Premier Fahie To Discuss Conditions Of Loan Guarantee At UK Meeting

Premier and Minister of Finance, Honourable Andrew A. Fahie will be discussing the conditions of the loan guarantee, among other areas at a meeting with the UK government this week.

Honourable Fahie is leading a delegation of officials to the meeting and topping the list of issues on the agenda is the re-negotiation of the conditions attached to the UK Government’s offer of its guarantee for loans to finance the Territory’s recovery from the devastating 2017 hurricanes and other developmental projects.

The Premier stated, “As we go off to the UK to redefine the conditions surrounding the loan guarantee, the principles that the people of the BVI must be economically empowered, and Cabinet must steward the outcome of the procurement, with all loan funding going to the consolidated fund or a special fund to be set up with criteria to be met before transferring to the Recovery Development Agency.”

Premier Fahie said, “Consistent with my personal commitment and that of your government, this issue has been opened up for public consultation, so that you, the people whose everyday lives will be affected by this decision, could make your voices heard.”

He added, “Your government extended itself to provide you with a wide spectrum of information, analyses and recommendations that has been offered to us on this subject, as well as the real and potential pros, cons and risks of this offer, so that you have the benefit of viewing the issue from more than one perspective.”

The Premier added that he will also use this opportunity to discuss the granting of scholarships by the UK government for the people of the Virgin Islands in areas such as, but not limited to: hotel management, marine industries, medical training, and aviation training and for recruitment in BVI for their NAVY and other armed forces.

The Premier has requested that the people of the Virgin Islands pray that God Almighty watches over and directs the weighty deliberations between the Governments of the Virgin Islands and the UK in the upcoming days.

The Deputy Premier, Honourable Vincent O. Wheatley will act as Premier in accordance with Section 55 (1) of the Virgin Islands Constitution Order, 2007 which states, “If the Premier is expected to be absent from the Virgin Islands for more than forty-eight hours, the Governor shall authorise the Deputy Premier to perform the functions of the office of Premier; and the Governor shall revoke this authority on the return to the Virgin Islands of the Premier.”

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