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Article: FEMA forgives US$185 million debt.(U.S. VIRGIN ISLANDS)(United States. Federal Emergency Management Agency)(Brief Article)
- Article from:
- Caribbean Update
- Article date:
- December 1, 2004
CopyrightCOPYRIGHT 2004 Caribbean Update, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...