HoA approves $100M loan from CIBC
The resolution was brought before the House by Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7) during the Continuation of the Nineteenth Sitting of the First Session of the Fifth House of Assembly just one day prior and was before the House for debate.
This loan was first mentioned to the HoA during the budget last year as part of the VI’s Medium Term Fiscal Plan.
Loan needed for long-awaited improvements to VI
The loan, which will be paid over the next 18 years, is designed to address challenges Virgin Islanders want resolved, according to the Premier.
Dr Wheatley said these include solving problems such as the road network through proper engineering, drainage, support bases and sidewalks.
The government, he added, wants to ensure these roads are built to last.
“We talking about doing a proper job with the roads which we know have not really been done in the past because when you look at the roads, a lot of the roads don’t have proper drainage,” he explained.
The loan will also cover the costs associated with improving the water and sewerage systems, expanding arrival and departure facilities at the airport, building the VI’s educational infrastructure and, importantly, improving the Territory’s healthcare infrastructure.
Opposition not in support of loan
While the loan is expected to assist the government in making much-needed improvements across various areas in the VI, Members of the Opposition expressed their unwillingness to support it.
Opposition Member Honourable Melvin M Turnbull (R2) said the “devil is in the details” of the motion before the HoA.
He argued that it does not show how and on what the money will be spent, nor does it include targets and who will be responsible and accountable for the projects to be funded under this loan.
Meanwhile, Hon Myron V. Walwyn (R6) argued that the government could have continued discussion for funding under a loan guarantee from the British government.
Opposition absent
Though they contributed to the debate, most of the Members of the Opposition failed to be present in the HoA when the motion was being passed.
Premier Wheatley said he hoped the Opposition would have voted in favour of the motion granting the government permission to borrow the 100 million dollars.
He said the Members of the Opposition would be “hypocrites” to attend the ribbon-cutting ceremonies of the projects to be funded with the money from this loan.
“You can’t say that you want better roads from the people of the Virgin Islands, but when the loan comes to the House for the money to execute those roads, you vote against it,” Premier Wheatley stated.
2.png)
_Card_system_comimg_soon_flyer-06_(4).jpg)
Follow Us On
8 Responses to “HoA approves $100M loan from CIBC”