$62.9M Phase 2 Economic Stimulus Plan rolled out by VIP Gov’t
The stimulus plan has received an injection of $40M grant from Social Security Board (SSB).
“Your Government has been trying to avoid touching our taxpayers' piggybank because we understand that the hurricane season is upon us, seismic activity in the area is continuing, and COVID-19 has not been eliminated, hence we have to leave room in case, God forbid, the BVI is struck by a disaster.
“Left with no alternative, your Government reached out to the Virgin Islands Social Security Board which has agreed to provide the people of the British Virgin Islands with a special COVID-19 grant in the sum of $40M towards our efforts in providing social and economic relief and stimulating economic activity. The Social Security Board is committed to strong leadership and prudent investment of funds. They have been able to accumulate funds to help out the Territory in its time of need,” Premier Fahie said in his live announcement of the plan this evening, May 28, 2020.
The Economic Stimulus Plan has also been boosted with a $17M grant from the SSB’s Affordable Home Construction Project and “another grant of $2M to assist with infrastructure.
$3.9M has been contributed by Central Government “to assist with other areas across the Territory.”
Breakdown
Premier Fahie also presented a breakdown of the monies allocated, some of which are mentioned below:
$10M of the $62.9M will go towards assisting persons made unemployed or caused to work reduced hours due to COVID-19.
$9M will be spent to get homes “watertight” for the hurricane season.
$7.5M will be given to National Health Insurance (NHI) "to ensure the health and safety of our people."
$6.5M will be disbursed to assist local business with the expectation they will try to retain staff.
$2M will be spent to assist farmers and fisherfolks.
$1M will be spent on some villas, hotels and guest houses to accommodate persons who would need to be quarantined on returning to the Territory.
$1M will go towards assisting daycares, private schools and churches.
$1M will be spent on “social needs” and $1M to pay taxi and livery operators who would be engaged for various purposes, including transporting persons for quarantine.
Additionally, all District Representatives and At Large Representatives will be given $300,000 each to assist their constituents in need. This is in addition to their usual allocation of funds.
More detail to follow.
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41 Responses to “$62.9M Phase 2 Economic Stimulus Plan rolled out by VIP Gov’t”
Clean your heart and the Lord will bless you with that very money you need.
I am from the 7th and Tolian and neutral. I agree with you @tola. We are forgetting that an economy stability is based on the number of employable and employed persons, organisations engaged, and volume of buying and selling by the employed. Sudden contraction in the economy of population numbers is detrimental. This is the reason why closed businesses need to reopen, the daycare centers and primary schools so the economic activity could restart close to normal levels. This is the time to start new businesses too. The move by the Minister of MNRLI was a good one to give work permit holders time to get a new job and Govt stimulus package for businesses would be helpful. To graduates from high school and college, please take what you can get job until you can get what you really want later. This is no time to be picky. We are in a period of fighting just to live because of the greedy and selfish 1% who are dominating this world including Bill Gates their puppet!
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They are overflowing with money, what charitable donations have they ever given to the community of those in need?
$2M will be spent to assist farmers and fisherfolks.
They were able to carry on business as the supermarkets whom made a killing from this crisis
$1M will be spent on “social needs”
What social needs? Needs elaboration
I wish that the chunks of money taken from my salary is put to better use than wasting on fart or simply stop deductions from my money