The Commonwealth Secretariat has partnered with the British Virgin Islands to conduct a full assessment of its debt management practices, as part of a reform process aimed at achieving economic stability.
Upon the request of the territory’s Ministry of Finance, the Commonwealth Secretariat organised a workshop from 18 to 29 September 2023 to evaluate all public debt management operations and processes, with a focus on identifying strengths and areas of improvement.
The findings from the assessment report will guide the Commonwealth-supported reform, designed to enhance the ability of the British Virgin Islands to manage its public debt over the next five years.
The way forward
Addressing the workshop, Dr Drexel Glasgow, acting Deputy Financial Secretary at the Ministry of Finance of the British Virgin Islands, said:
“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 programme to facilitate the implementation of the measures identified.”
‘A pivotal undertaking’
Mac Banda, acting Head of the Commonwealth Secretariat’s Debt Management Unit, expressed his appreciation for the opportunity to collaborate with the British Virgin Islands on this pivotal undertaking. He added:
“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 to make prudent financial discussions and ensure a fair distribution of resources to uplift everyone in the British Virgin Islands.”
Mr Banda further highlighted that the British Virgin Islands has been using the Commonwealth Meridian software for managing its public debt portfolio since 2022.
The assessment was jointly led by Michele Richmond-Phillips, Policy Analyst II at the territory’s Macro-Fiscal Unit, and Delia Cox, Adviser at the Commonwealth Secretariat’s Debt Management Unit.
In preparation of the assessment report, both experts spoke with officials from various government departments, statutory bodies and the private sector to ensure that the findings were tailored to the local context and reflected the views of stakeholders.
Media contact
- Snober Abbasi Senior Communications Officer, Communications Division, Commonwealth Secretariat
- T: +442077476168 | E-mail
