BVI News

BVI on its way to signing on to UK’s loan guarantee offer, says Premier

Premier Andrew Fahie and government minister Carvin Malone.

Premier Andrew Fahie has said the government is very likely to accept the United Kingdom’s £300 million loan guarantee offer since the recent talks between the BVI and the UK were a “resounding success”.

“The discussions were cordial, productive and conducted in an atmosphere of mutual respect. All parties were able to arrive at common ground,” Premier Fahie said during a press conference on Wednesday.

He continued: “Your government achieved the primary objectives of this trip. It would be correct to say that we are on our way to signing on to the UK loan guarantee. And while we are going, we making sure that the language is correct so that when we get there, we can know if we are signing on. But we on our way.” 

Fruits of their talks 

The Premier confirmed statements made by Governor Augustus Jaspert weeks ago that the UK is willing to facilitate the BVI if the territory accepts the UK’s offer and potentially breaches the BVI-UK Protocols for Effective Financial Management agreement which states that the territory cannot borrow more than 80 percent of its recurring revenue.

“The UK Government stated that it is prepared to work with BVI government on coming back into compliance with the debt ratio if borrowing on the loan guarantee would cause the BVI to exceed the ratios,” Fahie said.

Notably, the Premier said the BVI delegation was able to successfully advocate for the Financial Secretary to access the Recovery & Development Act Trust Fund.

“The UK Government has agreed to consider this condition and the BVI government has been asked to submit some additional information with respect to this issue,” Fahie said.

He added: “Your BVI government has been saying that not all funds received or funds allocated for all projects must be put into the Recovery and Development Agency Trust Fund.”

BVI can now seek outside $

A third reported win for the BVI is in relation to sourcing other funds for investment and recovery outside of the loan guarantee.

“The UK Government agreed to consider the direct administration by the BVI Government of other sources of funds for investment in the recovery besides those borrowed on the loan guarantee to support rebuilding,” Fahie said.

Following talks between the BVI and the UK, government has been asked to prepare an action plan on the way forward, which they must present to the UK by September 27.”

A special steering committee will now be created to “to enable more direct communication between the Virgin Islands Government and Her Majesty’s Treasury”, Fahie said.

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24 Comments

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  1. vip heckler says:

    Before we gobble up all this twaddle lets first hear what the governor has to say before we can bisect the truth

    Like 24
    Dislike 12
  2. My take says:

    The ndp mortgaged the BVI future so that they can remain out of jail.

    Like 8
    Dislike 16
  3. On point says:

    Premier I agree with your position. Do not sign on to any document where the language for the conditions are not clearly spelt out.

    Like 12
    Dislike 4
  4. V.I. says:

    Premier please do what is best for us in the V.I. Please do not sell us out like the last set. I back no political party but I believe in you despite what some critics say.

    Like 11
    Dislike 14
  5. LOL says:

    BATMAN AND ROBIN

    Like 10
    Dislike 3
  6. Lmao says:

    Wow that Fahie is some negotiator. He negotiated to agree to all terms set forth by the Brits. The Brits are giving him just enough rope to hang himself. By the way that means you all hang with him. The plan is you will become financially unstable and the Brits can then take over. Yippie!!! Finally!!! Good job Fahie and thank you.

    Like 8
    Dislike 24
    • @Lmao says:

      There’s nothing said by the Premier that allows for the conclusion you post.

      Like 11
      Dislike 1
      • @@Lmao says:

        Learn a bit about your government. If the Territory becomes financially unstable, then the Brits can take over and run the Territory until such time that it is once again stable and a new government is formed. Based upon past history, the loan money will disappear and the government will not be able to pay the loan. Thus, again thank you Fahie for bringing an end to the past years of corruption and racism.

        Like 5
        Dislike 3
    • @LMAO says:

      Why would the UK take over the BVI? WHY????? Further, if they wanted to take us over today, do you think they need the RDA or UK Loan Guarantee to step in? Read the Constitution and understand how the Overseas Territory system works. The UK/Governor has A LOT of power that they do not utilize over these Territories so stop with the foolish fear mongering. A good example is that this is the first time in history that we have seen a Governor step in and decide which PS each Ministry gets. The UK doesn’t need to use a backdoor if they wanted to flex their muscle in the BVI or any other OT, get with the program.

      Like 20
      Dislike 2
  7. BVI Pride says:

    I back no political party. I am sticking to my point from day one on this matter.

    Please leave the people money alone. We can rebuild on our own. We built it before without their help.

    Thank You!

    Like 10
    Dislike 11
    • my 2 cents says:

      I too agree that that money should be left alone. that money is nowhere close to enough for our needs, but will be a financial cloud hovering over our country for years to come with little to nothing to show for it. my suggestion is to engage with corporate sponsors that would be willing to fund the repairs of desperately needed infrastructure and offer them incentives that creates a win/win situation. and also, especially this, we need to create new revenue streams like yesterday. agriculture (we do not have to produce everything) and fisheries. and also manage the public purse with austerity. we need to cut down our expenses….solar/wind energy to decrease our dependence on fossil fuels, etc.

      Like 10
      Dislike 2
  8. Warning says:

    Remember what happened to Haiti when their government barrowed money that they couldn’t pay back. How much more loans do we really need.

    Like 7
    Dislike 3
  9. ayo says:

    See if they will loan VG an ATM that Fahie said would be in place by Aug 2019. strupes

    Like 8
    Dislike 4
  10. Law Abiding Citizen says:

    Looks like the Premier (Aka Money L*******r) want his hands on the money.

    Like 9
    Dislike 3
  11. rastarite says:

    About bloody time. Use the money to completely refurbish all the BVI; roads, infrastructure and all. Worry about paying it back later…

    Like 3
    Dislike 1
  12. CW says:

    STRUPE THINKING.

    BVI is the last think the UK wants to bother with, GET OVER YOURSELF.

    YOU ARE A BURDEN ON THE UK AND THINK YOU ARE SOMETHING SPECIAL. YOU BRING NO MONEY, IDEAS, OR OPPORTUNITY TO THE UK

    YOU ARE LUCKY THEY BOTHER TO HELP YOU

    Like 5
    Dislike 2
  13. Stop! says:

    For all who dint know, Bisect is appropriately used in the statement.

    Bisect- To divide into two parts.

    Got it? good, OK then.

    • Same thing! says:

      dissect

      verb

      methodically cut up (a body or plant) in order to study its internal parts.

      “an animal’s eye can be easily dissected”

      Similar:

      anatomize

      cut up

      cut/lay open

      dismember

      vivisect

      analyse (a text or idea) in minute detail.

      “he dissected the Prime Minister’s statement and revealed the truth behind it”

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