Premier and Minister of Finance Hon Andrew A. Fahie (R1) is heading to the United Kingdom (UK) today, September 10, 2019 to discuss the territory’s concerns with the conditions of the loan guarantee, among other areas at a meeting with the UK government this week. Photo: VINO/File

A resident gives her feedback at one of the recent public consultations on the United Kingdom Loan Guarantee. Photo: VINO

Newly sworn in Deputy Premier, Honourable Vincent O. Wheatley (R9), who is also the Minister for Natural Resources, Labour and Immigration, will act as Premier from September 10-15, 2019. Photo: VINO/File

This is the assurance given by Premier and Minister of Finance Hon Andrew A. Fahie (R1) on his departure for the United Kingdom (UK) to discuss the territory’s concerns with the conditions of the loan guarantee, among other areas at a meeting with the UK government this week.

Concerns over Loan Guarantee

The Virgin Islands has had concerns with the territory’s borrowing ratio as stipulated by the Protocol for Effective Financial Management (PEFM) and its possible effect on the borrowing of monies for the recovery of the Virgin Islands and wants this to be ironed out so that the territory avoids violating the PEFM.

Among other issues, the Premier wants proper accountability for the RDA and funds channeled to the RDA.

Hon Fahie, in a statement today, September 10, 2019, said government has extended itself to provide the people with a wide spectrum of information, analyses and recommendations that has been offered on the subject, as well as the real and potential pros, cons and risks of this offer, so that the VI people can have the benefit of viewing the issue from more than one perspective.

“Consistent with my personal commitment and that of your government, this issue has been opened up for public consultation, so that you, the people whose everyday lives will be affected by this decision, could make your voices heard.

“I thank the Government of the United Kingdom for doing its part to also share information with the public.”

According to Honourable Fahie, as the VI delegation heads to the UK to redefine the conditions surrounding the Loan Guarantee, it goes with the principles that the people of the VI must be economically empowered, and Cabinet must steward the outcome of the procurement, with all loan funding going to the Consolidated Fund or a special fund to be set up with criteria to be met before transferring to the Recovery Development Agency (RDA).

Premier seeking ‘myriad of opportunities’

“Further, I will be using this opportunity to ask the UK government for scholarships for our people in areas such as, but not limited to: hotel management, marine industries, medical training, and aviation training and for recruitment in BVI for their NAVY and other armed forces.”

The Premier also said he expects to have talks with the UK’s tourist authority to assist in branding the VI as a sand and sea destination as Government seeks to create more opportunities for the people.

“At this important juncture in our history, I want to ask you to pray that God Almighty watches over and directs the weighty deliberations between the Governments of the Virgin Islands and the UK in the upcoming days.”

Premier Fahie will be away from the territory from September 10-15, 2019.

Newly sworn in Deputy Premier, Honourable Vincent O. Wheatley (R9), who is also the Minister for Natural Resources, Labour and Immigration, will act as Premier.

Clink on link for full statement from Hon Andrew A. Fahie:

https://bvi.gov.vg/media-centre/statement-honourable-andrew-fahie-official-visit-united-kingdom