No green light for CDB loan this year?
Premier Dr. D. Orlando Smith OBE, speaking to the media on Tuesday November 29, 2011, disclosed that discussions on the CDB loan are on-going between the UK and Virgin Islands (VI) Governments and are expected to continue when a UK delegation visits in January 2012.
The $15.7 M loan, which was intended for the repair of roads and other infrastructure, was approved by the CDB earlier this year; however, it awaits the approval from the United Kingdom for it to be accessed.
“That is actually an on-going discussion between the Ministry of Finance and the United Kingdom Government. I cannot mention any more about that except that there is an on-going discussion about those funds,” Hon. Smith said.
Asked why the UK Government has not approved the loan as yet, Premier Smith said “as you know the borrowing guidelines have certain requirements for borrowing and those requirements were breached... and hence the need to have on-going discussion to be able to access those funds”.
Questioned as to when he foresees the discussions to come to an end, the Premier said he was sure that when the team arrives in January “we will continue those discussions”.
Premier Smith also said he would be making a national address on the state of the Territory’s financial condition in a “few days”. “We are just completing our initial assessment and I am making a statement based on that.”
Meanwhile, the Territory’s leader described the meeting with Henry Bellingham MP as “very cordial”.
“He was understanding with our situation and they are willing to work with us to seek alternative ways of fiscal recovery and I think very willing to see the BVI as well as the other Overseas Territories continue to prosper...I firmly believe that by the end of last week we had set the right tone in the UK-BVI relationship that will serve us well going forward....There is of course much more ground to cover with the UK but as I said at the beginning this was an excellent start and I am very encouraged by the outcome of the visit,” were some of the statements made by the Honourable Premier on his return from the Overseas Territories Consultative (OTCC) meeting, which was held from November 23-24, 2011.
Honourable Smith’s delegation to the UK included Financial Secretary Neil Smith; Assistant Secretary for External Affairs in the Premier’s Office Najan Christopher; elected representative for the eighth district Marlon Penn; advisor Lorna Smith, OBE, and from the BVI London Office, Director Kedrick Malone and Political Analyst Benito Wheatley.
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