Beautiful Virgin Islands

Saturday, Jul 05, 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
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
×