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Most of $3m CDB loan already spent

Premier and Minister of Finance Dr D Orlando Smith. (File Photo from the Premier Smith’s Facebook page)

Nearly a month after Premier Dr D Orlando Smith announced that the Caribbean Development Bank (CDB) was lending just under $3 million to the BVI, government said most of the funds have been spent.

“Most of that money is already spent because we keep putting people to work and we have not paid all of them. So, by the time we get the little money it’s just like dropping it in a hole,” said Deputy Premier, Dr Kedrick Pickering.

Dr Pickering did not specify how much of the near-$3 million sum is remaining but said: “We still have a little.”

The CDB had offered $600,000 of the near-$3 million figure as a grant, and another $2.25 million was a soft loan for cleanup efforts.

Finance Minister, Dr D Orlando Smith is yet to clarify how much the territory will have to repay the CDB for the loan.

Gov’t funds being drained

Dr Pickering, in the meantime, had lamented this week that paying to remove vessels which overturned during the hurricanes was also draining government funds.

He said: “That’s our responsibility to help to get those removed; especially those that are sunken, and it ain’t cheap.”

“Getting them out of the water is only one half of the story. Getting them out of the country is another… That is consuming literally all the little money that we have to do anything,” Dr Pickerking added.

The Deputy Premier explained during a community meeting in Carrot Bay on Sunday that uninsured vessels that are removed from local waters must be shipped to other countries, stripped of parts, and recycled.

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11 Comments

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  1. Sam says:

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

    If the money was not spent within the CDB guidelines the bank will not reimburse the government.

  2. Seriously says:

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 0

    account for these funds, thye must provide a breakdown of how $3 million has been spent so quickly.

  3. LIT says:

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    Strups and people still cant get their month end pay from Government (Nov 30th). Yet, Government expects their workers to report for work everyday and do what the government tells them to do? This crap getting overbearing. If we don’t work, we don’t get paid. If we work, we don’t get paid. Wa Di Hell really going on NDP????? In these times, you think people can afford to be working for you and not being paid? Yall just full a crap while your staff not getting paid, iyo pocket stay flutt right? Pay us out of your own salary!!!

  4. WTF says:

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

    What did they do?????. I don’t see it. Can the government please tell the people how that money was spent.

  5. roy says:

    Like or Dislike: Thumb up 3 Thumb down 0

    3,000 ppl paid $250 week for cleanup work in the last 30 days would be $3m.
    Does anyone know how many people were being hired?

  6. Neutral says:

    Like or Dislike: Thumb up 3 Thumb down 0

    To be fair 3 million dollars only seems to be alot,it not nearly close to enough of what’s needed for a situation like this.

  7. Contractors getting rich says:

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 1

    Maybe if people didn’t over charge the govt then more would get done….also maybe if people didn’t need kick backs for people to get contracts then more would get done. Job cost 10k, plus 10k profit plus money to others equals a bill at least time 3 x the worth of the job. More transparency needed

  8. It's too much now says:

    Like or Dislike: Thumb up 1 Thumb down 0

    Where was this money spent? I still see a lot of areas needing clean up!!!

    Nonsense.

  9. Smh! says:

    Like or Dislike: Thumb up 2 Thumb down 0

    When you do stupidness like import trees when you could have instead replanted trees that are already in the BVI, of course the money would finish quick. The military was happy to assist with the cleanup when they were here. Why wasnt all this free manpower put to better use? In terms of vessels, government should be getting paid for those because they must be of some scrap value. Either that or the vessels could be removed for free given their scrap value. Anybody heard anything about commercial negotiations? Further evidence that the ‘know it all’ government has zero business acumen. They overspend for everything.

  10. Socrates says:

    Like or Dislike: Thumb up 2 Thumb down 0

    Did the government borrow $M from CDB to clean up? How long was the loan borrowed for and what was the interest rate? Did the government not have $3M in reserve to allocate for clean up? Is not situation like this is what the reserve is for? What was the $3M spent on? Can we get a breakdown of the expenditure ?

  11. J.G. Wentworth says:

    Like or Dislike: Thumb up 0 Thumb down 0

    Where are the planes? We can get back least 3mil each if we sold them because they were bought with our money and we need that back like yesterday

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