BVI must borrow to improve infrastructure — Premier
Premier Dr Natalio Wheatley has reaffirmed that the territory must seek loan funding to facilitate the execution of its much-needed infrastructure projects.
Premier Wheatley gave that indication while speaking at a press briefing recently and said this is one of several approaches his government is considering to resolve the infrastructure challenges faced by the territory.
The Premier noted that the United Kingdom (UK) has already been engaged on the issue, and said the prospect of moving outside the ratios of the BVI’s borrowing guidelines has also been broached.
According to Dr Wheatley, the UK has been very supportive in this regard.
“We have made a commitment to borrow because, of course, as you know, we’ve had quite a bit of damage since the 2017 storms,” the Premier stated.
“[The current state] doesn’t reflect our economy and it doesn’t reflect what it is we want for ourselves,” the Premier said. “So we’re very much committed to borrowing, to improving our infrastructure and giving us that world-class infrastructure that our people deserve.”
In the meantime, the Premier assured residents that his government will ‘borrow responsibly’ and will seek out the best interest rates that are available.
“We’ll borrow in such a way that we know that we can service, and then, of course, we’ll have a phased approach to development,” he explained.
The territory’s leader also pointed to the possibility of public-private partnerships and other alternative funding arrangements which he said allow persons to make contributions.
Dr Wheatley also promised to speak very soon about a Resilience Fund which is expected to help in facilitating this option. However, it was not made clear whether this is the same fund he mentioned a few months ago.
The Premier noted that the United Kingdom (UK) has already been engaged on the issue, and said the prospect of moving outside the ratios of the BVI’s borrowing guidelines has also been broached.
According to Dr Wheatley, the UK has been very supportive in this regard.
“We have made a commitment to borrow because, of course, as you know, we’ve had quite a bit of damage since the 2017 storms,” the Premier stated.
“[The current state] doesn’t reflect our economy and it doesn’t reflect what it is we want for ourselves,” the Premier said. “So we’re very much committed to borrowing, to improving our infrastructure and giving us that world-class infrastructure that our people deserve.”
In the meantime, the Premier assured residents that his government will ‘borrow responsibly’ and will seek out the best interest rates that are available.
“We’ll borrow in such a way that we know that we can service, and then, of course, we’ll have a phased approach to development,” he explained.
The territory’s leader also pointed to the possibility of public-private partnerships and other alternative funding arrangements which he said allow persons to make contributions.
Dr Wheatley also promised to speak very soon about a Resilience Fund which is expected to help in facilitating this option. However, it was not made clear whether this is the same fund he mentioned a few months ago.
