Calls for hope and perseverance came from Premier and Minister of Finance Dr Natalio Wheatley as he acknowledged the financial pressures facing residents, while highlighting what he described as the Virgin Islands' strong economic performance.
Speaking during his State of the Territory Address at the Noel Lloyd Positive Action Movement Park this evening, June 9 Wheatley said government remains focused on easing the burden on families and businesses despite ongoing global economic uncertainty.
“We see your struggles, we hear your concerns and this government is working every single day to make life better for you,” he said.
The Premier acknowledged that many families and businesses continue to feel the effects of rising costs worldwide, noting that government has introduced temporary relief measures on freight, insurance and selected import costs while strengthening consumer protection and price monitoring.
At the same time, Wheatley pointed to what he described as significant economic achievements under the Virgin Islands Party (VIP) administration.
“Do not lose hope,” he urged. “We must remain focused, we must keep pushing forward because despite every setback, we continue to overcome the odds.”
Among the accomplishments highlighted was the passage of a $550 million-plus budget in 2025, the largest in the Territory’s history.
Wheatley also boasted about government's successful negotiations with the United Kingdom to relax the Protocols for Effective Financial Management, reducing the liquid assets ratio from 25 per cent to 20 per cent between 2026 and 2028.
According to the Premier, the change frees up tens of millions of dollars that can now be invested in roads, healthcare, education, public safety, infrastructure and national development.
“This represents one of the most important fiscal achievements in recent years,” Wheatley said.
The Premier further reported that recurrent revenue has reached approximately $89.07 million so far this year, outperforming both projections and last year's figures for the same period.
He also noted that the Financial Services Commission contributed approximately $40.88 million, underscoring the continued strength of the financial services sector.
Wheatley said the Territory's financial management systems continue to receive positive assessments from external agencies, including Standard & Poor’s and the Caribbean Information and Credit Rating Services.
“These achievements matter because strong public finances create stronger possibilities,” he said.
Speaking during his State of the Territory Address at the Noel Lloyd Positive Action Movement Park this evening, June 9 Wheatley said government remains focused on easing the burden on families and businesses despite ongoing global economic uncertainty.
“We see your struggles, we hear your concerns and this government is working every single day to make life better for you,” he said.
The Premier acknowledged that many families and businesses continue to feel the effects of rising costs worldwide, noting that government has introduced temporary relief measures on freight, insurance and selected import costs while strengthening consumer protection and price monitoring.
At the same time, Wheatley pointed to what he described as significant economic achievements under the Virgin Islands Party (VIP) administration.
“Do not lose hope,” he urged. “We must remain focused, we must keep pushing forward because despite every setback, we continue to overcome the odds.”
Among the accomplishments highlighted was the passage of a $550 million-plus budget in 2025, the largest in the Territory’s history.
Wheatley also boasted about government's successful negotiations with the United Kingdom to relax the Protocols for Effective Financial Management, reducing the liquid assets ratio from 25 per cent to 20 per cent between 2026 and 2028.
According to the Premier, the change frees up tens of millions of dollars that can now be invested in roads, healthcare, education, public safety, infrastructure and national development.
“This represents one of the most important fiscal achievements in recent years,” Wheatley said.
The Premier further reported that recurrent revenue has reached approximately $89.07 million so far this year, outperforming both projections and last year's figures for the same period.
He also noted that the Financial Services Commission contributed approximately $40.88 million, underscoring the continued strength of the financial services sector.
Wheatley said the Territory's financial management systems continue to receive positive assessments from external agencies, including Standard & Poor’s and the Caribbean Information and Credit Rating Services.
“These achievements matter because strong public finances create stronger possibilities,” he said.
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