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OTs to discuss more flexibility of fiscal frameworks @ next JMC 2023– Premier Wheatley

-says SIDS also looking for different means of measuring eligibility for concessional financing
Governments of British Overseas Territories (OTs) are looking for more flexibility in access to financing and fiscal frameworks that govern those counties in order to mitigate risks should disaster related to climate change strike, according to to Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7). Photo:Facebook
Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7), 2nd from right, was at guest of Talking Points on ZBVI 780 AM on Monday, September 11, 2023. Photo: Facebook
Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7), 2nd from right, was at guest of Talking Points on ZBVI 780 AM on Monday, September 11, 2023. Photo: Facebook
BAUGHERS BAY, Tortola, VI– Governments of British Overseas Territories (OTs) are looking for more flexibility in fiscal frameworks and accessing financing in order to mitigate risks should a disaster related to climate change strike, according to Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7).

The Premier was at the time speaking during the Monday, September 11, 2023, edition of Talking Points, a radio programme aired on ZBVI 780 AM in the Virgin Islands.

C'bean leaders have been advocating for SIDS & accessing financing 

He said for years Barbados Prime Minister Mia A. Mottley and other leaders in CARICOM, the Organisation of Eastern Caribbean States (OECS), and other smaller developing states around the world have been advocating for a means of measuring eligibility for concessional finance that's more fair to particular jurisdictions that are vulnerable to the effects of climate change.

“We just saw Hurricane Lee and that was a monster and a lot of us got very frightened...

“And we're seeing these super storms… I don't know what the factors are that will determine where it goes, but depending on those factors, [it] makes a big difference between whether you have another disaster that would set you back in your development and I think most persons have accepted this is as a result of Climate Change,” he added.

Dr Wheatley said on the UN level, there’s support for what is called a multidimensional vulnerability index, so instead of measuring in income per capita, it measures your ability to a number of external shocks,” he said. 

The Premier said the OTs are looking to get support for that standard for COP 28, which is the UN’s Climate Change Conference to convene from November 30, 2023, to December 12, 2023, in Dubai.

Renegotiating Protocols for Effective Financial Management 

Meanwhile, as it relates to renegotiating the Protocols for Effective Financial Management (PfEFM) guiding OTs like the VI, Dr Wheatley said an agenda has already been set for the next Joint Ministerial Council to come in 2023.

The borrowing guidelines in the PfEFM restrict the VI from borrowing substantial amounts without violating the agreement and the United Kingdom in the past has refused to address the restrictions, despite the VI being thrown in a situation of necessity to borrow due to the hurricanes of September 2017 and COVID-19.

“That's going to be a topic at the Joint Ministerial Council. Every year, the governments of the Overseas Territories have a meeting with the United Kingdom Government, which is led by the Foreign and Commonwealth Office..."

Dr Wheatley continued, “So we would have set an agenda that would be taken forward from November and that agenda would include discussions of the fiscal frameworks which govern us and a lot of us are just asking for more flexibility.”

He shared, for example, that the liquidity ratio is currently at 25%; however, if the ratio goes from maybe 25% to 20% that would result in a little more money being available to spend on infrastructure.

6 Responses to “OTs to discuss more flexibility of fiscal frameworks @ next JMC 2023– Premier Wheatley”

  • After Brexit (14/09/2023, 08:11) Like (4) Dislike (0) Reply
    What happens when all of a sudden, the uk want to take our resources steal our blue economy
  • BVI people (14/09/2023, 09:11) Like (3) Dislike (0) Reply
    No OT will ever satisfy the UK. They look at all of them especially those from the Caribbean as inferior and them superior. Independence is the only way to survive.
  • Disrespectful (14/09/2023, 09:13) Like (2) Dislike (2) Reply
    Imagine each OT Leader has to report to senior UK public officers and meet with them and not their equal the UK minister of OTs. This in itself is disrespectful.
  • just like his grandfather (14/09/2023, 10:55) Like (10) Dislike (0) Reply
    He will bring this country to it knees
  • DropNews (14/09/2023, 10:59) Like (8) Dislike (0) Reply
    Why does he keep repeating the phrase climate change? What superstorm did we see? Hurricanes have been hitting these islands for centuries, they come unfortunately, and they go. I want us to understand what is happening here and we need to wake up and stop listening to a handful of wicked people. I want him to prove to me in his own words and not a script from the corrupt UN and WHO as we have seen during Covid-19 what is climate change exactly. Irregularities in the weather have been a thing for thousands of years, storms are not coming more frequently it's the same as always. Another scare tactic to implement tough policies again for the elite land grab to continue. Once disaster hits insurance skyrocket amongst other things to make it hard for the middle class to hold on to these assets. Part of the climate plan SDG is to remove citizens from private land and have us all live in state owned apartment type complex, like the failed project on the hill.
    Look up this term “You Will own Nothing and Be happy” from the WEF which are the same UN people they all implemented strategies to remove your rights all in the name of public safety and climate scare tactic. You will learn soon enough how much of this has already happened and 2025-2030 seems to be the deadline for this dystopian digital carbon-free future. Not sure how carbon-free works because that would mean removing people. With that being said here are the cons of SDGs because you’ve already seen the pros.
    The Sustainable Development Goals (SDGs) are a set of 17 global goals established by the United Nations in 2015. They are aimed at addressing global challenges such as poverty, hunger, and climate change. However, like any global initiative, there could be potential drawbacks, unintended consequences, or areas prone to misuse. Here's a simplified breakdown of hypothetical negatives for each SDG:

    1. No Poverty:

    2. Over-reliance on aid.

    3. Reducing people to mere numbers/statistics.

    4. Potential for exploitation through "poverty alleviation" programs.

    5. Zero Hunger:

    6. GMO (Genetically Modified Organisms) dominance and potential loss of biodiversity.

    7. Large-scale agriculture's environmental impact.

    8. Dependency on food aid rather than self-sustainability.

    9. Good Health and Well-being:

    10. Over-reliance on pharmaceutical solutions.

    11. Potential misuse of healthcare data in digitized systems.

    12. Inequality in healthcare accessibility.

    13. Quality Education:

    14. Standardization might suppress cultural or local knowledge.

    15. Potential for propaganda or biased education.

    16. Over-reliance on digital education leading to data privacy concerns.

    17. Gender Equality:

    18. Misuse in the name of equality (tokenism).

    19. Potential backlash or resistance leading to further division.

    20. Overemphasis on certain genders at the expense of others.

    21. Clean Water and Sanitation:

    22. Privatization of water resources leading to access issues.

    23. Over-dependence on tech solutions which might fail.

    24. Potential environmental impact from infrastructure projects.

    25. Affordable and Clean Energy:

    26. Reliance on certain energy forms might sideline others.

    27. Environmental impact from "clean" energy sources like lithium mining.

    28. Potential for corporate monopolies in clean energy sectors.

    29. Decent Work and Economic Growth:

    30. Overemphasis on economic growth can lead to environmental degradation.

    31. Potential for exploitative labor in the name of "decent work."

    32. Job losses from automation and digitization.

    33. Industry, Innovation, and Infrastructure:

    34. Environmental degradation from infrastructure projects.

    35. Potential for corporate monopolies and less competition.

    36. Innovation leading to job losses.

    37. Reduced Inequality:

    38. Potential backlash from those feeling "left behind."

    39. Misuse of programs in the name of reducing inequality.

    40. Overemphasis on economic metrics might miss other inequality forms.

    41. Sustainable Cities and Communities:

    42. Potential for "greenwashing" in development projects.

    43. Gentrification and displacement of local communities.

    44. Over-reliance on technology leading to privacy concerns.

    45. Responsible Consumption and Production:

    46. Greenwashing by companies.

    47. Reduced economic growth due to reduced consumption.

    48. Potential increase in costs for consumers.

    49. Climate Action:

    50. Corporate greenwashing.

    51. Economic downturn due to rapid shifts away from certain industries.

    52. Potential backlash from impacted communities or industries.

    53. Life Below Water:

    54. Over-regulation potentially impacting certain communities' livelihoods.

    55. Mismanagement leading to further degradation.

    56. Potential for corporate exploitation in the name of conservation.

    57. Life on Land:

    58. Mismanagement or misuse of land resources.

    59. Over-regulation impacting indigenous or local communities.

    60. Potential for "conservation" to be used as an excuse for land grabs.

    61. Peace and Justice Strong Institutions:

    62. Overemphasis on institutional solutions leading to bureaucracy.

    63. Potential misuse of power in the name of "peace and justice."

    64. The risk of surveillance and loss of privacy in digitized justice systems.

    65. Partnerships for the Goals:

    66. Potential for imbalanced partnerships favoring powerful entities.

    67. Misuse of resources or funds in the name of partnership.

    68. Over-reliance on a few major players, leading to a lack of diversity in solutions.

  • CAUGHT OUT (14/09/2023, 14:54) Like (1) Dislike (0) Reply
    Why do I feel that the ship for BVI independence has already sailed. Our present situation is like standing on the dock wishing that we had arrived a bit sooner.

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