‘Too many lies from Premier Smith’- Hon Fraser
Hon Fraser and Second District Representative Hon Melvin M. Turnbull were the only two legislators to vote against the Bill while Fifth District Representative Hon Delores Christopher was the lone member absent. The Bill received a 10-2 vote with one absent.
Too many lies
In a statement today, March 29, 2018, Hon Fraser said his vote was based on the fact that he can now say without a shadow of doubt, that the constant arguments made by the Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL) that the United Kingdom (UK) Government had insisted upon the establishment of an Agency was a lie. “Because it was the Premier who offered up to the UK this Agency with all the conditions, conditions to which myself and many in his own government objected to. Evidence of this fact came to me moments before the vote was taken.”
Hon Fraser added that the chronology of events satisfies his earlier opinions that the Premier has acted based on the interest of his advisors, and not in the interest of the people who elected him.
Consequently, Hon Fraser opined, we now have a law that is not intended to serve those who need help most.
“If I was to use a Quote from the letter of November 8th, from the Great House which states: ‘Over the last month, I have met with Governor Jaspert, Premier Smith, Dr Pickering, Caribbean Heads of State, Representatives from Inter-American Development Bank, the World Bank and International Monetary Fund.’ And follow it with what the Premier is communicating days later: ‘Discussions are already underway with Caribbean Development Bank to secure a rapid recovery loan and a policy based loan.’ And with the Premier further expressing a desire to tap into capital markets, and the European Commission. You will see the bias towards International Borrowing. Nowhere does our Local Lending Institutions feature.”
More lies from Dr Smith?
Hon Fraser explained that he opposed the unilateral focusing on International Borrowing for reasons of “onerous terms and conditions” which eventually serves to reduce the actual amount of proceeds going into the project for which funds are borrowed. “Also, the procurement requirements which often mandates foreign competition, as opposed to borrowing locally where such is not the case. And besides, you will be investing locally.”
The Opposition Member remarked that he can now say, without fear of contradiction, that the Premier lied on Thursday, March 22, 2018, in the House of Assembly when he was asked what had transpired since reaching out to the Social Security Board (SSB) and local banks as possible sources of funding.
“…and he said he had gotten no response, not even from the SSB, that I don’t believe him. This I can say based on information I became aware of moments before the vote was taken.”
Of course, we need money!
Hon Fraser continued that no one opposing the Bill was under the illusion that the Government of the VI doesn’t need to borrow money and substantial sums at that.
“What we oppose is the fact that these funds can be obtained locally and the Premier chose to go International, and subject the territory to unnecessary restrictions, and obligations. The UK has already acknowledged borrowing from the SSB when in a statement, it says: ‘Her Majesty Government recognises that the SSB can play a key role in the development of the BVI economy by investing in Government and Parastatal Capital Expenditure Projects. This is set out in the SSB’s Statement of Investment Policy and Guidelines which targets 20-30% of its Pension Fund to be invested in such socio-economic loans.”
Consequently, Hon Fraser stated, the VI and UK Governments agree that Government and its Parastatals shall be able to undertake borrowing from the SSB up to a total value of 30% of the SSB Pension Fund without the +need for explicit UK approvals”.
“The last update I got showed that the SSB’s Pension Fund was at $632 million, which means the Government can borrow up to $190 million, minus any previous outstanding amounts. That by any standard is a lot of money. Currently, the Development Plan indicates that loans will amount to $221 million.”
The veteran legislator said his argument is that a combination of local institutions can easily reach this goal. “Borrowing Locally is a local investment. It adds to GDP, creates jobs, and serves to grow our economy. Borrowing Internationally takes money out of the country in the form of Loan Fees, Interest, and the stipulations to include International entities.”
Not all documents were released
Meanwhile, Opposition Leader Hon Fahie had said that Premier Smith had “caved” and released ‘essential documents’ to Members prior to the vote on the recovery agency bill.
This, however, was refuted by Hon Fraser, the former Opposition Leader.
“For the record, he did not release any documents based on any prior request. The document obtained from the Premier pertaining to this Bill was a document he used in his Presentation of the Bill and was forced to share it when I intervened on a Point of Order mandating that he share the Document. No other Document was given to satisfy any concerns members had.”
Hon Turnbull a man of ‘courage & conviction’
Hon Fraser also had some words of encouragement for Hon Turnbull and Hon Christopher, who both opposed the Bill, although Hon Christopher was not present at the time of the vote.
Hon Turnbull has been labelled as brave and principled by some while others have criticised him for his decision.
But, according to Hon Fraser, he owes a great deal of respect to the Hon Turnbull “for his courage and conviction.”
“For there’s a young man you can go to battle with and not have to worry about where he stands. Also 5th District Representative Hon Delores Christopher, who has gained the respect of many in the territory for her love of country and willingness to fight for its people, I owe her my respect as well.”
.png)
.png)
.png)
Follow Us On
24 Responses to “‘Too many lies from Premier Smith’- Hon Fraser”
Irma caught all of you sleeping because she left you all with so much dust in your eyes that you cant tell fact from fiction. He and his wife selling everything from under you all. Politicians let you all see and know what they want but they wouldnt tell you all about the back door deals they making with China when L**((( over here in the Cayman