Government to bring relief to BVI residents amidst global crunch

~~Adz:Right~~ Roadtown, Tortola - Premier and Minister for Finance Honourable Ralph T. O’Neal today assured residents of the Territory that Government will soon embark on measures to reduce the effects of the global economic situation.

In an address to the Territory aired on local stations this evening, Premier O’Neal said Government is “monitoring closely the constantly changing events in the global economy.”

Honourable O’Neal said it is important to address the current instability in the world economy given the fact that the local economy is so deeply entwined because of its dependence on tourism and financial services.

Promising to deliver a more detailed address in the next few days on the specific measures to be taken, the Premier and Minister of Finance revealed that one such measure is to reduce a fuel surcharge recently placed on electricity bills.

“Cabinet has mandated the BVI Electricity Corporation (BVIEC) to present it with a proposal and the most appropriate way to achieve this result,” the Premier and Minister of Finance stated. He added “A few weeks ago Cabinet asked the BVIEC to further review its recommendations on reducing the fuel surcharge, and we expect a follow-up response from the BVIEC urgently.”

The Premier further revealed that Government is “pursuing means of using alternative sources of energy.” He noted too that the Minister for Natural Resources and Labour Honourable Omar W. Hodge, OBE has been assigned direct responsibility for this subject area.

The Premier also announced the establishment of a multi-sectoral focus committee which is mandated to monitor international developments and advise him in the coming months on “ongoing developments in the global economy and the impacts real and potential for the Territory.”

The Premier and Minister of Finance also stated that reports have been requested from the Managing Director of the Financial Services Commission and the Acting Director of Tourism on information relating to their respective industries in the current economic environment.

As Government plans to put these various measures in place, the Premier and Minister for Finance also urged residents to be “prudent and careful” in their own affairs.