Gov't seeking to make it easier for public servants to access loans
This is according to the post-meeting statement of the Cabinet Meeting held on October 9, 2019, where members acknowledged that legal doctrines ought to be created to simplify the borrowing process.
While many jurisdictions offer government loans where money can be borrowed directly from a government agency, this system proposes the establishment of private government-approved lenders to provide financing.
Legal Framework
According to the statements, Cabinet "Agreed that a legal framework should be established between Government and financial institutions where public officers can borrow money," it said.
It continued, "and direct payments are made to those financial institutions to repay the loans and other financial transactions on behalf of the public officer," the statements said.
While no timeline was provided for the establishment or drafting of the framework, it is expected that loan repayment will be deducted directly from the salaries of public servants by the government.
Virgin Islands News Online (VINO) reached out to Premier and Minister of Finance, Hon Andrew A. Fahie (R1) for the timeline on the creation of the legal framework; however, no response was received up to publication time.
22 Responses to “Gov't seeking to make it easier for public servants to access loans”
Government can you please next address the number of loans being turned down by good old National Bank. They behaving like a foreign commercial bank now.
Try that and don’t worry come saying you have no savings and don’t qualify.
the banks in this manner. It smells unethical..
you are such a blasted moo moo. Where did you see government backing private loans? it said that Government employees will have a better chance of getting loans. It also said that the payment will be deducted from their salaries so that payments are made.
What about borrowing (a restricted amount) against your vested social security account. Afterall, not many will live to see the funds anyway and by the time you get it if you live, inflation done eat into it? If you dead before retirement age, you only get the death benefit portion, nothing else
I am Cara , currently living in Cork, Ireland . I am a widow at the moment with Two kids and i was stuck in a financial situation in October and I needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Co-operative Runs by a man of God a private loan lender who gave me a loan of 80,000euro and today am a business owner and my kids are doing well at the moment, if you must contact any firm with reference to securing a loan without collateral , no-credit check, no co-signer with just 2% interest rate and better repayment plans and schedule, please contact Mr. Dante Paola via email: dantecooperativehelp@hotmail.com He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more. You can contact him through his email: dantecooperativehelp@hotmail.com for quick chat call or whatsapp/ +35677926593
Thanks
Cara