We need hundreds of millions of dollars – Premier
Premier Dr Natalio Wheatley said the government will need hundreds of millions of dollars in loan funding in order to recover from hurricanes that devastated the territory six years ago.
“As it pertains to the direct figure of how much we need, it’s literally hundreds of millions of dollars,” Premier Wheatley said during a press conference yesterday when questioned about funds needed for recovery projects, outstanding infrastructure works, and capital projects.
Dr Wheatley did not specify an actual figure but said the Recovery and Development Agency (RDA) had a list of projects and there was a tentative number attached to those projects.
When pressed on whether the amount he will seek in loan funding would rise above $500 million, Dr Wheatley said he would look to borrow upwards of $100 million to continue the infrastructure works that have already begun for the territory.
“We still have a few schools that we have to [repair]. Obviously, we have to repair our road infrastructure, our water infrastructure, those things are going to be extremely expensive,” he added.
Premier Wheatley added that his government will seek to borrow as cheaply as it can with the United Kingdom’s support.
The Premier is expected to visit the UK with a delegation soon to attend the Joint Ministerial Council (JMC) between Overseas Territories (OTs) leaders and UK government ministers.
According to the Premier, JMC meetings will focus on reframing the relationship between the OTs and the UK, as well as the development of a new UK strategy for its engagement with the Overseas Territories.
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Bottom, borrow borrow. yuh now loans have to be paid back and debt is a road to ruin. Is a reason the UK don’t just give us money. Really we should be more fiscally responsible. Maybe not send a delegation in first class to Monaco and stop putting people on there govt payroll. We are blessed with a good economy with not one but two revenue streams- tourism & offshore finance. Fixing our infrastructure is a matter of priorities, of which our politicians lack the stomach to concern. Ah gone go back and sip me rum drink…
Also reducing the number of public servants (more efficient public service) helps to reduce costs and, surprisingly, save money!
When you go to the UK parliament to ask for financial help, they need to tell you to go back to the Virgin Islands and see how best you can manage you local finances! Stop renting to your buddies at absorbant figures, stop mishandling the people’s money for unnecessary spending and leave the social security for what it was intended for. Dismantle the ministers monies to suit you small community and stop living on the poor people while they continue to suffer in your presence. Your grandfather and father is ASHAMED of you!
Your government turned down the loan from the UK because you didn’t want anything to do with the UK but now every chance you get you kiss up to the UK because you don’t want them to take over.You are not doing a good job and the UK knows it so time will tell.
Sorry to say but this boi needs to go.
Agreed
Accidental premier has had his 15 minutes of self appointedness
When he’s in the UK he wants to borrow money and when in the BVI he wants independence. Perhaps he should stay in the UK forever!
These headlines never fail to crack me up. “We need hundreds of millions of dollars” with no context is so real.
The VI needs the money, invested in the Territory. We already had Billions pass through that did not get used to build a country with an infrastructure. Where is it all.
YOU just need access to millions to share with family and friends.
WE need to make sure that no millions are available to you until arrangements are in place to make sure all money gets to address the needs of the VI, and all the people, and not just a big share out for a select few.
Well fancy that! It’s shame we didn’t take the UK loan guarantee offer.
That would have been the cheapest way to borrow by far; and with the conditions that came with it, the money might have been spent properly.
The sad story is the BVI has just not recovered from Irma. COVID did not help nor did criminal elected/appointed government officials. Basic needs like roads, sanitation, clean water, safety, and most importantly education is just not being provided in any substantial way. All governments take loans and along with loans comes over site and responsibility, this is nothing new.
Who will lend to the Government? They don’t have recent audited accounts, or a credit rating, or proof of how the loan will be repaid! They have a huge and underfunded pension responsibility for Government retirees and a bloated and inefficient bureaucracy. Bottom line, they are not a bankable risk. Better to follow the advice of most of the comments above and cut costs to improve efficiency.
The Premier said it will take hundreds of millions to deal with the recovery from the hurricanes. Wow. What is wrong with Natalio? His government already spent hundreds of millions and we don’t see any improvements to justify the already large disbursements of our money. If this ineffective corrupt government is given hundreds of billions of dollars it won’t be enough because it will just be squandered amongst the greedy croonies. The money is spent BUT NO VALUE. This is the common practice of this government. A change is absolutely necessary.
IS SAYING )> MMMMMMMMMM AH GOTTA GEH MAH HANDZ ON SOME * BREAD * *
Pay for his land and house that he wants it to pay for..duuh.Plus the other stuff
all he needid is 2 loaves of bread do like what our Lord did the he can feed the whole country ( we all are waiting this fantastic miracle , sir ) we are really hungry, and am too ashamed to go on the street and BEG
Stop the invisible abuse and heisting of public funds into private accounts and pockets.
Pay all increments immediately. Give all retirees a piece of mind by giving them their increments so they can finally live day of cotentment.
Stop. abusing the retired and eldrly, as there is day in the future waiting for all of all yo, not just us.
Be very careful how you treat people, we are all God’s children.
And, whatever you unrithteousness you ut on others and have them bare will come back on you and yours for generations.
Be reminded you and some of them in every aministration in this land education, Human Resource and all the others. Do good and keep your spirit clear.
didn’t someone say watch me spend?
If you guys stop dipping in the peoples ATM to cover your expensive first class plane tickets and 5 star accommodations it will help save money. Your home girl and her boy toy is in Paris savoring CROISSANTS, MACARONS AND CROQUE MONSIEURS AND LAYING UP IN A FIVE STAR HOTEL ON THE TAXPAYERS DIME. Hope she brings back some useful information that will benefit the Territory after all the eating and laying up on the taxpayers dime in PARIS AND LONDON.
DON’T FORGET ABOUT BAGUETTES.
We need contractors who build roads not make patchwork fix. A long term plan to redesign the roads, drainage, underground electric cables. So its a one time job not an annual refix.
The roads need designing and crossroads put in safe places. A power plant that works 24/7 and town water that reached the people houses.
Its 2023 not 1823 were living in.
Get the loan but make a plan and get it right once.
You would swear Hon. Wheatley was not the Deputy Premier in the Andrew Fahie Administration. He blamed Andrew Fahie for rejecting the loan guarantee when he supported the rejection. Play the tapes people and listen to him. He, Wheatley, played a significant role in the deep crisis we are in. Same for Wheatley in the 9th and Kye. They were all in cabinet! So to come to us now like you were not the one who rejected the loan is disingenuous, and plain out deceit. You have no call leading this country. None!
He ain’t just say the other day after the non stop concert we ain’t broke and money is there? So why we have to borrow lol
BUT I HOPE THE UK DENY OR NOT APPROVE THE LOAN. MORE MONEY FOR THE POCKET STUFFERS AND THE CRONIES WHO IS GETTING PAID TO KISS BEHINDS.
GOOD FOR Y’ALL!
You see, this country has had BILLIONS, flowing many years ago; much more than its share, to take care of infrastructural development. The monies, were given to to cronial contractors and “Bahn here” ineptitudes, WHO MANY OF YOU KNEW, couldn’t do the work!
And instead of hiring COMPETENT, off island corporations, that would have been responsible to the people, what we now have is, a country in shambles.
..And we wonder, WHY, the rise in cancer, and all other sorts of communicable diseases..
WE NEED, hundreds of millions,PREMIER, as long as COMPETENT and properly educated engineers, architects, and builders- familiar with island construction, and the necessity of ghuts and mangroves continuity, and so forth- KNOW HOW, will be given an opportunity to do business here..
Until then, for perpetuity, this discussion will be ongoing, and perhaps fruitless!
The main issue with the economy is people taking money out of it and sending back to Islands like the DR. Let’s say the economy has 50,000 dollars circulating in it and everyday people take a 1000 out of it through sex shops, bar, etc. It would only take 50 days to deplete that money circulating within said economy. The only thing keeping this economy going is tourist which my guess is the main outside source of money coming into the economy. People from the DR have ways to send money out of here without it being taxed at all. With apps like Cashap and Venmo. Find a way to either tax peoples stay from islands that can double may triple the exiting money that would leave this island or else the economy will continue to have a economic issue.
It’s sad to see the Bvi needing to borrow to rebuild. While politicians and others fill there pockets, with tax payers and industries gains. We need a trump to remake the Bvi. We need to make the BVI great again. This island sucks in all aspects. This island is only populated because of the usd. Other than that the government isn’t making this island more livable rather it’s making it unlivable. Fix y’all selves before tens of thousands leave this shit whole. It’s only a shit whole because it’s under bad management for decades.
So I say no to borrowing, I say that we Cn afford our own problems once money is managed appropriately.