Beautiful Virgin Islands

Sunday, Oct 05, 2025

$65M CDB loan spent!  Gov’t now seeks funding elsewhere

$65M CDB loan spent! Gov’t now seeks funding elsewhere

Premier and Minister of Finance Dr Natalio Wheatley has signalled that the $65 million loan granted to the Virgin Islands by the Caribbean Development Bank has mostly been spent and there is no money left to begin any new projects.
In response to a question from the local media at a recent press conference, the Finance Minister said most of the projects from the $65 million loan have already been entrained, ongoing or completed. Hence, the government needs to get more funding to continue the territory’s post-Irma and Maria recovery.

When questioned whether the BVI is considering the £300 million loan guarantee offer from the United Kingdom to continue projects, the Premier said the government is not considering that amount at this time.

“We will have another loan, but it has to be a loan we can afford to service the debt for. So, it wouldn’t be as much as the 300 million because, of course, we would have to be able to service the debt through our annual budgeting process. So, once we have the details of it, we can announce to the public the size of the loan and of course, we will have to show how we will be able to service the debt of that loan and meet all our ongoing expectations,” the Finance Minister explained.

Dr Wheatley noted that the loan would not necessarily be from the United Kingdom, but the Virgin Islands certainly would need to have a conversation with the UK government on borrowing because there is an agreement between the territory and the UK and they must communicate as it relates to the BVI’s fiscal position.

“So, very soon we will be producing a revised medium fiscal plan. You will also notice that we will soon be going back to the House of Assembly to do what the Ministry of Finance is referring to as a revised mid-year budget. This is information that we regularly share with the United Kingdom on our finances,” Dr Wheatley said.

“You would be aware, of course, that we have the protocols for effective financial management which speaks to some of the ratios that we have to stay within, and we have discussions with the United Kingdom who monitors the ratio and monitors our economic performance,” the Premier said.

He noted that the BVI government always uses the opportunity to work together, co-operate and seek to solve challenges with the United Kingdom during these meeting on the territory’s financial position.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
×