BVI should have taken the UK’s loan guarantee offer
Governor John Rankin has said he regrets that the BVI refused the £300 million loan guarantee the United Kingdom offered after the 2017 hurricanes devastated the territory.
The loan guarantee meant the UK was offering to stand as a guarantor if the BVI chose to borrow up to an approximate 380 to 400 million US dollars to assist with rebuilding critical infrastructure. The offer was on the table for years after it was initially made, but Premier Natalio Wheatley recently indicated that it was no longer an option for the BVI.
In an interview with 284 Media, Governor John Rankin was asked whether it was possible for the offer to be renewed in light of the failing infrastructure the territory is facing.
In response, Governor Rankin said: “I regret the fact that the previous loan guarantee offer wasn’t taken up. It was a decision for former Premier Andrew Fahie and the government at the time. They decided not to take it up,” Governor Rankin said.
UK willing to hear the BVI out
He then added that the UK would be willing to stand as guarantor for the BVI in the future if that support is needed. But he said the BVI government will have to meet certain requirements in order for the UK to be a guarantor.
“But yes, the UK government is happy to have discussions in this area should further borrowing be required. In particular, if there can be flexibility under the financial management protocols that can be agreed with detailed proposals made to the UK government, that can help to reduce the cost of borrowing for the BVI government,” Governor Rankin said.
After the 2017 disasters, the BVI wanted the UK to assist with grants and other financial resources that would have helped with the territory’s rebuilding process. But the UK refused saying, based on the BVI’s robust economy over several years, the territory should have been capable of funding its own rebuilding efforts after hurricanes Irma and Maria.
This disappointed residents and leaders alike, as most agreed that borrowing would leave the BVI in a bad financial state in years ahead. Many also felt like the UK should have given the BVI cash since Britain is the so-called “mother country” of the territory.
The loan guarantee was never taken up by the BVI government. However, today, the complaints about poor infrastructure are louder than they were before, as residents grow restive due to pressure being placed on the already failing public infrastructure.
Recently, Premier Wheatley said borrowing is the only way the territory can properly rebuild its infrastructure. But he pledged to get these loans in a responsible way.
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This racist would say that so they could further enslave us
Primier “borrowing is the only way to rebuild the infrastructure “
Not wasting quarter million on a free concert is another way forward.
Let me translate:
All ya fools Elect ur captor/thiefs year after year. This trio took $300 million from you- the loan refusal. We people are the worst. Bring some uk gov ppl to run. How much evidence do you need to understand you have been screwed by those that claim to lead you may be the dumbest society on earth that continually Alex captors I’m embarrassed to be from there.
Governor come clean and tell the people the whole story. Tell them what outrageous terms and conditions were part of the loan guarantee. Also, tell them why the UK gave millions as a grant(free) to other Caribbean Countries who are not Overseas Territories to help them rebuild after the devastating damages caused from the same hurricanes of Irman and Maria but only offered a loan guarantee, not even a loan, to the BVI. DO tell us ALL!!!
All this man does is find fault of everything in the BVI. This is why in the 21st century the post of Governor should be an elected position so they could be accountable to the people. His backyard in the UK needs to be clean up first. Why he doesn’t ensure there is a black person as Governor in the 21st century? Why is every subject under his responsibility a failure? Why he don’t solve the economic & crime crisis in the UK since he always knows all what should or should not be done. SMDH.
The Governor has UK’s best interests in mind not ours, always remember that.
Let this writer tell you why a black person has not been appointed governor of the territory, it’s because of people like you. There are indeed dozens of qualified people in UK black society that are more than capable of governing the BVI, but, they want no part of it. These individuals have worked hard to get to their positions in life, completed a university education and made a success of their lives. The bottom line, is, there is no way they want to be associated with black society that’s racist, incompetent and immoral, it’s as simple as that.
There will be nothing offered until this Government follows through on their promise to implement the recommendations in the COI report, which has to happen to remove the Order In Council. Get this done, then begin reducing Government expenses which has to happen to be able to repay loans.
Stop senseless spending! No new vehicles! No travel! Cut each departments’ budget except those which are showing a profit or are directly involved in the implementation of the COI recommendations. Start being fiscally responsible or no institution will loan any amount.
The BVI A joke now because our leaders are jokers… Up to now nobody know what all the “Red Tape” was why we couldn’t use the loan guarantees.
Governor Rankin you are entitled to your opinions ,we had needed the loan but not under those conditions point blank. As far as I can see we did good despite not receiving the loan the paste might be slow but aleast we don’t have a rope hanging over our heads.
Sure but could you find another name? Dont get it twisted.
Not feeling this loan. Consider it was offered right after hurricane Irma when it would have been presumed we would be forced to take it, after it looked like “a nuclear explosion went off”.
A grant would have been more appropriate considering we knew not when our infrastructure would be able to facilitate repayment of a loan.
I am so glad they had the back bone to resist resist resist that loan which the ex governor huffed and puffed about till he got a picture of being red faced posted in the media from being vex all the time. Mission failed.
That what the VIP was. Of course it was a huge Mistake but the Rat knows what he was into and he led those blind mice astray..Why Britain didn’t take over?
BVI should have voted for NDP who have sense but Oh Well, let the clown show continue.
Britain doesn’t deal with the BVI like how some of you parents deal with your children, spoiling them rotten, while they working, earning good money, living at home free of all expenses, and you still have to feed them.
The loan guarantee was a good offer, but when money ministers don’t want to be accountable they want total free reign to do as they please, to the detriment of the country if it suits them.
seems a lot of people on here still don’t know how badly we have been screwed over by our own in the last 60 years. probably worse financial impact than our whole slavery era. Still they think refusing cheap access to loans that come with basic governance requirments are worse for the territory than third world services and infrastructure
Why not a white premier in the BVI. Or maybe just one white elected official, we see who the real racists are, and they ain’t white.
@hmm….
I have said this over and over. Not one politician has disclosed what all the red tape that will put the next generation in some sort of “forever debt”.
Whether persons agree or disagree, refusing the loan is one of the biggest political blunders in the history of these virgin Islands.
That is part of the problem here, that undue sense of entitlement. The UK gave more aid to other islands with lower GDP and worse infrastructure, and people here complain. The BVI is very well off, the problem is that the politicians, the ‘elected’ officials, keep all the money for themselves, their relatives and their friends.
Well, pray enligjhten us. What were these alleged egregious terns and conditions? Was it that, or just was the reason for turning it down that we did not want to have to explain how the money would be spent and accounted for on a loan by loan basis? Interest rates today are double what they were in 2017. If you borrowed $ 300 million at 3.5% for 30 years is about $1.3 million/month, whereas at 7% is close to $ 2 million a month, or a more than 50% increase in the monthly payment.
Secondly, what are you suggestions regarding financing of the desperately needed repairs for schools, roads, improvements in water and electricity supply, etc.? BVI govt does not appear AFIK to have cash reserves, which is probably why little is being done to improve the Territory.
As to forever debt, 98% of the world’s 200+ nations have national debt. Which is better, pay rent to live in a shack, or pay a 30-year mortgage to live in your own place, and carry a note for 30 years?
The governor said on the radio this very morning they like to discuss (issues) in private and if the local government does not follow through with private discussions, then public consequences are formulated by the UK.
No doubt the UK wants the details of that loan to remain private as well.
Who to trust, the people running around telling lies, with a past history of slavery abuse & profits over hundreds of years, which they never apologized for? Crimes on humanity. ICC…
Or your local leaders who also seem to tell a lot of lies but are strictly not in support of neo-colonial tactics and economic slavery via economic subjugation?
How do you know that none of the Governors were/ are Black?
The Government gets the same amount of money per head as Singapore.
The have gone through billions, way more than enough to fix the infrastructure. They have record revenues at present.
The problem is simple. Our money is stolen, spent on million dollar walls and elevators and a/c that even a child knows costs nothing like that.
Take a loan and nothing will change.
They will steal that too.
Oh Well. Clown show would have ccntinued unfortunately just with a different set of clowns. New people with New thinking needed to save the VI from itself. Please come forward people like Stacy. Shame he was sidelined quickly to Speaker. As good as he will be in that position we need fresh blood for Ministers with New thinking.
Oh my God Mr. Wheatley is not a people person he talk to high rank people he just don’t care about the nation pride and power will definately hurt him the people should have a say they put him there.
I don’t understand the dislikes because this is fact. His mandate and all other governors to come is to satisfy the UK’s agenda. Whatever it may be, good or bad for the VI.