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An aerial view of Tortola, British Virgin islands (Photo: BVI Consortium)

British Virgin Islands Premier says economy shows signs of bouncing back

An aerial view of Tortola, British Virgin islands (Photo: BVI Consortium)

 The economy of the British Virgin Islands seems to be on the rebound despite the challenges brought on by the coronavirus (COVID-19) pandemic.

This was revealed by Premier and Finance Minister Andrew Fahie as he made a statement in Parliament recently.

Premier and Finance Minister Andrew Fahie (File photo)

He also said his Administration would soon unveil new areas designed to increase revenue streams in the territory.

This, he said, will be done while being mindful of the country’s expenditure; considering the revenues lost so far.

“We have to be vigilant and we have to also move towards the new initiatives. Many of them we have passed already, many more to come, and many more to be announced.”

“We have to be so cautious because we are balancing persons’ health [and] their lives versus their livelihoods in terms of the economy.”

— Andrew Fahie, premier and minister of finance, British Virgin Islands

“One of them I could say for sure I’ll be announcing is some of the adjustments we have made in a move to be more transparent and accountable during pandemics and catastrophic events. [This adjustment is in relation to] the usage of the petty contract system in an accountable manner.”

The premier said the initiative is in an effort to “be able to bring our people along economically; even in the midst of COVID-19″.

“We have to be so cautious because we are balancing persons’ health [and] their lives versus their livelihoods in terms of the economy,” he stated.

— CMC