‘We have no other option. If we leave it we will sink’- Premier Smith
During the conclusion of the debates of the Third Sitting of the Third Session of the Third House of Assembly (HoA) on Monday, March 26, 2018, Premier Smith told the House that the Virgin Islands (VI) has “no other option” but to accept assistance from the United Kingdom (UK) or else the territory “will sink”.
He emphasised, “We cannot do this recovery on our own. We have been offered help and the UK wants to help us through this guarantee but we must decide whether to take it or leave it. I believe that we have no other option. If we leave it we will sink and I don’t think any of us would consider doing that to the people of this territory.”
Some of the members of parliament during their debate expressed that they are not against having an agency and board but they did not agree with some of the terms and conditions that were stipulated by the UK and strongly emphasised that some changes need to be done before they can vote yes to the bill.
The UK offered the VI £300 million or US$400 million in loan guarantee but in order to get access to it, the VI government must pass the Virgin islands Recovery and Development Agency Act 2018 which allows for the formation of an agency and board to manage the finances solely for the rebuilding process.
“I don’t think we should delay any further”
Meanwhile, Premier Smith said the legislation needed to be passed before April 1, 2018, or they will miss the opportunity to receive the loan guarantee.
“We have to take it but then we have to look at the conditions and we have been looking at them and we will continue to look at them this afternoon (March 26, 2018). I am sure that we all want what’s best for the BVI so that the BVI can get into a position where we can have monies available to be able to take forward the recovery and development of this country,” said the Minister of Finance.
The Premier then reiterated that the money being borrowed from the UK guarantee loan will not be borrowed all at once but incrementally. “We will not be borrowing $400 million onetime but borrowing incrementally, borrowing when we need it.”
The leader of the territory further mentioned that his government will keep a close eye on the recovery of the territory’s main pillars: tourism and the financial sector while noting that it would be “irresponsible” of the government not to “act now” on the UK loan guarantee.
Premier Smith urged, “We need help and we need it now. I don’t think we should delay any further.”
The Bill is expected to be voted on this week and passed.
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