Expand airport with SSB $$! Money was made to be spent — Fraser
Third District Representative Julian Fraser has urged the government to use the Social Security retirement fund to make progress with expanding the Terrance B Lettsome International Airport runway.
The government introduced direct flights to the BVI last June, partnering with American Airlines and its regional brand American Eagle.
Embraer E175 aircraft are used for the newly established direct flights from Miami to the BVI and mark the first nonstop connection from the US to the territory in nearly four decades.
But Fraser called the arrangement with American Airlines and Embraer aircraft an exception and said the BVI should be able to fly medium-sized narrow-body airliners such as the Boeing 737 or Airbus A320 into the territory.
“You have to make it possible for a 737, at least A320, to come to the Virgin Islands. Don’t let American Eagle fool you with Embraer. It’s doing a thing. But you have to mainstream. You have to mainstream the Virgin Islands,” Fraser told Premier Dr Natalio Wheatley.
Fraser asserted that the project was manageable and encouraged the government to overcome its self-imposed limitations. He emphasised that sufficient funds were available to advance the long-delayed project.
“Money was made to be spent. You make the money you need to spend it. You have a Social Security retirement fund. That thing is about a billion dollars by now,” Fraser said. “One time it’s $700 million, another time it’s $900 million. I weighed it. It’s supposed to be going up.”
He argued that legislation is already in place which allows the government to borrow up to thirty per cent or roughly $300 million from the fund.
“What are you afraid of? At your age, Premier, you could borrow anything. By the time you reach my age, you would have paid it off. What are you worried about? It’s not your personal… whatever do you got to worry about?” Fraser said.
Fraser said the territory has always paid its debts and has never been in default. He also contended that the BVI has a good economy and is a high-value destination.
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Wasting the money of the future generations again ?
U cant C past your nose
Did Fraser confirm that he will refuse the greedy money? – I don’t recall him mentioning it since the election. It appears that a number of the old timers have ‘forgotten’ to declare whether they will reject the greedy money.
That is not yours or the Government’s money to spend; it is ours!! Advocating taking our money is a sure way to lose the next election, stealing from the retirees who depend on those funds. You have already stolen 40 million.
You need to be advocating for SS to increase the monthly payments to retirees if you want any support.
Willock – listen up and start thinking about all the retirees in the 3rd and elsewhere who are tired of these elcted thieves and looking for someone who will advocate for increased payments to them voters!!
Big man dip in ur own pocket….when ppl hard working that they looking forward to in sickness and retirement get spend off to build up a country that you help tear down, what they going do in the latter when the well run dry?? and ur money safe and secured…. Fraser best try come again…..that’s wa tax money for bigman
when man say things like these, i know the country doomed….cau the premier lost, but these jokers like frazer just as lost – lord help us.
This is what is so terrifying with this Government – and I mean all 13 of them. This very statement by the Prince of Hog City …. “What are you worried about? It’s not your personal… whatever do you got to worry about?”
ITS BETTER THAN WHAT ANDREW AND VIP DID WITH THE 45 MILLION
FRASER FOR PREMIER
@Suggestion
Frazer for retirement.
Wisdom from the opposition side
fraser sounds like an idiot, that money is for our retirement it’s not a slush fund
I agree, BUT there have to be a plan to pay the money back, and that has bee a failure so far. Clean that up first.
Because most of these people in the BVI are very simple-minded and the majority of them cant see past their nostrils.
Instead of Fraser encourage SSB to give retirees a decent stipend, he there talking nonsense about callously spending our money. We all know that Government has a bad track record with accountability and spending when it comes to these large projects so that $300M going easily get mismanaged and pocketed.
The man said to take a loan from the social security…..He didn’t say to take the money…..That’s all he said….STOP BEING MISLED BY THE HEADLINES
I agree with you 100%. We defend who we like…
On another note, if they’d borrowed the funds to do the upgrade the airport runway instead of the Joe’s Hill Project, they may have seen a much quicker return on the investment.
Ok, then tell us please when was the actual last time the Government actually repaid funds back into SSB? Then we can talk….
Thats my pension not your fall-back fund due to years of financial mismanagement and waste. Guaranteed if independence happens, the social security fund will be gone in a year.
We’ve already got an estate full of empty unaffordable housing their friends have made a mint out of building now the next family & friends little earner needs to be financed with the workers future pensions , it shouldn’t be allowed to happen. The government was offered a guaranteed recovery loan by the UK seemingly the terms ( simply spend it honestly) were too much to bear.
Just NO. The remit of the SSB is to invest in a safe and diversified portfolio to ensure settlement of future payments to beneficiaries, including retirees.
I doubt that the “Grant” of $40M to Government will ever be repaid. The Joe’s Hill project is a joke. The SSB Board needs to leave investment decisions to investment professionals and not be swayed by politicians.
THIS IS THE MOST SENSIBLE IDEA FOR MOVING THE COUNTRY FORWARD WITH OUR OWN MONEY
Better than 5-7% investment that allows liquidity?
The idea is a good idea
Julian wtf you mean spend Social Security money to expand the airport? You politicians have f**ck up so much and get no value to show, now your advice is to dry Social Security. You are a l**er, I will never vote for you again. I am 47 years old so I guess when I reach 65 years God spare my life there won’t even be a Social Security. You politicians took millions of dollars from Social Se urity to fi the roads. Are the roads fixed? You f**king weasel politicians took millions of dollars from Social Security to build affordable housing. You losers build houses mo one can afford. Those houses decorate the hillside like statues. I personally will campaign against you. I have lost faith in you. Good bye L**er.
People are far too emotional. The role of SSB is to invest retirement funds responsibly, get a return on the funds so that they can pay for their operations while ensuring that benefits are there for retirees/pensioners/contributors when needed. If the SSB investment team looks at the airport plan and deems it a viable investment with a proper return, nothing is wrong with them investing in the Airport. Despite Fraser’s rant, the Government cannot simply ‘take’ SSB money and invest in the Airport, there is a process. All said, what he has outlined is not crazy at all, we just believe in too much magic in the BVI. Let’s say NO to everything but expect progress.
@Reality, thanks for line of thought. Who is afraid of good investment? despite stringent due diligence process in place and all the banana peels on the floor that could trip anyone misapporpriating? Why are we talking outside of a porper business plan? Imagine a journey beyond the realm of mediocrity, where the average mindset is but a distant memory. Success and failure are mere stepping stones, and intelligence reigns supreme in the art of silence where knowledge is lacking, and the resonance of wisdom echoes boldly.
Let us embark on a technical odyssey, where the utilization of funds from the Social Security Board (SSB) transcends the mere act of dipping into pensioner’s coffers. No, it is a strategic maneuver, an investment voyage into the realms of yield and prosperityfor the nation at large.
Behold, the airport expansion beckons, a beacon of opportunity shimmering on the horizon. Envision the British Virgin Islands (BVI) transformed into a transit hub, a nexus of commerce and connectivity. The potential is boundless, for in the annals of tourism lies the blueprint for greatness.
Look to the shores of St. Kitts, Antigua, and Barbados, where tourism records sing tales of triumph. Now, envision BVI, with its allure as a dollar destination and British territory, poised for ascension. The tide of fortune beckons, and with a meticulously crafted business plan, the airport expansion stands as the harbinger of prosperity.
To those who dare to label the utilization of SSB funds as robbery, I implore you to reconsider. Dare to dream, to envision a future where SSB investments yield bountiful returns for retirees. Cast aside the shackles of doubt and embrace the realm of possibilities, for in the realm of strategic investment, fortune favors the bold.Informed decision hardly fails
@Reality, thanks for your line of thought. Who is afraid of good investment? despite stringent due diligence process in place and all the banana peels on the floor that could trip anyone misapporpriating? Why are we talking outside of a proper business plan? Imagine a journey beyond the realm of mediocrity, where the average mindset is but a distant memory. Success and failure are mere stepping stones, and intelligence reigns supreme in the art of silence where knowledge is lacking, and the resonance of wisdom echoes boldly.
Let us embark on a technical odyssey, where the utilization of funds from the Social Security Board (SSB) transcends the mere act of dipping into pensioner’s coffers. No, it is a strategic maneuver, an investment voyage into the realms of yield and prosperityfor the nation at large.
Behold, the airport expansion beckons, a beacon of opportunity shimmering on the horizon. Envision the British Virgin Islands (BVI) transformed into a transit hub, a nexus of commerce and connectivity. The potential is boundless, for in the annals of tourism lies the blueprint for greatness.
Look to the shores of St. Kitts, Antigua, and Barbados, where tourism records sing tales of triumph. Now, envision BVI, with its allure as a dollar destination and British territory, poised for ascension. The tide of fortune beckons, and with a meticulously crafted business plan, the airport expansion stands as the harbinger of prosperity.
To those who dare to label the utilization of SSB funds as robbery, I implore you to reconsider. Dare to dream, to envision a future where SSB investments yield bountiful returns for retirees. Cast aside the shackles of doubt and embrace the realm of possibilities, for in the realm of strategic investment, fortune favors the bold.Informed decision hardly fails
300m to expand a airport is wild. We are talking expanding not more buildings. These governments officials all looking for ways to pocket your hard earned money. It’s crazy people call themselves Christians the amount of greed they possess.
@$$ The man said that government could borrow up to 300 million from social security…He didn’t say borrow all for the airport extension.
(He argued that legislation is already in place which allows the government to borrow up to thirty per cent or roughly $300 million from the fund.
“What are you afraid of? At your age, Premier, you could borrow anything. By the time you reach my age, you would have paid it off. What are you worried about? It’s not your personal… whatever do you got to worry about?” Fraser said. )
Are we reading the same thing?
This is like BVI Airways – a white elephant that is not needed. There is no demonstrated need for a greater airlift – NONE.
Something has to be done to protect social security’s money. Is like every time something need doing now they watching social security pocket like its theirs. If you need a loan go the bank.
Should we not wait for the report before deciding. Or why are we wasting more money on a report we will ignore. Idiots. Dangerous idiots.
“It’s not your personal…”? What was he going to say here? It’s not your personal money to lose? He should not be trusted!
Appears, as the formwe chief seems to have have done is to raid the retirement and social security benefir people depend on to stay alive and use it for the own personal enrichment purposes.
Really thought the Mr. Fraser ws above that practice, but guess not. Figure if chief coulddo it and ger away with it he and they can to. Every last one of them trying to get a big chunk out of governmentbefore the people kick them out.
Money is no use to any one of us sitting in the bank. You people are behaving like SS will halt collection funds. The BVI will never grow if it were up to some of you small minded individuals. Let us look at the bigger picture and stop thinking inside the box only. This idea will benefit some of you same complainers by providing jobs and eventually make travel more easier for all of us. I dont particularly like the messenger myself, but his message makes good business sense
This dam Jac Donkey
This fu**ing Id!0t.
Taide pension money to thr retirees ayo
Wasting we money hi i
wah SKELIE say is true , about the retardation side effects, saint andrew did a number on social security , now mutumbo maybe got tired of chasing the COI , so now he he wants to try ah ting with our retirement money / but he only making it easier for his majesty * the wigged one * sit on the throne , that he has occupied over the years just yapping and making noise and saying nothing and doing nothing ( the horseracing track is an example of what he has accomplished , so the wig is handed an opportunity to dropkick his asz out of the 3rd district like how he was dropkicked out of the HOA when he was the
speaker / so let us see you express your skillz on the wannabe emperor
Just think back to 2014. The same people on here talking s**t were the ones bad talking the Tortola Pier Park Project. Now years later they are the same ones lauding it. Try to imagine the BVI today with out the Tortola Pier Park. This will be the same for the Airport once it is expanded properly. This is why I believe people are elected to LEAD, not listen to every Tom, Dick and Larry talking out of their a**es. The BVI needs to develop its ports and NOW!
There are only two sets of people making the money from the Pier Park, the Rom’s and Hay’s. Everybody else just taking home the crumbs. We in trouble if the only idea to fund the airport comes from SSB
While I am listening to what Hon. Frazer is saying, I don’t think it will be wise to trust this VIP Government with the Peoples’ Money a second Time.
When Andrew went down to Social security Office, He again dropped on his Knees and declared NO LOAN.
IF I CAN”T GET A GRANT, I WILL TELL THE PEOPLE WHO IS PREVENTING ME. The Minister for the Subject was right there and said NOT A WORD. NOT again. All HELL WILL BREAK LOOSE THIS TIME AROUND. Let them go to UN for help.
Not to worry. Social Security don’t have money to grant out or lend out. So government better check again!!!!
Regardless of the rights and wrongs of using SSB money – why is this unquestioned demand for a bigger airport?
What will it mean to the BVI? More people, yes. More business, sure, for as long as the economies of the world are favourable, which we cannot assume they will be.
But what will it require? More infrastructure to handle the massive expansion of numbers – better roads, better sewage, more hotels – in other words a whole different country – one that none of all you have outlined for us the voters, ever.
What kind of BVI are you all aiming to have? One with mass tourism with outsiders coming to sit on beaches and suntan?
Or one where outsiders come to the BVI and enjoy our beautiful nature, which is the primary reason visitors come here now?
If it is the nature, why does everyone seem to want to destroy the nature in search of economic growth requiring that we destroy the nature that the people come to enjoy?
Anybody notice an inbuilt contradiction there?
We need a big conversation about what we want these islands to be, not this mindless knee-jerk call for endless expansion of this tiny territory in search of more and more money for a few, employment for4 more and more outsiders and marginalisation of all the real local BVIslanders.
All the Caribbean government has interfere with the social security funds and ended up can’t pay pensioners, resulting in skilled wats of attrition where they increase the age of retirement so that the person actually die leaving their gratuity, which is very wicket. Stop take the money to do party and spend it on the nation improvement and leave pensioners money.
Since returning from the USA Frazer, an Arcitect by profession has held political office and duped his way into an easy retirement. Most Politicians are tricksters who talk too much. See the state of BVI Roads..It’s shameful!.
If the roads are any indication of the infrastructural readiness of the BVI to receive more visitors, then idk how we will be able to deal with sewerage and other waste from another million more per year, how about Hotel Rooms?.
Bro fix the place first. Y’all Airport Crazy and not prepared to host. Get serious, leave Social Security money to it’s mandate.
This was the mindset of all government parties all along. Money was made to spend he say!
Yes, it was made to spend but not the people them retirement money!!
We had an increasing annual budget almost every year and yall ain use that!!
now yall want to use money that is reserved for the residents to try and perform! lol
use the money yall get from that greedy bill and early retirement package!
get back the money from those fake covid grants yall give out!
yall waste money on yourself, family and friends!
The last time yall take SSB money was to build that waste a time project homes on the hill.
Now nobody can afford to live there other than middle and upper class smh!
COI in aya backside mheen this is nonsense
This is the exact reason why we need term limits. Go home Frazer, go home.
No monies should be taken from SSB unless the SSB recipients approve……
OK, so you take $ 300 million and put into the airport. Let’s say you want to recoup your initial investment plus 5% in 20 years. That means you’ll need to collect $ 800 million in usage fees over that time. Works out to $ 40 million a year, or $3.33 million per month, or $333,000 a day. Every day of the year on top of landing fees and taxes that airlines are already paying? Where’s that money from? Departure taxes? Ridiculous! If you had 500 people a day (every day), you’d have to levy $666 per person. Split half departure taxes and half for store rentals? The new rent would be astronomical and put them out of business. And, we have not even factored in cost of building maintenance and updates. Plus, funding the airport puts SS monies into illiquid assets.
IMHO, SS would be better served to invest these monies passively rather than ending up with an illiquid capital assets that runs the risk it may not perform at the cost of insufficient liquidity to fund its obligations. Exhibit 1: Joe’s Hill Apartments. Overpriced, unwanted and underperforming.
The majority of the Social Security money is from work permits (2/3). SO let’s just take this non-belonger money and make an airport that is never going to pay back!?
This is such a transparent attempt to get hands in the cookie jar. All this money was earned and contributed by hard working people that built this country.
Shame on you!
No. SS has been paid into by employees and employers. IT IS NOT A BANK. For the BVI to improve and/ or lengthen the runway there are far more IMPORTANT things to be addressed.
Infrastructure. There are not enough hotel rooms, bareboats, villas to accommodate a huge influx of more visitors.
Roads, sidewalks, handicap access, sewerage, electricity, garbage, beautification programs. (Road Town is a dismal area – ask some of the cruise ship passengers when they are walking around RT) most are so disappointed once they leave the cruise pier.
Beyond sad. Where has all the money gone for the past 30-40years. Look up and around people. Who knows… know.
Not my money black hitler