Super Team to Review Belize’s Foreign Debt Print E-mail
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Written by Shane D. Williams   
Thursday, 22 March 2012 00:00

Belize’s foreign debt is in the neighbourhood of three billion dollars. The PUP government borrowed almost all of it. We must never forget that because those were PUP loans yesterday but Belizean debt today. The People’s United Party enjoyed spending it but all of us must sacrifice to pay back. Those scumbags dug us chin deep into a hole and while it is tempting to continue staplling that shame to their chest, we must accept the reality that it is a burden we all must share.

Prime Minister Barrow has appointed an extremely gifted team to review the nation’s debt status. The team includes Joseph Waight, Financial Secretary; Glenford Ysaguirre, Governor of the Central Bank; Christine Vellos, Deputy Governor of the Central Bank; Alan Slusher, Special Advisor in the Ministry of Finance and Hon. Godwin Hulse. The team will be led by Mark Espat. Espat is an extremely valuable asset because he led the team that negotiated the original Super bond. His appointment in no way suggests that he is now a UDP supporter. To the contrary, it shows that tackling the nation’s debt is a task that requires universal support. If the government does not find a way to restructure our scheduled debt payments, Belize will not be a place to raise children after 2019.

According to a government press release, the debt review team is tasked with preparing comprehensive fiscal and macro projections and identifying debt management alternatives. Our previous debt management exercise concluded before the emergence of the global recession. Growth projections were based on a much healthier financial climate. The fact that government has managed to stay true to its debt obligations despite the effects of the recession is commendable. Our creditors understand fully well that the financial forecast in 2007 changed drastically in 2008 and it is not beyond reason that we now ask to renegotiate. 
The debt review team will be supported by external advisors and chaired by the Rt. Hon. Dean Barrow.