Gov’t wants to borrow at least $100M
The government intends to borrow at least $100 million to fund some of its capital projects.
This is according to Premier Dr Natalio Wheatley during his budget speech yesterday.
“Based on the quantum of work that we are aiming to achieve, the Government is considering borrowing at least $100 million,” Premier Wheatley said.
He said those funds would be an investment in the economy and explained that the projects that they will finance will improve the territory’s infrastructure to support and increase activities in various sectors while benefitting the public.
Premier Wheatley said recently that his government needs hundreds of millions of dollars to fix the territory’s infrastructure that was heavily damaged by two category-five hurricanes six years ago.
Opposition Leader Ronnie Skelton previously insisted that the government must seek loan funding if it wants to fix the country’s sluggish economy and create meaningful, long-lasting employment for residents.
“We are encouraging the government to go out there and borrow the level of funding that is required to fix the infrastructure of this country,” Skelton said earlier this month.
Priority projects
Premier Wheatley noted in the budget speech that some of the most critical infrastructure issues such as road repairs and sea defences will be looked at as priority projects.
“Now that the new asphalt plant has been commissioned, we expect that efficiency and responsiveness with respect to road maintenance and construction will increase,” the Premier said.
He added: “For 2024, $2.6 million has been allocated under the development budget for road improvements. The road improvement programme includes the upgrade and rehabilitation of 38 miles of primary roads throughout Tortola, Virgin Gorda and Jost Van Dyke.”
In his budget speech, Premier Wheatley referenced the Recovery and Development Agency (RDA) which he said has an excellent track record of delivering major projects on time and within budget and scope.
The RDA was formed for the purpose of responding to the recovery from the 2017 hurricanes, and Premier Wheatley said most of the recovery projects are almost completed.
The Premier explained that the government intends to make the RDA a permanent structure, arguing that the agency has proven very useful for implementing and managing major government projects.
“It is, therefore, our intention to transition the RDA into the Virgin Islands Development Agency, which will be a permanent structure to deliver public projects because ministries do not have the capacity to properly manage certain kinds of projects,” the Premier said.
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Wanting and actually finding a borrower, not to mention convincing the UK to allow him to exceed the financial proticol limits, are very different.
The only way to exceed the protocols is to show how the government is going to repay the loan, which means they have to show where they are going to reduce expences to make the payments as they are already at a borrowing limit.
Reality interfering with whatever alternate reality our Premier is living!!
Kye alone goin waste dah
The funds need to go to the RDA. Whoever borrowing you it needs to make a condition of it going to the RDA. Periodt
The ugly, impractical , expensive to run and North Korean brutalist ferry terminal at West End will eat that up once the usual fingers delve into the pie.
Where are the infrastructure projects coming from?
Let’s see:
1. No publically funded project has ever been completed on time or on budget. There have been no consequences. Audits have revealed inadequate documentation.
2. When was the last audited govt budget released?
3. Govt turned away a loan guarantee because they did not want use of the monies to be subjected to scrutiny by a third party.
4. A credible entity (UK govt) determined that there is substantial evidence of malfeasance in BVI govt for decades. The last premier is awaiting trial for narco trafficking.
Not exactly a good financial record. Not much evidence the govt has tried to curb its profligacy (e.g recent $ 1.8 million for a few small vendor shacks at Pier Park, or $ 1 mill for an elevator repair in govt bldg)
$ 100 million is a lot. At 7% for 15 years, it’s not far from
$1 mill/month. Where would that money come from? What does the Territory have to offer as a surety?
Surety for a 100 million dollars at this time would be the lives of every BVIander alive now, their children, their children, their children and so and so forth for at least 15 generations deep. But don’t worry, Sl** Wande and the A** Clown Brigade have it all in hand
Sl** Wande needs to explain how a budget can balance but you need to borrow 100 million.
… What about Luarna in the Corna she looks out of her depth. She needs to go home eat her oatmeal and take a nap. The rest of the A** Clown Brigade also looked like they were zombies. We in trouble buddy
Heritage and Rosan didn’t even touch the budget on their show today. Interesting. Media in the BVI is broken
and then we end up just as we are today, money gone in secret bank accounts and the country and people no better of.
when Cindy holler out , all yo attack her like a pack of pit bulls \_ and don’t all yo complain . You can do it too , so if she chill out , you can have the honor of doing what she didn’t do , so it’s not about the messenger it’s about the MESSAGE
I only referred to her and Heritage as they on every/ most mornings saying they are the peoples radio station. Clearly not, they are for sale like every other media outlet in the BVI. It’s clear that Luarna in the Corna bought Rosan and Heritge show. So they are easy to spot
Who will lend to the Government? They don’t have recent audited accounts, or a credit rating, or proof of how the loan will be repaid! They have a huge and underfunded pension responsibility for Government retirees and a bloated and inefficient bureaucracy. Bottom line, they are not a bankable risk.
100 million is not enough, but if that’s all you can get go for it. The sea defense are badly needed, rest assured that it must do double duty , so that shops, restaurants and other amenities can be used to repay the amount. Create recreational areas that the citizens and tourists can enjoy.
The stretch of sea defense from Pockwood pond to West End Frenchman key road will cost more than 700 million and it should be done or this country will pay triple than amount in 20 years.
Create more programs to teach wealth management in the schools, those youth are yearning for this type of education , and if properly done it can create better lifestyles for all. It’s time it be included in the school. Build this nation through education, good spiritual commitment ,trade skills and you will see this nation rise.
BVI needs an injection of new monies, minimum $300mil over the next 3 years if we want the infrastructure and economy to be developed in a meaningful way.
@ truth more than that was offered after the hurricanes and was refused by the govt, because they couldn’t get the money in their hand to squander to their pleasure.
The country would have been almost rebuilt by now with proper infrastructure in place. with employment opportunities for its citizens.
When you play foolish games you will win foolish prizes.