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Full breakdown of $65M CDB expenditure ‘coming soon’- Premier Smith

- Opposition Leader makes another call for breakdown
February 9th, 2018 | Tags:
Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL) has said a full breakdown of how the $65M loan secured from the Caribbean Development Bank (CDB) will be coming soon. Photo: VINO
Opposition Leader Hon Andrew A. Fahie (R1) has been spearheading calls for a breakdown of how the $65M loan from the Caribbean Development Bank (CDB) will be spent. Photo: VINO/File
Opposition Leader Hon Andrew A. Fahie (R1) has been spearheading calls for a breakdown of how the $65M loan from the Caribbean Development Bank (CDB) will be spent. Photo: VINO/File
A damaged road and sea defence in Carrot Bay, Tortola, two days after the passage of Hurricane Irma on September 6, 2017. According to Premier and Minister of Finance Dr The Hon D. Orlando Smith (AL), $4.5 million of the $65M Caribbean Development Bank loan funds will be used to repair roads and sea defence at Carrot Bay. Photo: VINO/File
A damaged road and sea defence in Carrot Bay, Tortola, two days after the passage of Hurricane Irma on September 6, 2017. According to Premier and Minister of Finance Dr The Hon D. Orlando Smith (AL), $4.5 million of the $65M Caribbean Development Bank loan funds will be used to repair roads and sea defence at Carrot Bay. Photo: VINO/File
ROAD TOWN, Tortola, VI- Amid public calls, spearheaded by Opposition Leader Hon Andrew A. Fahie (R1), for a breakdown of how the $65M loan from the Caribbean Development Bank (CDB) will be spent, Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL) has said a full breakdown will be coming soon.

Premier Smith, speaking with reporters at the Office of the Premier, Central Administration Complex on Wickham’s Cay I, Road Town, Tortola on February 8, 2018, also noted that over $8M will be spent in the First District, which is represented by Hon Fahie.

The Virgin Islands Party Chairman, Hon Fahie, while delivering his Annual District Report on Sunday January 21, 2018 at Capoon’s Bay, had said, “I am calling on the Minister of Finance and I demand that within seven days he give a detailed breakdown of how the $65 million loan from CDB will be spent! How it will be monitored! And give us the names of each of the members on the Board who will be charged with monitoring the Fund.”

Another request for the loan breakdown was made to Premier Smith, this time via a letter by Hon Fahie dated February 7, 2018.

“It is something I will respond to. As a matter of fact the Minister of Education has made mention of some of the things already and so I will basically develop that further,” Premier Smith said when asked whether he had any intentions of responding to Hon Fahie’s request.

According to the Minister of Finance, it was not practical to give a full breakdown any earlier because certain projects needed to be determined and fine-tuned.

“…so it’s a process and once that is secured then the government and the various departments and the ministries will determine what will be done. It is difficult to put out approximate figures. In fact, it is wrong to put out approximate figures because you raise expectations. If I put out these figures, then you have to still go and put out for bids [and] that is when you get the right figures coming in.”

Premier Smith, however, declined to say how soon he would give a full breakdown.

More than $8M of CDB loan for First District

Giving an overview of how some of the monies will be spent, Premier Smith disclosed that more than $4.5 million of the funds will be used to repair the roads and sea defence at Carrot Bay.

$5 million, he said, will then spent on the West End and Road Town ferry terminals, adding that some $4 million will be spent on the West End terminal alone.

$4 million will go towards a new building for the Department of Disaster Management (DDM) and $8.75 million will be spent on education.

Non-disclosure violating Protocols for Effective Financial Management- Hon Fahie

Meanwhile, Hon Fahie in his letter on February 7, 2018 to Premier Smith, stated that while it is agreed that as a Territory we cannot stand still in our recovery and development efforts post Hurricanes Irma and Maria, it equally must be agreed and ensured that all procedures and processes in so doing can withstand the test of time in the areas of accountability and transparency.

“Both Government and the Opposition have the equal responsibility of ensuring that no stone would be left unturned in the pursuit of good governance at each step of the recovery and development phases. As Leader of the Opposition and as a member of the House of Assembly I must disclose and highlight that there continue to be increasing calls by the public for a detailed breakdown of the intended purpose conveyed in writing to CDB in the request of the $65 million loan secured on behalf of the people of the Virgin Islands.”

According to Hon Fahie, both the original and the enhanced Protocols for Effective Financial Management dictate that all loans request shall be fully disclosed to all members of the House of Assembly.

“As this procedure was overlooked, as Leader of the Opposition and as the Chairman of the Public Accounts Committee I request that the following information be furnished:

a) The detailed breakdown of the approved allocation of the loan funds granted by CDB.

b) A detailed breakdown of how the said fund has been or will be spent subsequent to being approved by CDB and by the House of Assembly.

c) All terms and conditions of the loan inclusive of repayment amounts.

Please be guided accordingly as I await receipt of this information on behalf of the people of the Virgin Islands within seven working days of the date of this correspondence.”

8 Responses to “Full breakdown of $65M CDB expenditure ‘coming soon’- Premier Smith”

  • wize up (09/02/2018, 11:54) Like (3) Dislike (7) Reply
    What about gun crime(s)
    What about those unsolved killings

    I guess the main focus is “the money”

    What a country!!!!!
  • zzzzzzzzzz (09/02/2018, 13:36) Like (25) Dislike (0) Reply
    Break down he'll no, how we going get to thief more
  • peewee (09/02/2018, 16:01) Like (16) Dislike (0) Reply
    And what about a breakdown of our money for the last 7 yrs?
  • One word (09/02/2018, 16:40) Like (15) Dislike (0) Reply
    Corruption
  • NezRez (09/02/2018, 16:57) Like (8) Dislike (0) Reply
    No matter the so called breakdown, they will be over inflated for pocket allowances. We know what they do, all of them.
  • brent (09/02/2018, 22:53) Like (2) Dislike (4) Reply
    With so much damage done to our islands, we need to account for every penny being spent. So much can get done if money will be used appropriately. The thieves need to now have a conscience admitting they have taken too much and stop the stealing. But alas, just watch, they have no conscience. Each political group want to get their hands on our money and we can’t stop them. They smile in our faces with no shame and all I can think of is, I wish I could smack those grins off their faces.
  • Choops (11/02/2018, 12:30) Like (0) Dislike (0) Reply
    Not a penny on the main roads..
    smh!!
    Bvi less..
  • Boo (11/02/2018, 22:49) Like (0) Dislike (0) Reply
    Full breakdown of the money on the Pier Park and BVI Airways please while you are at it.

    In fact full break down of the last couple years of government spending. I mean audited financials.

    Howse about that?


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