How much money is required to address the infrastructural and development needs of the British Virgin Islands? This question was posed to Premier Dr. The Honourable Natalio Wheatley during his recent appearance on the popular talk show “Talking Points.”
With the loan guarantee no longer on the table, the government is currently exploring alternative options to secure a loan for financing essential projects throughout the territory. But what is the exact amount that needs to be borrowed, and how does this figure impact the government’s ability to secure a loan at this juncture?
The Premier seized the opportunity to address both of these critical questions. Although he refrained from specifying a dollar amount, he provided the following response to the initial inquiry.
Furthermore, the Premier emphasized the role of the Protocol for Effective Financial Management, which the BVI adopted in 2012, as a substantial obstacle to the government’s access to funding. He expressed the view that it might be necessary to revisit this document.
While acknowledging the value of such guidelines, Wheatley underscored the importance of imbuing them with a certain degree of flexibility, allowing territories to respond effectively to unforeseen circumstances, such as catastrophic hurricanes and the global pandemic both experienced by the BVI in a short timeframe.