Opposition balks at $25m credit line

The government is attempting to move a motion approving a $25 million line of credit from CIBC FirstCaribbean International Bank.

The credit line’s purpose is to provide government with “working capital support,” according to the agenda for the ongoing House of Assembly meeting.

Premier Dr. Orlando Smith told the HOA on Monday that the line of credit will help enable the government to pay its bills on time to businesses, particularly small businesses.

However, opposition member Andrew Fahie (R-D1) said he couldn’t support the motion without seeing more information.

“In order to get the $25 million loan, the government of the Virgin Islands would have had to give FirstCaribbean Bank some sort of financial statement,” Mr. Fahie said. “No one just walks into a bank and verbally requests a $25 million overdraft or line of credit and gets it just so.”

Mr. Fahie said he would like the documents to become public, so he could know fully what he is voting for or against.

See the April 28, 2016 edition for full coverage of the sitting.

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