BVI still negotiating with UK over £300 million loan guarantee offer
Premier and Minister of Finance Minister Andrew Fahie has said negotiations are still ongoing with United Kingdom operatives on Britain’s £300 million loan guarantee offer to the BVI for hurricane recovery.
The UK first presented the offer more than two years ago while the previous National Democratic Party government was still in office.
“The offer of the UK loan guarantee is still on the table. We are still in negotiation. We were hoping to have agreed to the conditions of the guarantee by the end of December 2019,” Fahie said while delivering his annual First District address in Capoons Bay on Saturday.
The Premier made it clear that while the BVI is in “full agreement” that the offer is “worth pursuing,” the territory’s technical negotiating team has been working hard to make sure that the outcome benefits the interest of the people of the British Virgin Islands.
“We have been writing both the governor and the UK government asking them both to reconsider the ambiguous terms expressed in some of the conditions of the offer. On our end, we have addressed all of the concerns that they have raised and we have done so in a respectful and professional manner,” he stated.
“I have personally reached out to our UK Prime Minister Boris Johnson to ensure that this matter has reached to the attention of the UK government, and I will leave no stones unturned in representing you my people of the British Virgin Islands,” Fahie added.
He continued: “We are mindful that you the people of the Territory did not elect us to tie your hands but to unleash the potential of the BVI in your best interest and that of future generations.”
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Another hurricane season gonna pass and we still ain’t gonna get a dime
I do not think that we need this money as was the case in 2017. We have come far without it so let’s keep going without it so we do not enslave ourselves for a few dollars.
The UK wants to make sure the money is used to benefit the Territory Build infrastructure, sewer, roads, police and fire, electric grid, etc. The crooked politicians want all control over the money so it can disappear into their pockets and those of their cronies. The UK is also afraid the money will be used to keep the government paid as the income disappears from the financial sector. Last and most important is the UK wants to insure repayment of the loan which by all BVI standards will not happen as there won’t be enough income to do so. Can’t blame the UK. BVI and it’s crooked government doesn’t have a very good track record.
If each of the 100 pot farmers selected each gets $1m to set up his business then we gots $200m left to invest in something else. Hey I gots an idea. Since the wind blows to the west, let’s set up a giant smoker next to the airport that can blow pot smoke 24by7. Then everybody be high all day. Lots of visitors will pay even higher arrival fees to get high.
Unless the money will be used for properly fixing the Sewerage and Roads, I think we should leave the money alone… We are almost 3 years removed from the devastation and seem to be operating fine. Why put ourselves in unnecessary debt?
I guarantee you that that money will be used for campaign funding and enriching political cronies
People of BVI wake up. The UK is trying to play tricks again in a modern way. Do not fall for it.
As a young person I must say that I do not always agree with the Premier but I fully agree with him on how he is handling this loan guarentee matter with the UK. Just to help us in the BVI after a major disaster in 2017 they now are trying to enslave us under the disguise of saying that they helping us with a Loan guarentee with some questionable conditions not in our favor as a BVI people.
Fahie leave them people money. It is a trap.
Proverbs 22:7
The rich rule over the poor, and the borrower is a slave to the lender.
What will happen if we dont take this loan? I think we will be fine as we are leave it alone, and do not try to do everything & every project one time.
Premier, leave them and that money right there. That is a trap. We don’t need it. Better to eat little and live long.
Most bloggers seem to think the money is coming from UK. IT IS NOT. They are offering to back any loan we might be able to negotiate with banks etc. If we default on such loan they will see that it is paid back. UK is not giving or loaning us anything. I cant think why you all think they are trying to enslave us again. They have enough troubles of their own, and would be only too glad to see the back of us, but in a responsible way that does not allow the populace to be disadvantaged. If some of you bloggers had your way we would be bankrupt in five minutes
Everything in the BVI that involves the U.K. or whites is seen as an attempt by the white man to enslave the blacks. It’s a deranged thought process and incredibly racist. This really needs to change as the bulk of tourism is white, the bulk of owners of the offshore corporations are white and the bulk of owners of the catamaran and rental villas are white. How would this Territory even exist without the white man. I think an attitude adjustment is called for.
IT has to do with the bad history of the British not just the color of the skin.
@lodger, you are correct. Not sure why persons think it’s the UK lending us money when its not.
You forget what happened just as we were trying to recover in 2018? The whole reason for the ‘March’??? The UK wants to destroy one of the very things (Financial Services) that we have to help us sustain ourselves with the ‘Register of Beneficial Ownership’. If they force us to do that and the financial services industry crashes, how can we pay back any loan except the UK back it up?
They showed us what their plan was… to make us FAIL so we would have to depend on them!
There are many questions that need to be answered regarding this whole issue. How can we as a people make a meaningful contribution to this debate without all the facts.One of my questions is this, once we have signed on to this loan guarantee offer how long do we have to utilize the total amount.Can we borrow for specific projects repay and borrow again or will we be forced fed and end up with a load we cannot carry.
This is not reporting, this is just quotes.
The UK is trying to take advantage of the BVI in the time of need after a disaster but make it look like they are trying to help. Please Fahie watch what they want you to sign.
Monster cat 5 hurricanes Irma and Maria struck the territory with a vengeance in September 2017, causing approximately $3.6B in structural damages, damaging housing, government offices, businesses, schools, medical facilities, recreational facilities, senior centers, fire stations, police stations, infrastructure, tourist facilities, museums, disrupting the economy, damaging environmental resources……..etc. This was two long hurricane seasons ago yet we are still debating with the UK over the proposed £300M($400M) loan guarantee. A loan guarantee, not a grant. Luckily, the territory got a reprieve during the 2018 and 2019 hurricane seasons, for the situation could be worse.
The UK is co-signing for the loan and it seems as if it lacks confidence in the local government and is imposing strict terms and conditions, ie, establishing the RDA, paying a glorified project manager $300K per year plus allowances. If a local or belonger were earning $300K, there would be a firestorm; let’s stop the self hatred and embraced and support our own. Doubt the Premier earns $300K per year. The recovery effort is stuck on top dead center and it is way pass time to get things moving. What is the tall pole in the tent? Let’s get ah done. Beginning of the 2020 hurricane season is just around the corner.
Breaking news! … Paul Bayly, CEO of RDA, has resigned. It is seems as if he was earning $350K per annum plus allowance including a paid trip back to New Zealand. Is he getting a gratuity? Stay tune. Everyday is an adventure in the BVI. Guess the heat got too hot in the kitchen.