Penn presses gov’t over results of $100M loan

Opposition Leader Marlon Penn has called on the government to account for what its $100 million loan facility has delivered, pressing for details of completed projects, expenditure and the debt obligations the territory continues to carry.

Speaking during the inaugural edition of From the Opposition Leader’s Desk, a weekly conversation, Penn said scrutiny must extend to seven years of capital expenditure, particularly spending on water, roads and other critical infrastructure.

“The question is straightforward. After all these monies borrowed and spent, what tangible results have the people of the Virgin Islands received?” Penn asked.

Penn, who chairs the Public Accounts Committee (PAC), said residents continued to experience unreliable public water supplies, with some families paying additional sums for trucked water while facing pressure from living costs.

He called for an examination of water infrastructure allocations, the projects undertaken, the work completed and whether that expenditure had improved service.

“Water is not a luxury. It is a basic necessity,” Penn stated.

He said roads and other public infrastructure required the same scrutiny, including checks on whether projects met their deadlines and budgets and provided value for money.

“We must also examine the approximately 100 million loan facility and other capital expenditure to determine what we financed, what was delivered, and what obligation the territory continues to carry,” Penn said.

The government signed the $100 million loan agreement with CIBC on October 31, 2024. The financing included $91.65 million for infrastructure and other expenditure, $7.91 million to refinance existing loan payments and $440,000 in transaction costs.

In September 2026, Premier Dr Natalio Wheatley said almost all the loan funding had been committed. He distinguished commitments from payments, explaining that contractors received money as work progressed. He also said projects required design, consultation and procurement before construction could begin.

Penn said borrowing itself was not the problem; the issue was whether expenditure produced lasting benefits. “We cannot measure progress simply by how much a government borrows or spends,” Penn stated.

He said assessments should instead consider road quality, water reliability, infrastructure delivered and improvements in residents’ daily lives.

Penn pledged to continue examining financial decisions through the committee and the opposition’s wider work. “The people deserve a clear account of where their money went and what it achieved,” Penn added.