$65M CDB loan spent! Gov’t now seeks funding elsewhere
Premier and Minister of Finance Dr Natalio Wheatley has signalled that the $65 million loan granted to the Virgin Islands by the Caribbean Development Bank has mostly been spent and there is no money left to begin any new projects.
In response to a question from the local media at a recent press conference, the Finance Minister said most of the projects from the $65 million loan have already been entrained, ongoing or completed. Hence, the government needs to get more funding to continue the territory’s post-Irma and Maria recovery.
When questioned whether the BVI is considering the £300 million loan guarantee offer from the United Kingdom to continue projects, the Premier said the government is not considering that amount at this time.
“We will have another loan, but it has to be a loan we can afford to service the debt for. So, it wouldn’t be as much as the 300 million because, of course, we would have to be able to service the debt through our annual budgeting process. So, once we have the details of it, we can announce to the public the size of the loan and of course, we will have to show how we will be able to service the debt of that loan and meet all our ongoing expectations,” the Finance Minister explained.
Dr Wheatley noted that the loan would not necessarily be from the United Kingdom, but the Virgin Islands certainly would need to have a conversation with the UK government on borrowing because there is an agreement between the territory and the UK and they must communicate as it relates to the BVI’s fiscal position.
“So, very soon we will be producing a revised medium fiscal plan. You will also notice that we will soon be going back to the House of Assembly to do what the Ministry of Finance is referring to as a revised mid-year budget. This is information that we regularly share with the United Kingdom on our finances,” Dr Wheatley said.
“You would be aware, of course, that we have the protocols for effective financial management which speaks to some of the ratios that we have to stay within, and we have discussions with the United Kingdom who monitors the ratio and monitors our economic performance,” the Premier said.
He noted that the BVI government always uses the opportunity to work together, co-operate and seek to solve challenges with the United Kingdom during these meeting on the territory’s financial position.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
I aint see no value for money
The number of roads, reservoirs, improved water access, refurbished gov’t buildings, police stations and schools the RDA has implemented through the loan is remarkable and the BVI is better off because of their work.
The holy one ( CSC) or let the man , in Miami
break it down for you / he always take his calculator with him wherever he goes ?
Provide a list of where the $65mil went. What projects, what cronies, which offspring accounts and which politicians. Let’s have some transparency Slow Andy before you borrow more that you can’t pay back.
Why bother to pretend those projects are completed or ongoing, we know better, after all, some are at a halt due to lack of funding.
Do you think it was necessary for those fisher’s and farmer’s cheques to be issued to person who did not qualify.
I will not stop reiterating, poor management at it’s best with these government leaders.
hope you spend your cheque well
Now lets see a complete accounting of how each penny was spent. If you can’t the UK will take over faster than you pocketed it.
Let’s be fair, the CDB money was well spent and if they could access another $100Mil and run it through the RDA I think we will see lots of progress. Let us be fair and not focus only on negativity, that $65mil did a lot for the Territory and the contractors have done good work. The key element of any future borrowing will be value for money and getting competent contractors to complete works. The boost to the economy while upgrading our infrastructure which lags decades behind is a win-win for the Territory.
I can’t tell by looking at anything that 65 Million get spent on the BVI.
So in the spirit of accountability and transparency, it would be a good time for the Government to publish the details of where that $65,000,000 was spent. Not just the projects but also the businesses who delivered (?!?) them.
I kept warning ahyo bout that pie in the sky math teacher!!
Not $65 M worth. Look closer. We need accountability before we look elsewhere for help.
Can we see a breakdown on how the money was spent, please?
use the 400M frozen funds from the war, Russia doesn’t need it
If these politicians were held accountable we won’t be in this mess. Wtf they did with $65 million dollars? Roads are in disrepair, schools uninhabitable, sewage running in the street, something as menial as replacing the mail boxes are still not done. Where did $65 mil go? It disappeared in thin air nothing to show, and this wretched useless governmment is seeking more money to do what only they know. We are at a disadvantage with a noose around our necks if we don’t get rid of these worms. I am so ashamed of these blind mice running this territory. They are running us in the ground.
No one has any idea where the $65M went nor how it will be paid back. Let’s get real. Until the Government cuts its expenditure on salaries, it cannot pay for what needs to be done to repair and build the infrastructure that is vital to any future development. Government is so inefficient in so many ways – decades behind in the use of technology and common sense. Something has to change and quickly.
We got some ppl who know nothing about finance running the finance of this territory. Trash politicians and terrible policies that need turning around fast. Starting with Slow Wande and the Unified A** Clowns that usurped power, their a** has gotta go
He said that the $65M was spent or is already allocated for projects, not that the whole funds were already spent! Please read it accordingly. There are other CDB funded projects being built (DDM is an example) or starting soon (Eslyn Henley and West End Ferry Terminal are examples).
Enjoy Festival Week!
It’s pitiful that your thoughts think the monies were mismanaged. You poor lot. Sickening
LETS BE REAL ANOTHER LOAN AGAIN, SO LETS GET THIS STRAIGHT SO YOUR TELLING US THAT YOUR GOUNG TO APPLY MORE TAX ON THE PEOPLE OF THESE ISLANDS ONCE AGAIN. HOW IRONIC CANTHAT IS. BECAUSE YOU JUST EXTENDED THE CUSTOMS 5% DUTY ON ALL IMPORTS, WHICH DON’T MAKE ANY DROP OF SENSE,BECAUSE IT IS NOT PASSING ON TO THE CONSUMERS.PREMIER WHEN YOU MAKE A DECISION TO EXTEND THIS SHOULD HAVE PUT THINGS IN PLACE ON THE THINGS THAT MATTER. FOOD, BUILDING MATERIALS, FUEL ⛽️ AND ECT. NOT VEHICLES THAT DON’T MAKE AND SENSE. THE RICH IN THIS COUNTRY WHO OWN THESE ISLANDS GET AWAY SCOTCH, FREE WHILE THE PEOPLE SEE THE INCREASE IN TAX. SHAME ON YOU OUR LEADERS.YOUR TOYING WITH US.