STATEMENT BY PREMIER HON. RALPH T. O’NEAL, OBE
“Government to address local impact of global economic situation”
Wednesday, 8th October, 2008

My Dear people,  ~~Adz:Right~~

In the next few days, I will come to you by radio and television to address you in some detail on the state of the global economy, and on specific measures being taken by our Government to address the global economic situation and its effect on the Territory.

In the meantime, tonight I give you the assurance that your Government is staying abreast of and is monitoring closely the constantly changing events in the global economy.

Our economy, based primarily as it is on tourism and financial services is deeply entwined in the global economy, and stands to be impacted as indeed all economies  will be, by the ongoing events. As is our duty, and responsibility, as government we are very vigilant, and are embarking on a range of measures that will help to address the effects of the downturn and instability in the international economy.

Among these are:

1. Bringing relief to consumers of electricity by a reduction in the fuel surcharge placed on electricity bills several weeks ago, Cabinet mandated the BVI Electricity Corporation (BVIEC) to present it with a proposal and the most appropriate way to achieve this result.  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.

2. Even as relief on the fuel surcharge is being dealt with, my Government is pursuing means of using alternative sources of energy.  As I announced recently, direct attention is being given to this, and a Minister has been assigned direct responsibility for the subject and clear focus on alternative energy.

3. I have in accordance with the Financial Services Commission Act 2001 as amended, requested the CEO/Managing Director of the FSC to provide Cabinet with a report, advice, assistance and information in relation to the BVI Financial Services industry in the present global economic environment.

4. I have also asked the Director (Acting) of the Tourist Board to similarly advise Cabinet.

5. I am establishing a broad based multi-sectoral Focus Committee to monitor and advise me on a regular basis over the next few months on ongoing developments in the global economy and the impacts real and potential for the Territory.

6. The Airlift Committee, which was established some weeks ago, is continuing to work and have discussions with airlines servicing the Territory and potential airlines all in our effort to ensure arrivals and departures to and from the Territory.

I will address you again in the coming days.  In the meantime, I urge you to be prudent and careful in your own affairs; remain strong and remember that always our greatest strength, are we ourselves.

May the Good Lord continue to bless us all and these beautiful British Virgin Islands.

End.