Premier seeks UK exemption on debt ratios for airport expansion
Premier Dr Natalio Wheatley said his government has asked the United Kingdom to exempt the Virgin Islands from sanctions to breach its debt ratios as part of plans to expand the Terrance B Lettsome International Airport.
Dr Wheatley confirmed he has written to the UK government seeking clarity and support for the multimillion-dollar project, which aims to boost the territory’s economic development and tourism potential.
“As it pertains to what we hope to be supported on by the United Kingdom government, I’ve written to the United Kingdom government, and one of the matters that I’ve raised with them initially, as it pertains to support for the airport expansion, has to do with ratios,” Dr Wheatley stated.
He explained that the runway extension would cost “several hundreds of millions of dollars,” which would put the territory beyond its permitted borrowing thresholds.
“Based on our ratios, we would fall outside of our ratios as it pertains to debt. So one thing that we are seeking from the United Kingdom is confirmation that those won’t be considered a breach of the ratios,” he explained.
The BVI’s borrowing limits are governed by the Protocols for Effective Financial Management, an agreement between the UK and the territory that sets strict fiscal rules, including debt-to-revenue ratios. The arrangement requires approval from the UK’s Foreign, Commonwealth and Development Office (FCDO) for large public sector loans or guarantees.
Dr Wheatley said discussions are ongoing with the UK about how these protocols affect the Virgin Islands’ capacity to fund major infrastructure. “We are engaged with the United Kingdom as well as it pertains to the protocols for effective financial management and how they affect our ability to be able to engage in economic development as we seek to expand our economy,” he added.
The Premier did not disclose a specific timeline for the airport project or the source of financing, though he recently met with potential investors in ports and infrastructure while in the UK.
The airport expansion has been a long-standing goal of successive governments to accommodate direct international flights and larger aircraft, but it has faced repeated delays due to financing constraints and concerns about the impact on public debt.
The Ministry of Finance has not yet announced how the exemption request will be assessed or whether approval will be granted by the UK
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This all been done in SECRET?
Still no report?
CRIMINALS
What do the words TRANSPARENCY and ACCOUNTABILITY mean to our DICTATOR.
The airport should be expanded on the basis of demand. This will bankrupt the country.
It will be a loss leader. Let us see the report/ business case.
Ultimately, it comes down to who will pay for the expansion. Airport fees are already very high, and the public does not want to pay for it. Borrowing money is easy; repayment is another story
UK also needs to tell you all give back the money you all allegedly gave to family, friends, and boyfriends.
When this boy making these decisions why we the people don’t have our input?
Best start learning Chinese language because they will own the BVI soon. They will finance and build (poorly) the airport and when gubmint defaults on loan, they will seize lands that are written in to finance contract as collateral. The Chinese know what they are doing, these local moo moos have not a clue and grab at anything shiny dangled before them. Anyone want to bet CSC gets a consultancy contract on this deal? Just wait.
The UK will never sanction a Chinese run airport project.
Ye, see Aguuilla, Jamaica and õthers.
You guys really think the UK will approve a $300m Airport and not get their guys to do it?? LOLOL!!!!!
$300 million – I’ll be a monkey’s uncle. Double that.
@vg resident – borrowing isn’t as easy as you think. And since we never signed on to the UK’s financial guideline protocols after hurricane Irma it’s unlikely they will grant an exception to our debt ratio. It’s simple- the UK sees us as a corrupt and opaque jurisdiction.
There he goes again with more pie in the sky proposals. Maybe a music concert in honor of the Foreign Office(FCDO) and its Protocols for Effective Financial Management will bribe them enough for an exemption!
That train is already gone
Use the Kartel.money
The Asian bank money
Donate back the greedy bill money
The millions for stimulus package
The 5 million you cannt account for
Add that and you will get a hefty exemption
If not, The Airport won’t finish and half the money will disappear these so call leaders love and worship money like how old people love and worship Jesus. Remember they foolishly deny the 300 mil because they couldn’t do what they want with it. Britain don’t trust them, rightfully so.
Just eat some humble pie and request the British Royal Engineers to do the runway expansion, as they did many years ago.That would save money.