Over the territory’s radio waves and on television Monday evening, Premier Dr. Orlando Smith outlined the government’s midterm report, highlighting his administration’s successes and hopes for the future.

Dr. Smith painted a rosy picture of a Virgin Islands that — despite what he referred to as “unfounded” attacks on the government’s largest source of revenue — has been fighting to succeed economically and socially.

“We have never stopped believing that it is our job to invest today, so that our children and grandchildren will enjoy a proud and prosperous tomorrow,” he said. “And we are confident that these efforts are paying off for you, the people of the BVI.”

The next day, however, Opposition Leader Andrew Fahie fired back, picking apart Dr. Smith’s claims and levelling harsh criticism against a government he said has sidestepped basic accountability and transparency standards; failed to pay its bills on time; and become rife with conflict of interest, among other shortcomings.

In his speech, the premier pointed to several economic metrics to support his contentions.

“At the highest level, I am pleased to report that thanks to the hard work and ingenuity of the people of the BVI, our economy is strong and growing,” he said. “In 2015, we achieved a historical milestone when our territory’s [gross domestic product] crossed the threshold to become a $1 billion economy. In 2017, we are projecting continued growth of over three percent.”

Dr. Smith (R-at large) also said the territory is on track to fulfil its commitments under the Protocols for Effective Management, which were signed with the United Kingdom in 2012.

The Protocols were designed to promote wise spending, good governance and medium-term fiscal planning.

One of the agreement’s stipulations: build up the VI’s reserve fund to 25 percent of its annual recurrent expenditures, a mark the premier said the territory would hit this year.

Additionally, he argued the territory is in a healthy place regarding public debt.

“Today, our public debt stands at 19 percent of our GDP,” explained Dr. Smith, who also serves as the minister of finance. “By comparison, in the US public debt is about 103 percent of GDP, while in the UK public debt is about 90 percent of GDP. While we would be wrong to compare our small economy to those global powers, the fact is that by any reasonable measure our debt is manageable and in keeping with best practices.”

Following his outline of the VI’s economy, the premier dove into specific areas he considered successes.

SEE THE JULY 13, 2017 EDITION FOR FULL COVERAGE.

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