BVI ranks among the least indebted to CDB – bank official
BVI News Staff - Tuesday, July 31st, 2012 at 9:59 AM
Howell. * Photo credit: Nationnews.com
The Caribbean Development Bank (CDB) has commended the BVI for its prudent financial management over the years.
Speaking at the official launch of the Infrastructure Rehabilitation Project between the government of the Virgin Islands and CDB, Acting Chief Economist of the bank, Carl Howell, said this is his first visit to the BVI, however he has shared many conversations with his colleagues about the ‘magic’ – that is the BVI.
“I have queried the essential ingredients that constitute the success factors that have delivered on your social and economic progress. The BVI punches way above its weight class and notwithstanding the headwinds precipitated by the global economic malaise, your economy continues to perform relatively well when compared with many others in the Caribbean,” he said.
According to Howell, the CDB has tried to play a catalyst role in BVI’s development efforts over the years. He said the preponderance of the bank’s funding in the BVI has supported productive sector development as well as building human resources capacity. The bank, he said, has done this through the provision of loan finance to support the upgrade of Beef Island International Airport about a decade ago, as well as through the provision of lines of credit to support small and medium sized enterprises, particularly in the industrial and tourism sectors.
“CDB has also played a role in skills development by channeling resources into student loan schemes here on the island,” Howell said.
“In our opinion, the BVI has managed its public finances well with total debt exposure within 20 percent of GDP. In the past, most of your development finance needs have been met from market sources. As a result, the BVI ranks among the least indebted to CDB with loans outstanding totaling under US$17.1m or less than 2 percent (1.1 percent) of the bank’s total loans to all of its borrowing member countries,” the CDB official added.
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If the Government has funds from CDB for student loans, why are they not approving the student loan applications that are coming to them!!! They keep telling people they don’t have money, but there is money available!!!
If the BVI is among the least indebted then it needs to remain that way. The government does not need to enslave the country and cause the citezens to have to pay back their loans in the form of higher taxation.
YOU CAN SPEAK PRAISES WHEN THERE IS NO DEPT, REGUARDLESS IF ITS VIP OR NDP
vip need all the praises for this….thanks for the steady/stable hands of capt oneal
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