Leader of the Opposition and First District Representative, Hon. Andrew Fahie will be seeking an update on the $25M Line of Credit that was approved by the House of Assembly last year for the purpose of providing working capital support for the Government.
When the House of Assembly convenes today April 18th Hon. Fahie is expected to ask Premier and Minister for Finance Dr. the Hon. D. Orlando Smith to inform the House of the total amount expended from the $25,000,000 loan facility from First Caribbean International Bank to date and the balance to be drawn down?
Hon. Fahie would also ask the Premier to provide the House with an up-to-date, detailed listing of expenditure, inclusive of dates, for each time the fund was accessed.
The Opposition was outnumbered and out voted on 25 April 2016 when a division of the House of Assembly was called; and the majority-Government approved the Motion that establishes an Operating Line of Credit at the CIBC FirstCaribbean International Bank.
The $25M Line of Credit agreement between CIBC FirstCaribbean International Bank and the Government of the Virgin Islands stipulates that the Principal Repayment is to fluctuate from deposits until maturity, with an annual clean-down of any drawn balances for a period of three consecutive business days on each anniversary of the Facility.
It was further explained that the Line of Credit is essential, especially for small businesses that do business with Government.
- Source: BVIHotpress.com