VI Financial Secretary Mr. Jeremiah Frett has called for a review of the negotiating ratios between the Virgin Islands and the United Kingdom. Photo:Government of the Virgin Islands

Frett emphasized the importance of Virgin Islands government officials being in the UK to discuss protocols and ratios, especially as the Virgin Islands is petitioning the UK government to adjust these ratios.Photo:Internet Source

He made this appeal during an exclusive one-on-one interview with Karia J. Christopher, Director of Communications, at the Joint Ministerial Council (JMC) meetings in London last week.

According to the Protocols, the government of the Virgin Islands can only borrow up to 80% of its recurring expenditure. This has prevented the territory from accessing much needed finance for hurricane recovery and development projects.

VI petitioning for adjusted ratios

Frett emphasised the importance of Virgin Islands government officials being in the UK to discuss protocols and ratios, especially as the Virgin Islands is petitioning the UK government to adjust these ratios.

‘’Currently, especially some of the ratios, the number of things that the government wants to implement, there's not sufficient money to be in compliance with the ratios. So, we are having discussions with the UK government to adjust the ratio that allows us more flexibility to introduce or implement needed projects,’’ he added.

Airport development critical

He also mentioned the critical importance of the airport development project for the territory. “The airport is essential not only for tourism but also for financial services and for residents' ease of travel and leisure,” he noted. 

From an economic perspective, Frett stated that the airport would create new business opportunities and expand existing ones in sectors such as tourism. “Once we build an airport, you will see improved development, increased investment, and greater interest from locals in establishing hotels, boutique accommodations, and other businesses that service the tourism sector.”

Airport development will drive economic growth

Frett emphasised that the development of the airport would lead to economic growth. “However, the discussions we are having regarding the airport focus on the business case, as developing such a project is a process. There is a planning stage, followed by design, and we also need to develop a comprehensive business case that requires approval from the UK government. The airport development of this magnitude will necessitate a significant amount of funding,” he added.

“Given the current structure of the ratios, this project will likely exceed those limits," Mr Frett stated.