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by pltm
(PLTM) - Premier and Minister of Finance, Dr. Natalio Wheatley has confirmed that the Government of the Virgin Islands is in the process of finalizing an application for loan funding to address the critical infrastructural needs of the Territory.
The Premier made the revelation today, September 5, while responding to questions from Opposition Leader, Hon. Ronnie Skelton during the ongoing House of Assembly sitting.
“It is my intention that certainly by the end of the year we would have secured a loan,” Dr. Wheatley stated.
The Opposition Leader pressed for a timeline, but the Premier while not divulging a specific date, also withheld the anticipated amount of loan funding the Government hopes to secure.
“I certainly have to press the civil servants to hurry with the process because it is going slower than anticipated,” the Premier stated.
He indicated that they have ballpark figures at this stage and no concrete figures although they continue to prepare documentation to approach lending agencies for funding.
“We have a general understanding given our ratio what we can service in terms of debt,” the Premier stated as he referenced the borrowing guidelines agreement between the BVI and the United Kingdom.
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