UK (Commonwealth Union)_ The Commonwealth Secretariat has joined forces with the British Virgin Islands to initiate a comprehensive evaluation of its debt management practices as part of a reform initiative geared towards achieving economic stability. In response to a request from the Ministry of Finance in the territory, the Commonwealth Secretariat orchestrated a workshop with the primary objective of scrutinizing all facets of public debt management operations and processes, with a specific emphasis on pinpointing strengths and areas requiring enhancement. The insights gleaned from the assessment report will serve as a compass for the reform, underpinned by Commonwealth support, aimed at augmenting the British Virgin Islands’ capacity to oversee its public debt over the next five years.
During the workshop, Dr. Drexel Glasgow, acting Deputy Financial Secretary at the Ministry of Finance of the British Virgin Islands, emphasized the instrumental role of this assessment in not only evaluating debt management practices but also in identifying avenues for improvement. According to him, the analytical findings from the report are poised to be a foundational document, guiding the forthcoming reforms in debt management. Following the submission of the assessment, the Commonwealth Secretariat will orchestrate a comprehensive five-year program to facilitate the implementation of the prescribed measures.
Dr. Drexel stated, “This assessment will not only be instrumental in evaluating the territory’s debt management practices but also in identifying areas for improvement. The analysis from the report will be a core document, guiding any reforms in debt management. Following [the] submission of the assessment, the Commonwealth Secretariat will develop a five-year program to facilitate the implementation of the measures identified.”
Mac Banda, acting Head of the Commonwealth Secretariat’s Debt Management Unit, expressed delight at the opportunity to partner with the British Virgin Islands on this major endeavor. He underlined the paramount importance of effective debt management in fostering economic well-being and commended the enduring partnership between the Commonwealth Secretariat and the British Virgin Islands. Mr. Banda conveyed confidence that the outcomes of this reform will extend beyond enhanced economic performance, contributing to sound financial decision-making by the government and ensuring equitable resource allocation to uplift all residents of the British Virgin Islands. He also highlighted that the British Virgin Islands has been utilizing the Commonwealth Meridian software for managing its public debt portfolio since 2022.
Mac Banda stated, “Effective debt management is fundamental to our economic well-being. So, we are delighted to assist the Ministry of Finance with this reform process – a testament to the enduring partnership between the Commonwealth Secretariat and the British Virgin Islands. We are confident that the outcomes of this reform will go beyond improved economic performance. They will help the government make prudent financial discussions and ensure a fair distribution of resources to uplift everyone in the British Virgin Islands.”
The assessment itself was co-led by Michele Richmond-Phillips, Policy Analyst II at the Macro-Fiscal Unit of the territory, and Delia Cox, an Adviser at the Commonwealth Secretariat’s Debt Management Unit. In preparing the assessment report, these experts engaged in discussions with officials from various government departments, statutory bodies, and the private sector to ensure that the findings were tailored to the local context and faithfully represented the perspectives of stakeholders.
