|Another Super Bond Payment Due|
|Written by Administrator|
|Thursday, 22 July 2010 00:00|
There are those who pretend to tell the United Democratic Party that we need to move away from the past and focus on the future. That may be sound advice; however, it is difficult to do this considering that the past, the past which included ten years of PUP Maladministration, remains with us. In fact, it will remain with us until the time of our grandchildren.
The failed projects, as they project skyward such as the Intelco towers or sprawl outward in the various dilapidating housing projects at MahoganyHeights, Fresh pond and others are vivid and tangible examples of the disaster that was the PUP administration between 1998 and 2008. However, by far, the most damning and clear reminder of the PUP’s death-grip is the Super Bond. Again on August 20, in just under a month, the Government of Belize will have to take US$23,497,211.11; that’s BZ$46,994,422.22 to service the Super Bond.
This will mark the first payment which the Government of Belize will have to be making on the bond at an interest rate of 8.5%. For the next 19 years, interest will remain at that rate. Those payments, however, will be simply to service the interest on the Super Bond. It will not be until 2019 that we will begin to pay on the interest of the bond, by that time interest and principal payments combined would add up to US$50,708,105.56 that’s $101,416,211.12 in Belize dollars. It’s a heck of a price to be paying for projects that in no way benefitted the ordinary Belizeans, but which did in fact make some of the PUPs excessively wealthy. All of this, we must remember, took place at the expense of the Belizean public.