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Apr 21, 2015

Petrocaribe Law Doesn’t Skirt Finance & Audit Reform Act

Joseph Waight

The Fin. Sec. and legal advisor, attorney Michael Young, have been making the media rounds trying to explain away the new law, which allows government to borrow and spend without House approval. In explaining how Belize draws funds from the Petrocaribe initiative this morning, Waight also commented on the Finance and Audit Reform Act and whether government’s move to enact new legislation is an attempt to circumvent that law.

 

Joseph Waight, Financial Secretary

“Under the Finance and Audit Reform Act, it specifies the types of borrowing from sources—multilateral agencies, financial institutions and so—but it didn’t conceive Petrocaribe as such which is a credit facility and bilateral program. So essentially what this is doing is that it allows for borrowing from Petrocaribe and sets out the terms and conditions and also the uses.”

 

Reporter

“Sir, are you as the Financial Secretary convinced that the greatest public good is being done with the Petrocaribe spending at this time? That it affects the greatest number of grassroots individuals in the public?”

 

Joseph Waight

“Well you know, I mentioned that in fact if you took a short walk, or I’ll give you a ride and ask the guys working on Lake I Boulevard right now if they are getting the benefits of the Petrocaribe money and the employment and so. I know you have nice paved streets; this one in front of us. I believe Petrocaribe money paid for some of this.”

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