Grant from SSB subject to 'rigorous checks & balances' including by SSB- Premier
Also, of the $40m SSB grant, $17.5M is being administered by SSB itself.
$7.5 million of the $17.5M was for strengthening the NHI and $10 million was for temporary income support due to special circumstances such as the COVID-19 Pandemic.
“From the $40 million SSB grant, the $17.5 million, of which $7.5 million is to strengthen the NHI and $10 million is for temporary income support, these funds as I say are to be administered by the SSB,” Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) said during his Annual First District Report at the Cappoon’s Bay Recreation Ground on Saturday, January 30, 2021.
Allocation of funds from SSB
The remaining sum, Hon Fahie said, included $2 million for grants to boost the agriculture and fisheries industries; $6.5 million in grants for local businesses affected by COVID-19; $1 million in stimulus grants for hotels and villas affected by COVID-19; $10 million to assist persons to watertight homes damaged by Hurricane Irma; $1 million for other social needs; $1 million in assistance to churches, daycares and private schools; and $1 million to fund a transportation initiative to transport persons arriving into the Territory to their secure quarantine locations.
SSB providing additional layer of accountability
According to the Leader of Government Business, when the impact of COVID-19 on the Virgin Islands became clearer, the SSB allowed for the government to make some adjustments to the allocations, “although there was no change in the overall sum of the grant nor changes in the supervision of the funds.
“These funds were to be administered through systems as approved by Cabinet and the SSB,” Hon Fahie clarified, adding that the Government is required to provide regular reports to the SSB on how the funds were used, and to be audited weekly by the internal auditor.
“The Government was required by the SSB to put measures in place to ensure that the money is spent according to the agreement and that there is no abuse of these funds.”
SSB holds right to withhold funds
Further, Hon Fahie said the SSB had the authority to cut off the flow of funds if any irregularity was taking place.
“And the SSB retained the right to cease the release of funds if it finds that the funds are being abused.”
The Premier said he was mentioning this to remind the public that the funds from SSB are subject to rigorous checks and balances by the SSB and the internal auditors to ensure that they are accounted for.
“Your Government continues to be thankful to the SSB for stepping up to assist the BVI public, and for helping us to monitor the checks and balances and providing the extra layer of accountability in the economic stimulus programme. And for that, we give the SSB a round of applause,” Hon Fahie said.
Opposition Leader Honourable Marlon A. Penn (R8) has been highly critical of the move by Social Security Board to fund government's Economic Stimulus Programme, even after the United Kingdom government refused to give monetary assistance to the Virgin Islands during the Covid-19 pandemic, telling it instead to spend its own monies first.
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