Refusing UK’s multi-million loan guarantee was a big mistake
Sixth District Representative Myron Walwyn has described the BVI’s refusal of the UK’s loan guarantee offer as a “monumental blunder.”
After the 2017 hurricanes, the UK refused to give the BVI funds but offered to stand as a guarantor if the BVI chose to borrow up to £300 million (approximately US$400 million) to assist with rebuilding critical infrastructure. The offer was on the table for years after it was initially made by the UK. But recently, Premier Natalio Wheatley revealed that it was no longer an option for the BVI.
Speaking in the House of Assembly on July 13, Walwyn said refusing the loan guarantee offer was a big mistake made by local leaders, amid the increasing cries for improved services and public infrastructure across the country.
Walwyn also commented on the supplementary budget that elected leaders have approved, saying it isn’t enough to fix the infrastructural problem and doesn’t reflect the Premier’s recent statement that the territory is doing well financially.
“A mistake was made, a monumental blunder was made. Not accepting that $400 million loan guarantee was a monumental blunder. I hear the Premier saying we have money, we’re not broke but I’m not seeing that reflected in this budget as much as we should to fix the things we need to fix,” Walwyn stated.
He also bemoaned the state of the roads saying the government needs to commission the new asphalt plant as soon as possible. Walwyn also added that the government is failing miserably at providing adequate infrastructure . As such, he said the BVI isn’t reflecting the ‘luxury’ destination that it advertises.
“We market the BVI as a luxury destination. That is what we go out and tell people. But the reality is that when they touch down at Beef Island and drive down, we are giving false marketing. When you say you are a luxury destination, there are certain simple, rudimentary things people expect to see. And the reality of it is we are failing miserably at it and we are still holding our heads high and calling ourselves a luxury destination. It is false! When they go out on the water — absolutely we are! But on land, we are failing miserably,” Walwyn stated emphatically.
The cries for improved infrastructure as well as better water and electricity services have grown louder in recent times. Premier Wheatley has stated that the government is doing its best but will have to borrow to deliver the upgrades people have been asking for.
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THE OPPOSITION NICE
he needs to stop he just looking for our money to do more corruption…I not going jail with you
Yes it was.
Hindsight is 20:20.
It was pretty obvious after the hurricanes of 2017 that the Territory’s cash reserves were low. In fact, it should have been obvious before, assuming reliable financial statements were available, and that govt was able to read and understand them. There is also the issue that government financial statements were not audited for something like a decade. That in itself should have sounded fire alarms.
Wheatley says the govt will have now to borrow money. Problem is interests rates are much higher, and the govt has a poor record of financial management, let alone paying its bills. That will limit lenders who’ll want higher interests rates to cover their risks, or else they’ll be lenders with ulterior motives.
Refusing the loan guarantee was a financially sound decision. I would support any Premier who holds this mindset. Our territory was not built in 1 day and recovery from such a disaster followed closely by the pandemic compounded the length of our recovery period. People let’s think for ourselves. A loan guarantee was of no benefit to us, we would be even more in a whole during and after the pandemic if we were unable to make the payments. Imagine the cussing locally and bad mouthing in UK press it that occured. It would have made the COI report recommendations feel like a splinter in our flesh.
I could conclude that the UK knew all along about the money scheme of V.I.P and refused to give UK people hard earn tax dollar to water on breast reduction and non stop party, and decided a loan guarantee is you BVI people pay for your leaders wastage and thievery, since the church and CSC are in on the scam.
You are not a native virgin islander, so you wouldn’t understand
Agree. Tortola like a third world country. Plenty money has flowed through the govt but all stolen and spent on ministers and public officials big houses. This place is so small and so toxic. Nothing will change until people stop thieving and putting themselves first over their brothers and sisters.