Beautiful Virgin Islands

Saturday, Jul 26, 2025

VI must 'sit around table with UK' on borrowing money– Hon Penn

VI must 'sit around table with UK' on borrowing money– Hon Penn

Leader of the National Democratic Party (NDP) Hon Marlon A. Penn (R8) has indicated that should the National Democratic Party (NDP) be elected into office, his team will be seeking to borrow money at better terms to build the local economy.

Calling it borrowing responsibly, Hon Penn while as a guest on the March 29, 2023, edition of Da Morning Braff radio show said the VI must turn to the UK for money to build the local economy.

“The premier now putting a budget to borrow monies, but you're trying to borrow money at a time when it’s the most expensive time to borrow money in history, in a very long time.

“We have to find ways to go back to the drawing board, have a negotiation strategy. We have to get more preferential loans at preferential rates so that we can get the level of borrowing that we need to start to develop our infrastructure, our economy and a different sector that we want to grow and develop in this country,” he added.

Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) has referenced the proposed £300M loan guarantee for hurricane recovery and development by the United Kingdom (UK) as a lost opportunity.



Loan came with stipulations - Ex-Premier

Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) had previously said the £300M loan guarantee for hurricane recovery and development by the United Kingdom (UK) was now a lost opportunity for the UK.

Under Ex-Premier Fahie the then government had refused to take up the loan over its stipulations.

According to Hon Penn, the VI must still “sit around the table with the UK, and negotiate, “you need to sit down around the table like adults and negotiate the terms and conditions under which you want to operate with this loan guarantee.

“No one said that we're going to borrow 400 million at the same time, but you borrow based on what your needs were. You borrow incrementally and borrow responsibly, and that is what we intend to do moving forward to help finance, a lot of infrastructure, economic development, things that we have to do for this country and how we're going to expand the economy,” he said.

Hon Penn added that once the VI borrows and expands its economy, more people will participate in the economy and do well, which will result in more money entering the public purse and coffers.

NDP first rejected UK Loan Guarantee

The NDP camp has been criticising the VIP administration for not taking up the loan guarantee, with Dr Kedrick D. Pickering calling it a colossal mistake; however, the offer of the £300M loan guarantee by the UK for hurricane recovery and development was first offered to the NDP Government in November 2017.

Dr Pickering and Hon Penn were part of that NDP government that failed to take up the offer but are now seeking to blame the VIP administration for the missed opportunity.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×