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Nov 28, 2014

Is Government Saving for Rainy Days Post Petrocaribe Funds?

With low oil prices on the global market of late there have been concerns of a fallout from the Petrocaribe oil agreement.  While Jamaica, which is also party to the Petrocaribe agreement, is being urged to start building up additional foreign reserves as a buffer against any fallout from the PetroCaribe oil agreement, PM Barrow admits that it may very well be a possibility but funds have been set aside for a rainy day.


Prime Minister Dean Barrow

“I think that’s quite possible. I just want to put on record how grateful we have been for Petrocaribe and for the absolute enlightenment of Chavez and his vision and the continuation of that vision by his successor. If in the circumstances the Venezuelans have to moderate or even terminate the agreement until in fact there is some sort of return to the circumstances from which they pioneered it, we will have to understand. We will be grateful but we will completely understand. You know that in a year or so oil prices are going to go right back up. But we, I can’t say are prepared for the eventuality of a termination of the program, but we are clearly very mindful of the circumstances you have just described and we anticipate that there is very much that possibility. We of course have deliberately not tried to spend everything all in a rush for several reasons including the fact that we thought that a prudent thing was to lay aside a sort of rainy day fund. So if the program stops anytime soon, we have enough to continue with prudent, cautious spending funded by the Petrocaribe proceeds for a number of years to come.”



“But are you concerned that it might affect you politically going forward insofar as you hoped to ride the wave of this money into successive victories at municipal, bye-election and general elections?”


Dean Barrow

“But it’s not just that you see. That is a big help, but remember you had said to me when we had that splendid second quarter GDP growth…look out for the third quarter…well of course we didn’t match the second quarter, but we’ve done exceptionally well for a third quarter which is usually very iffy so the fundamentals are in place, the economy will continue to grow. Without a doubt this has represented a tremendous boost but all good things come to an end.”

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1 Response for “Is Government Saving for Rainy Days Post Petrocaribe Funds?”

  1. Timber says:

    What type of funds are you talking about Dean? You honestly think that the people of Belize who have any sense believe you band of thieves have set aside any money, or a substantial portion of that money? I see you’ve now turned Economist. I was in banking for a few years and I tell you, Belize will be hurting in a little. bit. The way how your government is mortgaging out this country we will not own anything soon because these folks will collect on that debt by any means necessary. Oil prices can sky rocket tomorrow. Maybe, if you had a slight inkling of how Wall Street works, you’d shut your mouth. If the people of Belize had any sense, they’d be pressuring your government to start paying down on the loan before it matures. No one knows the specific language of the terms of that loan because it hasn’t been presented to the educated public. If that’s based on the Index, wait until the US economy gets better and you’ll see how Belize will be starving. It’s good now because it’s at 0.03% and most loans of the type you got, if my assumption is serving me correctly, can only fluctuate +/- 3%. Whenever the US economy gets better and the global lending rate raises, we will learn the truth. We will then see how much of “PetroCaribe money will be rolling.” The problem is , we have to many ignorant and illiterate Belizeans who support your party. These are the ones who can only count up to $50 every two weeks . The ones who have some sense are so disenchanted, they don’t even bother nor even go out to vote. These are the people I implore to go exercise their rights. That country is heading straight downhill because it’s not like PUP has anyone more viable to represent it. The only advantage they have over UDP right now is that at least we’ll have educated thieves in power. Then, you’re so arrogant, even if you had anyone in your camp who was qualified enough to guide you, you’re probably ignoring their advice anyway. You better go seek Rene Nunez. I guarantee you there’s no one in Belize who can even walk in his shoes. Highly intelligent, highly educated and has a broad range of experience. He moved back to Belize. Oh, I forgot, he used to be Belize’s UN ambassador .Remember? He left because he couldn’t handle the arrogance, nepotism and ignorance. Oh well, you’re s..t out of luck.

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