BVI News

Premier optimistic BVI will still receive UK loan guarantee

A section of Tortola. (BVI News photo)

Despite moving into the third year since the United Kingdom offered to become a loan guarantor to the British Virgin Islands, Premier Andrew Fahie said he is optimistic that the people of the territory will still benefit from the offer.

Responding to questions from Third District Representative Julian Fraser on Tuesday, the Premier said the conditions of the UK’s £300 million loan guarantee offer is still being negotiated.

“I can’t say anything about the plan going forward because we are very optimistic that we would be able to work out the areas of concern in the terminology with the conditions because most of them have already been,” Premier Fahie said.

“So I say I can’t say as yet but we are very optimistic that things will work out in favour of the people of the Virgin Islands,” he added.

The Premier said that following the meeting held between officials from the BVI and UK last year, among the things agreed between both parties was for the BVI to submit a revised version of the territory’s Recovery & Development Plan.

That revised version has since been submitted along with other requested information to the UK.

Fahie, in the meantime, said his administration was recently advised by the former UK Minister responsibly for Overseas Territories, Lord Tariq Ahmad that, “having received the necessary submissions from the BVI government, the UK government’s technical team is evaluating the contingent liability checklist.”

He said the checklist is used by Britain’s treasury to ascertain whether the UK should proceed with the proposed loan guarantee offer.

“This, in layman’s terms, is equivalent to assessing the BVI’s creditworthiness, our ability to meet our obligations to the population, to repay existing and new debts, among other things,” the Premier explained.

Loan guarantee isn’t guaranteed 

In the meantime, the leader of government business reminded residents that the offer is not set in stone.

“It never was. And this is something that your government has been saying constantly while some persons were trying to drown us out saying, “hurry up and take the money,” Fahie stated. 

He continued: “There is no money sitting down idly waiting for us to just grab up and spend. What is actually before us is an offer by the UK government that if the BVI passes the UK’s contingent liability tests and fulfils other stipulations, it would consider providing the guarantee for the BVI to access bank loans which the BVI taxpayers will have to repay.”

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14 Comments

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  1. true says:

    then he is in for a shock, no loan guarantee will be given 3 years later when they have a BVIslander in charge of where the funds will be going, this ship has sailed.

    Like 10
    Dislike 5
    • @true says:

      You are so correct. Plus the government seems not to be paying attention to the global financial markets. In the wake of the coronavirus who in the right mind would give such a loan. There is clearly a disconnect between the government and reality.

      Like 4
      Dislike 1
  2. BVI Pride says:

    It is with such disheartening to see what my BVI has become. These politians have turned the BVI into a “gimme gimme” society.

    I can remember my days growing up with pride and self-reliance for oneself.

    I have said it many times before “Leave deh people dem money alone”.
    stop beg!
    Stop beg!

    Damnit get some pride and dignity like what we had before

    Even in our broke days we never beg… we just do without and still transformed the BVI

    Like 6
    Dislike 5
  3. Dman says:

    Big shock when the Government found out they have to actually pay back the borrowed funds,

    Like 7
    Dislike 3
  4. MAYBE says:

    It might be a blessing in disguise that we have not committed to this arrangement. The way things are going we probably will not be in a position to repay the loan. The world seems to be heading downhill rapidly. It would be wise to think long and hard about major financial commitments.

  5. Frigup says:

    Take de loan and pay it back when you can. Just negotiate a good interest rate – like 0.02% per annus.

  6. UK National says:

    As a UK national I would not give this pathetic corrupt place a dime

    Like 4
    Dislike 1
    • Filledwithpride says:

      And, UK National, you need to haul your tial to your home and live in one of your 100 year-old flats. The Arabs and Indians have you running from your blessed Uk? Well, when the 7 years of famine comes, we don’t want to feed you, so keep running till you go back in the caves of Europe with the dogs and wolves. This time the Moors wouldn’t pity you. A lot of us have read and understand who you really are.

  7. UK says:

    Leave this pathetic place to
    Fend for its self. We could use the money in our nhs

  8. @UK National and UK says:

    Both of you do not know or do not want to recognize and or accept the followig facts:

    1. We, the Black Vislander, are a resiient people.

    2. We transformed our territory from nothing to what it is today.

    3. After the greedy english slave monger, who could not make a shilling from our free labour anymore, and who did not pay us a shilling in four centuries for making him rich, left us in this “pathetic place,” in this “corrupt place” to eat rock stone, dirt and sand, drink sea water and pennyless, while he took all his blood slave profits back to UK to cretae his banking and industrial revolution, we survived and thrived!.

    So we understand the mentality and twisted non-human psychology fueling your comments.

    However, history has proven that we are a reilient people, and we have and will make it on our own.

    So yes, the quicker you both leave with your racist hateful mentality, the more peaceful and spiritual vibes will flow through our “pathetic place.”

    Terrence B. Lettsome has flights leaving everyday. Get on one. We will be better off in your absence. You will not be missed, just as your slaving, greedy, murderous, hateful ancestors were not missed when they left us to starve for a 150 years ago.

    Sooo, bye!!

    • Gohome!! says:

      Best response to those UK nationals. They believe we are asleep and did not read our own story instead of “his” “Story.” Beginning with Columbus, all of lied, lied, but we have awakened from our slumber. They cannot hold down the original man. Why are they on here commenting anyway. They should be commenting in the Daily Mail. Somebody forgot to give those misfit wood-slavers colour. Can’t get our melanin, poepah.

  9. Ha! UK and UK national says:

    We the people nor the country need your blood money to survive. See ya!

  10. Hey dude says:

    What have the UK and the white race done, in good human spirits and conscience, economicaly, socially, educationally and psychologically, to bring the BVIslander, these appropriated lands, and the Black race this far? We await the answers. @K and UK Naional.

  11. Gohome!! says:

    Best response to those UK nationals. They believe we are asleep and did not read our own story instead of “his” “Story.” Beginning with Columbus, all of lied, lied, but we have awakened from our slumber. They cannot hold down the original man. Why are they on here commenting anyway. They should be commenting in the Daily Mail. Somebody forgot to give those misfit wood-slavers colour. Can’t get our melanin, poepah.

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