The Chamber’s Position on the Renegotiation of the “Super Bond” Print E-mail
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Thursday, 23 August 2012 00:00

In relation to the current debt restructuring of the “Super Bond”, the Belize Chamber of Commerce and Industry (BCCI) believes that, without exception, debts must be paid and that we must be financially responsible citizens. However, where the economic viability of our country is at stake, the terms of repayment should not be so onerous as to strangle or deter the country’s economic growth. It is in this vein that the BCCI, in principle, supports the renegotiation of the bond with the goal of making debt repayment more manageable. Our debt burden must be restructured so that it is sustainable in the long term thereby enabling Belize to honor its financial obligations without further damage to the economy.

The BCCI urges the Government to use any fiscal relief achieved through a renegotiated bond to introduce programs to stimulate and promote economic growth and investment. Further, the BCCI urges the Government to take appropriate measures to trim its own expenditure so that it can introduce balanced budgets and avoid the recurrence of an unsustainable debt burden.