Beautiful Virgin Islands

Thursday, Jun 26, 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
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
×