VIP dropped the ball on UK loan — Walwyn

Sixth District Representative Myron Walwyn accused the Virgin Islands Party (VIP) government of making a critical error by refusing the United Kingdom’s offer of a $426 million loan guarantee in 2019.

The loan, intended to assist with the recovery following the devastating hurricanes of 2017, was declined after the VIP government came into power. Walwyn slammed the government’s handling of the situation, contending that its refusal of the UK loan guarantee had detrimental effects on the territory’s recovery efforts. He emphasised that the loan would have provided access to much-needed funds at favourable interest rates, thanks to the UK’s credit rating.

“All the new government had to do when they got in was forward themselves to the bank to try to access that money,” Walwyn said during a recent House of Assembly sitting. He further explained that the territory could have taken only what was needed from the loan and topped up as required. He also highlighted the benefit of the UK’s credit rating, which would have allowed the BVI to secure “cheap money.”