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Gov’t to take up ‘something like a loan’ for infrastructure works- Premier Wheatley

- Premier says loan won’t necessary be from the UK but discussion will be made with Crown
Premier Dr the Hon Wheatley (R7) has said there is a need for investment not only in the road infrastructure, but for the rebuilding of schools, as well as continuing recovery efforts. Photo: GIS
 Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) says his government is looking to take up ‘something like a loan’ for more infrastructure works in the Virgin Islands. Photo: VINO/File
Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) says his government is looking to take up ‘something like a loan’ for more infrastructure works in the Virgin Islands. Photo: VINO/File
ROAD TOWN, Tortola, VI– Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) says his coalition government is looking to take up ‘something like a loan’ for more infrastructural works in the Virgin Islands (VI).

"We need to make a heavy investment in our infrastructure, in our roads, in our bridges, in our drains, in our culverts, all of these different areas of our infrastructure need investment,” he said during a one-on-one press conference on July 22, 2022. 

According to the Premier; however, those infrastructural works can only be done if an injection of funds is made into the infrastructure "through something like a loan, so persons very soon will hear me speaking to them about going to get a sizable loan to be able to invest.”

He said this investment will not only include road infrastructure but the rebuilding of schools as well as continuing recovery efforts.

Dr Wheatley revealed; however, that his government is not considering a large loan like that of the £300M loan guarantee offered by the United Kingdom (UK).

He noted too that most of the $65M loan from the Caribbean Development Bank (CDB) has been expended.

Most of CDB loan expended - Dr Wheatley 

“There’s no more money from that to do any new projects [as] most of the projects for that $65M loan are already in train, ongoing, or completed.

“So, we need to get some funding to continue our recovery, so it will be another loan, but it will be another loan that we can service the debt form,” he said.

Hon Wheatley said an announcement will come ahead of any loan as well as a demonstration of how the Government will service the debt and meet all its ongoing obligations.

He added that while the loan won't necessarily be from the UK, the Virgin Islands would still have to have a discussion with the UK on borrowing.

13 Responses to “Gov’t to take up ‘something like a loan’ for infrastructure works- Premier Wheatley”

  • Wonders Never Cease (25/07/2022, 14:09) Like (10) Dislike (3) Reply
    imagine CUTTING the 7% tax on western union and money gram expenditures which was supposed to be used for the SAME infrastructure and social services in the Virgin Islands, simply to appease your .... paramours to then have to go look for loan to do the very same thing....

    Honestly you REALLY prove that not everyone with a Phd got sense at all, just know how to write and successfully defend the dribble paper to get awarded a Phd.

    We all know the Special Envoy is the actual Premier of the country but I wonder if even he agrees with some of the nonsensical and downright foolish moves you continue to make....

    ELECITON HURRY UP COME!!!!!!
  • Citizen (25/07/2022, 15:04) Like (11) Dislike (2) Reply
    This man has no clue of how to run a country. Sometimes I wonder if some of theses leaders even think about virgin Islanders.
    • NezRez (26/07/2022, 10:49) Like (6) Dislike (0) Reply
      What exactly is SOMETHING LIKE A LOAN???? What is going on here. I am getting headaches from our leaders.
  • Please...Quickly. (25/07/2022, 16:07) Like (6) Dislike (0) Reply
    The economy needs an inflow of cash circulating .Things starting to go down...Time to work Premier..
  • E. Leonard (25/07/2022, 16:12) Like (1) Dislike (0) Reply
    The Virgin Islands [British] as most other governments does not have the resources to fund all its needs. Nevertheless, it must maximize the efficiency of available resources, ie, money, people, etc. However, the VI is a resource-poor locale and with the lion share of its revenues coming from taxes and fees. But it has huge infrastructure and other needs.

    To fund its huge needs, it must engage in longterm borrowing to be repaid mostly from the good faith and credit of the territorial government. I don’t know what the VI’s current debt to gdp ratio is but I will take a WAG that it is well within the prudent recommendations set by the World Bank and IMF for developing countries.

    However, before launching into a borrowing spree a number of actions are needed, ie, a)develop a national development plan, b) develop a capital improvement project (CIP) list, c) develop a capital budget/process, d) solicit voter approval on CIP, e) HOA authorize CIP, f)HOA appropriate funding for CIP, g)establish tax policy, ie, maximum revenue generation v. economic growth, h) project design-inspection-construction management execution, etc.

    The bottomline is that the VI have to borrow and maximize the efficiency of the borrowed funds to modernize road network, water, wastewater, stormwater, ports, telecommunications, gas, education facilities, health facilities, correction facilities, treatment facilities, recreational facilities, etc. Virgin Islanders must be wiling to pay more taxes and fees to enjoy the benefits of these modernized facilities, soft infrastructure, etc. I have not forgotten the most important resource—PEOPLE. Investing effectively on/in human capital must be a top priority. Numero uno.
    • @E.Leonard (25/07/2022, 20:31) Like (2) Dislike (0) Reply
      @E. Leonard, I hear you and but lawd ah murci yu want to kill us wid tax. Lol. But seriously, if we want better and more modern infrastructure we the residents have to pay for it. I don’t like paying taxes but it is the reality of our situation.
    • taxpayer (26/07/2022, 12:12) Like (0) Dislike (0) Reply
      “The bottomline is that the VI have to borrow and maximize the efficiency of the borrowed funds……..” If government were to manage its funds with maximum efficiency, it will have more money to deliver services and reduce the borrowing needs. No doubt the infrastructure needs to be modernized, the modernization will not be cheap, and we the taxpayers will have to pay for modernization. But the taxpayers must get value for money.
  • Something missing here (25/07/2022, 16:13) Like (0) Dislike (1) Reply
    Why not get the 400 million loan which is backed by the UK meaning that G8 nations pay 0 percent interest on loans whilst poor nations do, so the bvi is in a good position being back by Britain and that monies can fix a lot of our problems and a new government and continue with it. Governments debts is different from personal debts so get the money and fix up the place. The only requirement is to show UK how you intend to spend the money which shouldn't be difficult to prove.
  • Big Richard (25/07/2022, 16:14) Like (8) Dislike (0) Reply
    “Something like a loan” Slowande please explain so an educated person can understand.
  • Sambo (25/07/2022, 16:31) Like (8) Dislike (0) Reply
    What the hell is “something like a loan” ? To play the game, one must understand the rules of the game and how to play the game. Learn the lingo.
  • 1st district original (25/07/2022, 16:33) Like (5) Dislike (0) Reply
    The non tax payer on the Flamingo Island went ànd borrow money on behalf of we the people after the hurricanes. Who authorized him and where is the money( in them united God forsaken non profit). Then this one going to the im f..people so we can for ever be indeathed to them. NO, NO, No!!
  • Citizen (26/07/2022, 08:41) Like (0) Dislike (0) Reply
    He just cut tax and now he talking about borrowing money. Only the medium and lower class citizen pays the most tax. All of these lawyers and rich people don't even pay their fare share of taxes.
  • AH GO SAY OVER AGAIN (26/07/2022, 11:09) Like (1) Dislike (4) Reply
    THESE WISE GUYS WANTED 5HE UK GIVE THEM FREE MONEY SO THEY COULD OF PARTY WITH , BUT WHEN THE UK SEE HOW THEY SQUANDERING MONEY DOWN HERE , THEY HAD MAKE SOME ADJUSTMENTS AND THAT IS WHEN THE CANARIES START SINGING ABOUT RACISM / COLONIALISM ETC , AND THEN THEY DO A NUMBER ON ( SOCIAL SECURITY ,) ALL OF THEM AGREED WITH SAINT ANDREW NOT TO TAKE THE LOAN BECAUSE THEY WOULD HAVE GIVE AN ACCOUNT ON HOW IT WAS SPENT , THEY NEED TO GO AND SIT BACK DOWN IN THE ROAD AGAIN AT MID DAY


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