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‘Where would we have been’ had VI signed loan guarantee?'– Hon Rymer
Hon Rymer was at the time speaking at the 12th Sitting of the 3rd Session of the 4th House of Assembly on September 22, 2021, as the ministers of the Fahie administration were offering closing statements on the 2021 adjusted budget.
Adjusted budget keeps VI in line - Hon Rymer
“This adjusted budget keeps us in line and, with our prudent spending, we are able to not be a part of the deficit spending… many counties, they are spending more than the revenues they are collecting, and this is something that we are avoiding by being here today and adjusting our budget,” he said.
Hon Rymer said the adjusted budget will also prevent the territory from going outside the ratios of the Protocols for Effective Financial Management signed by the National Democratic Party (NDP) Government in 2012.
“I know when we got in we were told to take the money [loan guarantee] and we were told to sign the document and take the money but, Mr Speaker, in hindsight, where would we have been today if we had just willy-nilly signed off?” he questioned.
One of the major concerns of the VI Government surrounding the borrowing ratios outlined in the Debt Section of the Protocols for Effective Financial Management is that it did not sufficiently consider the impact of natural disasters and catastrophic events which can place the territory in an unforeseen vulnerable position.
This means that should the VI be unable to pay its debt it would be in breach of the Protocols and risk penalties, which some have speculated to include a take over of the Ministry of Finance by the UK.
Added to that, the VI Government wanted the borrowing ratios to be adjusted so that the VI can borrow substantial amounts without violating the Protocols.
The UK Government has only made promises to address the issues while pressuring the VI Government to sign the loan guarantee agreement.
VI can still handle affairs- Hon Rymer
Meanwhile, Hon Rymer said the VI has shown it can still manage its business despite going through one of the worst pandemics in history.
He said, regarding the ambition of the Government, the adjusted budget means that a lot of dissecting has been done for the territory to remain financially viable.
Hon Rymer thanked the officers at the Ministry of Finance for their hard work to ensure that the VI's economy is protected from any danger.
Throughout the pandemic, Hon Rymer said that his administration has always balanced lives with livelihood and has launched various initiatives to boost the local economy.
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19 Responses to “‘Where would we have been’ had VI signed loan guarantee?'– Hon Rymer”
BVI has a national debt of about $117million
So borrowing $300million would of been nothing
Going to debt with an undefined punishment scheme and still being forced to lay people off
vs
Staying out of debt, retaining the workers, AND gaining more revenue than is being spent to secure them.
They dressed this up as a 2017 hurricane recovery loan. Why is it still being dangled in front of us?? Really is the UK going to give us cash or something??? What good is it if we're walking on sidewalks paved with gold and the people are still in the rat race looking for the cheddar.
Whats wrong with the schools currently?? The right teachers is all they need.
Its not making sense this loan except when looked at without naivety they have to know what their doing when they play loan shark.
It seems the victimization does come from the top if we can not have a mature discussion on the matter.