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'VI needs greater access to funds to successfully recover'- Premier Smith

October 21st, 2017 | Tags: hurricane Irma devastation recovery CDB loans
According to Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL), the Virgin Islands (VI) needs greater access to funds to successfully recover after Hurricane Irma. Photo: VINO/File
Hurricane Irma devastated the Virgin Islands on September 6, 2017. Photo: VINO
Hurricane Irma devastated the Virgin Islands on September 6, 2017. Photo: VINO
ROAD TOWN, Tortola, VI- “My meetings in Washington DC were positive and secured confirmations from partners such as the CDB and the EU to support finding responsible ways to fund our recovery,” stated Premier and Minister of Finance Dr The Honourable D. Orlando Smith (AL) on October 19, 2017.

Premier Smith, along with former Finance Minister, Hon Ronnie W. Skelton (AL), the Minister for Health and Social Development, last week attended several meetings in the United States that were part of the World Bank’s annual meeting.

The meetings, according to Premier Smith, was on an invitation facilitated by the United Kingdom government. 

Need greater access to funds

“Throughout those meetings and discussions, I continued to make the case that despite our middle to high annual GDP, the Virgin Islands needs greater access to funds to help us successfully recover from this disaster,” Premier stated.

The Virgin Islands was left in a state of devastation following the passage of Hurricane Irma on September 6, 2017.

Premier Smith continued that his administration sees a responsible mix of grants, and affordable borrowing as the best way forward to fund the Territory’s reconstruction.

“Based on the initial plan from the newly formed Disaster Recovery Coordinating Committee, government is looking at critical areas of our economy and development and identifying the best funding options. Central government funds from our disaster, reserve and relief funds will help with immediate relief, road clearings and government operations.

“Funds from insurance coverage will assist across sectors in the redevelopment of both public and private properties. We are seeking to utilise grants and donations that have been pledged and some already received for relief and response efforts and supporting health initiatives.”

It was stated that grants from international partners will help with the reconstruction of schools, agriculture and fisheries industry, and health services.

“We will also be seeking financing on concessionary terms to develop our primary infrastructural needs further and providing housing for residents,” Premier Smith stated.

Meanwhile, there are reports that Government is debating whether to lay off staff or cut civil servants pay.

19 Responses to “'VI needs greater access to funds to successfully recover'- Premier Smith”

  • question (21/10/2017, 14:28) Like (19) Dislike (2) Reply
    What happened to all the money we had in the treasury?
  • Thanks caucus (21/10/2017, 14:43) Like (15) Dislike (1) Reply
    Thank god Ronnie went with him as doctor s knows zero about finance
  • concern (21/10/2017, 20:00) Like (19) Dislike (2) Reply
    I am asking the UK for the sake of the residents please to not let the PREMIER handle anymore money to develop this place . He lies so much even when the truth is in his face he still tell lies. Even though we are suffering we cannot forget the wasteful spending and the money they cannot give account for. I hope and pray that we recover without any problem from now on.
  • Oversight Needed (22/10/2017, 01:01) Like (16) Dislike (2) Reply
    Please Governor...appoint an independent oversight board to administer the funding, whether grants or loans, to be sure controls are in place as well as parity in spending and issuance of any needed contracts. The taxpayers deserve good stewardship and financial reporting.
    • Doc My Sympathy. Too soft (22/10/2017, 08:33) Like (2) Dislike (0) Reply
      Its hard Doc. U have my Sympathy. U all moving too soft as a government though having these foreign companies. doing what they want. Rite Way can fix up those 3 damage stores and have them restock in 2 weeks if they want to but they are glad for the excuse and u all buying their stupid story. Think of the amount of revenew government losing from Rite Way who can afford to do better done with this layoff cut back nonsense. What happen to the millions Haycraft left for the staff pay out that didn't happen ? Time to give these insurance companies some phone calls. They crawling. These are things that with government intervention can make things little better... Why is this Government so soft?
  • Tonic watcher (22/10/2017, 06:39) Like (12) Dislike (0) Reply
    I suggest Jaspert forms a seperate division where he controls the finances coming in. We don't need them blowing the money on crazy schemes now, we need someone who knows what they're doing!
  • Yes (22/10/2017, 07:09) Like (0) Dislike (0) Reply
    You would think in a time like these they will do what's right. Stop donating and send the resources because this government is not easy.
  • enough (22/10/2017, 08:00) Like (2) Dislike (0) Reply
    The sleeping Premier lies too blasted much.
  • 3.3 billion. Wow. (22/10/2017, 08:24) Like (1) Dislike (0) Reply
    Divide 3.3 billion by 18 thousand adults. No adults in the BVI would need a Job. That's a lot of doe.
  • rattie (22/10/2017, 09:32) Like (0) Dislike (0) Reply
    What we need is an election the ndp plus hurricane irma is too much to bear bottom line!
  • Sawda (22/10/2017, 13:06) Like (4) Dislike (0) Reply
    With all the planned borrowing,where is the money coming from to pay back the money..I will advise the world not to lend this NDP Government any money.Tell the World consult with Governor John Duncan..He will tell the real story about the NDP Gussie just come he don't know those snakes yet..
  • Serpico (23/10/2017, 12:50) Like (1) Dislike (0) Reply
    le t them politicians and their big business friends put back the stolen and missing funds to rebuild the darn virgin islands.
  • John (24/10/2017, 06:01) Like (0) Dislike (0) Reply
    Some of the same people who are claiming that the UK is going to enslave us, are now running to the world bank and international monetary fund for money. I wonder who do they think will enslave us more?
  • Candi (25/10/2017, 14:18) Like (1) Dislike (0) Reply
    We had so many pressing issues and could not hear from the Premier because he was fast asleep. Money is in the air and he is wide awake. Welsa


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