Opposition Leader Marlon Penn is demanding greater transparency from the Virgin Islands Party (VIP) government over plans to finance the next phase of the Terrance B. Lettsome International Airport expansion, amid reports that more than $60 million could be sourced from the Social Security Board (SSB).
Penn's concerns follow the government's announcement that it will proceed with a smaller runway extension of approximately 787 feet while awaiting UK approval for the full airport expansion project. A Request for Proposal (RFP) for the works was issued last month.
Speaking with BVI Platinum News, Penn said the public deserves to know exactly how the project will be funded.
“The Premier must tell the public exactly how this project is being financed,” Penn said, questioning whether the runway extension would be funded through government reserves, borrowing, a public-private partnership, Social Security funds or a combination of sources.
“There are widespread concerns and reports that the Government may once again be seeking to access Social Security funds, potentially in excess of $60 million. If that is the case, the people deserve full disclosure,” he added.
Penn also called for the government to reveal the total cost of the project, any contingency provisions and whether UK approvals have been secured.
He warned that the smaller runway extension appears to be another short-term solution instead of the comprehensive airport expansion the territory needs.
“What is most concerning is that the Government appears to be pursuing another temporary, piecemeal solution rather than undertaking the comprehensive airport expansion that the Territory ultimately requires,” Penn said.
The Opposition Leader further questioned whether the project is being driven by sound economic planning or political considerations, noting that a general election is constitutionally due within the next 13 months.
Penn also challenged the government to produce the business case supporting the investment and disclose how any financing would be repaid.
“These questions matter because if projected airport revenues fail to materialize, the burden could ultimately fall on taxpayers,” he said. “The people should not be asked to assume financial risks without being fully informed of the costs, benefits, and long-term implications.”
The Opposition leader made it clear that he supports an expansion, "In fact, I believe it is critical to the future growth and competitiveness of the Virgin Islands. However, support for expansion must be grounded in transparency, sound planning, credible financing, and competent execution."
Penn's concerns follow the government's announcement that it will proceed with a smaller runway extension of approximately 787 feet while awaiting UK approval for the full airport expansion project. A Request for Proposal (RFP) for the works was issued last month.
Speaking with BVI Platinum News, Penn said the public deserves to know exactly how the project will be funded.
“The Premier must tell the public exactly how this project is being financed,” Penn said, questioning whether the runway extension would be funded through government reserves, borrowing, a public-private partnership, Social Security funds or a combination of sources.
“There are widespread concerns and reports that the Government may once again be seeking to access Social Security funds, potentially in excess of $60 million. If that is the case, the people deserve full disclosure,” he added.
Penn also called for the government to reveal the total cost of the project, any contingency provisions and whether UK approvals have been secured.
He warned that the smaller runway extension appears to be another short-term solution instead of the comprehensive airport expansion the territory needs.
“What is most concerning is that the Government appears to be pursuing another temporary, piecemeal solution rather than undertaking the comprehensive airport expansion that the Territory ultimately requires,” Penn said.
The Opposition Leader further questioned whether the project is being driven by sound economic planning or political considerations, noting that a general election is constitutionally due within the next 13 months.
Penn also challenged the government to produce the business case supporting the investment and disclose how any financing would be repaid.
“These questions matter because if projected airport revenues fail to materialize, the burden could ultimately fall on taxpayers,” he said. “The people should not be asked to assume financial risks without being fully informed of the costs, benefits, and long-term implications.”
The Opposition leader made it clear that he supports an expansion, "In fact, I believe it is critical to the future growth and competitiveness of the Virgin Islands. However, support for expansion must be grounded in transparency, sound planning, credible financing, and competent execution."
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