BVI News

Absolutely ridiculous | Still can’t spend a cent of $65M CDB loan

Walwyn

Minister of Education Myron Walwyn has expressed annoyance towards the Caribbean Development Bank (CDB), which still has not released needed rehabilitation and reconstruction funds from the $65 million loan it approved for the BVI nearly a year ago.

Since approving the $65 million loan back in December, the CDB has had the monies tied up in procedures intended to ensure accountability.

But, Walwyn said the duration of these procedures have become unreasonable and inconvenient.

“To say you have a $65 million loan facility in your hands … and you can’t get a cent of it spent almost a year after the hurricane is absolutely ridiculous,” Walwyn said.

“You (the CDB) have to make sure, of course, that you have a very good and comfortable level of transparency and accountability but you cannot have a process to the point where you become impotent where you don’t get anything done. It doesn’t make any sense.”

He said the CDB seems to be operating with little urgency and consideration for the BVI’s situation.

Gov’t should have negotiated better?

The minister further said the CDB should have ensured their loan procedures are specific to the respective needs of borrowing countries.

“You came to a country that had a disaster. You can’t operate the same way as if you went somewhere where the hurricane didn’t go … Your procedures must be sufficiently malleable to address the concerns that are taking place in the particular place to which you are operating,” said Walwyn while making statements seemingly directed at the bank.

He, however, suggested that government should have done more to ensure the funds were released in a timelier manner.

“That was supposed to be thought of and, of course, negotiated by us from our end as well. But the system that we have in place [now]; I don’t think it’s doing us well enough,” said the education minister in the House of Assembly last week.

The CDB’s $65 million loan reconstruction and rehabilitation project will include road rehabilitation works, construction of schools and coastal defences, improvement of water and sewerage facilities, among other things.

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36 Comments

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  1. Sam the man says:

    The answers pretty simple really – better accountability, more accountability and open transparent due diligence… – thought you were clever? banks aren’t charities and quite rightly they know of the “No Direction Parties” bad reputation for over spending, nepotism and prolonged programmes! Time to wake up and stop the nonsense…

    Like 62
    Dislike 1
    • BVIYoungman says:

      I know things(living) are still bad in the BVI but I think we’ll be fine until next Election.

      CDB, SAVE THE MONEY UNTILL AFTER THE NEXT GENERAL ELECTION! WE (the people) CAN WAIT!

      The ‘No Direction Party’ going mess up that money spending. like they usually Do #Sad!

      Like 35
      Dislike 1
    • Tiro, says:

      so Dr. Smith no longer comments ?

      Like 5
      Dislike 1
    • Leave it to Beaver says:

      Imagine if we had the $7 big ones your team wasted on that airline? No wonder the bank won’t release the funds. Your team hasn’t even released the audit for the part several years.

      Like 11
  2. Hodgie says:

    Glad you haven’t gotten your hands on that money. We haven’t forgotten the million dollar wall in question. You crying out for more. So wasting without accountability is the order of the day for you and your gang.

    Like 52
    Dislike 2
  3. Jamie says:

    When there are no plans in place, no accountability on past expenditures and a history of money finding its way into the pockets of politicians would you be willing to lend this government money??

    Like 50
    Dislike 3
  4. true says:

    they don’t trust the NDP and with good cause

    Like 43
    Dislike 3
    • @True says:

      All this is what Hon. Fahie been saying and the NDP says that he’s lying. Now it is clear that because of the NDP poor financial conduct the recovery money is not accessible.

      Like 17
      Dislike 2
  5. Native says:

    OMG! The UK ask for accountability for any loan given. Now the CDB ask for accountability before any moneys is release. So no body trust the BVI with handling money? What as shame!
    Politicians really give this small nation bad name due to corrupt practices.

    Like 40
    Dislike 1
  6. Lord of the Flies says:

    Election time is drawing ever closer and campaigns need financed. The usual sources may have dried up, CDB seems like a good way to have some grubby political hands swiping off some. Hopefully the funds won’t be released before and election has been called.

    Like 28
  7. Laura says:

    Before any spending occurs,there should be an outline of the plans for the spending and monitoring of the $65 million CDB loan. Sadly, bad Governance and lack of fiscal responsibility and accountability is now the BVI trademark. so absolutely no one trusts them with a penny.

    Like 27
    • THINK PEOPLE! says:

      YOU PEOPLE MUST REALIZE THAT THE WORLD IS READING THESE BLOGS, THEN YOU WONDER WHY NO HELP IS COMING? CONSIDER YOUR WAYS AND WORDS!

      Like 1
      Dislike 6
  8. Rubber Duck says:

    Banks don’t trust the BVI government, or some members of it.
    There’s a surprise.

    Like 23
  9. Ndp heckler says:

    You wont be able to squander it by the millions before election

    Like 28
    Dislike 1
  10. Sad! says:

    What happen to our rainy day funds?

    Like 18
    Dislike 1
  11. oh yeah boy says:

    There was big celebration when the VIP couldn’t access 15 million now look here the NDP can’t access 65 million and they started paying fees on it. I wonder who the CDB has the highest level of distrust for. As the mother pig “a come you’re come”.

    Like 16
    Dislike 1
  12. bubun says:

    Why so anxious to touch the money. smh

    Like 22
    Dislike 1
    • What Time Is It? says:

      The picture that NDP has painted over the course of their 2+ or 3 terms isn’t that Rosy; so I can see that making a difference as far as getting access to Funds Now or sometime later. Leadership does matter; and being good stewards of taxpayers resources simply makes good sense.
      Considering the situation with unaudited books, massive pier park over run, expensive walls, etc sure doesn’t make matters any better.

      Like 17
  13. Disagree 2 sides says:

    The other monies from the UK are being withheld because of no current audited financial statement for the Government, at least up to 2016 I believe. I wonder if this same stance with CDB “We need up to date financial statement” or is it because CDB notes that once the UK’s loan is received the Government will be over extended in liabilities and they may not get their monies with interest on a timely basis. Can anyone tell me how much debt the Government has outstanding? Curious about the debt to asset ratio.

    Like 17
  14. Pork spending says:

    It’s gone to far, spending has gotten out of control.
    Does this man sound like a National leader?

    Like 13
    Dislike 1
  15. Brad Boynes says:

    This person seems to have convenient amnesia. You all brought this on yourselves with your arrogance and egos.

    Like 22
    Dislike 1
  16. Political Observer (PO) says:

    Indeed, the situation exigency necessitated expedient release of the approved CDB loan. However, the cause(s) of the slow response is in the mirror; government’s poor financial performance is resulting in lenders deliberate delay in releasing money. They seem to be aqare of the exigency of the situation yet working to ensure that all the terms and conditions are met; they are dotting every i and crossing every t. Are there mistrust and lack of confidence in BVI government ?

    Clearly, the CDB is exercising effective due diligence, and exemplary stewardship and responsibility to shareholders before releasing funding. Can the same be said about government, eg, $7.2M giveaway to BVI Airways, a bankrupt and bruk airline.

    Like 25
    Dislike 1
  17. No Campaigning says:

    They are ensuring that no campaigning will take place with these funds, no not this guava crop. I agree with them.

    Like 21
    Dislike 1
  18. Reality says:

    would you trust a government that gives over $7,000,000.00 to an airline that fails to deliver ? …perhaps the bank quite rightly views the “No Direction Party” as a government of weak ministers that also fail to deliver ! I think people have woken up and smelt the coffee…

    Like 20
    Dislike 1
  19. Eagle eye says:

    Its simple call election now.the banks and people need to see their next ministers of government.

    Like 13
  20. Hmmm says:

    The NDP has destroyed the BVI

    Like 16
    Dislike 2
  21. SMDH says:

    Walwyn needs to go along with his ndp. He takes credit when things seem to go right and blames everyone other than himself when things go wrong. He has sat in a government where he help to make decisions that will and are destroying the BVI. He must also be held accountable for why the BVI hasn’t recovered more than 30% thus far.

    Like 21
    Dislike 1
  22. VILander says:

    U all stood in the house and said that we didn’t understand and how Arthur Hodge & history doesn’t matter and how you all have the UK where you want…We overstand them better than you folks. We told you it won’t work the way u think.

    Anyway they don’t want u to do the samething that you’re trying to do. Which is use that $$ as part of your campaign. SO NO YOU CAN’T ACCESS IT NOW DUMMIES.

    Like 19
    Dislike 1
  23. BVI Youth says:

    I personally fear the NDP government more than hurricane Irma and Maria put together.

    Like 18
    Dislike 2
    • chronic halitosis says:

      You probably don’t brush your tongue for fear of swallowing your tooth brush also. But hey, that’s none of our business.

      Like 2
      Dislike 13
  24. Hmmmm says:

    So let me get this right, $7 Mil on a plane, $1.6 Mil on a wall, $40 Mil over on the Pier Park, No audits, and they must just folk over more money without any accountability? Ok, makes perfect sense.

    Like 22
    Dislike 1
  25. Soiled Son says:

    awwwww, did daddy cut of your allowance? you go back to your room and you think about all that money you wasted young man

  26. bill says:

    because you people dont know how to handle money.

  27. Sam the man says:

    These posts restore my confidence in the people of our islands – we aren’t fooled and know what the NDP is about…I am serious when I outed them as the unofficial “No Direction Party” seriously we have a government that is inept, lacking in vision and any sensible management skills – “what’s in t for me has been the downfall – led by our kind hearted but … leader” … – aren’t we the fools – let’s not make the mistake again – Myron is not up to the job end of….

  28. Observer says:

    Where are the monies that were donated after Hurricanes Irma and Maria to fix the schools?

    What happen to the money from a black-tie fundraiser gala which was held in Hong Kong for Elmore Stout High School?

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