During a press conference held on Friday, November 7, 2025, the Premier expressed that financial management is a concern for the government, and they are hoping to address it in their upcoming meetings with the UK government. Photo: Internet source/ File

Premier and Minister of Finance Dr. the Hon. Natalio D. Wheatley has criticized the UK government regarding the financial management situation of the Virgin Islands. Photo: Facebook

During a press conference held on Friday, November 7, 2025, the Premier expressed that financial management is a concern for the government, and they are hoping to address it in their upcoming meetings with the UK government. He emphasised the need for effective financial management protocols.

Adoption of a pro-growth approach 

He stated that due to the current protocols, the Virgin Islands government must adopt a pro-growth approach. “Part of that pro-growth approach means that we have to make investments that will grow our economy, rather than just being concerned about contingent liabilities to the UK Treasury,” he explained.

Wheatley remarked that the territory is currently in what he describes as a fiscal straitjacket. “We are sitting on liquidity and are limited in our ability to borrow,” he noted.

 VI GDP borrowing is significantly low 

He pointed out that while most countries may borrow up to 100% of their gross domestic product (GDP), the Virgin Islands is significantly below that threshold. “The protocols limit us to, I believe, 80% of recurrent revenue for this year. The airport expansion project is projected to cost over $400 million,” he added.

The Premier indicated that relaxing some of these financial protocols will be a key topic of discussion with the UK government. “One of the things we’re trying to discuss with the UK government is making adjustments to those provisions so that we can invest in growth. When we invest in growth, we become less of a contingent liability to the UK Treasury,” he stated.

Fiscal straitjacket

He emphasised that the fiscal straitjacket stems from financial management protocols that have been in place for over ten years and require review. “A lot has happened since those protocols were established, including devastating hurricanes,” he noted.

Hon Wheatley further explained that the protocols do not account for situations like natural disasters or pandemics. “We need to review these protocols in light of changing circumstances and increasing vulnerabilities.”