Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

Public needs to know: Has VI lost control of its treasury?

- Former candidate says it appears hoopla of not sending budget to England was a political charade
The Protocols for Effective Financial Management was signed between the Governments of the Virgin Islands and UK. Premier Smith (left) and MP Bellingham (right) signed the Protocols on April 23, 2012. Governor Boyd McCleary is in the middle. Concerns continue to be raised regarding the signed protocols and what it really means for the VI. Photo: VINO
Natalio Wheatley said the signed protocols seems worse than the VI sending its budget to the UK for approval. Photo: VINO/File
Natalio Wheatley said the signed protocols seems worse than the VI sending its budget to the UK for approval. Photo: VINO/File
ROAD TOWN, Tortola, VI – Following the signing of the Protocols for Effective Financial Management between the Government of the Virgin Islands and the United Kingdom on April 23 2012, concerns continue to be raised regarding the objectivity of the document with some citing that it seems worse than sending the Territory’s budget to the UK for approval and represents a loss of control of the Territory's treasury.

In the House of Assembly recently, 2nd District Representative Hon. Alvin Christopher had called for a debate on the protocols and now again, there are calls for public discussions so that the general public can understand in layman terms what the signing of the documents means for the VI and its future.

Former political candidate with the People’s Patriotic Alliance Natalio Wheatley aka Sowande Uhuru said while he supports the principles that both the UK and Virgin Islands government commits itself within the Protocols for Effective Financial Management, he believes the signing of the document represents a serious loss of autonomy for the Virgin Islands and in his opinion, the VI has nearly loss complete control over its treasury.

“A lot was made about not having to send the budget to London, but these protocols actually mandate a much greater scrutiny of the government treasury,” Wheatley charged.

According to the outspoken young political figure, he said “it would appear that the hoopla surrounding the announcement that we did not have to send the budget to England was a political charade to obscure the coup d'etat that was taking place.”

“This is not an agreement that represents a partnership, but a reversal of the hard fought gains our ancestors won over a long protracted struggle for autonomy. In this modern era, the UK should be encouraging a more mature relationship rather than winding back the clock to the colonial era.”

Wheatley outlined that according to the protocols, the government must develop and publish a Medium Term Fiscal Plan (MTFP), "covering a period of at least three fiscal years" according to Section 9 of the document.

Giving an overview on sections of the document and his conclusion, Wheatley said “the protocols state that ‘this MTFP will be used as the primary guide for fiscal and economic management by the Government of the Virgin Islands (Section 9)’. The document goes on to say that ‘all proposed capital projects will be incorporated in the published MTFP’ (16). The MTFP must be sent to the UK two months before it is to be published (Annex C). In addition to this, the UK can basically demand any information they want from the Virgin Islands at any time (Annex C).”

Added to that, he said the document makes it very clear that the UK will "undertake an annual assessment of the economy of the Virgin Islands, including the state of the public finances", which is according to Section 22a; and "monitor compliance with the protocols...” according to Section 22b.

In regards to the exchange of information and its consideration, he pointed out, "...the Government of the Virgin Islands commits to supply the Government of the United Kingdom with available information on fiscal, economic or project appraisal matters..."(Section 23) and "the Government of the Virgin Islands will consider fully any representations made by the Secretary of State on information provided"(24).

Another interesting aspect of the document, according to Wheatley is that breaching any aspect of the principles enshrined in the document or the rigid financial guidelines regarding borrowing and other matters constitutes a breach of the entire document, which is taken very seriously. It states, "until the breach has been rectified, the Government of the Virgin Islands will obtain, on an annual basis, written approval from the Secretary of State before: the MTFP is finalised; or any new public borrowing is undertaken; or proceeding with any new project with a lifetime value of more than five percent of forecast recurrent revenue...etc"(27).

Public understanding and discussion needed

According to First District Representative Hon. Andrew Fahie, what was signed is what we need to make sure that we understand and said he is amazed that many persons are not asking what was signed.

“We were told through the marketing arm of the government that the budget does not have to go to the UK, because they were able to negotiate these protocols and the atmosphere that it created is one of joy in most quarters at least so it seems that these protocols were signed and the budget does not have to go to the UK.”

Hon. Fahie said he feels it is something that would have need to be fully discussed so that that the people of the Territory can understand what was signed because in a nutshell, what was signed will significantly change the landscape of this territory for years to come in terms of, the way government goes about especially development projects among other matters. And it will have some impact, on the way of life in the Territory.

A copy of the signed protocols can be found here. PROTOCOLS FOR EFFECTIVE FINANCIAL MANAGEMENT

19 Responses to “Public needs to know: Has VI lost control of its treasury?”

  • DADDY FRIDAY (28/06/2012, 09:33) Like (0) Dislike (0) Reply
    ndp pulling the woll over the people eye again...but we will not be fool again
    • Champ (28/06/2012, 17:47) Like (0) Dislike (0) Reply
      It seems like all government we elect "pulling woll over our heads" (whatever that is). The Biwater contract needs to be reviewed too.
  • AMEN! (28/06/2012, 09:42) Like (0) Dislike (0) Reply
    FINALLY! I have been saying the same thing or more like asking the same thing. What did we sign? I am neither NDP or VIP or any P but I read those protocols that were signed & I don't think we negotiate as good a deal as is being sold to us by the government.
  • wellsaw (28/06/2012, 09:47) Like (0) Dislike (0) Reply
    One thing with this new administration I was fooled to vote for, they could convine you with marketing that hell is Heaven. All this was just politics to say that they don't have to send the budget to UK as was being requested by the UK of all UK overseas Territories. But if you read those protocols what the NDP say they negotiated then better we had send the budget to the UK.
  • BREAKING NEWS (28/06/2012, 09:59) Like (0) Dislike (0) Reply
    @DADDY FRIDAY GO sit down!!!!! Election is over, VIP will never rule this country again!!! NDP will take this country forward!!!
    • Realist (28/06/2012, 12:28) Like (0) Dislike (0) Reply
      @Breaking News I could not have said it any simpler or better. For the VIP to win again they come with at least seven good candidates. Candidates that understand how an economy works. They also have to avoid selecting a mad-man as leader.
      • long time (28/06/2012, 22:54) Like (0) Dislike (0) Reply
        no matter what ayo say..the VIP will come back and will be here for a long long time..so ayo better get use to us
    • mad man (28/06/2012, 15:21) Like (0) Dislike (0) Reply
      after the 2007 eections man said the NDP will never rule again....ha ha he he
  • wha wrong wid it? (28/06/2012, 10:14) Like (0) Dislike (0) Reply
    i dont see anything wrong with the document. when bvi in financial trouble they run to uk. if funds are being provided then there needs to be strings attached to prevent the problem from reoccuring. the document merely seems to be encouraging good practice as it relates to effective financial management. the main principles are fundamental and adhered to in most financial institutuions...such as accountability, risk management and transparency. shame on the treasury for not bein able to manage the bvi's finances in the first place. i still tryin see wha wrong wid it.
  • SMDH (28/06/2012, 10:48) Like (0) Dislike (0) Reply
    All the document does is require the BVI to be financially responsible. What the heck is wrong with that? Bout damn time the UK stepped up and took an interest in what we are doing. Keeps them guys on their toes.
  • game on (28/06/2012, 12:06) Like (0) Dislike (0) Reply
    wel bowy next ime brown envelopes going round it will not be from we treasury! - if it is somebody going balsm ghut to chill for while
  • Please (28/06/2012, 13:22) Like (0) Dislike (0) Reply
    People please put away the emmotions and the political rethoric and go read those documents. We are in trouble with these protocols and don't tell me that it's good the UK is invovled because check the news they more broke than all the overseas territorys treasury's combine. They ain't managing their finances well at all so now they want to come suck out our money. Please people read and stop talking out of ignorance or hatred or even love for any political side.
  • Wait (28/06/2012, 13:33) Like (0) Dislike (0) Reply
    To all persons NDP or not, VIP or not or whatever P, the signing of these protocols is a death warrant served on the BVI. Chek how life is in a year to two years and then come back on here and say. We dead and allow the UK who done dead financially sucker punch us. Just wait & we all will see.
  • Tram (28/06/2012, 13:50) Like (0) Dislike (0) Reply
    This young brother (Wheatley) has potential but I think in these matters he is a bit naive. This is a matter about transparency in the use of public funds. The long and the short of it is that we are a territory and we must show we are fiscally responsible. If the self governing protocols are followed then there is no problem...the UK will not interfere and we can still run our own show. But if we want to build expensive greenhouses and community centers and not ensure value for money then we will have problems. Grow up my young brother and don't let irresponsible politicians and their hangers-on influence your thinking. We do not want to end up having to choose between going independent or being taken over completely. We should strive to be a responsible territory with a large measure of self-rule.
  • fish (28/06/2012, 14:16) Like (0) Dislike (0) Reply
    the NDP sell out our country in front of our eyes
  • black boy (28/06/2012, 17:30) Like (0) Dislike (0) Reply
    We also seek explanation as to what the hell is going on and who is paying for the airport and the port projects!!!
  • vip (28/06/2012, 21:12) Like (0) Dislike (0) Reply
    these man giving away our ports..both sea and air
  • go from here (28/06/2012, 22:26) Like (0) Dislike (0) Reply
    Dr. Smith for god sake GUR CIT DUNG I am sure you even have not read what you sign...suckteeth


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.