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.
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25 Responses to “HoA approves $100M loan from CIBC”
The Uk offered to be a loan guarantor. Meaning we still had to go ad get a loan on our own.
And the wanted to control the terms but we would be the ones who were paying it back,
She hates blacks and want the premier to give her millions of tax payers money old curupt cockroach
run chat dat
FYI $100 mill for 18 year at 6.5% works out to $787,000 monthly. No one in govt is saying where this money is coming from. Total interest payments by end of loan will be $69 million
Moreover, the House of Assembly (HoA) is the legislative arm of the governing structure, ie, it passes the laws we are governed by and lived by. As such, when an agenda item is brought before the HoA, it should be fleshed out as much as possible. The Hon Turnbull is on point when said this: “ 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.“ Being asked to vote on this @100M loan,,he is entitled to having these concerns and more addressed before cast his vote. Why did the Opposition did not have courage to stand on the floor of HoA vote for or against the resolution. Should it have been a resolution or a construction project(s)? Was this action just an authorization to proceed with developing the project(s)? Will government come back with the appropriation piece?? The HoA must be actively engaged in these actions.
this one. Always crapping on honest customers and portraying them as 'money launderers'. Yet CIBC loans
VI such an amount, which of course has its terms and has to be payed back. If any government ever does pay
back loans at all. From personal experience, I found out that Canadian banks are just as dirty as the VI.
And of course I was laundering money when I lived in the VI. I'm an American citizen and spent most of my
retirement on you folks. I have to be no good. By the way, why hasn't the RVIPF returned my stolen music
equipment from the Stoutts where I rented? Did they get a lot of money selling it? How much did the Stoutts
get to sell the marble chess board my father gave me before he died? I"m a bad guy alright, for trusting your
country to be honest. My mistake.