VI’s financial independence must be celebrated - E. Benito Wheatley
That responsibility remained under the United Kingdom (UK) appointed Governor, who also oversaw Britain’s financial assistance to the Territory, referred to as ‘Grant-In-Aid.’
This is according to Chairman of the End of Grant-In-Aid Celebration Committee, Mr E. Benito Wheatley who underscored the importance of the VI’s financial independence at a Dinner Event on December 15, 2018, to mark the 40th Anniversary of the historic moment.
Importance of Political History
“Celebrating important moments in our political history is about building our national consciousness, especially at a time when we are rebuilding our society and must hold together to face the challenges of today and tomorrow,” Mr Wheatley told those gathered.
“This is crucial for any people in the process of nation-building, the end of Grant-In-Aid in 1978 was a significant achievement in the history of the BVI not simply because it ended the territory’s external dependence on the UK, but because it clearly demonstrated the ability of our people to manage our own financial affairs and uphold the dignity of Virgin Islanders,” he said.
According to Mr Wheatley, “The end of Grant-In-Aid completed the process of firmly placing the territory’s finances in local hands, after the finance portfolio was handed over from the Governor to the elected government, under the stewardship of the then Chief Minister, the late Dr Willard Wheatley.”
On June 1, 1977, Dr Wheatley officially became the VI’s first Minister of Finance following exceptional public management during the period. By 1978, the Government independently closed a budget deficit and ended the year with a budget surplus of $1.3 million according to Mr. Wheatley.
Moving Forward
“It took steadfast leadership to realise these goals, which were the next great step in our march towards greater self-determination, we cannot underestimate how important development was for us as a people, the financial independence gained by the BVI gave the territory the ability to steer and accelerate the development of our society in the years that followed,” Mr Wheatley noted.
He said as it stands today, and as the VI progresses, the government will need the financial, fiscal and regulatory powers it current enjoys, “to meet the challenges of recovery and to cope with external pressures bearing down upon the territory at this time.”
“Our financial independence is precious and we must safeguard it for the benefit of future generations.” he said.
“Let this anniversary be a reminder to us of the great value of our financial independence, the steadfast leadership that achieved it and the importance it holds for our future as a people.”
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