TORTOLA. British Virgin Islands, CMC – The House of Assembly in this British Overseas territory will begin the 2025 budget debate on Wednesday. The start of the debate follows weeks of deliberations during which lawmakers closely inspected budget allocations and questioned government officials.
In his recent budget address, Premier Dr. Natalio Wheatley emphasized the importance of sustainability and resilience as guiding principles for 2025.
“Our central theme for 2025 is Laying the Blocks of Success,” he noted. This vision builds upon the 2024 focus of ‘Planning, Priorities and Progress’ and ties into the National Sustainable Development Plan (NSDP), a long-term framework for the territory’s growth and stability.
Wheatley highlighted several achievements in 2024, including advancements in tourism, which recorded nearly 787,000 visitors by September, a 9.9% increase over 2023. The financial services sector also saw an upswing, with a 25.7% rise in new company incorporations as of mid-2024.
The government anticipates generating $407.9 million in revenue in 2025, a significant increase from previous years.
“We are projected to collect nearly $100 million more in 2025 than we did in 2015,” attributing this to a resilient economy and enhanced revenue collection measures. Major revenue streams include taxes on international trade and property and improved digital payment platforms for government services, “ Wheatley said.
The proposed budget allocates $60.7 million to capital projects, prioritizing critical infrastructure improvements. These include road and water network upgrades, enhancements to school facilities, and significant investments in renewable energy. “We signed the largest loan in the history of the Virgin Islands to fund infrastructure development,” Wheatley said while pointing to a $100 million agreement with CIBC First Caribbean.
Education and health care also feature prominently in the 2025 plans, emphasizing upgrading facilities and expanding programs to support students and vulnerable populations. The Premier underscored the need for forward-thinking investments, particularly in sectors such as agriculture and fisheries, which aim to bolster food security and economic diversification.
During the debate, legislators will examine the proposed measures further to ensure that they align with the territory’s needs.
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