Wednesday, June 02, 2010

BVI Executives Discuss Cuts in Funding of Financial Services Sector

The Executive Director of the International Finance Centre (IFC) Sherri Ortiz, in her speech before the Standing Finance Committee, stated that, while being responsible for promotion and development of the financial services industry, they are not able to get the funding, and this can disturb the growth of the financial services sector of the BVI economy. The IFC Director said that, because of the significant cut in the IFC budget, the Commission cannot develop any programmes, especially taking into account the extremely competitive environment.

Also, Territorial Member Hon. Vernon Malone expressed his concerns about cutting the budget for the marketing of the financial and tourism sectors - the two pillars of country's economy.

The committee was asked to look at the marketing for financial services and tourism and ensure sufficient funding to keep the jurisdiction competitive.

Financial Secretary Neil Smith said that, while they spoke about the financial constraints of the BVI territory in order to promote financial services and tourism, they must also increase efforts to maintain their position in these areas, because competition is very high and for other jurisdictions these are also the most important sectors of economy.

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