BVI News

Premier details plan for $100M loan, tasking ministries to boost revenue

Premier Dr Natalio Wheatley.

As the government prepares to acquire a $100 million loan for infrastructure development and other projects, Premier Dr Natalio Wheatley has indicated that he will task ministries with identifying ways to increase revenue.

During a press conference today, September 30, Wheatley, who also serves as the Minister of Finance, announced that the $100 million loan received parliamentary approval on Thursday, September 25.

While responding to questions from the media about revenue generation, the Premier said: “I’m charging the ministries and also charging the finance to come up with a few areas where we have some revenue-raising initiatives.”

“We don’t want to hit our people in their pockets while they’re struggling, so we need to find ways to raise fees that don’t disproportionately affect the most vulnerable in our population,” the Premier added.

Wheatley also mentioned that many government fees have not been updated in 30 years and that these fees will be revised as a means of generating additional revenue.

Regarding the $100 million loan, Dr. Wheatley stated that nearly $54 million will be allocated to infrastructure, water, and sewerage projects. Specifically, he noted that $35.8 million will go towards road repairs, with additional funding from the Transportation Improvement Network Funds.

Funds will also be allocated for sewerage improvements in Cane Garden Bay and East End Long Look, totaling $3.9 million and $7.5 million, respectively. Additionally, approximately $8 million will be directed toward addressing water issues.

Over $31 million will be allocated to building and improving facilities, including the Ralph T. O’Neal Administration Complex, a residential facility for the homeless, and a National Detention Centre. Some of these facilities are designed to save the government money, particularly the Administration Complex, which is expected to reduce rental costs.

Furthermore, $6.5 million will be allocated to the Home Ownership project, and approximately $8 million will be used for loan refinancing.

In November 2023, the Premier first mentioned the need for the $100 million loan to address the territory’s critical infrastructure needs. This loan marks the largest in BVI’s history and will be repaid at a 6.5 percent interest rate over 10 years, with provisions for renegotiation after that period.

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17 Comments

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  1. Laura says:

    Unless a Monitoring Board is in place to object to any non-essential spending of these funds, this is a BAD idea!!

    This government has demonstrated that it lacks the maturity to manage any sizable amounts of money. They have demonstrated over and over that they act rashly and make impulsive decisions. While it is true that the BVI needs this money to advance and rebuild, the nation will pay a heavy price for many years if this government is not reined in.

    Otherwise, we risk being stateless and destitute. We must hold this government accountable. God save this nation of wasters!

    Like 17
  2. What!!! says:

    I am not a minister but I can sure tell you how to increase revenue.
    Stop traveling first class everything everywhere. Stop music fest / parties.

    Like 19
    Dislike 1
  3. Sir says:

    Tasking ministries to identify new revenue streams isn’t new.

    Like 7
    Dislike 1
  4. Wheatley Keeps winning says:

    The Premier is on an impressive trajectory, seemingly unstoppable as he accumulates victory after victory. His command of the political landscape is both evident and formidable.

    Like 2
    Dislike 18
    • @ wkw says:

      huh? The govt is assuming a loan thar will cost about $7-800,000 per month for the next 18 years. Where is this money coming from?

  5. ... says:

    BVI wasted away 1 million dollar one hundred times then borrows 100 million hundred dollars.

    Like 7
    Dislike 1
  6. Sir says:

    Tasking Ministries to find new revenue streams is nothing new.

  7. Stealth says:

    Typically, when the executive branch develop and bring a Project to the legislative ( House of Assembly (HoA)) branch for action, ie, debate, discussion, and decision, a funding source is identified before hand, ie, fees , taxes, unreserved funds, PsyGo.etc. Is the Premier asking ministers to do the following; “ Premier Dr Natalio Wheatley has indicated that he will task ministries with identifying ways to increase revenue.”, to pay for the loan? This is not the normal way; the funding source should be earmarked before hand.
    .

  8. FACIAL EXPRESSION says:

    is saying )> I told ya’ll I was a genius ah got me ah hundred MILLION to play with , wah ahh-yo envious haters gah
    say now ? Just watch yo boi do-E ting

  9. Building up others says:

    All our money going back to the cayman islands

  10. Y says:

    To me he looks like a gready boss

  11. The Hon, 6% says:

    Little hundred mil, Dat small pocket change in beweeeye man. What’s that funny % sign ? make no sense

  12. Show it says:

    What’s the actual apportionment? How were they derived? Many will take years to complete so how was inflation factored in. Leaving it out pretty much guarantees funds will be depleted before completion. Hard money bids will just mean the work will stop when the money runs out not when the job is done.

    OK, so you have $ 54m for infrastructure, water and sewerage (IWS). Not clear what is meant by infrastructure since $ 38m seems separately earmarked for road repairs. The piece also refers to $ 3.9m for CGB and 7.5m for Long Look, and another 8m for general water issue. Is that part of the 54m for IWS? if not, then the amounts mentioned add up to more than 100 mil. If they are part of the IWS, that really only leaves 34m for other IWS work. Govt just issued a $2.3m contract for improving 0.8 miles, so 58 m is not going far, or we get more of the same old shoddy work.

    There is also 31m for building repairs and facilities but it’s not clear how it can be concluded that these will save on rent since the note on the loan will be $ 1.1m/month based on 6.5% for 10 years. Works out to about $55/month ($660/year) per person based on an estimated 20,000 people working in the Territory. Or are we going to make visitors pay $13.2m per year?

    There is $6.5m for Home Ownership Project, whatever that is.
    Plus $ 8m to renegotiate loans (which loans) ! On top of the total $36m total interest under the terms given. That’s 8% of the value of the loan.

    Very loosy goosy, especially with no audited financial statements for the govt. It’ll be pork barrel for those well connected. The rest of us can look forward to paying more for less govt service.

  13. Where from? says:

    Can someone explain to me who we are borrowing this $100m from?
    Can’t see it ion this article, or anything article.
    Who exactly will be holding the BVI by the balls?

  14. Went and or is says:

    Taskingministriesandministers personally toshow where every went and oris.

  15. Went and or is says:

    Tasking ministries and ministers personally to show where every cent went and or is.

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