Responding to questions from Third District Representative Julian Fraser on Tuesday, the Premier said the conditions of the UK’s £300 million loan guarantee offer is still being negotiated.
“I can’t say anything about the plan going forward because we are very optimistic that we would be able to work out the areas of concern in the terminology with the conditions because most of them have already been,” Premier Fahie said.
“So I say I can’t say as yet but we are very optimistic that things will work out in favour of the people of the Virgin Islands,” he added.
The Premier said that following the meeting held between officials from the BVI and UK last year, among the things agreed between both parties was for the BVI to submit a revised version of the territory’s Recovery & Development Plan.
That revised version has since been submitted along with other requested information to the UK.
Fahie, in the meantime, said his administration was recently advised by the former UK Minister responsibly for Overseas Territories, Lord Tariq Ahmad that, “having received the necessary submissions from the BVI government, the UK government’s technical team is evaluating the contingent liability checklist.”
He said the checklist is used by Britain’s treasury to ascertain whether the UK should proceed with the proposed loan guarantee offer.
“This, in layman’s terms, is equivalent to assessing the BVI’s creditworthiness, our ability to meet our obligations to the population, to repay existing and new debts, among other things,” the Premier explained.
Politicians are people who, when they see light at the end of the tunnel, go out and buy some more tunnel.