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'$50M loan agreement is not something you glance through'- Hon Christian

- frowns at not being properly informed about $50 million loan agreement before motion brought to HoA
Honourable Archibald C. Christian (AL), Junior Minister for Tourism, during the Fourth Sitting of the Third Session of the Third House of Assembly (HoA) on Thursday April 26, 2018, expressed that there must be an 'informal' meeting with all the members of the House to understand documents that needs approval in the House especially when it is debating something as important as borrowing $50 million from the Caribbean Development Bank (CDB). Photo: VINO/File
The budget estimates of 2018 revealed that the expenditures this year is more than the revenues, which has resulted in a deficit. In order to address this deficit the Government intends to borrow from Caribbean Development Bank (CDB) a loan not exceeding $50 million to be used as budgetary support for 2018. However, they are already lending the territory some $65 million in rehabilitation and reconstruction loan, to assist with recovery. Photo: finance.gd
The budget estimates of 2018 revealed that the expenditures this year is more than the revenues, which has resulted in a deficit. In order to address this deficit the Government intends to borrow from Caribbean Development Bank (CDB) a loan not exceeding $50 million to be used as budgetary support for 2018. However, they are already lending the territory some $65 million in rehabilitation and reconstruction loan, to assist with recovery. Photo: finance.gd
ROAD TOWN, Tortola, VI - Honourable Archibald C. Christian (AL), Junior Minister for Tourism, during the Fourth Sitting of the Third Session of the Third House of Assembly (HoA) on Thursday April 26, 2018, expressed that there must be an “informal” meeting with all the members of the House to understand documents that need approval in the House especially when it is debating something as important as borrowing $50 million from the Caribbean Development Bank (CDB).

The At Large Representative has in the past stated he was not going to support legislation brought to the House if he was not properly informed.

He said on Thursday, “I have been insisting that whenever we are going to debate very serious Bill or resolution in the House that we should have an informal meeting so that the 13 elected members, along with the Attorney General, so he can take us through the process so that we can clearly understand what is before us. I will continue to advocate for that to happen because if we are to continue to grow as a democracy then from time to time you have to make those changes so that the people of the territory can understand clearly what you are doing.”

Hon Christian added that members should not come to the House and just accept that because government brought a proposed legislation or motion to the House every member should “jump up and say yes” without understanding what is actually in the document.

"The money is not going to hit the streets tomorrow morning"

Meanwhile, the Junior Minister for Tourism pointed out that debating a $50 million agreement is not something that members should glance at for five, ten or fifteen minutes, while emphasising that he missed a lot of information that he could have shared intelligently with the public.

He explained, “Debating a $50 million agreement is not something that you glance through but in the essence of time I have to rise and support my Premier [Dr The Honourable D. Orlando Smith].

In addition, Hon Christian commented that borrowing the money from the CDB is “not going to be a joy ride” and the money will “not hit the streets tomorrow morning” but in fact, it will take several months before the government will have access to the money.

“I am going to be frank and open and honest with the people. We are not going to be in for a joy ride. It’s not going to be business as usual anymore. I agree with the Leader of the Opposition, the money is not going to hit the streets tomorrow morning. People believe that when we come in here and pass something today it’s a done deal tomorrow morning. It took over two weeks before the Governor assented to the Development and Agency Bill. It is going to be several months because all the dynamics of the loans still have to be worked out.”

"VI is a partner within the CDB"

Hon Christian mentioned that the Virgin Islands (VI) is not getting the $50 million loan because the bank is named the Caribbean Development Bank but because the Territory is a partner within the CDB.

He said, “They have been extremely generous to the BVI but it comes at a price. There is no free lunch when you go to the bank. This is a four and a half year loan, so we have to pay the bank back under certain terms and loans and conditions so that our credit rating is good and our reputation remains in tact.”

The budget estimates of 2018 revealed that the expenditures this year is more than the revenues, which has resulted in a deficit. In order to address this deficit, the Government intends to borrow from CDB a loan not exceeding $50 million to be used as budgetary support for 2018.

The Caribbean Development Bank is already lending the VI some $65 million in rehabilitation and reconstruction loan, to assist with its recovery efforts following the floods and hurricanes of 2017.

6 Responses to “'$50M loan agreement is not something you glance through'- Hon Christian ”

  • talking points (27/04/2018, 17:22) Like (8) Dislike (0) Reply
    VIP, New Party, or refurbished party, there is no more time to play around if you'll intend to campaign against the NDP Cartel; even Hon. Christian here refining and presenting favourable talking points. But as one blogger, "Agreed" declared, "Jimmy Cliff words of Action Speaks Louder than Words are surely ringing true in this place." Don't know if that will be enough to get him over this time around since his previous actions showed otherwise. Time to Launch!
    • To talking points (28/04/2018, 16:34) Like (7) Dislike (0) Reply
      I don't want to hear a thing from Archie and the rest of his colleagues. He and them sat there and allowed a plane that they knew would not fly go with $7 million among many other millions they allowed to go through the door. So excuse me if I am not happy because it seems like he's now awake.
  • father (27/04/2018, 18:57) Like (0) Dislike (0) Reply
    Vote your c
  • cay (27/04/2018, 23:35) Like (5) Dislike (0) Reply
    Archie better enjoy his last few months
  • ReX FeRal (28/04/2018, 06:57) Like (5) Dislike (0) Reply
    He explained, “Debating a $50 million agreement is not something that you glance through but in the essence of time I have to rise and support my Premier."

    So what is the rush Archibald?
  • Jimmy smith (29/04/2018, 14:14) Like (2) Dislike (0) Reply
    My friend Mr Christian you words make you an accomplice to a crime against the citizens who voted for you. You are willing to support blind like loyalty, god bless Hon Frazier who asked to see the information before the vote, NDP back bench and front benches are hypothetical enabling wimps who is leading us down the garden paths


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