A. Fahie (R1) who also alluded to the claims of the NDP Government that the FS has been doing fairly well in terms of bringing in monies. “The question is where is the money and why are you still saying that you do not have any money?” asked Hon Fahie rhetorically.
“These are some of the paradoxes that you usually get confused about,” Hon Fahie further said.
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19 Responses to “'Financial sector buoyant despite global challenges’ – Premier Smith”
Orlando and his camp is up to no good. Everybody is suffering and he and his circle saying dat they doing well. No isn't dat strange people?
People loesing their jobs and this man still here talking cr.p
The next month they said things are booming
Now this month he says things are ‘buoyant’ dem overseas consultants going help us to drive the NDP out of office chatting cocka-may-may