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Discussions on CDB loan to resume

Premier Smith said discussions on the CDB loan will resume after the National Budget is completely passed. Photo: VINO
ROAD TOWN, Tortola, VI- Discussions between Her Majesty’s Government (HMG) and the Government of the Virgin Islands (VI) on the much debated loan, which was approved for the Virgin Islands by the Caribbean Development Bank (CDB) is to resume after the passing of the Territory’s budget.

The 2012 National Budget has been passed in the House of Assembly, however, Governor Boyd McCleary still has to consent to it.

“We have not continued the discussion on that as yet, we are going to continue with that after the budget is passed,” Premier Dr. D. Orlando Smith told reporters yesterday March 27, 2012 at a press conference in the Premier's Office.

The VI, under the then Virgin Islands Party (VIP) administration, had requested a US$15.67 million loan from the CDB for a natural disaster management project, which was designed to assist the VI in rehabilitating infrastructure damaged by Tropical Storm Otto, while reducing risks associated with heavy rainfall.

The loan was approved by the Board of Directors of the CDB at the 41st Annual Meeting of the Board of Governors which was held in Trinidad and Tobago at the Hyatt Regency on May 25 and May 26, 2011.

However, Premier Dr. D. Orlando Smith in a speech made on December 6, 2011, had claimed that the Territory’s breach of the borrowing guidelines had resulted in the CDB loan needing to be approved by Her Majesty’s Government (HMG). “As of today we do not have that permission. But I am confident that my Government’s commitment to prudent financial management as we go forward will help us to address the concerns of the Foreign and Commonwealth Office and secure this approval,” Premier Smith had said.

According to the CDB, this assistance would have three main components – rehabilitating and reconstructing road and drainage infrastructure to internationally acceptable standards; providing institutional strengthening by conducting a drainage assessment for storm-water flood risk reduction in the Road Town catchment area, and providing assistance for drafting regulations pursuant to the Physical Planning Act, 2004.

6 Responses to “Discussions on CDB loan to resume ”

  • critic (28/03/2012, 09:16) Like (0) Dislike (0) Reply
    these same cr@@ks voted against borrowing this same money
  • mother hen (28/03/2012, 09:22) Like (0) Dislike (0) Reply
    I am confused by this loan
  • Man Down (28/03/2012, 10:42) Like (0) Dislike (0) Reply
    They voted against it yes, because it was TOO LITTLE!!! They voted against it because you all squandered almost that amount on NONSENSE and still borrowed such little money! The loan should've been to consolidate existing debt and to be able to carry out infrastructure works. A loan for about $30mil would've been sufficient. Now that the country's cash flow is strapped and CDB already approved the loan, they will noow take it. why not?
    • the real goal (28/03/2012, 23:13) Like (0) Dislike (0) Reply
      NDP looking $$$$$ to go run there campaign next time around
  • taxpayer (28/03/2012, 10:52) Like (0) Dislike (0) Reply
    A dollar saved is a dollar gained. How can this Government justify asking for the release of the $15.76 million dollars when they are giving away approx. $4 millions to big buisnesses including the super markets who are under no obligation to pass the savings on to the customers. Ronnie with his piss about increasing departure tax should first investigate why the passenger boats and the local cargo boats are paying not a darm cent iin Harbour Dues. All those yellow barges over at Port Purcell tied up and mashing up the dock and paying not one red penney. If I was the owner of Tropical Shipping or a Cruise Ship operator I would stop paying and take the Port to court. This crap needs to stop.
    • U sure? (28/03/2012, 11:58) Like (0) Dislike (0) Reply
      Are you sure Tropical pays all its fees? Do they pay for when a trailer is on the port for weeks upon weeks? Check again!


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