Bryan Nominates Julio Rhymer as OMB Director, Discusses Vendor Payments and Line of Credit

At a Monday briefing, Gov. Albert Bryan Jr. detailed plans to use funds from the recently loosened $100 million line of credit, initially meant for disaster recovery, to address $50 million owed to vendors.

Earlier this month, Bryan requested the 35th V.I. Legislature either increase the government’s $150 million line of credit or authorize a new $50 million line to help cover the territory’s financial obligations. The proposal sparked criticism from some lawmakers, who raised concerns about the government’s fiscal management.

Despite the pushback, a majority of senators voted last week to lift restrictions on the existing $100 million credit line, freeing up the funds to allow Bryan to prioritize paying off vendor debts.

Monday, Bryan discussed how he plans to use the line of credit, of which about $80 million is available. He said the vendors are owed about $50 million. He said $14 million is in arrears at least six months and the rest isn’t any older than 90 days.