Recently appointed Acting Financial Secretary Jeremiah Frett has suggested that the Government of the Virgin Islands implements a two-tier revenue committee and special expenditure committee in support of its goal of diversifying the BVI economy and developing new industry opportunities.

 Mr. Frett said the two-tier revenue committee should consist of Government agencies, departments and ministries comprising the first tier, while the second tier will be a consortium of business people representing various sectors of business industries with the mandate of creating new revenue streams from current and new industries, and strategies for improving the current revenue streams and their efficiency.

The Acting Financial Secretary said, “In order for the Territory to be able to sustain the economy and remain in surplus budget, the BVI must streamline expenditure with a view of becoming more efficient and use best practices in cost cutting and saving measures, including centralisation of purchases and other best practices solutions that are currently being practiced regionally and internationally.”

Mr. Frett further advised that a special committee be formed immediately to inspect, review, and recommend measures for increased efficiency in the recurrent expenditures of the BVI.

Mr. Frett was appointed earlier this month and replaces outgoing Financial Secretary Mr. Glenroy Forbes. Premier and Minister of Finance, Honourable Andrew A. Fahie while speaking on Mr. Frett’s appointment said, “I am pleased to say that Mr. Frett has hit the ground running and is full of enthusiasm and ideas. 2020 has reminded us in a very powerful way that diversification is something we can no longer postpone.”

The Ministry of Finance is committed to providing strategic, economic and fiscal leadership that promotes the sustainable economic development of the Virgin Islands.