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by pltm
(PLTM) - Insisting that the government can borrow funds from a local institution to rebuild, Hon. Julian Fraser said that it's wiser to have the National Democratic Party (NDP) removed from office rather than the Territory give up its sovereignty.
“If the people of this territory and the British government is despondent and distrusting of this particular government then the thing to do is to get rid of the government not to give up your sovereignty and that is where we are heading. We are giving up our sovereignty because somebody don’t believe in us, somebody don’t trust us,” he told reporters.
The Opposition Member and Representative of the Third District, who made the comments following the Premier’s Budget Address on March 19, was speaking to the setting up of the Recovery and Development Agency (RDA) as mandated by the United Kingdom (UK) government, in order for the BVI to access $400M in loan guarantees and grants.
Hon. Fraser said that the BVI should be not be seeking loans from international agencies when there is the Social Security Board (SSB).
“We have options, our option is to borrow locally. If we borrow money from the Social Security Board and local institutions we would be in a better position and we wouldn’t be beholden to the British government for the next 20 years,” Hon. Fraser said.
He indicated that his main issue with the massive influx of capital/cash into the country in a short period, is that the Premier or no one can explain where it will be going.
“Yes they will be spending the money and it will disappear; I don’t mean in the form of corruption but in the economy…We want to build the Virgin Islands but we want to build the people as well. Building the Virgin Islands but when you look around and the people are not built, gaining nothing from it,” he lamented.
Hon. Fraser said that he cannot think of any disadvantages that comes with borrowing locally.
“It’s just this myth that they feel that if they borrow internationally they are bringing money into the country. It’s not true. What you are doing is taking money out of the country because all the conditions that they are going to attached -you must have this expert; you must have this management agency; you must be able to bid on the project,” he said.
The Opposition Member continued, “When you borrow internationally they have their guidelines that any member country to those particular institution must have the opportunity to bid on the projects if they wish to. If you borrow locally you don’t have those restrictions.”
He commented on the argument held by government that, the interest rates will be lower when they borrow internationally.
“But who are the better people to invest in? If you are going to pay higher interest rate locally you are investing in your people. If you are paying interest rate internationally you are investing in somebody else…Then you have the British government breathing down your back and telling you what to do and what not to do.”
The Third District Representative argued that the RDA is a mini-takeover of the BVI by the UK.
“This investment development agency board is nothing but a mini takeover of our country. You are taking $721M and putting it into the hands of the agency who no one elected and telling them run these projects and disburse these funds and then I have to pay it back,” he bemoaned.
He added, “It can’t work.”
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