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Jun 2, 2015

Fin Sec Says Petrocaribe Only a Temp Loan For CPBL

Joseph Waight

When we checked with the Financial Secretary Joseph Waight on Monday, he pinpointed that the monies would be made available to CPBL as a temporary loan.  And that arrear, as we mentioned, has since been cleared.

 

On the Phone: Joseph Waight, Financial Secretary

“Remember that was a short term loan for working capital to the citrus company at the time when there was a restructuring of the company’s finances and I think that the Social Security Board bought over some of the shares or some the equity in the company.  Their traditional line of financing was closed off and the government stepped in and loaned them some money to meet that crop.  The money has since been repaid, as you’ve seen in the statement, noh.  But I think at the time we went to the House.  I’m certain that we signed a warrant and it was part of the supplementary appropriation that we sent to the House afterwards.  So that was essentially a short term loan to the Citrus [Products] of Belize. It was all under the heading of the Petrocaribe program because we went to the House twice with two supplemental bills limited only for spending out of the Petrocaribe proceeds, noh… Clearly, identified.”

 

Mike Rudon

“Clearly identified that that money would be used to give a loan to a private company?”

 

On the Phone: Joseph Waight

“Right, ah huh.”

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