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by pltm
(PLTM) - Minister for Health and Social Development Carvin Malone said the British Virgin Islands and the United Kingdom are still to resolve disagreements around financial agreements that could see much needed funds flow to the Territory.
The Minister said, due to the series of weather events which has affected the Territory in recent years, funds had to be borrowed.
However, with the severity of the 2017 hurricanes, more funds were needed to repair the West End Jetty, the government’s facilities on Jost Van Dyke, Virgin Gorda and Tortola, rebuild the schools, clinics and other infrastructural works.
He said the revised recovery plan for the undertaking was done, but they have not yet been signed.
"At the end of the day, the conditions are still not set. When we did the analysis, we could only take up to $110 million before we ran afoul of the Protocols for Effective Financial Management. For 15 months we have fought this, if you have to fund recovery from catastrophic events from your own funds, or from loan funds, then you have a problem,” the Minister shared.
The disagreements have come to the forefront in recent weeks as the Territory grapples with producing a stimulus package that will ease the financial fall out from COVID-19. Hon. Malone explained that the Virgin Islands Party administration have requested certain conditions within the Protocols for Effective Financial Management to be relaxed, or to be eliminated because they are prohibitive.
"I have heard up to this morning, that there are no conditions that will allow you not to spend the money except that you have to tell us when you would come back into conformity,” Hon. Malone stated.
He explained that if the BVI breaches the agreement, there will be several penalties such as divestment of public assets.
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