“It's important for us to now start to dig in to see how they're spending that money."
Opposition Leader and Eighth District Representative Marlon Penn says the Government has gone months without being subjected to meaningful parliamentary scrutiny, raising concerns over transparency surrounding the controversial $100 million loan secured from CIBC FirstCaribbean Bank.
Penn criticised the prolonged absence of opportunities for the Opposition to question the Government in the House of Assembly, arguing that millions of dollars in contracts and major financial decisions have been approved without proper oversight.
“The last time we've been able to ask a question has been as late as August or September of last year. We now in May going into June,” Penn stated.
“And the people's business, the government has signed millions of dollars in contracts. They have done a host of things between that time with no level of oversight, no level for us to even poke on, particularly the $100M loan that they have borrowed.”
Penn said the Opposition now intends to closely examine how the borrowed funds are being utilised.
“It's important for us to now start to dig in to see how they're spending that money,” he added.
The comments come months after Government announced in October 2024 that it had secured a $100 million loan facility from CIBC FirstCaribbean Bank (Cayman) Limited to support infrastructure development and refinance existing debt obligations.
Premier and Minister of Finance Dr. Natalio Wheatley had described the borrowing as a necessary move to advance critical infrastructure projects across the Territory and improve long-term development.
According to Government, approximately $91.6 million of the loan was allocated for infrastructure and capital expenditure projects, while nearly $8 million was earmarked to refinance balloon payments due in 2026. The loan is repayable over 18 years and carries a fixed interest rate of 6.5 per cent for the first 10 years.
Government previously maintained that the decision followed “rigorous due diligence and analysis” to ensure debt servicing remains sustainable.
However, Penn argued that without regular parliamentary questioning and debate, residents are being left without adequate answers on how public funds are being spent.
Penn criticised the prolonged absence of opportunities for the Opposition to question the Government in the House of Assembly, arguing that millions of dollars in contracts and major financial decisions have been approved without proper oversight.
“The last time we've been able to ask a question has been as late as August or September of last year. We now in May going into June,” Penn stated.
“And the people's business, the government has signed millions of dollars in contracts. They have done a host of things between that time with no level of oversight, no level for us to even poke on, particularly the $100M loan that they have borrowed.”
Penn said the Opposition now intends to closely examine how the borrowed funds are being utilised.
“It's important for us to now start to dig in to see how they're spending that money,” he added.
The comments come months after Government announced in October 2024 that it had secured a $100 million loan facility from CIBC FirstCaribbean Bank (Cayman) Limited to support infrastructure development and refinance existing debt obligations.
Premier and Minister of Finance Dr. Natalio Wheatley had described the borrowing as a necessary move to advance critical infrastructure projects across the Territory and improve long-term development.
According to Government, approximately $91.6 million of the loan was allocated for infrastructure and capital expenditure projects, while nearly $8 million was earmarked to refinance balloon payments due in 2026. The loan is repayable over 18 years and carries a fixed interest rate of 6.5 per cent for the first 10 years.
Government previously maintained that the decision followed “rigorous due diligence and analysis” to ensure debt servicing remains sustainable.
However, Penn argued that without regular parliamentary questioning and debate, residents are being left without adequate answers on how public funds are being spent.
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