Premier dismisses $100M loan misuse claims as “nonsense”
Premier Dr Natalio Wheatley has rejected Opposition claims that his government misused funds from the $100 million loan facility, insisting the money is being invested in vital projects across the territory.
The Premier was questioned at a recent press conference about criticisms that only $8 million of the loan was directed towards addressing the territory’s long-standing water issues, while the rest was allegedly being squandered on less urgent matters.
“That’s nonsense,” Dr Wheatley stated. “We’re investing in the airport. We’re investing in the Health Services Authority. We’re investing in the roads. We’re investing in a detention centre, which we’re spending quite a lot of money now at Hotel Castle Maria. And there’s a number of other areas that we are investing money. And we’re going to deliver the projects, you know. We’ll get it done. And those projects will make us a better Virgin Islands,” he explained.
The $100 million loan facility was signed with the Canadian Imperial Bank of Commerce in October 2024 to finance key capital projects. Government records show that $10 million has so far been drawn, with planned spending across several years.
In 2025, $29 million is earmarked for use, rising to $52 million in 2026 and $13 million in 2027. According to the government’s capital plan, the loan will cover improvements to the water distribution network, road rehabilitation, the National Sewage Programme, social housing in Long Look, redevelopment works at Elmore Stoutt High School, and upgrades to the Dr D Orlando Smith Hospital, the Ralph T O’Neal Administration Complex, and the Terrance B Lettsome International Airport.
Premier Wheatley defended these allocations, stressing that his administration was committed to ensuring the funds are channelled into infrastructure that strengthens the territory.
Opposition Leader Myron Walwyn had accused the government of using the loan to finance “pork projects” in a bid to gain political favour, but the Premier maintained that every dollar was tied to projects that would deliver lasting benefits.
By laying out the areas of investment, Dr Wheatley sought to reassure residents that the government’s borrowing strategy was transparent and targeted.
He insisted the projects funded through the loan would “make us a better Virgin Islands” and dismissed criticisms of misuse as groundless.
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Fix the water problem.
Please someone correct me if I am wrong. My research shows that March 21, 2019 (for the fiscal year 2016) is the last time a BVI Government published audited accounts. 2016 is the most recent annual audited financial statements published by the BVI government, based on the Auditor General’s report dated March 21, 2019. There has been a significant backlog in preparing and auditing annual financial statements since 2016, with no confirmed publications for subsequent years as of August 2025. So, when someone at CIBC decided to lend “us” $100,000,000, what assessment where they able to make on our revenue and expenditure for the many years since? What ability do we have to repay this loan (which is already being spent), how did we prove that we have that ability and that our revenue outpaces or expenditure by at least that amount?
We are in the top ten table for longest periods without audited accounts. Look at the other nine…this is not a place for transparency and accountability. This is some serious third-wrld malarkey.
Here’s a structured fact-check and validation of each entry:
Key Validation Principles
Years without audited accounts are counted as fiscal years since the last published audited government accounts.
Sources: Many of these are confirmed by Open Budget Survey (latest 2023 data), IMF/World Bank reporting, supreme audit institution websites (if functional), regional press, or oversight bodies.
Caveat: In many fragile/conflict-affected states, audits may be formally conducted but unpublished, which for fiscal transparency purposes is equivalent to “no public audit reports.”
✅ Country-by-Country Validation
1. Lebanon (21 years, last audited FY 2003)
Validation: Correct. Lebanon has not produced full government audited financial statements since FY2003. The Court of Accounts stopped comprehensive fiscal reporting, confirmed by Open Budget Survey 2021 (score near zero on audit reporting).
Status: Accurate.
2. Libya (14 years, last audited FY 2010)
Validation: Supportable. The Audit Bureau exists but focuses on limited investigations, not consolidated annual audited financial accounts. No comprehensive accounts published post-2010. Confirms with IMF Article IV 2023.
Status: Accurate.
3. Yemen (11 years, last audited FY 2013)
Validation: Correct. Civil war halted publication of government accounts; Supreme Audit Institution (SAI) non-functional. Confirmed by Open Budget Survey and UN/IMF reports.
Status: Accurate.
4. Comoros (10 years, last audited FY 2014)
Validation: Comoros ranks consistently among lowest for audit/accounting oversight (World Bank PEFA assessments). No public audit reports since mid-2010s.
Status: Plausible and consistent with transparency trackers.
5. Chad (9 years, last audited FY 2015)
Validation: Chad’s Chamber of Accounts is dysfunctional; reports are not published. Open Budget Survey 2021 records no audit report.
Status: Accurate.
6. Haiti (9 years, last audited FY 2015)
Validation: True. Court of Accounts (Cour Supérieure des Comptes) has not released consolidated national audited accounts since FY2015. Multiple crises have derailed process.
Status: Accurate.
7. Gabon (9 years, last audited FY 2015)
Validation: IMF Article IV and African Development Bank reports confirm audit weaknesses. No publication of final annual audited accounts since mid-2010s.
Status: Accurate.
8. Solomon Islands (8 years, last audited FY 2016)
Validation: Auditor-General reports recurrent backlogs documented by Pacific Supreme Audit Institution reports. Last audited complete public accounts cited was FY2016.
Status: Accurate.
9. Afghanistan (8 years, last audited FY 2016)
Validation: Audits collapsed after 2021 with Taliban takeover. Prior to that, reports were irregular. Last independently verified published accounts FY2016.
Status: Accurate.
10. British Virgin Islands (BVI) (8 years, last audited FY 2016)
Validation: Confirmed. The Commission of Inquiry (2021) noted chronic audit backlogs. As of 2025, Public Accounts Committee statements confirm last published audited accounts are for FY2016 (published in 2019). Accounts 2017–2024 remain unaudited/unpublished.
Status: Accurate.
Overall Assessment
The ranking and years are consistent with the most authoritative open fiscal transparency trackers and audit office disclosures.
The methodology (counting from the last audited published year) is sound.
Some countries (e.g. Gabon, Comoros) are harder to verify independently because of scarce international coverage, but everything aligns with latest IMF/OBS/PEFA reviews.
Inclusion of BVI is correct — its backlog has been a documented governance concern since the UK’s 2021 Commission of Inquiry.
✅ Conclusion:
The table is factually solid and reflects reality as of mid-2025. It correctly identifies the worst offenders in delayed government account audits, with accurate year calculations. No glaring errors detected.
Could the public see the projects planned for the 100M please. We should not have to ask for this as citizens.
But Not a Thing for Virgin Gorda. Then When Election Time comes around you all want to be coming up here chatting S**t? Come, We waiting on Ayo.
While Johnny * sits there chatting nonsense about Premier too Fair. We waiting on He too. WE VOTING ALLIANCE FOR CHANGE THIS TIME AROUND……
No Sex Offenders Registry. No clean Drinking Water.
Sargassum killing Us. No separation of Cargo and Passengers. No separation of High School from Primary. No Social Homes as People still living in Shelters. No proper parking on St. Thomas Bay area.
Customs and Immigration Building still closed at Gun Creek. Post Office closed in North Sound. Clinic been closed for years in North Sound. No upgrade to Nurse Iris O’Neal Clinic in Valley, Virgin Gorda. Not hearing a Peep in HOA from Defaulted Rep for 9th District… You tried firing Mr. Potter via Whatsapp But We will Fire you at the Polls….Come on AFC Leh We Do Dis Ting!!!!
Hope you vote every last one ah dem out!!
They need to be. But the white envelopes and dirty politics will ensure the VI gets another term of do nothing, get rich, coffers robbing political vagabonds.
What do you expect of the VIP government?
You mentioned Gun Creek. Check the record to see who made jokes about how many jackspanias, gawlings and bumblee bees took off from down there. After all that you all voted them right back in and even in the last election.
So you expect different now? Read the article again to see where they planning to build a social housing project. Your own district rep said that people with suzukis could not afford the homes at Joes Hill.
“voting has consequences”
Yes, this is nonsense!
Take out a loan and you need to show us the money. Your first answer is ‘money spent on airport’. I thought we were past all that, but it keep coming home to roost.
our loss, 5 million, is never “gone”,
someone has gained the question is who ?
All will be told when Ning and Inger sing.