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A Virgin Islands Treasury note - Part A

November 30th, 2019 | Tags: Dickson C. Igwe Brexit Virgin Islands economics
Dickson C. Igwe. Photo: VINO/File
By Dickson C. Igwe

A Virgin Islands treasury note for specific projects is an effective means of finance and development, in a world of low-interest rates. A Virgin Islands Bond, well managed and trusted, could become legal tender for business deals internally, and on the international money and stock markets.

Now, this Old  Boy was at the lunch table with his Alma Mater and flamboyant buddy, on a brilliant and sunny Friday afternoon, in Road Town, British Virgin Islands. His friend is an ‘’hotelier extraordinaire,’’ and well-known financier in these parts.

Both men attended the same business school in West London, obtaining Higher Diplomas in Finance and Management, although they never met while living and studying in London until they migrated to the luxuriant and majestic British Virgin Islands. Such are the mysteries of life.
OK. The talk was all politics.

This writer’s ‘’cosmopolitan’’ friend was very pleased with political developments in the territory. The man is a great supporter of the Virgin Islands Party.

This Old Boy suspects that his love for the Incumbents is unlike a number in his demographic, Caucasians with 10 figure incomes—multi-millionaires—and great pals of one former ‘’Virgin Islands Senator’’ who has gone into early retirement, enjoying the ‘’high life’’ with his ‘’rich white friends’’.

The belief that a ‘’specific demographic ‘’ is in love with the National Democratic Party is a ‘’Fairy Tale.’’ There are hundreds of the 9% - professionals and business types earning $250K and above- who make up this voting bloc, but who are fanatical supporters of the ‘’incumbents.’’

A look at the comments on the online news can leave the incorrect impression that a specific demographic dislikes the incumbents. That is invalid. There are hundreds of expats and Caucasian residents who are very supportive of the Virgin Islands Party.

Enough said! ‘’Jack the Bohemian’’ was hugely impressed with the level of economic growth at street level. “The Trucks have started to roar loudly, and at greatly increasing decibels Dickson,’’ He quipped, in his perfect ‘’Queen’s English.’’ He stated that he was pleased with the quiet but effective way the country was being governed.

‘’ Things are happening, at last, my Dear Man.’’ He smiled from ear to ear. His eyes glowed and sparkled, in a newfound faith, as he looked up to the heavens. His cash tills at his restaurants were obviously ringing in rhyme. Hotel bookings were clearly on the up and up.

He elegantly brushed his silvery mane back in a well-practiced manner, his hand readied, for grasping at the glass holding an ice-cold sparkling white, deposited on the table by the divine Guyanese Waitress.

The ‘’great conversationalist" is clearly a Virgin Islands Patriot with a great love for natives, who he employs in droves. A constant piece of banter between the two old friends at bars and restaurants the length and breadth of the territory are the goings-on with staff at his business: their affairs, idiosyncrasies, and other ‘’unmentionables.’’

The one deficit: he is also a ‘’Rabid Brexiter.’’ That great divide between this Old Boy Europhile and ‘’Democratic Socialist’’, and his cultured and urbane ‘’right-wing’’ English friend, has not caused any rift in their friendship: ‘’buddy-hood.’’

The subject at the lunch table was Prospect Reef, and an idea he had on his mind for financing big projects in the territory, without the headaches.

To be continued.

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3 Responses to “A Virgin Islands Treasury note - Part A”

  • ABC (30/11/2019, 11:46) Like (1) Dislike (0) Reply
    I much agree
  • E.Leonard (30/11/2019, 12:38) Like (2) Dislike (0) Reply
    The structure of budget process should be reformed; there should be two budgets to authorize and appropriate funds annually: operations and maintenance; capital. Government issuing general obligation and revenue bonds are a win-win for government and residents. General obligation (GO) bonds are funded/repaid by the full faith and credit of government while revenue bonds are funded by the project in which the investment is made, ie, a water project is funded by water revenues. Residents are looking for other investment opportunities while government needs capital to invest on capital projects, ie, roads, schools, water, sewage, telecommunications, gas, drainage, tourism, health, recreation.........etc. Residents having the opportunity to invest on local projects creates a multiplier effect in the economy, local investing and rebuilding the territory. Perhaps the Financial Services agency can be tapped to manage the bond programme, paying out interest and repaying principal.
  • Diaspora (30/11/2019, 14:40) Like (1) Dislike (0) Reply
    The banks charge sky high interest rate/APR on loans but pay a pittance well below inflation on checking and savings account. The poor and long suffering customers need other options. This GO and Revenue bond tiny sounds like an opportunity to kill two birds with one rock stone. You increase the earnings on your likle saving and invest in the territory at the same time. Nice! Are we getting worked up for nothing. By the way, anybody have any info on the Tortola Pier Park(TPP) Special Purpose Vehicle(SPV).

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