Premier Dr Natalio Wheatley recently revealed that loan negotiations with the UK government have been going well, adding that those talks will yield results before the end of the year.
At a recent press conference, the Premier said he will give updates during his annual budget presentation on efforts to secure favourable loan terms from the UK government.
“We have been in direct talks with them (UK government) and those talks will yield fruit as early as the budget, which will be presented and passed before year end,” the Premier told political commentator Cindy Rosan.
Premier Wheatley has been open about his government’s intentions to get more favourable borrowing terms in order to get loans needed to fix the territory’s failing infrastructure.
But he has never given a definite amount that he intends to secure. Recently, Dr Wheatley stated that the territory will need “hundreds of millions” in loans. While addressing the Premier at the press conference last week, a member of the media told him, “the fact that you’re unable to say what kind of funding you need is a little concerning, the number on the table was $400 million. Is that what you’re looking to borrow?”
In response the Premier reiterated, “we’re gonna borrow what we can afford to pay back and those figures will be presented in the budget. Of course, you know we have ratios as it pertains to borrowing but the United Kingdom has been flexible as it pertains to the ratios,” the Premier stated.
With the growing frustration over the state of public infrastructure, residents will be watching the budget presentation closely on November 21, to see how the government plans to spend on infrastructure upgrades.
During the budget presentation, the Premier is expected to give an overview of the territory’s performance over the last year and spending plans for 2024.
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