FEMA forgives US$185 million debt.(U.S. VIRGIN ISLANDS)(United States. Federal Emergency Management Agency)(Brief Article)

0 Comments | Caribbean Update, December, 2004

Government House announced that the Federal Emergency Management Agency (FEMA) has forgiven a US$185 million loan issued to the territory in the wake of Hurricane Marilyn--a move that will reduce the government's debt load and improve the territory's bond rating, reports The Virgin Islands Daily News (Oct. 27, 2004):

"This is very good news," Gov. Charles Turnbull said. "Our rating on the bond market will go higher, and that will affect what we could borrow." The government had not yet paid any money toward the loan, according to Management and Budget Director Ira Mills. He said that the payments were suspended until FEMA ruled on the Turnbull administration's petition for cancellation. Mills said the long-term savings - both from the debt forgiveness and from...