Opposition Leader Marlon Penn has accused the Virgin Islands Party (VIP) Government of using its $100 million loan as a “slush fund” ahead of the next general elections, constitutionally due in 2027.
Penn alleged that millions of dollars are being spent on roadworks across the Territory without adequate accountability, pointing to ongoing works in Sea Cows Bay and other areas where Representatives are sitting government members.
“They are digging up the whole of Sea Cows Bay. They are digging up all over the place,” Penn stated.
He said similar works were carried out in Spring Ghut, where he resides, claiming that perfectly fine roads were dug up, repaved and left incomplete.
“They came into Spring Ghut, where I live, dug up perfectly fine roads, put back down roads and haven’t finished the roads they put back down,” he said.
Penn claimed the same pattern is evident throughout the Territory, particularly in districts represented by members of the Government.
“So, they’re using the $100 million loan as a slush fund for elections. That’s essentially what they’re doing,” he charged.
The Opposition Leader also criticised the Government for spending millions in taxpayers’ money while repeatedly avoiding questions about its expenditure.
Opposition questions have not been answered in the House of Assembly for nearly 11 months, with the questions-and-answers segment repeatedly moved further down the Order Paper.
Despite the delays, Penn said he will continue taking matters before the House in pursuit of accountability.
“I’m going to continue to bring resolutions to the House to ensure and insist that the questions are answered, so the people of this Territory get answers to the concerns that face them daily,” he stated.
The Government secured the $100 million facility from CIBC FirstCaribbean Bank (Cayman) Limited in October 2024, representing the largest single loan in the Territory’s history.
Approximately $91.65 million was allocated to infrastructure and other government expenditure, while $7.91 million was earmarked to refinance debt payments due in 2026. The remaining $440,000 covered transaction costs.
The loan is repayable over 18 years, with a fixed interest rate of 6.5 per cent for the first 10 years and a three-year moratorium on principal payments.
At a recent press conference, Premier and Minister of Finance Dr. Natalio Wheatley said virtually all the funds had been committed to contracts and projects at various stages. However, he maintained that the $100 million was insufficient to address the Territory’s critical needs.
“My concern is that I need more money, not that the money will not be spent,” Dr. Wheatley said.
Penn alleged that millions of dollars are being spent on roadworks across the Territory without adequate accountability, pointing to ongoing works in Sea Cows Bay and other areas where Representatives are sitting government members.
“They are digging up the whole of Sea Cows Bay. They are digging up all over the place,” Penn stated.
He said similar works were carried out in Spring Ghut, where he resides, claiming that perfectly fine roads were dug up, repaved and left incomplete.
“They came into Spring Ghut, where I live, dug up perfectly fine roads, put back down roads and haven’t finished the roads they put back down,” he said.
Penn claimed the same pattern is evident throughout the Territory, particularly in districts represented by members of the Government.
“So, they’re using the $100 million loan as a slush fund for elections. That’s essentially what they’re doing,” he charged.
The Opposition Leader also criticised the Government for spending millions in taxpayers’ money while repeatedly avoiding questions about its expenditure.
Opposition questions have not been answered in the House of Assembly for nearly 11 months, with the questions-and-answers segment repeatedly moved further down the Order Paper.
Despite the delays, Penn said he will continue taking matters before the House in pursuit of accountability.
“I’m going to continue to bring resolutions to the House to ensure and insist that the questions are answered, so the people of this Territory get answers to the concerns that face them daily,” he stated.
The Government secured the $100 million facility from CIBC FirstCaribbean Bank (Cayman) Limited in October 2024, representing the largest single loan in the Territory’s history.
Approximately $91.65 million was allocated to infrastructure and other government expenditure, while $7.91 million was earmarked to refinance debt payments due in 2026. The remaining $440,000 covered transaction costs.
The loan is repayable over 18 years, with a fixed interest rate of 6.5 per cent for the first 10 years and a three-year moratorium on principal payments.
At a recent press conference, Premier and Minister of Finance Dr. Natalio Wheatley said virtually all the funds had been committed to contracts and projects at various stages. However, he maintained that the $100 million was insufficient to address the Territory’s critical needs.
“My concern is that I need more money, not that the money will not be spent,” Dr. Wheatley said.
© 2026 BVI Platinum News. This article is original BVI Platinum content. Reproduction or republication without written permission is prohibited.
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