Hon. Smith added that the primary failure was using the Treasury as if it were an “independent printing press” for money and ignoring the very industries that have put the VI on its feet. Photo: VINO

Dr. D. Orlando Smith made this disclosure on Tuesday December 6, 2011 where he revealed the current state of the Virgin Islands’ finances.

“The public infrastructure investment cannot be defined by the personal favours that are granted to individuals at the expense of the taxpayer, the circumvention of checks and balances in the system created to promote transparency and value for money under the guise of expediency; nor does it involve pork barrel projects that are in effect conceived to promote the political life span of individual members in the House of Assembly,” the Premier pointed out.

Instead, he assured residents that his Government will be investing in public infrastructure and directly in the productive segments of the economy such that it results in a higher quality of life for all of the citizens of the Territory and includes as well, a more pleasant experience for its visitors.

“This kind of investment translates to, for example, good roads throughout the Territory, reliable water and sewerage systems, and well-maintained public buildings. Let us be clear ladies and gentlemen, the industries that sustain BVI are tourism and financial services. We should have ensured that those sectors were being managed in a way that allowed revenues to flow into the Territory rather than trying to create an economy out of the finite resources of the Treasury,” the Premier stated.

Hon. Smith added that the primary failure was using the Treasury as if it were an “independent printing press” for money and ignoring the very industries that have put the VI on its feet.

“Based on our investigations thus far, overwhelming evidence suggests that we have not been providing for our citizens en masse, but instead have been channelling resources towards special interests and a very small segment of our community. This has resulted in the Virgin Islands facing as a significant matter of consideration, the escalation of expenditure and a growing debt burden with no appreciable increase in quality of life for the hard working citizens of the Territory,” disclosed the VI’s leader.

Against this backdrop, Hon. Smith said with the evidence his government has unearthed, he cannot justify to any degree the choices that have resulted in the reckless endangerment of the future of the Virgin Islands and its people during the last administration.

“I will, as stated, bring you a full and comprehensive report once we have completed our investigations which should give a more detailed picture where my Government found itself when it assumed office on November 9, 2011,” he added.