Roadtown, Tortola - The House of Assembly has approved a motion which allows Government to borrow an additional sum of $15M from the Social Security Board of the Virgin Islands to assist with the cost of constructing the new Peebles Hospital.

The motion, which was moved by Premier and Minister of Finance Honourable Ralph T. O’Neal, OBE, on April 28, was approved on the condition that the Government will repay the funds over a period of ten years; by 40 quarterly installments and at an interest rate of six percent per annum.

The Finance Minister thanked the Social Security Board for its assistance.  “We are grateful that the Social Security Board is in a position to lend Government the $15 million which is in addition to what they have advanced us before,” he said.

“The construction is going well but it will cost more than what the contract was signed for but these things do happen,” he explained.

Honourable O’Neal said they are as anxious as everybody else to get the building completed so that it can be equipped and commissioned.  “We are hoping that with the loan from the Social Security Board and the one from the bank, it will be very little more required to build the hospital.  The order has already been placed for some of the equipment and furnishings,” he added.

Section 32 of the Public Management Act, 2004 (No. 2 of 2004) provides that the Government or any person acting on behalf of the Government has no power to borrow money except in accordance with an enactment or on the authority of a resolution of the House of Assembly.