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Mar 3, 2015

…and Controversial Petrocaribe Funds

Michael Ashcroft

Moving from politics to the economy, we also took the opportunity to get Lord Ashcroft’s perspective on Belize and Petrocaribe.  He says that he doesn’t believe countries should be accumulating debts and not creating wealth.

 

Lord Michael Ashcroft

“If Belize is going to grow there are certain things I think the citizens should be concerned about and to see what and how each party offers. In no particular order, I have a strong belief in mixed economy. I believe that a country has to create wealth before it talks about its distribution and I don’t believe that you should borrow money to distribute. Because the borrowing of money puts a burden on generations to come and it’s often for politicians a very easy thing to do. They’ll borrow, spend and gets some short term growth and then boast about the short term growth. So we have a situation in Belize with the Petrocaribe funds, now this is debt that Belize is adding to its burden and of course by spending the Petrocaribe moneys in Belize, we’ll have growth. So I think the last figure reported a three percent in Belize but this a totally unsustainable figure. Don’t take my word for it take the view of those that monitor the economy, whether it’s the credit agencies or the last IMF report which says it will take Belize sixty years to actually get to a balanced economy because of the increasing debt levels.”

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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