TIMES.VG

BVI, Caribbeanand International News
TIMES.VG

Another Recovery & Development Agency needed?

Another Recovery & Development Agency needed?

Premier and Minister of Finance Dr Natalio Wheatley has suggested that there may be a need for an agency similar to the Recovery and Development Agency (RDA) after the organisation gets dissolved in the near future.
He said a similar agency could assist government ministries with developing formal project plans that lending institutions require before they give loans to the BVI.

Premier Wheatley made the suggestion during a meeting of the Standing Finance Committee because he said many budgeted projects are not executed because ministries find it challenging to develop project plans needed to approach lending agencies.

But he said when the RDA takes on projects, they move more quickly so a similar agency could help ministries with project planning so government can get loans.

According to the Premier, while that agency is focusing on planning projects to meet the timeline of lending agencies, the ministries could focus on their operational needs.

It’s the Finance Ministry’s job

But Opposition Leader Julian Fraser was not in favour of the Premier’s idea. He told the Standing Finance Committee that it is the Finance Ministry’s responsibility to ensure that the projects get rolled out, and they should not rely on the other ministries to do so because it would not happen.

He also said the Finance Ministry needs to take charge so that loans are received and the territory can move forward with development.

The RDA was formed in the aftermath of the 2017 hurricanes and was tasked with specific projects aimed at rebuilding the BVI.

The agency has completed many projects to date and the initial plan after its formation in April 2018 was for the agency to be dissolved after five years. However, Cabinet decided back in October to extend the life of the RDA for an additional two years and eight months.
Newsletter

Related Articles

TIMES.VG
Close
0:00
0:00
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Mission Improbable: Tom Cruise & Queen Elizabeth
Miss Argentina and Miss Puerto Rico are not single anymore
×