London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Opposition leader calls for 'stimulus 2.0'

Opposition leader calls for 'stimulus 2.0'

As the first anniversary of the Covid-19 pandemic approaches, Opposition Leader Marlon Penn recently highlighted a need for additional relief while addressing the pandemic, the tourism industry and other economic issues.

“It is no secret that the tourism sector is under serious strain, with a number of properties either closing or operating at minimal capacity,” Mr. Penn said during a Feb. 22 broadcast of National Democratic Party Radio.

He noted that Quito’s recently chose to halt reopening a newly completed facility, and Virgin Gorda’s Top of the Baths restaurant and bar closed. He said other businesses are “contemplating the same.”

“This, coupled with the protracted delay in getting our seaports reopened, means that many in our community are hurting,” he said.

Mr. Penn added that he supports another round of stimulus measures, recommending that government “reprioritise” the budget and review what reserve funds are available.

Last May, Premier Andrew Fahie announced that $62.9 million would be allocated for an economic stimulus package, with an estimated $57 million coming in the form of grant funding from the Social Security Board.

Mr. Penn said if government again turns to the SSB for economic relief, the funding should come from a loan with fixed repayment dates rather than a grant. He added that this should only happen after government reviews a feasibility report from the board.

“Stimulus 2.0 should be distributed based on sound criteria for getting help to those most in need of assistance,” he added.

He also said government needs to learn from implementing the first round to avoid the “gross delay in getting the stimulus money into the hands of those who need it most.”

“We have been dealing with Covid-19 for a year now, and our leaders can no longer hide behind Covid-19 as an excuse for our economic challenges,” he said.

Post-Irma economy


The opposition leader said the VI is among the countries where “economic devastation is going to be felt for years to come.”

He added that the territory needs a national tourism plan and an overarching economic recovery plan.

He also lamented the current administration’s failure to secure the £300 million loan guarantee the United Kingdom has offered to help the territory recover from the 2017 hurricanes.

“There was a strategy for the funding of that plan,” he said. “Funding was made available from the government’s coffers, from global friends, and from the Caribbean Development Bank to the tune of $65 million. … There was a plan, and there was a way to fund that plan by way of the $400 million guarantee from Her Majesty’s Government. It is unfortunate that, with the current leadership crisis we face, this money is now lost to us.”

Negotiations for the UK loan guarantee seemed to be ongoing at the beginning of 2020, when the territory awaited a response as to its “credit worthiness,” according to a statement from the premier last February.

Mr. Fahie — who has criticised the conditions he said the UK has attached to the guarantee — said at the time that the VI government and its technical team had been “engaging in discussions with officials of the UK government to advance the process for accessing” the offer.

This effort, he added, included an in-person visit to London in September 2019.

“It is important for citizens to understand that the loan guarantee is not guaranteed at this time,” he cautioned. “It never was.”

Last month, then-Governor Gus Jaspert said in an interview shortly before leaving office that the ball is in the VI government’s court on the loan guarantee.

“The UK’s position is as it always was: that the conditions are there. The BVI government haven’t yet taken the steps required to obtain the offer. But there’s ongoing work between officials in the UK and the BVI to help the government make the progress required,” Mr. Jaspert said. “It’s really for the premier to answer how he wants to go forward.”

Construction


When discussing the territory’s needs for economic growth and security, Mr. Penn wondered on Feb. 22 how far the long-term recovery could have progressed by now if government had finalised the loan guarantee.

He placed particular focus on the need for government to support the annual $200 million construction industry, dubbing it the VI’s unofficial “third economic pillar.”

He urged government to develop a plan for attracting regional and international investments in the sector, and for a way to pay for necessary developments.

Mr. Penn added that the tourism industry was in “full recovery mode” after the hurricanes hit, when the previous administration developed a national recovery plan.

“Construction is a key tool in reviving our economy and directly providing economic opportunity and good jobs to our construction professionals and indirectly to the wider community,” he said.

Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×