How Much Will Be Borrowed? Fahie Grills Gov't On Recovery Loans?

Sherine Williams, Journalist | November 13, 2017 2:04 pm MST
Photo Credit: GIS
The government has not yet decided exactly how much money it will borrow from local and international lending agencies to fund the BVI's recovery efforts.

At a sitting of the House of Assembly today, November 13, Opposition Leader, Hon. Andrew Fahie asked Premier and Finance Minister, Hon. Dr. D. Orlando Smith to state the total amount the government is seeking to borrow, as well as the criteria for such loans.

In response, Premier Smith expressed that the government approached various funding agencies after Hurricane Irma. However. he said the government has not yet struck a deal with any of those agencies.

"Negotiations have not yet been completed with any institutions. How much or what areas will be funded, we do not know what the criteria might be for such borrowing at this time," Premier Smith said.

After that response, the Opposition Leader asked the Premier how much money the government is seeking to borrow from the Caribbean Development Bank (CDB).

Premier Smith responded that the government has not requested an amount from CDB, adding that officials from the regional bank are currently doing assessments in the BVI.

"...Who approaches a bank without an idea of the amount of money they are going to borrow and how they are going to go about it? So what is the amount that has been approached to CDB? What is the amount that has been discussed?" Hon. Fahie further grilled.

Hon. Fahie then decided to leave the matter alone for now when the Premier told the Speaker of the House that he has already answered the question.

Many persons have been anxious to hear whether the government will be borrowing to finance the country's rebuilding efforts. The public is also anxious to hear how much will be borrowed and whether the government will approach the controversial International Monetary Fund (IMF).

However, Premier Smith today told the House of Assembly that the government has not approached the IMF.
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