Premier and Minister of Finance Honourable Andrew Fahie has said that his government’s stance to reject the unfavourable terms of the United Kingdom’s $426 million loan guarantee was a wise decision.
The premier’s comment on the subject came during the 3-year anniversary of his party’s time in office and following the rising inflation being experienced by the UK government due to recent global events.
Premier Fahie had previously alluded to a BBC article which he said reported that the UK’s interest payment on public debt for January 2022 increased by 1.6 billion pounds, a figure he said is equivalent to an increase of 26 percent when compared to January 2021.
The leader of government business said had the BVI signed on to what he termed as unfavourable terms and conditions, there is no telling what position the territory would be in with respect to debt repayment of the loan guarantee.
The premier added that his government has never said that they did not want the loan guarantee. Instead, he said it was the legitimate concerns of the terms of conditions that stalled the progression of an agreement being made.
On the brighter side, Premier Fahie indicated that the BVI is closer to getting the UK to understand the legitimate concerns of his government on the $400 million loan guarantee.