Beautiful Virgin Islands

Tuesday, Jun 24, 2025

UK prepared to address concerns of borrowing ratios- Premier Fahie

UK prepared to address concerns of borrowing ratios- Premier Fahie

With the public eager to hear how negotiations between the Virgin Islands delegation, led by Premier and Minister of Finance Honourable Andrew A. Fahie (R1), and United Kingdom officials on the UK Loan Guarantee, a press conference was held at the House of Assembly Conference Room today, September 17, 2019 where it was announced that the visit was “a resounding success”.

“It would be correct to say that we are on our way to signing on to the UK Loan Guarantee and while we are going we making sure that the language is correct so that when we get there we can know if we signing on, but we on our way,” Premier Fahie stated.

According to Premier Fahie, the discussions were cordial, productive and conducted in an atmosphere of mutual respect and “all parties were able to arrive at common ground.”

The territory’s leader explained that the issues that were flagged by the government, and which it has been highlighting over the past several months, fell on fertile ground in London, once the delegation was able to speak directly with the officials of HM Treasury and Lord Ahmad, “who have assured us that it is their wish to see that the people of the BVI benefit in a tangible way from any loans that materialise from this guarantee arrangement.”

Borrowing ratio


One of the major concerns of the VI Government surrounded the borrowing ratios outlined in the Debt Section of the Protocols for Effective Financial Management which, according to Government, did not sufficiently consider the impact of natural disasters and catastrophic events which can place the territory in an unforeseen vulnerable position.

But, according to Premier Fahie, the UK Government stated it is prepared to consider including a reference to natural disasters and catastrophic events in the Debt Section of the Protocols for Effective Financial Management.

“Your government had raised concerns over the treatment the BVI would receive if we exceeded the borrowing ratios contained in the Protocols for Effective Financial Management. This is something all sides have long acknowledged as highly likely, given the current circumstances.”

The UK Government, Premier Fahie stated, said that it is prepared to work with the VI Government on coming back into compliance with the debt ratio if borrowing on the loan guarantee would cause the territory to exceed the ratios.

Concerns with RDA Trust Fund to be considered


Further, Premier Fahie said his government had advocated that the Financial Secretary be able to access the Recovery and Development Act Trust Fund “for the expressed purpose of being able to return any funds borrowed directly by the BVI Government at the request of the relevant lending institution on account of the funds in question not being administered in accordance with that lending institution’s agreed rules and guidelines.”

Hon Fahie said the UK Government has agreed to consider this condition, and the VI Government has been asked to submit some additional information with respect to this issue.

In addition to that, the Government of the Virgin Islands has held the view that not all funds received or funds allocated for all projects must be put into the Recovery and Development Agency (RDA) Trust Fund.

“Your BVI Government has been saying that recovery is one thing and development is another.”

And, according to Premier Fahie, the UK Government agreed to consider the direct administration by the BVI Government of other sources of funds for investment in the recovery besides those borrowed on the loan guarantee to support rebuilding.”

Plan of Action requested by UK


These agreements, Premier Fahie said, pave the way for deliberations to open up and continue on other items that were placed on the agenda by the VI Government.

He said with this new development, Government has been asked to prepare a plan of action to present to the UK Government by September 27, 2019 for moving forward.

To assist this process and later activities, Premier Fahie said the UK Government has opted for the setting up of a special steering committee to enable more direct communication between the Virgin Islands Government and HM Treasury.

“I can also report that our concerns with respect to ambiguous language that was used in some of the documentation, such as the High Level Framework for UK Support for BVI Hurricane Recovery, will be revisited in the best interest of you the people of the Virgin Islands. This includes reference to the divestment of public assets.”

‘A few more hurdles to be crossed’


Premier Fahie said he was relieved that, through these meetings, “with God as our guide”, Government has been able to redirect the focus of this Loan Guarantee matter back to the people of the territory, who he said was glaringly missing from the recovery agenda.

“Your Government is a firm believer that the BVI will never fully recover, unless the people recover. Your Government is a firm believer that the BVI will never be truly resilient, unless the people become resilient. We were able to return the focus on you, the people, by convincing the UK officials that the people of the British Virgin Islands turned a new page on February 25, 2019; that your new government has a different philosophy from that of our predecessors; and that our vision genuinely puts the welfare of the present and future generations of Virgin Islanders first and foremost.”

The Leader of Government Business said a few more hurdles have to be crossed but now there is now a mutual understanding and a clear commitment between both parties to ensure that the people of the VI must be at the forefront and must benefit from any loans accessed through the Loan Guarantee.

8 meetings held with FCO officials in UK


The VI delegation to the UK included Minister for Health and Social Development, Hon Carvin Malone (AL); Permanent Secretary in the Office of the Premier, Mr Kedrick E. Malone; Financial Secretary, Mr Glenroy Forbes; Director of Communications, Mrs Arliene T. Penn; Special Envoy of the Premier, Mr E. Benito Wheatley.

The team while in the UK was joined by Legal Consul/Operations Manager of BVI London Office, Ms Tracy Bradshaw and Senior Political Officer/Cultural Attaché, Ms Siobhan Flax.

According to Premier Fahie, the VI team held a total of eight meetings with officials of the Foreign and Commonwealth Office (FCO), including its Director, Mr Ben Merrick; Ministers of the UK Government – Lord Tariq Ahmad of Wimbledon who is the Minister responsible for Overseas Territories, and Minister James Duddridge from the Department for Exiting the European Union (DEXEU); Baroness Patricia J Scotland, Secretary General of the Commonwealth Secretariat; and officials of Her Majesty’s Treasury.

Governor Augustus J. U. Jaspert attended two of the meetings regarding the loan guarantee conditions.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“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
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×