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A record $559 million budget was unveiled this afternoon, October 27, as the Virgin Islands Party (VIP) Government presented its final annual spending package before the 2027 General Elections.
Premier and Minister of Finance Dr. Natalio Wheatley delivered the address under the theme “Turning Progress into Prosperity: Building a Sustainable Nation”.
“This is the biggest budget ever presented to this Honourable House in the history of the Virgin Islands,” he declared.
The presentation was held at the Eileene L. Parsons Auditorium at H. Lavity Stoutt Community College. The package surpasses the $550.6 million budget presented for 2026.
The Premier outlined a projected revenue of $457,809,000; $460,412,600 in recurrent expenditure; $81,083,800 in capital expenditure and $9,578,600 in principal debt repayments.
Financing includes $47,292,100 in loans and $54,040,000 from existing fund balances, alongside projected revenue.
“The money belongs to you, the people. We must explain both the obligations it will meet and the improvements it is intended to support,” Wheatley said.
He explained that recurrent spending would support ongoing services, debt repayments would meet government obligations, and capital investment would improve the assets needed for future delivery.
“We must balance today’s needs with the investment and financial strength required for tomorrow,” he said.
Major infrastructure projects in 2027 will continue to draw funding from the $100 million CIBC loan facility signed in 2024, the Premier added.
He also projected real GDP of approximately $1.8 billion, representing 4.1 per cent growth over 2026, with nominal GDP forecast to increase by 5 per cent to a record $2.2 billion.
Wheatley said the budget must protect revenue, account for realistic delivery costs and direct resources towards improving people’s lives.
More details to follow.
Premier and Minister of Finance Dr. Natalio Wheatley delivered the address under the theme “Turning Progress into Prosperity: Building a Sustainable Nation”.
“This is the biggest budget ever presented to this Honourable House in the history of the Virgin Islands,” he declared.
The presentation was held at the Eileene L. Parsons Auditorium at H. Lavity Stoutt Community College. The package surpasses the $550.6 million budget presented for 2026.
The Premier outlined a projected revenue of $457,809,000; $460,412,600 in recurrent expenditure; $81,083,800 in capital expenditure and $9,578,600 in principal debt repayments.
Financing includes $47,292,100 in loans and $54,040,000 from existing fund balances, alongside projected revenue.
“The money belongs to you, the people. We must explain both the obligations it will meet and the improvements it is intended to support,” Wheatley said.
He explained that recurrent spending would support ongoing services, debt repayments would meet government obligations, and capital investment would improve the assets needed for future delivery.
“We must balance today’s needs with the investment and financial strength required for tomorrow,” he said.
Major infrastructure projects in 2027 will continue to draw funding from the $100 million CIBC loan facility signed in 2024, the Premier added.
He also projected real GDP of approximately $1.8 billion, representing 4.1 per cent growth over 2026, with nominal GDP forecast to increase by 5 per cent to a record $2.2 billion.
Wheatley said the budget must protect revenue, account for realistic delivery costs and direct resources towards improving people’s lives.
More details to follow.
© 2026 BVI Platinum News. This article is original BVI Platinum content. Reproduction or republication without written permission is prohibited.
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