Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news to:newsvino@outlook.com;                               ads call 1-284-440-6666

UPDATE - CDB's $15M loan approved, announces Premier Smith

A team which consisted of representatives from the Department of Disaster Management (DDM), Town and Country Planning and Public Works were accompanied by Dr. James Joyce, an Engineering Geologist and Land slide expert from the University of Puerto Rico, Mayaguez to assess the aftermath of Tropical Storm Otto in 2010. Photo: GIS
GUN CREEK, Virgin Gorda, VI - The Territory's Premier revealed today, May 18, 2012 that he has received a letter from Henry Bellingham, Minister of Overseas Territories, indicating that the $15.7M Caribbean Development Bank (CDB) loan has been approved by the United Kingdom Government.

During an official ceremony to declare Gun Creek the newest port of entry, Dr. D Orlando Smith stated he received the letter on Monday, May 14, 2012.

The Virgin Islands (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. It was approved by the House of Assembly on July 14, 2011.

According to Premier Smith, “The government is grateful of the loan and it is evidence of the mature relationship the government has with the Her Majesty’s Government in just a matter of months.”

Hon. Fraser had wanted answers on CDB loan & VI borrowing

In an article published earlier this morning, Third District Representative Hon. Julian Fraser RA had demanded answers of the status of the CDB loan.

“I have not heard in the news or anywhere from the Premier if we are now in a position to borrow? I have not heard that… I have not heard about the $15.7M that we got approval from the CDB and this House to fix our infrastructure,” he had declared during the May 10, 2012 House of Assembly Sitting.

Over the past few months, the Third District Representative had asked about the loan since Premier Dr. D Orlando Smith’s speech last December touched briefly on it.

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.

However, Hon. Fraser during “Other Business” last Thursday, pointed out that it would be foolhardy for “us to continue to believe that we can make it through this recession with our hands tied behind our backs and rely on the financial services for the money that it brings in. That is not acceptable.”

He stated that members of the House have to find the means to get out of the mess that “we are in”.

“…and the burden lies with the sitting Government. The opposition will work with the Government to make the economy grow because it cannot survive with what I see out there.”

23 Responses to “UPDATE - CDB's $15M loan approved, announces Premier Smith ”

  • Vision (18/05/2012, 07:55) Like (0) Dislike (0) Reply
    NDP needs to let us know whether we can now borrow in order to get on with the business of the people. This practice of keeping the territory in constant suspense, and hoping for a miracle is not going to work. I can't wait to hear the truth about this so called Protocol
    • Truth Is (18/05/2012, 08:15) Like (0) Dislike (0) Reply
      According to my understanding, the government cannot borrow because they have over extended the borrowing guide lines. There are certain guide lines which a government has to adhear to when borrowing and they have to stay inside a certain percentage of their annual expected revenue. Our government has far exceeded that percentage and cannot borrow on our own..the queen would have to sign and guarantee any loan the government takes and she is not about to do that.
      • BVI lawyer (18/05/2012, 12:38) Like (0) Dislike (0) Reply
        My understanding is that all EXTERNAL borrowing has to be approved by the UK, but INTERNAL borrowing does not (which is why the Government loved to borrow from the Social Security fund). There was some confusion over whether a loan from CDB was external or internal, and eventually everyone agreed it was external and needed to be approved.
    • Janet Williams (18/05/2012, 08:22) Like (0) Dislike (0) Reply
      the truth about the Protocols is out!!!!! they do have to send their budget to the UK!!!! well saw
    • jackspratt says; (18/05/2012, 08:34) Like (0) Dislike (0) Reply
      Thats real transpearancy!!
      • farmer brown (18/05/2012, 10:59) Like (0) Dislike (0) Reply
        sorry say again?
        • facts man (18/05/2012, 21:54) Like (0) Dislike (0) Reply
          see see see the same loan that Smith, Kedric, Christopher and Malone voted against? Now Malone is out on his head, Christopher there fighting for opposition leader and Pickering realy do not want to be around Myron and Mark with there old school show and poor Dr. Smith just doing what they tell him to do..... Ralph, Fahie and Fraser who voted for this loan got rewarded by the people they won their seats!!!!! look foresight and vision by those VIP guys but you will never hear that from the NDP paid bloggers.
  • Iron Lion (18/05/2012, 09:29) Like (0) Dislike (0) Reply
    HAHAHAH!!
  • game on (18/05/2012, 09:44) Like (0) Dislike (0) Reply
    u guys still on this protocol thing,u beating a dead horse. It was either send it to UK to edited (put in and remove what they want, or deny it entirely and send it back to the drawing board) or creat a document mind you where we would still be under scrunity but not at the previous level....either case its not good....but in all honesty i would choose the latter casue u have some form of flexibility. Any decent virginislander with the right mindset would comprehend this. tis no longer the good old days with the good old boys saying yea casue u support my party I going give you $100,000 to cut bush when it cost $25,000. thats done....next time dem try that somenbody going go jail or held accountable.
    • World Vision (18/05/2012, 10:43) Like (0) Dislike (0) Reply
      You are talking about bush cutting, we are talking about running a country where people's lives are at stake. This thing is not just about whether a Budget goes to the UK or it doesn't go, frankly we would have been better off sending it if we would have avoided all these restrictions I see in this protocol. We have to be able to borrow, else we will be in deep shit. Dr. Smith needs to let us know. Before he took office in 2011, and before he left office in 2007, we were in breech of the borrowing guidelines and needed permission from the UK to borrow. So he needs to come clean now and let us know what the deal is. Can we now borrow the $15.7 million? Is the question.
  • GOAT WATER (18/05/2012, 10:02) Like (0) Dislike (0) Reply
    time so hard we can do with the 15 million now to help the dying ecconimy
  • Iron Lion (18/05/2012, 12:33) Like (0) Dislike (0) Reply
    Fraser it was approved, Doc buss deh news this morning haha! How he going talk about it if he was in negotiations with the UK? there is a time for everything. You couldnt get it but now we got it, go take a seat let the grown folks fix the place. Where is critic? did he finish paying those lawyers?
    • virgin son (18/05/2012, 18:18) Like (0) Dislike (0) Reply
      No they should be thanking the VIP for this loan as we had NDP two cow birds voting against it now they talking fart about it was approved because of their relationship...Please!!!! we sick of these lies we shall never be fool again!
    • tell the truth (18/05/2012, 18:45) Like (0) Dislike (0) Reply
      TO IRON LION: After Dr. Smith voted against the loan and calling the VIP RECKLESS TODAY ORLANDO IS SPINING IT...what a big hypocrite and political opportunist but crookery is what I call it!!!
      • Iron Lion (18/05/2012, 19:55) Like (0) Dislike (0) Reply
        Doc voted against it because he realized it made no sense, the UK would say no until they did something about the guidelines. Doc and his team tackled the borrowing guidelines and financial protocol that's why they got the money. you all wonder why locals are not getting anywhere it's because of wilful ignorance like yours. Just close your eyes and believe what you want to believe. It doesn't matter who you support, common sense is common sense. VIP went for the loan knowing UK won't approve it, they knew it. What is all the hoopla about? You playing ball and have a 24 second shot clock you shoot before it run out not wait until the buzzer and say why the stupid game didn't have 30 seconds instead.
        • RTO is the man (18/05/2012, 21:21) Like (0) Dislike (0) Reply
          many of you all should be praying to Ralph, Fraser and Dancia for how they have prodently managed our money that is why the UK could have say go ahead. This has nothing to do with the NDP truth be told. the UK realized because of the stable and good work of Ralph T. ONeal and his government the BVI was left in a postion dispite the lies by Dr. Smith and his spin doctors that they will be capable of servicing this debt. We should rename the BVI Ralph T. ONeal Islands because he has served us well dam well if you all ill be honest!!!!!
  • One Eye Roster (18/05/2012, 17:02) Like (0) Dislike (0) Reply
    YOU ALL NEED TO THANK UNCLE RALPH AND FRASER AND THE VIP FOR HAVING THE VISION TO HAVE MONEY FOR NDP TO GO WASTE NOW
  • talk girl talk (18/05/2012, 17:29) Like (0) Dislike (0) Reply
    yes fraser thanks for keeping teh NDP on them toes...what a strong oppestion a force to recond with!
  • ------------------------- (18/05/2012, 18:08) Like (0) Dislike (0) Reply
    is this the same loan that Smith and Pickering voted against??? shame on them I sticking with my VIP all the way as they have vision
  • ooooo (18/05/2012, 21:29) Like (0) Dislike (0) Reply
    this is crookery...the 2 doctors who voted against this same money, now laughing at us
  • bird watch (19/05/2012, 10:05) Like (0) Dislike (0) Reply
    Thanks hon fraser or forcing the ndp to tell the people the truth!
  • match (19/05/2012, 10:23) Like (0) Dislike (0) Reply
    Well the VIP got the loan so it means the UK trust the good negotiation skills of the VIP…I am sure if the NDP had negotiated this loan the UK would have never approved it…so all in all, the UK don't trust the NDP!!
  • ooooo (19/05/2012, 21:12) Like (0) Dislike (0) Reply
    NDP eating the fruits off the seeds VIP planted


Create a comment


Submit comment

Create a comment

Submit comment
Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.