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VI broke but still no access to $25M loan/line of credit!

- Public still owed by the National Democratic Party Administration as they have no access at this time to the CIBC FirstCaribbean Bank loan or line of credit
Premier and Minister of Finance Dr The Honourable D. Orlando Smith (Left) told Leader of the Opposition Hon Julian Fraser RA (R3) in the HoA on June 23, 2016 that Government has still not been able to access the $25M line of credit from CIBC First Caribbean International Bank. Photo: VINO/File
It was on April 18, 2016 that the Government, weeks after passing a $330Million 2016 Budget, still had to obtain approval from the House of Assembly (HoA) via CIBC FirstCaribbean International Bank to secure a loan of $25Million for a line of credit. Photo: VINO/File
It was on April 18, 2016 that the Government, weeks after passing a $330Million 2016 Budget, still had to obtain approval from the House of Assembly (HoA) via CIBC FirstCaribbean International Bank to secure a loan of $25Million for a line of credit. Photo: VINO/File
ROAD TOWN, Tortola, VI- With the Opposition Virgin Islands Party (VIP), the media, civil society and talk show hosts claiming that the National Democratic Party (NDP) Administration raided the Treasury in their quest to win the 2015 snap election, leaving the country broke, the status to access the recent $25 Million loan that was approved to keep the country afloat was brought to light.

Still no access to $25M

It was on April 18, 2016 that the Government, weeks after passing a $330Million 2016 Budget, still had to obtain approval from the House of Assembly (HoA) via CIBC FirstCaribbean International Bank to secure a loan of $25Million for a line of credit. 

In a question on June 23, 2016 at the Ninth Sitting of the First Session of the Third HoA to Premier and Minister of Finance Dr The Honourable D. Orlando Smith, Leader of the Opposition Hon Julian Fraser RA (R3) wanted to know whether the Treasury has been able to access the $25Million operating line of credit.

The answer surprised many.

Premier Smith admitted that the government does not have access to the loan. He told the HoA, “Madam Speaker, the CIBC FirstCaribbean International Bank, with whom we have this facility, is still completing its requisite internal procedures before this facility will be available for use by this Government.”

Government not paying merchants!

The Opposition Leader also pressed the Premier as to why merchants and others are still not getting cheques from the Treasury in a timely manner?

To this the Leader of Government Business, Hon Smith, told the people that “…..there are times when inflows are low and all payments cannot be met at the time.”

He went on to explain that the $25 Million loan or line of credit from CIBC “is for the sole purpose of supplementing those periods of low inflows in order to allow continual timely payment of bills.”

Many critics of the Smith Administration have said they have wasted millions of taxpayers dollars, for examble, by building a small wall around the Elmore Stoutt High School (ESHS) costing $1Million dollars and the overspending of some $50 Million on the Ports Development Project.

16 Responses to “VI broke but still no access to $25M loan/line of credit! ”

  • myron said (24/06/2016, 09:35) Like (5) Dislike (13) Reply
    Don't use the word broke because the world is listening.
  • dr.smith (24/06/2016, 09:37) Like (5) Dislike (16) Reply
    "the economy is robust"
  • any bets? (24/06/2016, 09:39) Like (20) Dislike (0) Reply
    as soon as we access that money it is gone with the wind
  • wize up (24/06/2016, 09:42) Like (20) Dislike (2) Reply
    the truth should be told; I personally don't think the country is broke just the funds are being distributed to affiliates within the NDP circles.....how can the territory be broke and giving up 10 million dollars????....
  • Revelations (24/06/2016, 10:06) Like (18) Dislike (0) Reply
    Wait until the true state of our economy is disclosed by this secretive gang. Truth Be Told!
    • wize up (24/06/2016, 10:23) Like (14) Dislike (2) Reply
      @ revelations: I second that motion and then who need to go the jail house must be sent there with the quickness
  • ccc (24/06/2016, 10:30) Like (18) Dislike (2) Reply
    Dem broke the country to win the election...what a shame
  • Where is Delores???????? (24/06/2016, 12:52) Like (26) Dislike (0) Reply
    VINO, please we are begging you please tell the members of the 5th electorial district where is Delores. We have not seen or heard from her since election is she still alive and kicking? Please can you ask her to take look at the issues in Huntums Ghut and Horsepath with the roads. Lawdy this woman gone from bad to worst its like she dropped off the radar. Paging Delores...5th District to Delores. Every week you hear something from Andrew, Mitch, Frazer, Mark, Alvera, Picko, Marlon and even a little from O'Neal and all the other At large Ronnie, Archie, Premier and Myron but where is Delores? VINO I know you can help us out. What did she have to say in the house of assembly something anything...let us know she is okay buddy.
  • wellsa (24/06/2016, 14:51) Like (11) Dislike (0) Reply
    WHAT IS REALLY GOING ON IN THIS PLACE THE COUNTRY CANNOT BE BROKE WHEN THE PREMIER GIVE A AIRLINE SEVEN MILLIONS DOLLARS CAN SOME ONE TELL ME IF HE GONE CRAZY .
  • vex (24/06/2016, 16:34) Like (21) Dislike (0) Reply
    Ndp must go bottom line
  • Spice (24/06/2016, 22:34) Like (6) Dislike (0) Reply
    well even funny man admitted the government broke
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