More gov’t borrowing under consideration for key projects
Premier Dr Natalio Wheatley has said the government must begin considering further financing for critical projects because it has committed almost all of its $100 million loan amount.
“We have to start thinking about further financing for other critical priorities that need to be addressed,” Dr Wheatley told a press conference.
He did not identify the additional priorities, say how much financing the government might seek or announce a decision to take out another loan.
The government signed the $100 million facility with CIBC FirstCaribbean International Bank in October 2024. Most of the financing was intended for infrastructure and other government expenditure, while part was designated to refinance existing loan payments.
Premier Wheatley’s comments came after a reporter, citing a figure of $33 million spent from the facility, asked why more of the money had not been used while residents faced problems with roads, water and sewerage. The reporter also asked whether the government was holding back funds ahead of an election.
Dr Wheatley rejected the suggestion that the timing of projects was driven by the election. He said projects required design, stakeholder meetings and procurement before construction could begin. Such preparation could take years, he said, with work reaching the delivery stage later in an administration’s term.
He also drew a distinction between money committed to projects and money already paid out.
“And that $100 million loan, just about all of that money has been committed. All of that has been committed. So if you see a particular amount of money spent, that’s because projects are ongoing,” Dr Wheatley said.
As an example, the Premier pointed to a $14 million road contract between West End and Road Town. He said the government would make an initial mobilisation payment and further payments as the contractor met agreed targets, rather than pay the full contract value at the outset.
“So that money is going to be expended over the life of those contracts. And also you have contracts which soon will be breaking ground, and then you’re going to be expending more money,” Dr Wheatley said.
The Premier did not give a revised figure for the amount spent from the facility during this exchange. His explanation was that the balance between committed funds and payments made would change as work progressed.
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They say he is the best person to lead the VI because he speaks the best but action speaks louder than words and to me this is not good leadership to have the biggest loan in VI history of 100 mil spent in less than 2 years and no projects that the $ is committed to has been completed. VI needs a action man to lead and Mark V is not the man for the job neither to have over run the cruise pier project from a cost of 45mil to 90mil with less value materials like the galvanise roofing rather than the shingles roofing in the 45mil est cost. Some how these elected leaders either stealing or for sure wasting the VI money then using the VI ppl as scapegoats by implementing taxes to fuel the GV purse like that derelict vehicle tax. Now less than 1 yr before election this GV looking for a source to secure more funds to move forward with more projects. There should be made permernant a policy in that constitution that 1 yr before election no projects can be started for the next GV to take office abandon. HOPE THEY DONT GET ANOTHER DIME B4 ELECTION.
say no to more debt
Natalio is really a disappointment. The million of dollars already spent have not translated into improvements to the infrastructure. Now he is consodering more borrowing. Natalio is sinking the territory in debt. If we getting benefits for the people it might be acceptable eventhough the spending is massive. No improvements to infrastructure, no improvement to the people lives. Just hardship at every turn. Fellow Virgin Islanders I am begging you let us mobilize to get rid of this useless government.
The 100 million finish already? Ok
Got to keep the travel budget account topped off. Pockets full
If we had audited account records it would help with borrowing. It would help us to see how well we manage or how badly we mismanage our funds. Data is necessary. We cant stifle a gov by stopping them from spending but we can prioritize what, when & how we spend our funds.
trust me with more money, i already had a 20 million dollar overrun, i lost 5 million and counting to bank of asia and another 10 million to that jamaican company, trust me with more money
If the people of the BVI can’t see, understand, lean I’ll say Goodbye we are doom under this boy as Premier. Thanks be to God I didn’t vote for such bullshit.I remember Andrew dropping on knees crying out NDP the most corrupt,where he is now? I dont know what Natalie knows about how he was arrested but God is a good God. All must GO