Gov. Bryan Casts Some Blame for VI's Economic Woes on G.E.R.S. Court Order for $63 Million Payment
Governor Albert Bryan pointed to a court order forcing the central government to pay $63 million to the G.E.R.S. for poisoning the well for bank loans needed to survive the coronavirus economic meltdown.
Speaking during his Monday press briefing on the virus, Mr. Bryan spoke of the economic headwinds facing the territory, as revenues from the tourism sector have dried up. Exacerbating the downtown, over 8,000 Virgin Islanders have filed unemployment claims since the pandemic — an unprecedented number with long-lasting repercussions.
“Another part of this … that did us harm was the judgment by Judge [Curtis] Gomez that wanted us to pay $9 million a month to the G.E.R.S.,” said the governor. “Banks want to be assured that they get their money.”
The Bryan administration went to the well of FirstBank and Banco Popular for $60 million in loans to help bridge the short-term side-effects of the coronavirus pandemic. The Federal Emergency Management Agency (FEMA) pushed back on some of the loan terms.
Read more: https://viconsortium.com/vi-economy/virgin-islands-bryan-casts-some-blame-for-territorys-economic-woes-on-g-e-r-s-court-order-for-63-million-payment-