Basket of goods plan still in the works – Premier

Premier Dr Natalio Wheatley has shed more light on the government’s plans to introduce a “basket of goods” initiative aimed at easing the rising cost of living in the Virgin Islands.

The Premier said the initiative is still being developed and would be supported by partnerships with regional trading partners, especially the Dominican Republic.

“Just for clarity, [the basket of goods] just doesn’t speak to the Dominican Republic” Dr Wheatley explained at a recent press conference. “But we do see the Dominican Republic as a key partner in being able to assist us in sourcing goods at a cheaper price. And we’re working on a specific date right now.”

When asked about the status of the initiative’s implementation, Premier Wheatley said officials from the Ministry of Financial Services, Economic Development and Digital Transformation had already travelled to the Dominican Republic to attend a food festival and explore possible trade opportunities.

A memorandum of understanding between the Virgin Islands and the Dominican Republic is now being finalised and is expected to form the basis of the future trade relationship. “When that is complete, I’ll be travelling to the Dominican Republic to sign that document,” the Premier said, noting there may be another trade mission later.

The measure forms part of a wider economic strategy linked to the government’s phased minimum wage increase. “We want to work on… the basket of goods,” he said. “We’re also exploring the tax exemption being increased. So there are a number of things that we’re doing, and then we can re-evaluate and provide a further increase.”