Beautiful Virgin Islands

Friday, Sep 05, 2025

It Was A Wise Decision

It Was A Wise Decision

Premier and Minister of Finance, Hon. Andrew Fahie said the record will show that the decision not to take the United Kingdom’s loan $425M guarantee for post-hurricane recovery was a wise one.

Speaking on the Virgin Islands Party’s third year anniversary in office, the Premier said, “Don’t mistake the absence of noise for the lack of activity”.

Government opponents continue to suggest that the BVI should have tapped into the UK loan guarantee, pointing to failing infrastructure and the slow recovery process in the aftermath of the 2017 hurricanes.

“I am sure you would agree that your Government’s position on the loan guarantee was wise,” Premier Fahie stated on Friday, February 25.

The Premier questioned what would have happened if Government had leverage these Virgin Islands and then there sudden unforeseen spikes in the global economy and had exceeded the ratios in the Protocols for Effective Financial Management and the terms which raised concerns in the loan guarantee had been engaged.

“If we had been shortsighted and hasty as those persons who were pushing us…the Virgin Islands people would possibly have lost their hard fought right to manage their own finances,” Premier Fahie stated.

He added, “With the guidance of God, your Government has been making the correct decision to protect the Virgin Islands. Your Government has been prudent and your Government has been responsible and we continue to be. And the record bears this out.”

A Gamble


Earlier this month, Third District Representative, Hon. Julian Fraser has assessed the Government’s decision not to accept the loan guarantee offered by the United Kingdom for hurricane repairs as a gamble.

During a press conference on February 2, Hon. Fraser explained that there are several public infrastructural projects that are needed, including fixing the roads, schools, sewerage treatment plants, community centers, and sporting facilities such as the Ellis Thomas Downs.

“This Government thought; they thought a lot of things…at this particular stage it doesn’t look like they made the right decision,” Hon. Fraser stated.

He said that there was a way out for the Government to backpedal and accept the UK offer. “I think that they could have backpedaled and not be embarrassed because no one anticipated COVID and if they said that that’s the reason they backpaddled because of COVID I’ll accept it and I would say yes,” Hon. Fraser stated.

Instead of the UK loan guarantee, the Government has relied on the $65M loan from the Caribbean Development Bank (CDB) which was secured under the former National Democratic Party (NDP) administration.

In December, Deputy Premier Dr. Natalio 'Sowande' Wheatley said that the administration hasn’t borrowed anything and that it was okay because of the access to the $65 million loan from CDB.

Size Of The Package


Premier Fahie reminded that Government did not agree the size of the package of projects as it was beyond what was considered prudent, especially given the dynamics of the ratios in the Protocol for Effective Financial Management and given some of the terms and conditions that needed adjustment.

He said that Government had proposed a more management package of products for less money and more favorable terms.

The Premier indicated that even with the global shocks, persons are still going about saying that the BVI should have taken the money.

He said that global developments must be considered and these include developments that were not foreseen at the time such as COVID-19 and now the war unfolding in Europe which is already having a global economic impact such as rising oil and natural gas prices which have the potential to disrupt the global trade and also the climatic risk in this region.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
×