Premier and Minister of Finance Dr. Natalio Wheatley has declared that the Government’s controversial $100 million loan is not enough to tackle the Territory’s mounting challenges, saying he needs additional funding.
Speaking during a press conference on Friday, July 24, Dr. Wheatley said virtually all the money borrowed from CIBC FirstCaribbean Bank (Cayman) Limited has already been committed to contracts and projects at various stages.
“My concern is that I need more money, not that the money will not be spent,” he lamented.
“The $100 million loan certainly is not going to be enough to tackle all the critical challenges we have as a Territory,” Dr. Wheatley added.
He said details on how much has been spent will soon be provided in the House of Assembly when he responds to questions from the Opposition. However, he explained that the pace of expenditure depends on projects advancing and contractors being paid as work is completed.
Opposition Leader Marlon Penn has raised concerns about transparency surrounding the use of the loan funds, arguing that the Government has not been subjected to adequate parliamentary scrutiny over how the money is being spent.
The Government secured the loan facility in October 2024 to fund critical infrastructure and refinance existing debt.
Approximately $91.65 million was allocated to infrastructure and other government expenditure, while $7.91 million was earmarked to refinance balloon payments due in 2026. The remaining $440,000 covered transaction costs.
The loan is repayable over 18 years at a fixed interest rate of 6.5 per cent for the first 10 years, with a three-year moratorium on principal payments. It was described as the largest single loan in the Territory’s history.
Speaking during a press conference on Friday, July 24, Dr. Wheatley said virtually all the money borrowed from CIBC FirstCaribbean Bank (Cayman) Limited has already been committed to contracts and projects at various stages.
“My concern is that I need more money, not that the money will not be spent,” he lamented.
“The $100 million loan certainly is not going to be enough to tackle all the critical challenges we have as a Territory,” Dr. Wheatley added.
He said details on how much has been spent will soon be provided in the House of Assembly when he responds to questions from the Opposition. However, he explained that the pace of expenditure depends on projects advancing and contractors being paid as work is completed.
Opposition Leader Marlon Penn has raised concerns about transparency surrounding the use of the loan funds, arguing that the Government has not been subjected to adequate parliamentary scrutiny over how the money is being spent.
The Government secured the loan facility in October 2024 to fund critical infrastructure and refinance existing debt.
Approximately $91.65 million was allocated to infrastructure and other government expenditure, while $7.91 million was earmarked to refinance balloon payments due in 2026. The remaining $440,000 covered transaction costs.
The loan is repayable over 18 years at a fixed interest rate of 6.5 per cent for the first 10 years, with a three-year moratorium on principal payments. It was described as the largest single loan in the Territory’s history.
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