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Financial Secretary Jeremiah G.A. Frett supports adjusting borrowing ratio

VI Financial Secretary Mr. Jeremiah Frett has called for a review of the negotiating ratios between the Virgin Islands and the United Kingdom. Photo:Government of the Virgin Islands
Frett emphasized the importance of Virgin Islands government officials being in the UK to discuss protocols and ratios, especially as the Virgin Islands is petitioning the UK government to adjust these ratios.Photo:Internet Source
Frett emphasized the importance of Virgin Islands government officials being in the UK to discuss protocols and ratios, especially as the Virgin Islands is petitioning the UK government to adjust these ratios.Photo:Internet Source
LONDON, United Kingdom– Financial Secretary Jeremiah G.A. Frett has called for a review of the borrowing ratio in the Protocols for Effective Financial Management signed between the Virgin Islands and the United Kingdom.

He made this appeal during an exclusive one-on-one interview with Karia J. Christopher, Director of Communications, at the Joint Ministerial Council (JMC) meetings in London last week.

According to the Protocols, the government of the Virgin Islands can only borrow up to 80% of its recurring expenditure. This has prevented the territory from accessing much needed finance for hurricane recovery and development projects.

VI petitioning for adjusted ratios

Frett emphasised the importance of Virgin Islands government officials being in the UK to discuss protocols and ratios, especially as the Virgin Islands is petitioning the UK government to adjust these ratios.

‘’Currently, especially some of the ratios, the number of things that the government wants to implement, there's not sufficient money to be in compliance with the ratios. So, we are having discussions with the UK government to adjust the ratio that allows us more flexibility to introduce or implement needed projects,’’ he added.

Airport development critical

He also mentioned the critical importance of the airport development project for the territory. “The airport is essential not only for tourism but also for financial services and for residents' ease of travel and leisure,” he noted. 

From an economic perspective, Frett stated that the airport would create new business opportunities and expand existing ones in sectors such as tourism. “Once we build an airport, you will see improved development, increased investment, and greater interest from locals in establishing hotels, boutique accommodations, and other businesses that service the tourism sector.”

Airport development will drive economic growth

Frett emphasised that the development of the airport would lead to economic growth. “However, the discussions we are having regarding the airport focus on the business case, as developing such a project is a process. There is a planning stage, followed by design, and we also need to develop a comprehensive business case that requires approval from the UK government. The airport development of this magnitude will necessitate a significant amount of funding,” he added.

“Given the current structure of the ratios, this project will likely exceed those limits," Mr Frett stated.

11 Responses to “Financial Secretary Jeremiah G.A. Frett supports adjusting borrowing ratio”

  • Supports… (01/12/2025, 15:51) Like (13) Dislike (3) Reply
    He supports what he’s told to support. Don’t frame it as if he has a choice in the orders handed down by his “boss”.
  • BuzzBvi (01/12/2025, 17:11) Like (16) Dislike (1) Reply
    What affected borrowing was the the VI would not borrow the $300,000,000 that the UK would guarantee because the VI was not prepared to make guarantees that the money would not disappear on corrupt practices.

    That continues to be the case here. The Government continues to diappear our money without any accoutns or transparency and this sycophant wants to sign up and disappear $Billions more without us ever seeing the SECRET reports.

    The reports are SECRET for a reaason. We need to know what they are hiding in the SECRET reports. The SECRET accounts. The SECRET meetings. The SECRET board appointment processes.

    "the discussions we are having regarding the airport focus on the business case." The SECRET business case.

    Is it SECRET because there is NO case because as he says “Given the current structure of the ratios, this project will likely exceed those limits," and so whilst SECRET there is no buisness case at all.

    Just SECRETS.
    • Blind Man (01/12/2025, 19:27) Like (3) Dislike (1) Reply
      @ buzzbvi you chatting hog wash what secret business case you anyone in the bvi that can hold a secret so there no such thing as a secret business case file.
      • BuzzBvi (02/12/2025, 08:51) Like (0) Dislike (0) Reply
        Hi Blind Man. Could you please post the KPMG report that clearly you have seen so that the rest of get a peek.

        That NOT SECRET business case is the pig bath that I am talking about.

        I would like to see it and you can clearly help.

        Please post the SECRET report for all to see.

        Thanks. Grunt grunt.
  • WEW (01/12/2025, 17:27) Like (5) Dislike (0) Reply
    They just want to borrow more money now to for fill Slowande's ego
  • Stealth (01/12/2025, 20:17) Like (3) Dislike (0) Reply
    Would a prudent debt to GDP be a process than 80% of current expenditures. Debt to GDP is typically an indicator of country’s ability to meet debt obligations and not on the verge of default. The suggested debt to GDP for developed countries is 60%; developing and emerging countries, 40%. A high debt to gdp over a short period does not necessarily means default. A prudent ratio is key. What is the BVI debt and gdp? The BVI needs the ability to prudently borrow to meet its infrastructure and other needs, Nonetheless, the BVI must get value from borrowing. Borrowing must be expended for its intended purpose. Borrowing must be borrowed for specific projects, Bermuda and Cayman Island carry significantly higher debt load than the BVI. Bermuda has an approximate $3B debt load.
    • @Stealth (02/12/2025, 09:48) Like (3) Dislike (0) Reply
      @Stealth, perhaps Bermuda our friendly competitor can afford and managed its $3B national debt; its O&M budget over $1.2B. For the BVI, to incur a large debt for building out to compete will require a higher level of borrowing . The borrowing/ investing is needed but borrowing comes with payback . The payback will highly burden we the taxpayers, especially the ‘lil man.’ Are taxpayers willing to pay more for significant investment I growth and development. Agree that borrowing should be for specific projects and borrowed money should be made for the intended purpose. Effective Budget management comes with knowledge, skill, experience, demonstrated performance, etc.
    • Mustang (02/12/2025, 12:48) Like (1) Dislike (0) Reply
      Stealth, you and some other bloggers keep the discussion fresh and right. Lots of others vent about things privately, holding things in , being afraid to speak up and out, dreaming that things will change. They are the Walter Mitty followers it seems, dreaming, dreaming, dreaming. Keep on dreaming. Let’s use social media for good, the pron., etc. Virgin Islanders are getting too comfortable; too comfortable for their own good, risk, and peril .
  • smh (01/12/2025, 21:07) Like (2) Dislike (0) Reply
    Maybe he should be retiring now...
  • Jacob (01/12/2025, 21:14) Like (1) Dislike (0) Reply
    healing starts with honesty.
  • Well (02/12/2025, 03:56) Like (0) Dislike (0) Reply
    We can get all the burrowing power until we get our priorities in order we going no where, another thing we keep tslimg about expanding our airport, but we speak about the strip, what about the risk of the country becoming a target to export and import the heavy eligal drugs, what about the heavy influx of human smuggling, the importation of firearms and other ills of having an international airport, by the way St Thomas can be a sturdy field for all that but then again the usvi probably don't want nothing to do with us now


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