Beautiful Virgin Islands

Tuesday, Jun 24, 2025

BVI made gigantic mistake rejecting UK loan guarantee — Pickering

BVI made gigantic mistake rejecting UK loan guarantee — Pickering

The BVI made a colossal misstep when it refused to accept a loan guarantee offer of more than $420 million from the United Kingdom (UK) after hurricanes Irma and Maria in 2017.
This was the view expressed by former Seventh District Representative and Deputy Premier within the then-governing National Democratic Party (NDP), Dr Kedrick Pickering.

Dr Pickering, who previously split with the party when it contested the 2019 polls, has now rejoined the NDP after previously announcing that he would run as an independent Territorial At-Large candidate.

While appearing on the Honestly Speaking show earlier this week, Dr Pickering said the BVI now needs to have a mature discussion with the UK government about its infrastructural needs.

“This is my own personal opinion, based on my experience in the House [of Assembly] when we did the RDA [Act] and to where we are right now, we made a gigantic mistake by not accepting the loan guarantee that [we] were being offered,” Dr Pickering said.

The former Deputy Premier said although that offer may no longer be on the table from the UK, the territory needs to find ways to encourage the UK to help the BVI to get the money it needs to repair its badly damaged infrastructure.

“We can’t raise the revenue that we need right now in the time that we need it to fix our infrastructure,” Dr Pickering said.

According to Dr Pickering, the BVI will continue to fall further and further behind without the UK’s aid.

He further argued that, ideally, infrastructure should not be a discussion among residents in the next four years. “It should be a discussion only in so far as we are happy with where we have arrived and hope to be where we need to be if we haven’t completed the task,” he stated.

Former Premier Andrew Fahie said at the time that the terms presented by the United Kingdom for accepting the loan guarantee for the territory’s hurricane recovery programme were unconstitutional and needed to be revised before ultimately refusing the deal.

Just last year, Fahie said his government did not regret declining the UK’s offer, but Third District Representative Julian Fraser said the BVI made an embarrassing gamble when it nixed the deal. Fraser argued that the move may have backfired given the unanticipated blow taken by the BVI’s economy in the wake of COVID-19.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
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
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×