Fraser wants proof UK withdrew loan guarantee offer
Third District Representative Julian Fraser has urged Premier Dr Natalio Wheatley to officially confirm whether the UK has withdrawn a $426 million loan guarantee previously extended to the BVI.
The veteran lawmaker’s plea comes amid concerns that the territory is facing massive financial needs unmet by the current budget, particularly in healthcare, education, and infrastructure.
Fraser expressed dissatisfaction in a recent House of Assembly session, questioning the Premier on the status of the UK’s offer, which was crucial for financing key developmental projects in the BVI.
Premier Wheatley acknowledged the offer was no longer available but admitted there was no written confirmation of its withdrawal.
Fraser argued that trust and accountability in handling such critical financial matters is undermined without substantial evidence. He insisted that written proof of the UK’s decision is essential for transparency and for future planning by the government.
“You tell them to show you in writing,” Fraser demanded. “I think that this is too important to this country for us to let it drop. I’m not going to let it drop.”
Lawmakers echoed Fraser’s concerns, pointing out the gap between the BVI’s infrastructural necessities and the funds earmarked for them.
“This little petty financing that you’re putting in the budget, a little two million dollars to develop the water project, and the minister can’t find the money, and a little four million dollars for healthcare, and the hospital can’t get the kind of services needed. No, that’s not what we need in this country.”
Premier Wheatley promised to revisit the issue with the UK to provide the House and the public with a definitive answer on the loan guarantee.
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It’s usually better to get your own house in order before asking others to do do. Mr. Fraser alleges “trust and accountability in handling such critical financial matters is undermined without substantial evidence” So, where is the trust and accountability regarding BVIs own financial affairs? BVI’s economic history is filled with projects that have been gone substantially over budget without anyone ever been brought to accounts.
Mr. Fraser seems to have forgotten that the reason the government rejected available monies for loans was precisely because accountability of the proposed funds were required. In other words, we didn’t want the loans because we had to explain what we were going to do with the money, and then we had to keep track how we spent it.
Keeping track of how you spend a large loan is reasonable. Only people who would have a problem with that are people who want to misuse such loans.
More pertinent information would be the last seven years of government spending audited, then laughably we may have an idea of what all the BVI tax payers contributions have been frittered away on .
that is what you british virgin islanders need to do. sit down and work cooperatively with the uk governemnt.
It’s sad that in times of emergencies, these UK Virgin Islands, must accept loans for continued functioning priorities!
And, all this, while the former Queen Regina died, having left an inheritance of eight hundred billion, to her heirs..
It is truly sad indeed!
What is being proposed here is that the country enters into deficit spending. We have gotten to this point because of the development model and to continue on the same path is a recipe for disaster.
With red flags in Financial Services and Tourism where would the revenue to meet huge loan obligations come from? Like I said before there is serious turbulence ahead but we are of the opinion that we can party it away….sweet dreams and good luck.
your former VIP crony in the Miami Federal Correctional Facility for the full $426 million loan guarantee details. Feel free to do as much time as he will be doing within those walls. In other words don’t come back here.
Fat Albert told the UK to get packing. The offer was three UK Prime-ministers ago, a COI that said we could not use public money responsibly and one long court case involving drugs and government officials. Fraser is dreaming if he thinks the UK is still willing to support after how we been behaving.
Mr Fraser while you’re in the spirit of asking for old information, please ask for the “shadow” COI report the BVI Government spent millions on.
At least the UK paid for, received and issued theirs.
Yes, make all those Law Firms present a breakdown of their fees for the exorbitant spending the VI Government did on the cases bought forward by the former Speaker of the House. Plenty thing to talk. Some of the Firms fees were expotentiously padded. Yikes.
Correction
The word is expotentially,not expotentiously. That was ab oversight on my part and it seems spell check went on holiday, om my.
did you say ( visit ? ) haven’t byou noticed that none of our politicians on both side is VERY QUIET when it comes to the dude in Miami/ WHO has put the BVI in the history books
And it’s not in an ( HONORABLE) way that WE can be PROUD OF , / YET , a photo of HIM is still in the HOA / WHAT , KIND OF MESSAGE IS THAT SENDING ? / ITS LIKE IT NEVER HAPPENED AND ITS BUSINESS AS USUALL / WHERE OUR * INTEGRITY * WENT ❓️