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Gov’t in breach of borrowing guidelines – Hon. Fraser

The Protocols for Effective Financial Management was signed between the Governments of the Virgin Islands and UK. Premier Smith (left) and MP Bellingham (right) signed the Protocols on April 23, 2012. Governor Boyd McCleary is in the middle. Photo: VINO
ROAD TOWN, Tortola, VI – Third District Representative Hon. Julian Fraser, RA finds it scary that the Virgin Islands Government was able to negotiate with the United Kingdom to be in breach of the borrowing guidelines until the end of 2015.

In giving a comprehensive presentation on the motion to review the Protocols for Effective Financial Management, which was signed on April 23, 2012 between Premier Dr. D. Orlando Smith and MP Henry Bellingham, the district representative revealed that the move could be detrimental to the VI’s fiscal management.

“...because it’s so reminiscent of what I see what is happening in the Cayman, it’s the same document so to speak. Why four years to become compliant. Do we have any intention of becoming fiscally responsible as a Government or are we just going to continue doing this stuff?” Hon. Fraser questioned in the House of Assembly this morning July 3, 2012.

According to the outspoken politician, based on those protocols, Government is saying that to ensure the level of debt, is to make the VI affordable and consistent with the delivery of macroeconomic, fiscal responsibility and financial stability in the short and medium term fiscal plan.

However, comparing what is happening in the VI to the Cayman Islands, Hon. Fraser stated that in 2011 McKeeva Bush, Cayman’s Premier signed a framework for fiscal responsibility with the UK, and despite the existence of a public finance management law on that Territory, the UK was keen to see Cayman adapt a new framework.

“Sounds familiar! The Cayman Premier did it to seek assurance that his Government was committed to clear and sensible management of their financial affairs and would bring their finances back to a sustainable track within a specified timeline. That is according to their Governor. So why are we being tied to an agreement that is so similar to them?”

The HOA member also pointed out that the Cayman Premier in 2009 and 2010 requested permission from the UK to borrow large sums of money at a time when the other Overseas Territories were struggling.

However, today the UK Government is forcing the Cayman Island to cut back on their budget, Hon. Fraser disclosed and “it has everything to do with these long four years”.

He added, “We could be in breach for all of 2012, 2013, 2014, and 2015, we continue to be non-compliant and I am saying that this is something that must have been sought, it could not have been volunteered given the experience of the Cayman Islands.”

16 Responses to “Gov’t in breach of borrowing guidelines – Hon. Fraser”

  • BVEye (03/07/2012, 15:20) Like (0) Dislike (0) Reply
    Enough time to borrow the massive amounts of money needed for the airport expansion. THEN we start paying, and paying and paying for ever and ever. If the protocols kicked in now, they could never borrow the money for the airport. That's why they sought it. Sneaky, and irresponsible.
    • ice cream (04/07/2012, 06:21) Like (0) Dislike (0) Reply
      well saw everything in this lil lil place is poltricks why deman?
  • Real Talk (03/07/2012, 15:31) Like (0) Dislike (0) Reply
    OMG this man serious?? What has Mr. Fraser done for the BVI over the past 10yrs? WOWWWWWWWWW!!! This man spend spend spend, build concrete slabs on his property using our money, build fence using our money, drive piles using our money, while the rest of the country went to hell and he here acting as Mr. Fiscal Conservative? LMFAOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!! Please egg this man off the stage.
    • along the way (03/07/2012, 16:34) Like (0) Dislike (0) Reply
      HE HAS DONE A LOT MORE THAN YOUR FUNNY ISLAND MAN WOULD DO IN 4 YEARS
    • hmm. (03/07/2012, 17:45) Like (0) Dislike (0) Reply
      you are pathetic. more concerned about who talking that what is being said. read and grasp the importance of the topic fool, then comment.
  • yes we can (03/07/2012, 17:25) Like (0) Dislike (0) Reply
    of course NDP signed our financial freedom away
  • Sea Cows Bay Massive (03/07/2012, 18:00) Like (0) Dislike (0) Reply
    Mr. Fraser can represent our people here, there and every where..he is one of the few that knows his stuff and always making the people of the 3rd proud....ayo cannot give he any 6 for a 9 !!!!
    • Movements (03/07/2012, 19:41) Like (0) Dislike (0) Reply
      So why he couldn't get the money that he went all the way Barbados for? Answer that.
      • Realist (04/07/2012, 04:37) Like (0) Dislike (0) Reply
        Excellent question.
      • Crooked (04/07/2012, 18:58) Like (0) Dislike (0) Reply
        Fraser got approval from CDB for the $15.7 million dollars he went to Barbados for. He also got approval from The House of Assembly. He left office before The UK granted their approval. Now you guys are there gloating over the successes of Fraser. Go figure. Bunch of cheap skate free loaders.
  • qc (03/07/2012, 18:35) Like (0) Dislike (0) Reply
    the vip got us in this mess
  • Loving This Country (04/07/2012, 00:51) Like (0) Dislike (0) Reply
    For those Fraserites out there cheering for him please take a moment and try to understand what he is trying to say and ask yourselves is he really make sense? This is the same man who for four years did precious little except to put the BVI in a very precarious situation. Look around at the roads and other facets of our infrastructure and tell me what did he accomplish in his last four years. Okay, you are right he built a fabulous wall in Seacows bay that is not in the public’s interest. Okay, you’re right again, he got us one of the biggest and most expensive contracts (with its attendant liabilities) issued in any Caribbean country at the expense of a group of local investors who had a better product. Okay, was able to finagle and get Digicel into the BVI to strangle another local company (CCT). And wait, he never solved the problems at the BVI Electricity corporation. So what did he really do for this country? And now he and his lowly group of opposition members are touting fiscal responsibility and management? Read between the lines folk. There is really nothing for the opposition to oppose so they sit around and prate about any and everything just to let their few supporters know that they are still “hanging in.” Still, they must be credited for their antics. These were the same men Silly who were cultivating a country of beggars in order to hang on to the reign of power. Silly as he may sound Fraser is no fool. What he is really doing is making his case for Opposition Leader. Notice Fahie behaves in similar fashion. They are trying to out duel each other for the top spot that is not yet vacant but masquerading as if they are on to something that is wrong with the new administration. The ship of state is captained by a wise old man with a crew of sober men and women with steady and capable hands guiding this besieged vessel out of the turbulent waters back to prominence and prosperity. The once sinking ship had its hull damaged by a bunch of pirates and plunderers who were driven by avarice. Now these same bandits that were the bane of public distrust want to sit by and castigate the captain and crew and even vilify them for their fiscal prudence, diligence and methodical rescue of this majestic ship. Now that the HMS BVI is seaworthy again jealousy and envy reign supreme. The people are wise enough to know a Trojan horse when they see one and no amount of disguising can blur their vision. Now that pride and dignity are being restored they should celebrate and join forces and atone for their past wasteful indiscretions and manipulating of the people. It is time to show that people that you are bigger than that don’t stoop that low and continue to be a public disgrace.
    • ooooo (04/07/2012, 10:21) Like (0) Dislike (0) Reply
      ndp are the pirates..they resold the cay for 48 yrs
      • Hmph (04/07/2012, 18:30) Like (0) Dislike (0) Reply
        They LEASED the property! VIP sold our water rights! Talk about that.
    • Crooked (04/07/2012, 19:07) Like (0) Dislike (0) Reply
      This is nothing but one long rattling mombojumbo that says nothing about the issue at hand (the protocols), but everything about your hatred for Fraser. My advice to you, stay close to your medication because Fraser will be up your xxs for a looonnng time.


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