Government in dialogue with SSB for loans to fund projects
Premier Andrew Fahie said the government is in dialogue with the Social Security Board (SSB) for a loan to complete several projects they have in the pipeline.
Speaking at a press conference on Friday, Fahie said he cannot disclose the figure quoted in the negotiation but that there are several projects the government is looking at.
The Premier also said he does not want to reveal the projects yet as it is not time. However, he said it is nothing illegal or where the government wants to borrow money from the SSB and not repay it.
Fahie said the SSB was first approached when the government requested the $40 million grant. And at the time, verbal and written correspondence were had about what would be feasible in the future. These feasibility talks surrounded whether the monies given to the government would be in the form of grants or loans and how they would go about them and the specific projects the SSB would be involved in.
“We are waiting on the talks to continue and when they are finished, we will be able to tell the people of the Virgin Islands. It is mostly looking like if we are to get something from Social Security it would be a loan with a favourable interest rate if it comes to that,” Fahie said.
“There are discussions ongoing because there is no secret, we must get loans from somewhere and if we can have Social Security invest the money locally rather than abroad, then we can ensure that they have a good customer who is paying back,” the Premier said.
Fahie noted every government in the territory’s history have approached the SSB and the SSB has granted loans to ‘every single’ previous administration.
“What I can say is all the governments have repaid the Social Security very well I and that also including all the loans this government has taken over the years, no matter who is in power,” the Premier said.
“The Social Security funds are invested worldwide, even if it is a loan to the government here, it will be at a percentage of interest rate which will still be an investment that is profitable for the social security board. If you can invest all the money abroad, then you can invest your money with us. It is not anything new if that is to be,” he added.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Its not a loan, its a grant that they really want to squander again like the last time. They don’t want to answer to no one that’s why the social security board was filled with VIP cronies
Wait and see. When time come for people to retire social security will be broke. The whole purpose is to ensure people have a steady income when they can’t work, not to fund your projects.
Let’s bring the realty to the surface of what this really means, a loan from the SSB to the BVI government will have creditor Junk status applied to it by Auditors, that plays right into the hands of the COI commission. Wake up people.
That’s my retirement !!!!!!! Not your piggy bank !!
very correct, at the end they cannot find money to pay retired workers because govt takes away all , they should not give them any loan , let them go to UK
Ditto………
You want money but you cannot say what it is for? If it isn’t illegal why do you need to point that out? If I apply for a loan I will need to explain what it is for with a business-plan and plan how I will repay it and it will never cross my mind to say that it is nothing illegal. Since the board is all VIP government appointees we will see where this is going. Just disgusted. Investments are diversified and invested outside of the territory that if we do have another disaster here we will be able to collect it.
It is to spend on anything they cannot use the CDB loan funds for, since they don’t have any other funds available to them.
Social Security is being used like the AF personal piggy bank. This is such a d**n shame that government is squandering the people’s money to do somethings that is only benefitting themselves and their dirt bag cronies. This man every word that comes out of his l**ng mouth is God this or God that. Andrew Fahie that same God is going to judge you harshly for the advantage you are taking of the people of this small territory. You go to the hospital and the nurses have to run from room to room looking for a blood pressure cuff. They are short of the very basic necessities for patient care, and you have consultants walking around pocketing $10,000 pm to sit on the taxi stand. That is not the only atrocity that Andrew Fahie and his government is committing against the people. But be on notice Andrew, God does not sleep. We are waiting patiently for the day when you will see justice for the people. The Social Security boss has to get balls and say NO. You have no conscience, no integrity or shame.
No, no please stop! Too much.
This is why I refuse, THE VERY MAIN REASON I am not giving any of these individuals my vote.
Firstly you party currently have so many projects pending and about to start before you call for election.
You got the High School starting Next month (millions), East End sewage problem, West End Ferry Port, and I can name many more.
Now you want to go and take out another loan, which the first one you haven’t paid back as yet, and yet have the nerve to say it’s not illegal to take a loan and not pay back from the SSB.
Then come ELECTION DAY you want to come bold face to me and many other asking US to re-elect you and your team. GET THE F”CK out of here.
If this COI was not in process you would of done call election because currently even the opposition and all other parties can’t even form a proper team.
SADLY by default you cr**ks will get back in
I am soooooooooo ashame to you call guys my leader.
Look at the mess at immigration every week or every other week convicts escaping daily
SET OF CR**KS
Well said!!!
What about that England “back up loan” .? To late now, I have a feeling this loan they going for is a BIG,BIG,LOAN. Plus asking for a grant, I see this as an election pitch.
Social security better be very careful and get a detail plan of how the monies will be spent..Make sure none of it goes into funding political campaign…P.L his cousin and Chair person on the board will make sure he gets the money…Now they get the money, waste and abused the money and they lose the election, now they burden down the new administration with loan payment who has no idea how the monies spent…SS. Be very careful…
This Sh!t has to stop I hope the UK don’t leave us with this crooks, UK we need help in a bad way, if yo care about the BVI please take us in your hands for a few years and get the BVI back on track please.
This is really serious. It’s our retirement money that is being taken. Where will it go; more barges?
Why go to SSB when you could have had a loan, guaranteed, and essentially supervised, by the UK, to ensure it doesn’t get squandered, or go missing.
Dear Bank Manager
I would like to borrow $100.000 but I can’t tell you what it’s for, but it’s not illegal, it’s not as if I won’t pay it back.
Thank you Sir for your kind consideration.
PS I’m not bankrupt but will be soon.
Easy picking.
Look at how they using social security like a piggy bank rainy day fund or something like that money not there for a purpose… worst government ever!
It’s tough saying this one. If it’s a loan and they make the loan agreement public with the details of coarse, I’m for it rather than borrowing from the IMF or world bank. Just saying…I don’t trust this government either but the present state of the world we can’t just sit still, the show must go on. Hopefully they prioritize the important projects and not rebuilding side walks for their cronies. On another note I hope they’re not trying to sabotage Pensioners etc.
THIS IS PEOPLES HARD EARNED MONEY YOU ALL TAKING , THE ENTIRE PUBLIC NEED TO NO HOW MUCH RATE OF INTEREST AND LENGHT OF TIME TO PAY BACK AND WHAT EXACTLY IT IS BEING USED FOR U ALL ARE A WASTE AND GREED ELECTION IS COMING SO U WANT TO MILLIONS TO SQUANDER FROM THE POOR PEOPLES MONEY ,GOD I ASK SEND SOME GOOD HELP , POOR THESE ELDERLIES
high political scheming, looting and more..
He, who is top position within the government, during an online discussion about corruption and politicians thiefing government money, said plainly, forcefully and bluntly, “shut your mouth, those who went in before me did the same thing, so i going in to full my pockets to”…
How can anyone have confidence in any individual or government with such views.. Every thing they do is suspect of the worst form of governance.. Worst they are right here controlling the purse strings..
BVI screwed.. Retirees are next.. God help us..
Thay
THAT 300 MILLION WAS THE PERFECT HELP WE NEEDED. THE APPROPRIATE OFFER TO TAKE THE BVI FORWARD…BUT THE POLITICIANS PUT THEIR GREED AND PERSONAL INTEREST AND FEELINGS ABOVE THE BVI FUTURE. NOW THEY WANT SS MONEY SO THEY CAN DO AS THEY WISH WITH IT….I DONT KNOW WHAT TO CALL THESE GUYS…MOBSTERS OR GANGSTERS.
Two things I absolutely don’t want this administration touching is our social security money and our constitution.
Yayy why accept the UK assistance with loans and we could just squander social security’s money instead! #BviLove
I can’t tell you what we want the money for either! #GovernmentInTheSunshine
People of the BVI please vole like you care about our country come next election… PLEASE!!!
Please, Please Mr. Premier. Leave my social Security money alone!!!. I beg you !!! leave it alone
How in he name of God can you get a 40 million dollar loan and not have to say what it is for??? When does this transparency ever happen? Help.