Premier details plan for $100M loan, tasking ministries to boost revenue
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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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!
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.
Tasking ministries to identify new revenue streams isn’t new.
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.