A $62.9 million COVID-19 Economic Stimulus-Response Plan for the British Virgin Islands has been revealed by Premier Andrew Fahie.

He said the plan will offer much-needed assistance to citizens who have been affected by the pandemic.

Premier Fahie said $40 million which accounts for the bulk of the stimulus funds, was sourced through a grant from the Social Security Board while $17 million came from the SSB’s Affordable Housing Project.

He said the funds will be distributed to several sectors with the express purpose of offering assistance to those who were worst-hit by the COVID-19 pandemic.

The Premier also announced that $10 million will be allocated for the unemployment relief support programme. This initiative caters to the needs of citizens who have been laid off or placed on reduced working hours because of COVID-19.

He further explained applications will be assessed on a case-by-case basis.

Individuals who qualify will then be able to access grants for up to three months.

Premier Fahie gave a breakdown of the allocation of funds for the Stimulus-Response Plan:

  • $6.5 million has been allocated for local businesses
  • $1 million for hotels, guest houses, inns and villas
  • $1 million for taxi operators
  • $1 million relief package for day-care centres, private schools & churches
  • The National Insurance Scheme will receive $7.5 million to aid with the provision of healthcare
  • The Housing Recovery Unit has been allocated $9 million to assist citizens with home repairs
  • $2 million will go towards work on the East End-Long Sewerage Project and
  • $3.9 million has been allocated for quicker financial help for residents through their district representatives